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Sales of Securities (Details Narrative) (USD $)
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0 Months Ended | 1 Months Ended | ||
|---|---|---|---|---|
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May 11, 2011
Securities Purchase Agreement of May 11, 2011
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Sep. 18, 2013
Securities Purchase Agreement of September 18, 2013
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Mar. 31, 2014
Common Stock Purchase Agreement
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Mar. 20, 2014
Common Stock Purchase Agreement
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| Securities Purchase Agreements (Textual) [Abstract] | ||||
| Numer of common stock sold | 295,833 | 350,931 | 219,754 | |
| Number of common stock called by warrants | 221,875 | |||
| Proceeds from sale of common stock and warrants, gross | $ 807,000 | $ 559,000 | ||
| Net proceeds from sale of common stock and warrants | 2,998,000 | 695,491 | ||
| Combination of securities offered in Securities Purchase Agreement, description | The common stock and warrants were sold in fixed combinations, with each combination consisting of one share of common stock and 0.75 of one warrant, with each whole warrant exercisable for one share of common stock. | The common stock and warrants were sold in fixed combinations, with each combination consisting of one share of common stock and one warrant, with each warrant exercisable for one share of common stock. | ||
| Purchase price per fixed combination | 11.28 | 2.30 | ||
| Description of period for exercisability of warrants | The warrants became exercisable six months and one day following the closing date of the Offering and will remain exercisable for five years thereafter. | The exercisability of the warrants may be limited if, upon exercise, the holder or any of its affiliates would beneficially own more that 4.99% of the Common Stock. | ||
| Percentage of holding in common stock after which exercisability of warrant may be limited | 4.99% | 4.99% | ||
| Right to call warrants for cancellation, description | After the one year anniversary of the initial exercise date of the warrants, the Company has the right to call the warrants for cancellation for $.006 per share in the event that the volume weighted average price of the Company’s Common Stock for 20 consecutive trading days exceeds $27.12. | After the one year anniversary of the initial exercise date of the warrants, the Company had the right to call the warrants for cancellation for $.001 per share in the event that the volume weighted average price of the Company’s Common Stock for 20 consecutive trading days exceeds $10.00. | ||
| Price per share | $ 3.00 | |||
| Warrants exercised | 86,100 | |||
| Exercise price of warrants | $ 13.56 | $ 3.50 | ||
| Proceeds from exercise of warrants | $ 306,350 | |||
| Common stock issued upon exercise of warrants | 86,100 | |||