Summary of Significant Accounting Policies (Tables)
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6 Months Ended |
Jun. 30, 2014
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Accounting Policies [Abstract] |
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Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] |
Potentially dilutive securities outlined in the table below have been excluded from the computation of diluted net income (loss) per share because the effect of their inclusion would have been anti-dilutive.
| | For the Three Months Ended June 30, | | For the Six Months Ended June 30, | |
| | 2014 | | 2013 | | 2014 | | 2013 | |
Convertible Notes principal | | | - | | | 1,833,336 | | | - | | | 1,833,336 | |
Convertible Notes accrued interest | | | - | | | 13,863 | | | - | | | 13,863 | |
Consulting Warrant to purchase common stock | | | - | | | 278,228 | | | 278,228 | | | 278,228 | |
Financing Warrant to purchase common stock | | | - | | | 152,778 | | | 152,778 | | | 152,778 | |
IPO Warrants to purchase common stock | | | - | | | - | | | 460,000 | | | - | |
IR Consulting Warrant | | | - | | | - | | | 36,000 | | | - | |
Options to purchase common stock | | | - | | | - | | | 1,737,965 | | | - | |
RSUs | | | - | | | - | | | 4,035 | | | - | |
Total potentially dilutive securities | | | - | | | 2,278,205 | | | 2,669,006 | | | 2,278,205 | |
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Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] |
For the three months ended June 30, 2014, the Company calculated the potential diluted earnings per share in accordance with ASC 260, as follows:
| | Three months ended June 30, 2014 | |
Numerator: | | | | |
Net income (numerator for basic and diluted earnings per share) | | $ | 278,621 | |
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Weighted average shares outstanding (denominator for basic earnings per share) | | | 9,370,172 | |
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Effect of dilutive securities: | | | | |
Assumed exercise of stock options, treasury method | | | 846,566 | |
Assumed exercise of warrants, treasury method | | | 555,735 | |
Assumed vesting of Restricted Stock Units | | | 1,197 | |
Dilutive potential common shares | | | 1,403,498 | |
Denominator for diluted earnings per share weighted average shares and assumed potential common shares | | | 10,773,670 | |
Earnings per share, diluted | | $ | 0.03 | |
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Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] |
The following table provides a summary of the liabilities that are measured at fair value on a recurring basis.
| | Total | | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | | Quoted Prices for Similar Assets or Liabilities in Active Markets (Level 2) | | Significant Unobservable Inputs (Level 3) | |
Derivative Liabilities: | | | | | | | | | | | | | |
December 31, 2013: | | | | | | | | | | | | | |
Conversion Feature | | $ | 5,573,000 | | $ | - | | $ | - | | $ | 5,573,000 | |
Financing Warrant | | | 175,000 | | | - | | | - | | | 175,000 | |
Consulting Warrant | | | 529,000 | | | - | | | - | | | 529,000 | |
Total | | $ | 6,277,000 | | $ | - | | $ | - | | $ | 6,277,000 | |
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Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] |
The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial liabilities that are measured at fair value on a recurring basis:
| | For the six months ended June 30, 2014 | |
Beginning balance | | $ | 6,277,000 | |
Change in fair value of conversion feature and warrants | | | 26,265,177 | |
Extinguishment of derivative liability upon conversion of Convertible Notes | | | (26,790,177) | |
Extinguishment of derivative liability upon modification of Financing Warrant | | | (1,733,000) | |
Extinguishment of derivative liability upon modification of Consulting Warrant | | | (4,019,000) | |
Ending balance | | $ | - |
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