2014 Q2 Form 10-K Financial Statement
#000114420414039508 Filed on June 25, 2014
Income Statement
Concept | 2014 Q2 | 2013 Q1 | 2013 |
---|---|---|---|
Revenue | $937.0K | $368.0K | $1.101M |
YoY Change | 92.01% | 104.44% | 0.05% |
Cost Of Revenue | $597.2K | $520.0K | $1.588M |
YoY Change | 37.83% | 57.58% | -0.14% |
Gross Profit | $339.0K | -$153.0K | -$487.3K |
YoY Change | 516.36% | 2.0% | -0.55% |
Gross Profit Margin | 36.18% | -41.58% | -44.28% |
Selling, General & Admin | $1.428M | $1.410M | $5.412M |
YoY Change | 16.84% | 20.51% | 0.03% |
% of Gross Profit | 421.19% | ||
Research & Development | $79.24K | $120.0K | $425.4K |
YoY Change | -14.46% | -20.0% | -1.06% |
% of Gross Profit | 23.38% | ||
Depreciation & Amortization | $55.14K | $80.00K | $394.0K |
YoY Change | -38.35% | -11.11% | 1.02% |
% of Gross Profit | 16.27% | ||
Operating Expenses | $1.507M | $1.530M | $5.837M |
YoY Change | 14.63% | 15.91% | -0.05% |
Operating Profit | -$1.168M | -$1.681M | -$6.324M |
YoY Change | -7.3% | 14.35% | -0.09% |
Interest Expense | $1.129M | -$40.00K | $72.86K |
YoY Change | 1273.01% | -80.0% | -221.44% |
% of Operating Profit | |||
Other Income/Expense, Net | $953.00 | ||
YoY Change | |||
Pretax Income | -$2.296M | -$1.720M | -$6.381M |
YoY Change | 73.45% | 2.99% | 0.01% |
Income Tax | $1.600K | $0.00 | $1.600K |
% Of Pretax Income | |||
Net Earnings | -$2.297M | -$1.717M | -$6.382M |
YoY Change | 73.49% | 2.81% | 0.04% |
Net Earnings / Revenue | -245.14% | -466.58% | -579.94% |
Basic Earnings Per Share | |||
Diluted Earnings Per Share | -$460.0K | -$546.0K | -$4.808M |
COMMON SHARES | |||
Basic Shares Outstanding | 59.99M shares | ||
Diluted Shares Outstanding |
Balance Sheet
Concept | 2014 Q2 | 2013 Q1 | 2013 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $200.0K | $600.0K | $400.0K |
YoY Change | 0.0% | -86.96% | -33.33% |
Cash & Equivalents | $170.5K | $563.1K | $400.0K |
Short-Term Investments | |||
Other Short-Term Assets | $81.42K | $138.9K | $200.0K |
YoY Change | -55.99% | -53.7% | 100.0% |
Inventory | $38.60K | $39.21K | $0.00 |
Prepaid Expenses | |||
Receivables | $492.9K | $217.1K | $500.0K |
Other Receivables | $0.00 | $0.00 | $0.00 |
Total Short-Term Assets | $783.4K | $958.3K | $1.100M |
YoY Change | -4.82% | -81.21% | 10.0% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $364.7K | $505.5K | $400.0K |
YoY Change | -36.57% | -27.79% | -20.0% |
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Total Long-Term Assets | $541.5K | $797.5K | $600.0K |
YoY Change | -35.48% | -27.5% | -25.0% |
TOTAL ASSETS | |||
Total Short-Term Assets | $783.4K | $958.3K | $1.100M |
Total Long-Term Assets | $541.5K | $797.5K | $600.0K |
Total Assets | $1.325M | $1.756M | $1.700M |
YoY Change | -20.3% | -71.68% | -5.56% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $500.0K | $900.0K | $600.0K |
YoY Change | -37.5% | 125.0% | -33.33% |
Accrued Expenses | $500.0K | $200.0K | $500.0K |
YoY Change | 66.67% | 0.0% | 150.0% |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Long-Term Debt Due | $1.300M | $1.400M | $3.000M |
YoY Change | -43.48% | 250.0% | 114.29% |
Total Short-Term Liabilities | $2.400M | $2.497M | $4.000M |
YoY Change | -28.95% | 127.04% | 60.0% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $1.300M | $0.00 |
YoY Change | -100.0% | -7.14% | -100.0% |
Other Long-Term Liabilities | |||
YoY Change | |||
Total Long-Term Liabilities | $0.00 | $1.300M | $0.00 |
YoY Change | -100.0% | -7.14% | -100.0% |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $2.400M | $2.497M | $4.000M |
Total Long-Term Liabilities | $0.00 | $1.300M | $0.00 |
Total Liabilities | $2.400M | $3.819M | $4.000M |
YoY Change | -48.77% | 52.76% | 5.26% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$88.92M | -$66.31M | |
YoY Change | 31.46% | ||
Common Stock | $87.86M | $64.25M | |
YoY Change | 35.98% | ||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | -$1.058M | -$2.063M | -$2.300M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $1.325M | $1.756M | $1.700M |
YoY Change | -20.3% | -71.68% | -5.56% |
Cashflow Statement
Concept | 2014 Q2 | 2013 Q1 | 2013 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$2.297M | -$1.717M | -$6.382M |
YoY Change | 73.49% | 2.81% | 0.04% |
Depreciation, Depletion And Amortization | $55.14K | $80.00K | $394.0K |
YoY Change | -38.35% | -11.11% | 1.02% |
Cash From Operating Activities | $917.0K | -$1.110M | -$4.380M |
YoY Change | -178.31% | -47.39% | -8.56% |
INVESTING ACTIVITIES | |||
Capital Expenditures | $0.00 | -$110.0K | $156.2K |
YoY Change | -100.0% | 450.0% | -186.78% |
Acquisitions | |||
YoY Change | |||
Other Investing Activities | |||
YoY Change | |||
Cash From Investing Activities | $0.00 | -$110.0K | -$140.0K |
YoY Change | -100.0% | 450.0% | -22.22% |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | 720.0K | 1.190M | 4.330M |
YoY Change | -25.52% | -69.87% | 375.82% |
NET CHANGE | |||
Cash From Operating Activities | $917.0K | -1.110M | -4.380M |
Cash From Investing Activities | 0.000 | -110.0K | -140.0K |
Cash From Financing Activities | 720.0K | 1.190M | 4.330M |
Net Change In Cash | $917.0K | -30.00K | -190.0K |
YoY Change | -373.26% | -101.65% | -95.32% |
FREE CASH FLOW | |||
Cash From Operating Activities | $917.0K | -$1.110M | -$4.380M |
Capital Expenditures | $0.00 | -$110.0K | $156.2K |
Free Cash Flow | $917.0K | -$1.000M | -$4.536M |
YoY Change | -170.42% | -52.15% | -1.6% |
Facts In Submission
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>Concentrations of Credit Risk</em></strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 24.5pt"> </p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 24.5pt"> The Company maintains its cash accounts in financial institutions. Accounts at these institutions are insured by the Federal Deposit Insurance Corporation ("FDIC") with basic deposit insurance coverage limits up to $250,000 per owner. At March 31, 2014 and 2013, the Company had cash balances of approximately $159,000 and $214,000, respectively, which exceeded the FDIC insurance limit. The Company performs ongoing evaluations of these institutions to limit its concentration risk exposure.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> <strong><em> </em></strong></p> <!--EndFragment--></div> </div> | |
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17225000 | USD |
CY2013Q1 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
14907000 | USD |
CY2014 | us-gaap |
Depreciation
Depreciation
|
219400 | USD |
CY2013 | us-gaap |
Depreciation
Depreciation
|
281700 | USD |
CY2014 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
311590 | USD |
CY2013 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
393959 | USD |
CY2014Q1 | us-gaap |
Derivative Instruments And Hedges Liabilities
DerivativeInstrumentsAndHedgesLiabilities
|
USD | |
CY2013Q1 | us-gaap |
Derivative Instruments And Hedges Liabilities
DerivativeInstrumentsAndHedgesLiabilities
|
20848 | USD |
CY2014 | us-gaap |
Disposal Group Not Discontinued Operation Gain Loss On Disposal
DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
|
-16066 | USD |
CY2013 | us-gaap |
Disposal Group Not Discontinued Operation Gain Loss On Disposal
DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
|
-51033 | USD |
CY2014 | us-gaap |
Dividends Preferred Stock
DividendsPreferredStock
|
USD | |
CY2013 | us-gaap |
Dividends Preferred Stock
DividendsPreferredStock
|
USD | |
CY2014Q1 | us-gaap |
Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
|
555500 | USD |
CY2013Q1 | us-gaap |
Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
|
651500 | USD |
CY2014 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.40 | |
CY2013 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.17 | |
CY2013Q2 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.03 | |
CY2013Q3 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.38 | |
CY2013Q4 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.03 | |
CY2014Q1 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.02 | |
CY2012Q2 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.04 | |
CY2012Q3 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.04 | |
CY2012Q4 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.04 | |
CY2013Q1 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.05 | |
CY2014Q1 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
454288 | USD |
CY2013Q1 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
217432 | USD |
CY2014Q1 | us-gaap |
Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
|
521255 | USD |
CY2013Q1 | us-gaap |
Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
|
429078 | USD |
CY2014Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
|
62884 | USD |
CY2014Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
|
19616 | USD |
CY2014Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
|
19617 | USD |
CY2014Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
|
28199 | USD |
CY2014Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
|
49770 | USD |
CY2012Q2 | us-gaap |
Gross Profit
GrossProfit
|
-163000 | USD |
CY2012Q3 | us-gaap |
Gross Profit
GrossProfit
|
-111000 | USD |
CY2012Q4 | us-gaap |
Gross Profit
GrossProfit
|
-62000 | USD |
CY2013Q1 | us-gaap |
Gross Profit
GrossProfit
|
-153000 | USD |
CY2014Q1 | us-gaap |
Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
|
701341 | USD |
CY2013Q1 | us-gaap |
Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
|
701341 | USD |
CY2014Q1 | us-gaap |
Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
|
180086 | USD |
CY2013Q1 | us-gaap |
Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
|
272263 | USD |
CY2014Q1 | us-gaap |
Furniture And Fixtures Gross
FurnitureAndFixturesGross
|
30746 | USD |
CY2013Q1 | us-gaap |
Furniture And Fixtures Gross
FurnitureAndFixturesGross
|
30746 | USD |
CY2014 | us-gaap |
Gain Loss On Disposition Of Intangible Assets
GainLossOnDispositionOfIntangibleAssets
|
USD | |
CY2013 | us-gaap |
Gain Loss On Disposition Of Intangible Assets
GainLossOnDispositionOfIntangibleAssets
|
-17046 | USD |
CY2014 | us-gaap |
Gross Profit
GrossProfit
|
436955 | USD |
CY2013 | us-gaap |
Gross Profit
GrossProfit
|
-487284 | USD |
CY2013Q2 | us-gaap |
Gross Profit
GrossProfit
|
55000 | USD |
CY2013Q3 | us-gaap |
Gross Profit
GrossProfit
|
72000 | USD |
CY2013Q4 | us-gaap |
Gross Profit
GrossProfit
|
167000 | USD |
CY2014Q1 | us-gaap |
Gross Profit
GrossProfit
|
143000 | USD |
CY2014 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
-19563826 | USD |
CY2013 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
-6380833 | USD |
CY2014 | us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
1600 | USD |
CY2013 | us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
1600 | USD |
CY2014 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
1600 | USD |
CY2013 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
1600 | USD |
CY2014 | us-gaap |
Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
2318000 | USD |
CY2013 | us-gaap |
Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
2319000 | USD |
CY2014 | us-gaap |
Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
|
-6650000 | USD |
CY2013 | us-gaap |
Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
|
-2169000 | USD |
CY2014 | us-gaap |
Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
|
4600 | USD |
CY2013 | us-gaap |
Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
|
215600 | USD |
CY2014 | us-gaap |
Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
|
-327000 | USD |
CY2013 | us-gaap |
Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
|
-359000 | USD |
CY2014 | us-gaap |
Income Tax Reconciliation Tax Exempt Income
IncomeTaxReconciliationTaxExemptIncome
|
USD | |
CY2013 | us-gaap |
Income Tax Reconciliation Tax Exempt Income
IncomeTaxReconciliationTaxExemptIncome
|
-1000 | USD |
CY2014 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-221929 | USD |
CY2013 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
443568 | USD |
CY2014 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
323604 | USD |
CY2013 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
70973 | USD |
CY2014 | us-gaap |
Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
|
236856 | USD |
CY2013 | us-gaap |
Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
|
-18564 | USD |
CY2014 | us-gaap |
Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
|
108038 | USD |
CY2013 | us-gaap |
Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
|
39558 | USD |
CY2014 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
-9509 | USD |
CY2013 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
-12542 | USD |
CY2014 | us-gaap |
Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
26588 | USD |
CY2013 | us-gaap |
Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
-34912 | USD |
CY2014 | us-gaap |
Induced Conversion Of Convertible Debt Expense
InducedConversionOfConvertibleDebtExpense
|
13713767 | USD |
CY2013 | us-gaap |
Induced Conversion Of Convertible Debt Expense
InducedConversionOfConvertibleDebtExpense
|
USD | |
CY2014Q1 | us-gaap |
Inventory Net
InventoryNet
|
29703 | USD |
CY2013Q1 | us-gaap |
Inventory Net
InventoryNet
|
39212 | USD |
CY2014 | us-gaap |
Interest Expense
InterestExpense
|
784454 | USD |
CY2013 | us-gaap |
Interest Expense
InterestExpense
|
72861 | USD |
CY2014 | us-gaap |
Interest Expense Related Party
InterestExpenseRelatedParty
|
36500 | USD |
CY2013 | us-gaap |
Interest Expense Related Party
InterestExpenseRelatedParty
|
42200 | USD |
CY2014 | us-gaap |
Interest Paid
InterestPaid
|
USD | |
CY2013 | us-gaap |
Interest Paid
InterestPaid
|
15676 | USD |
CY2014Q1 | us-gaap |
Inventory Finished Goods
InventoryFinishedGoods
|
11420 | USD |
CY2013Q1 | us-gaap |
Inventory Finished Goods
InventoryFinishedGoods
|
10679 | USD |
CY2014Q1 | us-gaap |
Inventory Raw Materials
InventoryRawMaterials
|
18283 | USD |
CY2013Q1 | us-gaap |
Inventory Raw Materials
InventoryRawMaterials
|
28533 | USD |
CY2014Q1 | us-gaap |
Leasehold Improvements Gross
LeaseholdImprovementsGross
|
30913 | USD |
CY2013Q1 | us-gaap |
Leasehold Improvements Gross
LeaseholdImprovementsGross
|
30913 | USD |
CY2014Q1 | us-gaap |
Liabilities
Liabilities
|
4014445 | USD |
CY2013Q1 | us-gaap |
Liabilities
Liabilities
|
3819072 | USD |
CY2014Q1 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
1709950 | USD |
CY2013Q1 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
1755797 | USD |
CY2014Q1 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
4014445 | USD |
CY2013Q1 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
2497408 | USD |
CY2014Q1 | us-gaap |
Machinery And Equipment Gross
MachineryAndEquipmentGross
|
386731 | USD |
CY2013Q1 | us-gaap |
Machinery And Equipment Gross
MachineryAndEquipmentGross
|
380526 | USD |
CY2014 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>Note 1. Nature of the Business</strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 24.5pt"> Cryoport Inc. (the "Company", "Cryoport" or "we") is a Nevada corporation originally incorporated under the name G.T.5-Limited ("GT5") on May 25, 1990. In connection with a Share Exchange Agreement, on March 15, 2005 we changed our name to Cryoport, Inc. and acquired all of the issued and outstanding shares of common stock of Cryoport Systems, Inc., a California corporation, in exchange for 2,410,811 shares of our common stock (which represented approximately 81% of the total issued and outstanding shares of common stock following the close of the transaction). Cryoport Systems, Inc., which was originally formed in 1999 as a California limited liability company, and subsequently reorganized into a California corporation on December 11, 2000, remains the operating company under Cryoport, Inc. We became "publicly held" by the reverse merger with GT5 described above. Over time we have transitioned from being a development company to a fully operational public company, providing cold chain logistics solutions to the biotechnology and life sciences industries, globally.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 24.5pt"> </p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 24.5pt"> Through a combination of purpose-built proprietary packaging, information technologies and specialized logistics knowhow, we provide frozen shipping logistics solutions to the life sciences industry. We view our solutions as disruptive to "older technologies" in that our solutions provide reliable, economic alternatives to existing solutions and services utilized for frozen shipping in life sciences including stem cells, cell lines, vaccines, diagnostic materials, semen, eggs, embryos, cord blood, bio-pharmaceuticals, infectious substances and other items that require continuous exposure to frozen or cryogenic temperatures.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 24.5pt"> Our Cryoport Express<sup>®</sup> Solutions includes sophisticated cloud-based logistics management software we have branded as the Cryoportal™ which supports the management of the entire shipment process through a single interface, including initial order input, document preparation, customs clearance, courier management, shipment tracking, issue resolution, and delivery. The Cryoportal™ provides unique and incisive information dashboards and validation documentation for every shipment. The Cryoportal™ records and retains a fully documented "chain-of-custody" and, at the client's option, "chain-of-condition" for every shipment, helping ensure that quality, safety, efficacy, and stability of shipped commodities are maintained throughout the process. This recorded and archived information allows our customers to meet exacting requirements necessary for scientific work and for regulatory purposes.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 24.5pt"> Our Cryoport Express<sup>®</sup> Solutions also includes our liquid nitrogen dry vapor shippers we have branded as our Cryoport Express<sup>®</sup> Shippers, which are cost-effective and reusable cryogenic transport containers (patented vacuum flasks) utilizing innovative liquid nitrogen ("LN2") "dry vapor" technology. Cryoport Express<sup>®</sup> Shippers are International Air Transport Association ("IATA") certified, and validated to maintain stable temperatures of minus 150° C and below for a 10-plus day dynamic shipment period. The Company currently features two Cryoport Express<sup>®</sup> Shipper models, the Standard Dry Shipper (holding up to 75-2.0 ml vials) and the High Volume Dry Shipper (holding up to 500-2.0 ml vials).</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 24.5pt"> </p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 24.5pt"> Amongst our solutions, we offer a "turnkey" solution, which can be accessed through our cloud-based Cryoportal™ or by contacting Cryoport Client Care for order entry. Once the order is placed, we ship a fully charged Cryoport Express® Shipper to the customer <font style="COLOR: #1a1a1a">who conveniently loads their frozen commodity into the inner chamber of the shipper. The customer then closes the shipper and reseals the shipping box displaying the recipient's address ("Flap A") for pre-arranged carrier pick up. </font> Cryoport arranges for the pick-up of the parcel by a shipping service provider for delivery to the customer's intended recipient. The recipient simply opens the box and shipper and removes the frozen commodity. The recipient only needs to reseal the box, displaying the nearest Cryoport Operations Center address ("Flap B") and set it out for pre-arranged carrier pick up. The Cryoport Express<sup>®</sup> Shipper is returned to us for cleaning, quality assurance testing, recharging and reuse.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 24.5pt"> </p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 24.5pt"> In late 2012, we shifted our focus from being a developer of cryogenic shippers and software to being a comprehensive frozen logistics solutions provider to the life sciences industry, which was accomplished by broadening our service offerings. Now, in addition to our "Turn-key Solution", we also provide the following value-added solutions that were developed to address our various clients' needs:</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 24.5pt"> </p> <table style="MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"> </td> <td style="FONT-FAMILY: Symbol; WIDTH: 0.25in">·</td> <td>"<strong><em>Customer Staged Solution</em></strong>," under which we supply an inventory of our Cryoport Express® Shippers to our customer, in an uncharged state, enabling our customer (after training/certification) to charge them with liquid nitrogen and use our Cryoportal™ to enter orders with shipping and delivery service providers for the transportation of the package. Once the order is released, our customer services professionals monitor the shipment and the return of the shipper to us for cleaning, quality assurance testing and reuse.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"> </p> <table style="MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"> </td> <td style="FONT-FAMILY: Symbol; WIDTH: 0.25in">·</td> <td>"<strong><em>Customer Managed Solution</em></strong>," a limited customer implemented, solution, whereby we supply our Cryoport Express® Shippers to clients in a fully charged state, but leaving it to the client to manage the shipping, including the selection of the shipping and delivery service provider and the return of the shipper to us. Under this solution, the customer accepts a significant level of the risk for a successful shipment.</td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.5in"> </p> <table style="MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"> </td> <td style="FONT-FAMILY: Symbol; WIDTH: 0.25in">·</td> <td>"<strong><em>Powered by Cryoport</em></strong><sup>SM</sup>" is made available to providers of shipping and delivery services who seek to offer a "branded" cryogenic shipping solution as part of their service offerings. By negotiation, this solution can be private labeled as long as "<em>powered by Cryoport<sup>SM</sup></em>" appears prominently on the offering software interface and prominently on the packaging, which is provided by the client after minimum volume requirements are met.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"> </p> <table style="MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"> </td> <td style="FONT-FAMILY: Symbol; WIDTH: 0.25in">·</td> <td style="FONT-FAMILY: Times New Roman, Times, Serif"> "<strong><em>Integrated Solution</em></strong>" is our most comprehensive and complex outsourcing solution. It usually involves our management of the entire cryogenic logistics process for our client, including the location of our employees at the client's site to manage the client's cryogenic logistics, in total.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"> </p> <table style="MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"> </td> <td style="FONT-FAMILY: Symbol; WIDTH: 0.25in">·</td> <td style="TEXT-ALIGN: justify">"<strong><em>Life Science Point-of-Care Repository Solution</em></strong>" whereby we supply our Cryoport Express<sup>®</sup> Shippers to ship and store cryogenically preserved life science products for up to 6 days (or longer periods with substitute Shippers) at a point-of-care site, with the Cryoport Express<sup>®</sup> Shippers serving as a temporary freezer/repository enabling the efficient distribution of temperature sensitive allogeneic cell-based therapies without the expense, inconvenience, and potential costly failure of an on-sight, cryopreservation apparatus. Our customer services professionals monitor each shipment throughout the predetermined process including the shipment's return to Cryoport where the Cryoport Express<sup>®</sup> Shipper is cleaned, tested for quality assurance and then returned to inventory for reuse.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"> </p> <table style="MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"> </td> <td style="FONT-FAMILY: Symbol; WIDTH: 0.25in">·</td> <td>"<strong><em>Personalized Medicine and Cell-based Immunotherapy Solution</em></strong>" whereby our Cryoport Express<sup>®</sup> Solutions serves as an enabling technology for the safe manufacture of the rapidly expanding autologous cellular-based immunotherapy market by providing a comprehensive logistics solution for the verified chain of custody and condition transport from, (a) the collection of the patient's cells in a hospital setting, to (b) a central processing facility where they are manufactured into a personalized medicine, to (c) the safe, cryogenically preserved return of these irreplaceable cells to a point-of-care treatment facility. The Cryoport Express<sup>®</sup> Shippers can then serve as a temporary freezer/repository to allow the efficient distribution of this personalized medicine to patients when and where they need it most without the expense, inconvenience, and potential costly failure of an on-sight, cryopreservation apparatus. Our customer services professionals monitor each shipment throughout the predetermined process including the shipment's return to Cryoport where the Cryoport Express<sup>®</sup> Shipper is cleaned, tested for quality assurance and then returned to inventory for reuse.</td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 24.5pt"> </p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 24.5pt"> One of our distribution partners is Federal Express Corporation ("FedEx"). We have an agreement with FedEx to provide frozen shipping logistics services through the combination of our purpose-built proprietary technologies and turnkey management processes. FedEx markets and sells Cryoport's services for frozen temperature-controlled cold chain transportation as its FedEx<sup>®</sup> Deep Frozen Shipping Solution on a non-exclusive basis and at its sole expense. During fiscal year 2013, the Company worked closely with FedEx to further align its sales efforts and accelerate penetration within FedEx's life sciences customer base through improved processes, sales incentives, joint customer calls and more frequent communication at the sales and executive level. In addition, FedEx has developed a FedEx branded version of the Cryoportal<sup>TM</sup> software platform, which is "<em>powered by Cryoport</em>" for use by FedEx and its customers giving them access to the full capabilities of our logistics management platform.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 24.5pt"> </p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 24.5pt"> In January 2013, we entered into a master agreement ("FedEx Agreement") with FedEx renewing these services and providing FedEx with a non-exclusive license and right to use a customized version of our Cryoportal<sup>TM</sup> for the management of shipments made by FedEx customers. The FedEx Agreement became effective on January 1, 2013 and, unless sooner terminated as provided in the FedEx Agreement, expires on December 31, 2015.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 24.5pt"> </p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 24.5pt"> Pursuant to an agreement with DHL Express (USA), Inc. ("DHL"), DHL biotechnology and life science customers have direct access to our cloud-based order entry and tracking portal to order Cryoport Express<sup>®</sup> Shippers and receive preferred DHL shipping rates. The agreement covers DHL shipping discounts that may be used to support our customers using our Cryoport Express<sup>®</sup> Solutions. In connection with the agreement, we have integrated our proprietary Cryoportal<sup>TM</sup> to DHL's tracking and billing systems to provide DHL biotechnology and life science customers with a seamless way ("<em>powered by Cryoport</em>") of shipping their critical biological material worldwide.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 24.5pt"> </p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 24.5pt"> In December 2012, we signed an agreement with Pfizer Inc. relating to Zoetis Inc. (formerly the animal health business unit of Pfizer Inc.) pursuant to which we were engaged to manage frozen shipments of a key poultry vaccine. Under this arrangement, the Company is providing on-site logistics personnel and its logistics management platform, the Cryoportal<sup>TM</sup>, to manage shipments from the Zoetis manufacturing site in the United States to domestic customers as well as various international distribution centers. As part of our logistics management services, Cryoport is constantly analyzing shipping data and processes to further streamline Zoetis' logistics, ensuring products arrive at their destinations in specified conditions, on-time and with the optimum uses of resources. The Company manages Zoetis' total fleet of dewar flask shippers used for this purpose, including liquid nitrogen shippers. In July 2013 the agreement was amended to expand Cryoport's scope to manage all logistics of Zoetis' key frozen poultry vaccine to all Zoetis' international distribution centers as well as all domestic shipments of this vaccine. In October 2013, the agreement was further amended to further expand Cryoport's services to include the logistics management for a second poultry vaccine.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 27pt; TEXT-INDENT: -27pt"> </p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 27pt"> In February 2014, we entered into a services agreement with Liventa Bioscience, Inc. ("Liventa"), a privately-held, commercial stage biotechnology company focused on cell-based, advanced biologics in the orthopedic industry. Under this agreement, Liventa will be using Cryoport Express<sup>®</sup> Solutions for the logistics of its cell-based therapies requiring cryogenic temperatures and also provide Cryoport Express<sup>®</sup> Solutions to other biologics suppliers within the orthopedic arena. The agreement combines Cryoport's proprietary, purpose-built cold chain logistics solutions for cell-based and advanced biologic tissue forms with Liventa's distribution capability to orthopedic care providers. The implementation of Cryoport's solution will eliminate dry ice shipping and related risks of degradation and also eliminate the need for expensive onsite cryogenic freezers for storage of cell-based orthopedic therapies. This will enable Liventa to better serve small or mobile clinics, pharmacies, family practice, and orthopedic specialty care providers. Surgical centers and hospitals will also benefit from better logistics and the elimination of issues surrounding dry ice transport and storage. The agreement has an initial three-year term and may be renewed for consecutive three-year terms. Liventa also agreed to certain performance criteria and the issuance of 150,000 shares of its common stock to Cryoport in exchange for the exclusive right to offer, market and promote Cryoport Express<sup>®</sup> Solutions for cellular-based therapies requiring cryogenic temperatures for use</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> in orthopedic indications in the United States.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 24.5pt"> <font style="FONT-SIZE: 10pt">We offer our solutions to companies in the life sciences industry and specific verticals including manufacturers of stem cells and cell lines, diagnostic laboratories, bio-pharmaceuticals, contract research organizations, in-vitro fertilization, cord blood, vaccines, tissue, animal husbandry, and other producers of commodities requiring reliable frozen solutions for logistics problems. These companies operate within heavily regulated environments and as such, changing vendors and distribution practices typically require a number of steps which may include the audit of our facilities, review of our procedures, qualifying us as a vendor, and performing test shipments. This process can take up to nine months or longer to complete prior to a potential customer adopting one or more of the Cryoport Express<sup>®</sup></font> <font style="FONT-SIZE: 10pt">Solutions.</font></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 24.5pt"> </p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>Going Concern</em></strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 24.5pt"> </p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 24.5pt"> The consolidated financial statements have been prepared using the accrual method of accounting in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities in the normal course of business. We have sustained operating losses since our inception and have used substantial amounts of working capital in our operations. Further, at March 31, 2014, we had an accumulated deficit of $85.9 million. During the year ended March 31, 2014, we used cash in operations of $4.4 million and had a net loss of $19.6 million, which included a one-time, non-cash debt conversion expense of $13.7 million.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 24.5pt"> </p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 24.5pt"> <font style="FONT-SIZE: 10pt">We expect to continue to incur substantial additional operating losses from costs related to the commercialization of our Cryoport Express<sup>®</sup></font> <font style="FONT-SIZE: 10pt">Solutions and do not expect that revenues from operations will be sufficient to satisfy our funding requirements in the near term. We believe that our cash resources at March 31, 2014, additional funds raised subsequent to March 31, 2014 through the current preferred stock offering (see Note 15), together with the revenues generated from our services will be sufficient to sustain our planned operations into the second quarter of fiscal year 2015; however, we must obtain additional capital to fund operations thereafter and for the achievement of sustained profitable operations. These factors raise substantial doubt about our ability to continue as a going concern. We are currently working on funding alternatives in order to secure sufficient operating capital to allow us to continue to operate as a going concern.</font></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 24.5pt"> </p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 24.5pt"> <font style="FONT-SIZE: 10pt">Future capital requirements will depend upon many factors, including the success of our commercialization efforts and the level of customer adoption of our Cryoport Express<sup>®</sup></font> <font style="FONT-SIZE: 10pt">Solutions as well as our ability to establish additional collaborative arrangements. We cannot make any assurances that the sales ramp will lead to achievement of sustained profitable operations or that any additional financing will be completed on a timely basis and on acceptable terms or at all. Management's inability to successfully achieve significant revenue increases or implement cost reduction strategies or to complete any other financing will adversely impact our ability to continue as a going concern. To address this issue, the Company is seeking additional capitalization to properly fund our efforts to become a self-sustaining financially viable entity.</font></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 24.5pt"> <strong> </strong></p> <!--EndFragment--></div> </div> | |
CY2014 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
4326022 | USD |
CY2013 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
909395 | USD |
CY2014 | us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-138886 | USD |
CY2013 | us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-178682 | USD |
CY2014 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-4380659 | USD |
CY2013 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-4785144 | USD |
CY2014 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-19565426 | USD |
CY2013 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-6382433 | USD |
CY2013Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-1324000 | USD |
CY2013Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-14960000 | USD |
CY2013Q4 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-1840000 | USD |
CY2014Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-1441000 | USD |
CY2012Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-1546000 | USD |
CY2012Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-1551000 | USD |
CY2012Q4 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-1567000 | USD |
CY2013Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-1717000 | USD |
CY2014 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-19565426 | USD |
CY2013 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-6382433 | USD |
CY2014Q1 | us-gaap |
Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
|
1358120 | USD |
CY2013Q1 | us-gaap |
Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
|
96000 | USD |
CY2014Q1 | us-gaap |
Notes Payable Related Parties Noncurrent
NotesPayableRelatedPartiesNoncurrent
|
USD | |
CY2013Q1 | us-gaap |
Notes Payable Related Parties Noncurrent
NotesPayableRelatedPartiesNoncurrent
|
1321664 | USD |
CY2013 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-6324458 | USD |
CY2013Q2 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-1260000 | USD |
CY2013Q1 | us-gaap |
Other Employee Related Liabilities Current
OtherEmployeeRelatedLiabilitiesCurrent
|
1502 | USD |
CY2013Q3 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-1287000 | USD |
CY2013Q4 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-1257000 | USD |
CY2014 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-8078 | USD |
CY2013 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
USD | |
CY2014 | us-gaap |
Payments Of Financing Costs
PaymentsOfFinancingCosts
|
463169 | USD |
CY2013 | us-gaap |
Payments Of Financing Costs
PaymentsOfFinancingCosts
|
206305 | USD |
CY2014 | us-gaap |
Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
|
USD | |
CY2014 | us-gaap |
Operating Expenses
OperatingExpenses
|
5515330 | USD |
CY2013 | us-gaap |
Operating Expenses
OperatingExpenses
|
5837174 | USD |
CY2014 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-5078375 | USD |
CY2014Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-1274000 | USD |
CY2012Q2 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-1541000 | USD |
CY2012Q3 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-1554000 | USD |
CY2012Q4 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-1549000 | USD |
CY2013Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-1681000 | USD |
CY2014Q1 | us-gaap |
Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
|
219500 | USD |
CY2014Q1 | us-gaap |
Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
|
192800 | USD |
CY2014Q1 | us-gaap |
Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
|
26700 | USD |
CY2014 | us-gaap |
Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
|
178000 | USD |
CY2013 | us-gaap |
Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
|
204000 | USD |
CY2014 | us-gaap |
Operating Loss Carryforwards Expiration Date
OperatingLossCarryforwardsExpirationDate
|
2020-12-31 | |
CY2014Q1 | us-gaap |
Other Assets Current
OtherAssetsCurrent
|
196505 | USD |
CY2013Q1 | us-gaap |
Other Assets Current
OtherAssetsCurrent
|
138892 | USD |
CY2014Q1 | us-gaap |
Other Employee Related Liabilities Current
OtherEmployeeRelatedLiabilitiesCurrent
|
4241 | USD |
CY2013 | us-gaap |
Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
|
22482 | USD |
CY2014 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
138886 | USD |
CY2013 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
156200 | USD |
CY2014Q1 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.001 | |
CY2013Q1 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.001 | |
CY2014Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
2500000 | shares |
CY2013Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
2500000 | shares |
CY2014Q1 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
CY2013Q1 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
CY2014Q1 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
CY2013Q1 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
CY2014Q1 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
USD | |
CY2013Q1 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
USD | |
CY2014 | us-gaap |
Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
|
4558301 | USD |
CY2013 | us-gaap |
Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
|
1294500 | USD |
CY2014 | us-gaap |
Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
|
326890 | USD |
CY2013 | us-gaap |
Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
|
USD | |
CY2014Q1 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
1485676 | USD |
CY2013Q1 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
1404750 | USD |
CY2014Q1 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
408892 | USD |
CY2013Q1 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
505485 | USD |
CY2014 | us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
24876 | USD |
CY2013 | us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
USD | |
CY2014 | us-gaap |
Related Party Transaction Rate
RelatedPartyTransactionRate
|
0.06 | pure |
CY2014 | us-gaap |
Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
|
USD | |
CY2013 | us-gaap |
Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
|
82800 | USD |
CY2014 | us-gaap |
Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
|
96000 | USD |
CY2013 | us-gaap |
Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
|
96000 | USD |
CY2014 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
409111 | USD |
CY2013 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
425446 | USD |
CY2014Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-85876874 | USD |
CY2013Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-66311448 | USD |
CY2014 | us-gaap |
Sales Revenue Net
SalesRevenueNet
|
2659943 | USD |
CY2013 | us-gaap |
Sales Revenue Net
SalesRevenueNet
|
1100539 | USD |
CY2013Q2 | us-gaap |
Sales Revenue Net
SalesRevenueNet
|
488000 | USD |
CY2013Q3 | us-gaap |
Sales Revenue Net
SalesRevenueNet
|
580000 | USD |
CY2013Q4 | us-gaap |
Sales Revenue Net
SalesRevenueNet
|
757000 | USD |
CY2014Q1 | us-gaap |
Sales Revenue Net
SalesRevenueNet
|
835000 | USD |
CY2012Q2 | us-gaap |
Sales Revenue Net
SalesRevenueNet
|
191000 | USD |
CY2012Q3 | us-gaap |
Sales Revenue Net
SalesRevenueNet
|
234000 | USD |
CY2012Q4 | us-gaap |
Sales Revenue Net
SalesRevenueNet
|
307000 | USD |
CY2013Q1 | us-gaap |
Sales Revenue Net
SalesRevenueNet
|
368000 | USD |
CY2014Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-2304495 | USD |
CY2014 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
5106219 | USD |
CY2013 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
5411728 | USD |
CY2014 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
678119 | USD |
CY2013 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
693180 | USD |
CY2013Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-2063275 | USD |
CY2012Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
3729520 | USD |
CY2005Q1 | us-gaap |
Stock Issued During Period Shares Acquisitions
StockIssuedDuringPeriodSharesAcquisitions
|
2410811 | shares |
CY2014 | us-gaap |
Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
|
4127201 | USD |
CY2014 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
326890 | USD |
CY2014 | us-gaap |
Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
|
20848 | USD |
CY2013 | us-gaap |
Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
|
16486 | USD |
CY2014 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>Use of Estimates</em></strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 24.5pt"> </p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 24.5pt"> The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from estimated amounts. The Company's significant estimates include allowances for doubtful accounts, recoverability of long-lived assets, allowance for inventory obsolescence, deferred taxes and their accompanying valuations, valuation of derivative liabilities and valuation of common stock, warrants and stock options issued for products or services.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> <strong><em> </em></strong></p> <!--EndFragment--></div> </div> | |
CY2014 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
48850513 | shares |
CY2013 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
37760628 | shares |