Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2015 |
Sep. 30, 2014 |
Sep. 30, 2015 |
Sep. 30, 2014 |
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| Revenues: | ||||
| Product Revenue | $ 169,473 | $ 359,980 | $ 1,325,887 | $ 1,090,010 |
| Product Revenue - Related parties | 1,630,379 | |||
| License Revenue | $ 10,000 | $ 15,000 | 10,000 | |
| License Revenue - Related party | 83,333 | 305,556 | 250,000 | |
| Total Revenue | $ 169,473 | 453,313 | 1,646,443 | 2,980,389 |
| Cost of Sales: | ||||
| Product Cost of Sales | (177,952) | (162,145) | (745,319) | (907,876) |
| Gross Profit/(Loss) | (8,479) | 291,168 | 901,124 | 2,072,513 |
| Administrative Expenses | $ 760,336 | $ 826,756 | 2,341,300 | 2,302,483 |
| Administrative Expenses - Related parties | 864,000 | 195,002 | ||
| Sales and Marketing Expenses | $ 725,832 | $ 358,650 | 1,854,623 | 966,357 |
| Research and Development Expenses | 319,646 | $ 183,886 | 1,003,445 | $ 686,376 |
| Impairment of Non-Current Assets | 466,476 | 466,476 | ||
| Amortization of Non-Current Assets | 64,643 | $ 64,643 | 193,929 | $ 193,929 |
| Loss from Operations | (2,345,412) | (1,142,767) | (5,822,649) | (2,271,634) |
| Other (Income)/Expenses | ||||
| Foreign Currency Transaction (Gain)/Loss | $ 2,001 | $ 1,022 | $ 7,971 | (2,874) |
| Gain from demutualization of insurance carrier | (4,669) | |||
| Interest and Dividend Income | $ (20,478) | $ (19,469) | $ (89,647) | $ (49,176) |
| Other Income | (42) | (6,052) | ||
| Total Other Income | (18,519) | $ (18,447) | (87,728) | $ (56,719) |
| Loss Before Income Taxes | $ (2,326,893) | $ (1,124,320) | $ (5,734,921) | $ (2,214,915) |
| Income Tax Benefit | ||||
| Preferred Stock Dividend | $ (15,793) | |||
| Net Loss Attributable to Common Stockholders | $ (2,326,893) | $ (1,124,320) | $ (5,734,921) | (2,230,708) |
| Other Comprehensive Income/(Loss) | ||||
| Unrealized Gains/(Losses) on Marketable Securities | 8,539 | (8,004) | 28,964 | (11,553) |
| Total Other Comprehensive Income/(Loss) | 8,539 | (8,004) | 28,964 | (11,553) |
| Comprehensive Loss | $ (2,318,354) | $ (1,132,324) | $ (5,705,957) | $ (2,242,261) |
| Basic & diluted loss per common share | $ (0.45) | $ (0.23) | $ (1.12) | $ (0.48) |
| Weighted average basic & diluted common shares outstanding | 5,144,837 | 4,924,837 | 5,138,573 | 4,675,200 |
| X | ||||||||||
- Definition Impairment of non-current assets. No definition available.
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- Definition The expense charged against earnings during the period to allocate the capitalized costs of regulatory assets over the periods expected to benefit from such costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition Total costs related to goods produced and sold during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition Amount of paid and unpaid preferred stock dividends declared with the form of settlement in cash, stock and payment-in-kind (PIK). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements. Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period. Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. No definition available.
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- Definition Amount before tax of foreign currency transaction realized and unrealized gain (loss) recognized in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses from ongoing operations, after income or loss from equity method investments, but before income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Investment income associated with the company's insurance services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount before accretion (amortization) of purchase discount (premium) of interest income and dividend income on nonoperating securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Revenue from multiple-deliverable arrangements that include licensing fees and services revenue. Licensing revenue is consideration received from another party for the right to use, but not own, certain of the entity's intangible assets. Licensing arrangements include, but are not limited to, rights to use a patent, copyright, technology, manufacturing process, software or trademark. Licensing fees are generally, but not always, fixed as to amount and not dependent upon the revenue generated by the licensing party. An entity may receive licensing fees for licenses that also generate royalty payments to the entity. Services revenue may be derived by providing other, nonspecified, services during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Revenue earned during the period relating to consideration received from another party for the right to use, but not own, certain of the entity's intangible assets. Licensing arrangements include, but are not limited to, rights to use a patent, copyright, technology, manufacturing process, software or trademark. Licensing fees are generally, but not always, fixed as to amount and not dependent upon the revenue generated by the licensing party. An entity may receive licensing fees for licenses that also generate royalty payments to the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition The net result for the period of deducting operating expenses from operating revenues. No definition available.
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- Definition Amount after tax, before reclassification adjustments, of unrealized holding gain (loss) on available-for-sale securities and unrealized holding gain (loss) related to transfers of securities into the available-for-sale classification and out of the held-to-maturity classification. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount after tax and reclassification adjustments, of appreciation (loss) in value of unsold available-for-sale securities. Excludes amounts related to other than temporary impairment (OTTI) loss. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount after tax, before reclassification adjustments, of unrealized holding gain (loss) on available-for-sale securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate amount of other income amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) profits on securities (net of losses), and (d) miscellaneous other income items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of selling, general and administrative expenses resulting from transactions, excluding transactions that are eliminated in consolidated or combined financial statements, with related party. No definition available.
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- Definition The aggregate costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility, and costs allocated in accounting for a business combination to in-process projects deemed to have no alternative future use. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition Aggregate revenue during the period from sale of goods in the normal course of business, before deducting returns, allowances and discounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate total amount of expenses directly related to the marketing or selling of products or services. No definition available.
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- Definition Average number of shares or units issued and outstanding that are used in calculating basic and diluted earnings per share (EPS). No definition available.
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