0001493152-16-012265.txt : 20160812 0001493152-16-012265.hdr.sgml : 20160812 20160812121624 ACCESSION NUMBER: 0001493152-16-012265 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 51 CONFORMED PERIOD OF REPORT: 20160630 FILED AS OF DATE: 20160812 DATE AS OF CHANGE: 20160812 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INTEGRATED ENVIRONMENTAL TECHNOLOGIES, LTD. CENTRAL INDEX KEY: 0001084031 STANDARD INDUSTRIAL CLASSIFICATION: GENERAL INDUSTRIAL MACHINERY & EQUIPMENT, NEC [3569] IRS NUMBER: 980200471 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-26309 FILM NUMBER: 161827166 BUSINESS ADDRESS: STREET 1: 4235 COMMERCE STREET CITY: LITTLE RIVER STATE: SC ZIP: 29566 BUSINESS PHONE: 843-390-2500 MAIL ADDRESS: STREET 1: 4235 COMMERCE STREET STREET 2: 4235 COMMERCE STREET CITY: LITTLE RIVER STATE: SC ZIP: 29566 FORMER COMPANY: FORMER CONFORMED NAME: NATUROL HOLDINGS LTD DATE OF NAME CHANGE: 20020823 FORMER COMPANY: FORMER CONFORMED NAME: CORONADO EXPLORATIONS LTD DATE OF NAME CHANGE: 19990528 10-Q 1 form10-q.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2016

 

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission file number 000-26309

 

INTEGRATED ENVIRONMENTAL TECHNOLOGIES, LTD.

(Exact name of registrant as specified in its charter)

 

Nevada   98-0200471

(State or other jurisdiction of

incorporation or organization)

  

(I.R.S. Employer

Identification No.)

 

4235 Commerce Street    
Little River, South Carolina   29566
(Address of principal executive offices)   (Zip Code)

 

(843) 390-2500

(Registrant’s telephone number, including area code)

 

Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [  ]

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [  ]

 

Indicate by check mark whether the registrant is a large accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

  Large accelerated filer [  ] Accelerated filer [  ]
     
  Non-accelerated filer [  ] (Do not check if a smaller reporting company) Smaller reporting company [X]

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [  ] No [X]

 

As of August 10, 2016, there were 320,571,243 shares of the registrant’s common stock, par value $0.001 per share, outstanding.

 

 

 

  
   

 

INTEGRATED ENVIRONMENTAL TECHNOLOGIES, LTD.

 

INDEX TO FORM 10-Q

 

      Page
       
PART I. FINANCIAL INFORMATION    
       
Item 1. Financial Statements   4
       
  Consolidated Condensed Balance Sheets (Unaudited) as of June 30, 2016 and December 31, 2015   5
       
  Consolidated Condensed Statements of Operations (Unaudited) for the Three and Six Months Ended June 30, 2016 and 2015   6
       
  Consolidated Condensed Statements of Cash Flows (Unaudited) for the Six Months Ended June 30, 2016 and 2015   7
       
  Notes to the Unaudited Consolidated Condensed Financial Statements   8
       
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations   16
       
Item 3. Quantitative and Qualitative Disclosures about Market Risk   22
       
Item 4. Controls and Procedures   22
       
PART II. OTHER INFORMATION    
       
Item 1. Legal Proceedings   23
       
Item 1A. Risk Factors   23
       
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds   23
       
Item 3. Defaults upon Senior Securities   23
       
Item 4. Mine Safety Disclosures   23
       
Item 5. Other Information   23
       
Item 6. Exhibits   23
       
Signatures   24
       
Index of Exhibits   25

 

 2 
   

 

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

Certain information included in this quarterly report on Form 10-Q and other filings of the registrant under the Securities Act of 1933, as amended (the “Securities Act”), and the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as well as information communicated orally or in writing between the dates of such filings, contains or may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Exchange Act. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to, any projections of earnings, revenue or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements concerning proposed new services or developments; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing.

 

Forward-looking statements may include the words “may”, “could”, “estimate”, “intend”, “continue”, “believe”, “expect” or “anticipate” or other similar words. These forward-looking statements present our estimates and assumptions only as of the date of this quarterly report on Form 10-Q. Except as may be required under applicable securities laws, we do not intend, and undertake no obligation, to update any forward-looking statement. You should, however, consult further disclosures we make in future filings of our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. Additionally, the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 most likely do not apply to our forward-looking statements because we are considered a penny stock issuer.

 

 3 
   

 

PART I – FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

The consolidated condensed balance sheet as of June 30, 2016 and the related consolidated condensed statements of operations for the three and six months ended June 30, 2016 and 2015 and cash flows for the six months ended June 30, 2016 and 2015 for Integrated Environmental Technologies, Ltd. and its wholly-owned subsidiary I.E.T., Inc. (collectively referred to herein as “IET” or the “Company”) included in Item 1, have been prepared by us, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures required under accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted from the following consolidated condensed financial statements pursuant to the rules and regulations of the SEC. The consolidated condensed financial statements include our wholly-owned subsidiary and all significant inter-company transactions and balances have been eliminated. In the opinion of management, the accompanying consolidated financial statements include all adjustments, which are of a normal and recurring nature, necessary to present fairly our financial position and results of operations. It is suggested that the following consolidated financial statements be read in conjunction with the consolidated condensed financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2015.

 

The results of operations for the three and six months ended June 30, 2016 and 2015 are not necessarily indicative of the results of the entire fiscal year or of any other period.

 

 4 
   

 

Integrated Environmental Technologies, Ltd.

Consolidated Condensed Balance Sheets

(Unaudited)

 

   June 30, 2016   December 31, 2015 
Assets          
Current assets:          
Cash  $79,144   $838,107 
Accounts receivable, net   77,825    36,223 
Prepaid expenses and other   32,052    14,948 
Inventory   104,251    103,220 
Total current assets   293,272    992,498 
           
Property and equipment, net   220,642    245,621 
Total assets  $513,914   $1,238,119 
           
Liabilities and Stockholders’ Deficiency          
Current liabilities:          
Accounts payable  $505,722   $209,774 
Accrued expenses   298,336    199,893 
Customer deposits   2,000    2,000 
Convertible debentures   25,000    501,125 
Note payable   22,497    — 
Total current liabilities   853,555    912,792 
           
Convertible debentures   1,318,834    788,501 
Total liabilities   2,172,389    1,701,293 
           
Commitments and contingencies          
Stockholders’ deficiency:          
Common stock, $.001 par value; 600,000,000 shares authorized; 320,571,243 and 311,404,576 shares, respectively, issued and outstanding   320,571    311,405 
Additional paid-in capital   24,145,434    24,005,008 
Accumulated deficit   (26,124,480)   (24,779,587)
Total stockholders’ deficiency   (1,658,475)   (463,174)
Total liabilities and stockholders’ deficiency  $513,914   $1,238,119 

 

The accompanying notes are an integral part of these unaudited consolidated condensed financial statements.

 

 5 
   

 

Integrated Environmental Technologies, Ltd.

Consolidated Condensed Statements of Operations

(Unaudited)

 

  

Three Months Ended

June 30,

  

Six Months Ended

June 30,

 
   2016   2015   2016   2015 
                 
Revenues:                    
Sales  $73,338   $151,545   $101,136   $295,622 
Leasing and licensing fees   6,000    6,000    12,000    12,000 
    79,338    157,545    113,136    307,622 
Cost of sales   30,417    52,411    44,676    108,840 
                     
Gross profit   48,921    105,134    68,460    198,782 
                     
Operating expenses:                    
General and administrative   235,830    446,286    512,605    1,033,995 
Sales and marketing   276,736    249,837    664,421    672,519 
Research and development   43,839    59,169    101,208    193,179 
    556,405    755,292    1,278,234    1,899,693 
                     
Loss from operations   (507,484)   (650,158)   (1,209,774)   (1,700,911)
                     
Other income (expense):                    
Interest income   22    271    95    390 
Interest expense   (67,832)   (11,123)   (135,214)   (22,134)
Total other income (expense)   (67,810)   (10,852)   (135,119)   (21,744)
                     
Net loss  $(575,294)  $(661,010)  $(1,344,893)  $(1,722,655)
                     
Net loss per share, basic and diluted  $(0.00)  $(0.00)  $(0.00)  $(0.01)
                     
Weighted average shares outstanding, basic and diluted   318,657,324    304,160,495    315,030,950    291,746,739 

 

The accompanying notes are an integral part of these unaudited consolidated condensed financial statements.

 

 6 
   

 

Integrated Environmental Technologies, Ltd.

Consolidated Condensed Statements of Cash Flows

(Unaudited)

 

  

Six Months Ended

June 30,

 
   2016   2015 
Cash flows from operating activities:          
Net loss  $(1,344,893)  $(1,722,655)
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation and amortization   47,330    46,965 
Stock-based compensation expense   3,392    443,378 
Interest accreted on convertible debentures   54,208    — 
Gain on settlement of accrued expense   (13,550)   — 
Changes in operating assets and liabilities:          
Accounts receivable   (42,373)   (36,518)
Inventory   (1,031)   (68,276)
Prepaid expenses and other   (17,104)   169 
Other receivable   —    111,200 
Accounts payable   296,719    184,533 
Accrued expenses   120,693    (201,454)
Net cash used in operating activities   (896,609)   (1,242,658)
Cash flows used in investing activity:          
Purchase of equipment   (22,351)   (23,828)
Cash flows from financing activities:          
Proceeds from sale of common stock, net of offering costs   137,500    1,913,950 
Proceeds from issuance of note payable   24,650    — 
Repayment of note payable   (2,153)   (39,780)
Net cash provided by financing activities   159,997    1,874,170 
(Decrease) increase in cash   (758,963)   607,684 
Cash - beginning of period   838,107    371,292 
Cash - end of period  $79,144   $978,976 
Supplemental disclosure of cash flow information:          
Cash paid for interest  $561   $1.504 
Cash paid for income taxes  $650   $900 
Noncash operating activities:          
Issuance of 171,428 shares of common stock as payment of director fees  $—   $12,000 
Noncash investing activity:          
Parts and materials inventory used in production equipment  $—   $35,225 
Non-cash financing activities:          
Issuance of 1,055,303 shares of common stock as payment of offering costs related to private placements  $—   $56,000 
Issuance of warrants to purchase 1,450,303 shares of common stock as payment of offering costs related to private placements  $—   $47,100 

 

The accompanying notes are an integral part of these unaudited consolidated condensed financial statements.

 

 7 
   

 

Integrated Environmental Technologies, Ltd.

Notes to Unaudited Consolidated Condensed Financial Statements

 

1. Basis of Presentation

 

The accompanying consolidated condensed financial statements have been prepared assuming that the Company will continue as a going concern. The Company has incurred significant recurring operating losses and negative cash flows from operations. The Company had a working capital deficiency of $560,283 and an accumulated deficit of $26,124,480 as of June 30, 2016. The Company also has no lending relationships with commercial banks and is dependent on the completion of financings involving the private placement of its securities in order to continue operations. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The consolidated condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

The Company does not anticipate establishing any lending relationships with commercial banks in the foreseeable future due to its unprofitable operations and limited assets. The Company continues to execute its strategy of selling Excelyte® and Catholyte Zero™ to fund its operations and is focused on obtaining additional capital through the private placement of its securities. The Company is pursuing potential equity and/or debt investors and, from time to time, has engaged placement agents to assist it in this initiative. While the Company is pursuing the opportunities and actions described above, there can be no assurance that it will be successful in its efforts. If the Company is unable to secure additional capital, it will explore other strategic alternatives, including, but not limited to, the sale of the Company. Any additional equity financing may result in substantial dilution to the Company’s stockholders.

 

2. Inventory

 

As of June 30, 2016 and December 31, 2015, inventory consisted of parts and materials totaling $104,251 and $103,220, respectively.

 

3. Property and Equipment

 

As of June 30, 2016 and December 31, 2015, property and equipment, on a net basis, consisted of the following:

 

  

June 30, 2016

   December 31, 2015 
Leasehold improvements  $328,977   $328,977 
Equipment   537,658    515,307 
    866,635    844,284 
Less: Accumulated depreciation   (645,993)   (598,663)
   $220,642   $245,621 

 

 8 
   

 

4. Accrued Expenses

 

As of June 30, 2016 and December 31, 2015, accrued expenses consisted of the following:

 

  

June 30, 2016

   December 31, 2015 
Accrued compensation  $174,990   $116,455 
Accrued interest (see Note 5)   119,346    39,188 
Accrued professional fees   4,000    22,000 
Accrued consulting fees and other expenses   —    22,250 
   $298,336   $199,893 

 

5. Convertible Debentures

 

April 2007 Convertible Debenture

 

On April 26, 2007, the Company issued a convertible debenture to an individual investor in the principal amount of $25,000. This convertible debenture matured on January 2, 2009 and remains unpaid and, as a result, such obligation can be placed in default by the holder. The convertible debenture accrues interest at a rate of 12% per annum and is convertible at any time into shares of the Company’s common stock at the option of the holder at a conversion price of $0.40 per share. An aggregate of 62,500 shares of the Company’s common stock can be issued upon the conversion of the outstanding principal amount due on this convertible debenture at the current conversion price of $0.40 per share.

 

For the three and six months ended June 30, 2016, the Company recorded $748 and $1,496, respectively, of interest expense related to this convertible debenture. For the three and six months ended June 30, 2015, the Company recorded $748 and $1,488, respectively, of interest expense related to this convertible debenture. As of June 30, 2016 and December 31, 2015, the outstanding principal on this convertible debenture was $25,000, which was included as a component of current convertible debentures, and the accrued and unpaid interest was $17,937 and $16,441, respectively, which was included as a component of accrued expenses (see Note 4).

 

Zanett Convertible Debenture

 

On August 21, 2012, the Company issued to Zanett Opportunity Fund, Ltd. an 8% convertible debenture in the amount of $476,125 (the “Zanett August 2012 Debenture”). The Zanett August 2012 Debenture bears interest at a rate of 8% per annum, had a three-year term maturing on August 21, 2015 and was originally convertible into 4,761,250 of the Company’s common stock at a conversion price of $0.10 per share. Effective July 7, 2016, the Zanett August 2012 Debenture was amended to extend the maturity date to December 31, 2017 and reduce the conversion price to $0.07 per share. As a result of this amendment, the Zanett August 2012 Debenture is convertible into 6,801,786 shares of the Company’s common stock.

 

 9 
   

 

For the three and six months ended June 30, 2016, the Company recorded $9,496 and $18,993, respectively, of interest expense related to the Zanett August 2012 Debenture. For the three and six months ended June 30, 2015, the Company recorded $9,496 and $18,888, respectively, of interest expense related to the Zanett August 2012 Debenture. As of June 30, 2016, the outstanding principal on the Zanett August 2012 Debenture was $476,125, which was included as a component of non-current convertible debentures, and the accrued and unpaid interest was $32,873, which was included as a component of accrued expenses (see Note 4). As of December 31, 2015, the outstanding principal on the Zanett August 2012 Debenture was $476,125, which was included as a component of current convertible debentures, and the accrued and unpaid interest was $13,880, which was included as a component of accrued expenses (see Note 4).

 

November and December 2015 Convertible Debentures and Warrants

 

On November 11, 2015, December 3, 2015 and December 18, 2015, the Company issued 12% convertible debentures (the “2015 Debentures”) in the aggregate principal amount of $997,222 to five institutional investors and three individual investors. In connection with the issuance of the 2015 Debentures, the Company issued warrants (the “2015 Debenture Warrants”) to purchase an aggregate of 7,123,014 shares of its common stock. The gross proceeds received in connection with these private placements were $897,500.

 

The 2015 Debentures mature on the date that is two years from the issuance date, bear interest at a rate of 12% per annum and contain an original issue discount of 10% of the principal amount ($99,722 in aggregate). The entire principal amount of each of the 2015 Debentures is convertible at any time into shares of the Company’s common stock at the option of the respective debenture holder at a conversion price of $0.07 per share. An aggregate of 14,246,029 shares of the Company’s common stock can be issued pursuant to the 2015 Debentures at the current conversion price of $0.07 per share.

 

The Company separately accounted for the liability and equity components of the 2015 Debentures based upon the relative fair value of the liability and equity components on the respective dates of issuance. As a result, the Company recorded a discount of $117,708 for the 2015 Debentures to account for the relative fair value attributable to the 2015 Debenture Warrants, which is being accreted as interest expense using the effective interest method over the respective two-year terms of each of the 2015 Debentures. In addition, the $99,722 original issue discount is also being accreted as interest expense using the effective interest method over the respective two-year terms of each of the 2015 Debentures.

 

For the three and six months ended June 30, 2016, the Company recorded a total of $56,939 ($27,104 accreted) and $113,878 ($54,208 accreted), respectively, of interest expense related to the 2015 Debentures. As of June 30, 2016 and December 31, 2015, $68,536 and $8,867, respectively, of interest due on the 2015 Debentures was accrued and recorded as a component of accrued expenses (see Note 4). As of June 30, 2016, the unamortized discount on the 2015 Debentures related to the fair value of the 2015 Debenture Warrants was $83,347, the unamortized discount on the 2015 Debentures related to the original issue discount was $71,166 and the net carrying value of the 2015 Debentures was $842,709, which was recorded as a component of non-current convertible debentures. As of December 31, 2015, the net carrying value of the 2015 Debentures was $788,501, which was recorded as a component of non-current convertible debentures.

 

 10 
   

 

6. Stockholders’ Deficiency

 

Sale of Common Stock

 

On April 20, 2016, the Company sold an aggregate of 9,166,667 shares of common stock and warrants to purchase 1,833,333 shares of common stock to two individual investors for an aggregate purchase price of $137,500, or $0.015 per share.

 

Stock Options

 

The Company currently has two stock option/stock compensation plans in place: the 2010 Stock Incentive Plan and the 2012 Equity Incentive Plan (collectively, the “Equity Incentive Plans”). The 2010 Stock Incentive Plan was approved by the stockholders in September 2010. The Company had reserved for issuance an aggregate of 10,000,000 shares of common stock under the 2010 Stock Incentive Plan. As of June 30, 2016, stock options to purchase 3,846,920 shares of the Company’s common stock were outstanding under the 2010 Stock Incentive Plan and 90,500 shares of the Company’s common stock had been issued under the 2010 Stock Incentive Plan. As a result of the adoption of the Company’s 2012 Equity Incentive Plan, no further awards are permitted under the 2010 Stock Incentive Plan.

 

The 2012 Equity Incentive Plan was approved by the stockholders in May 2012. The original aggregate number of shares of common stock which could be awarded under the 2012 Equity Incentive Plan was 14,000,000 shares, subject to adjustment as provided in the 2012 Equity Incentive Plan. Effective January 29, 2016, as permitted under the 2012 Equity Incentive Plan, the Company’s board of directors increased the number of shares of common stock that could be awarded under the 2012 Equity Incentive Plan to 31,140,458 shares. As of June 30, 2016, options to purchase 2,518,150 shares of the Company’s common stock were outstanding under the 2012 Equity Incentive Plan and up to 28,622,308 shares of the Company’s common stock remain available for awards under the 2012 Equity Incentive Plan.

 

Common stock grants and stock option awards under the Equity Incentive Plans were granted or issued at prices as determined by the Company’s compensation committee, but such prices were not less than the fair market value of the Company’s common stock on the date of grant or issuance. Stock options granted and outstanding to date consist of both incentive stock options and non-qualified stock options.

 

 11 
   

 

A summary of stock option transactions under the Equity Incentive Plans during the six months ended June 30, 2016 is set forth below:

 

  

Stock

Option
Shares

   Weighted
Average
Exercise
Price Per
Common
Share		   Aggregate
Intrinsic
Value		 
Outstanding at December 31, 2015   8,365,070   $0.11   $— 
Granted during the period   —    —    — 
Exercised during the period   —    —    — 
Terminated during the period   (2,000,000)  $0.04    — 
Outstanding at June 30, 2016   6,365,070   $0.13   $— 
Exercisable at June 30, 2016   6,115,070   $0.13   $— 
Exercisable at December 31, 2015   6,002,570   $0.13   $— 

 

Information with respect to stock options outstanding and stock options exercisable as of June 30, 2016 is as follows:

 

    Stock Options Outstanding   Stock Options Exercisable 

Exercise
Price

  

Number of
Shares
Available
Under
Outstanding
Stock
Options

   Weighted
Average
Exercise
Price Per
Common
Share		   Weighted
Average
Remaining
Contractual
Life (Years)		  

Number of
Shares
Available
for
Purchase
Under
Outstanding
Stock
Options

   Weighted
Average
Exercise
Price Per
Common
Share		   Weighted
Average
Remaining
Contractual
Life (Years)		 
$0.07    2,068,150   $0.07    3.8    2,068,150   $0.07    3.8 
$0.08    450,000   $0.08    8.7    200,000   $0.08    8.7 
$0.10    2,180,253   $0.10    2.7    2,180,253   $0.10    2.7 
$0.20    833,333   $0.20    5.8    833,333   $0.20    5.8 
$0.30    833,334   $0.30    5.8    833,334   $0.30    5.8 
      6,365,070   $0.13    4.2    6,115,070   $0.13    4.1 

 

A summary of the non-vested shares subject to stock options granted under the Equity Incentive Plans as of June 30, 2016 is as follows:

 

  

Stock
Option
Shares

  

Weighted
Average
Grant Date
Fair Value
Per Share

 
Non-vested at December 31, 2015   2,362,500   $0.03 
Granted during the period   —    — 
Vested during the period   (112,500)  $0.05 
Terminated during the period   (2,000,000)  $0.03 
Non-vested at June 30, 2016   250,000   $0.05 

 

 12 
   

 

As of June 30, 2016, there was $12,516 of total unrecognized compensation cost related to non-vested, stock-based compensation arrangements granted under the Equity Incentive Plans. That cost is expected to be recognized over a weighted average period of twenty-three months.

 

Warrants to Purchase Common Stock

 

A summary of warrant transactions during the six months ended June 30, 2016 is as follows:

 

   Warrant
Shares		   Weighted
Average
Exercise
Price Per
Common
Share		   Aggregate
Intrinsic
Value		 
Outstanding at December 31, 2015   25,454,701   $0.08   $3,459 
Issued during the period   1,833,333   $0.02    — 
Exercised during the period   —    —    — 
Terminated during the period   (1,250,000)  $0.05    — 
Outstanding at June 30, 2016   26,038,034   $0.08   $— 
Exercisable at June 30, 2016   26,038,034   $0.08   $— 
Exercisable at December 31, 2015   25,454,701   $0.08   $3,459 

 

Warrants issued by the Company contain exercise prices that were approved by the Company’s board of directors. Such exercise prices are generally not less than the quoted market price of the Company’s common stock on the date of issuance. Warrants currently issued either vested immediately or over a period of up to three years and have a maximum term of ten years from the date of issuance.

 

Information with respect to warrants outstanding and warrants exercisable at June 30, 2016 is as follows:

 

    Warrants Outstanding   Warrants Exercisable 

Range of
Exercise
Prices

   Number of
Shares
Available
Under
Outstanding
Warrants		   Weighted
Average
Remaining
Contractual
Life (Years)		   Weighted
Average
Exercise
Price Per
Common
Share		   Number of
Shares
Available
for
Purchase
Under
Outstanding
Warrants		   Weighted
Average
Remaining
Contractual
Life (Years)		   Weighted
Average
Exercise
Price Per
Common
Share		 
$ 0.02 - 0.04    2,750,775    2.6   $0.03    2,750,775    2.6   $0.03 
$ 0.06 - 0.07    9,844,244    3.1   $0.07    9,844,244    3.1   $0.07 
$ 0.08 - 0.10    13,443,015    3.6   $0.10    13,443,015    3.6   $0.10 
      26,038,034    3.3   $0.08    26,038,034    3.3   $0.08 

 

 13 
   

 

As of June 30, 2016, there were no non-vested shares subject to warrants and no unrecognized compensation cost related to warrants.

 

7. Stock-Based Compensation

 

During the three and six months ended June 30, 2016 and 2015, the Company recorded stock-based compensation expense as follows:

 

  

Three Months Ended

June 30,

  

Six Months Ended

June 30,

 
   2016   2015   2016   2015 
General and administrative  $299   $66,894   $598   $254,251 
Sales and marketing   1,397    1,396    2,794    132,951 
Research and development   —    —    —    56,176 
   $1,696   $68,290   $3,392   $443,378 

 

For the three and six months ended June 30, 2016, the Company recorded stock-based compensation expense related to stock options granted to employees of $1,696 and $3,392, respectively. For the three and six months ended June 30, 2015, the Company recorded stock-based compensation expense related to common stock and stock options granted to employees and directors of $68,290 and $443,378, respectively. For each of the three and six months ended June 30, 2016 and 2015, the Company did not record any stock-based compensation expense for non-employees.

 

8. Net Loss Per Common Share

 

Basic net loss per share is computed by dividing net loss available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflect, in periods in which they have a dilutive effect, the impact of common shares issuable upon exercise of stock options and warrants and conversion of convertible debt that are not deemed to be anti-dilutive. The dilutive effect of the outstanding stock options and warrants is computed using the treasury stock method.

 

For the three and six months ended June 30, 2016, diluted net loss per share did not include the effect of 6,365,070 shares of common stock issuable upon the exercise of outstanding stock options, 26,038,034 shares of common stock issuable upon the exercise of outstanding warrants and 19,069,779 shares of common stock issuable upon the conversion of convertible debt, as their effect would be anti-dilutive.

 

For the three and six months ended June 30, 2015, diluted net loss per share did not include the effect of 6,365,070 shares of common stock issuable upon the exercise of outstanding stock options, 22,440,811 shares of common stock issuable upon the exercise of outstanding warrants and 4,823,750 shares of common stock issuable upon the conversion of convertible debt, as their effect would be anti-dilutive.

 

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9. Subsequent Events

 

Issuance of Zero Coupon Secured Convertible Debentures

 

On July 14, 2016, the Company issued zero coupon secured convertible debentures to eight individual investors and one institutional investor (each a “July 2016 Debenture” and collectively, the “July 2016 Debentures”) in the aggregate principal amount of $670,557. In connection with the issuance of the July 2016 Debentures, the Company issued warrants (the “July 2016 Debenture Warrants”) to purchase an aggregate of 67,055,700 shares of its common stock. The gross proceeds received in connection with this private placement were $603,500.

 

The July 2016 Debentures have a one-year term maturing on July 14, 2017, contain an original issue discount of 10% and are secured by the Company’s assets. The entire principal amount of a July 2016 Debenture is convertible at any time into shares of the Company’s common stock at the option of the holder at a conversion price of $0.01 per share (the “July 2016 Debenture Conversion Price”). If at any time subsequent to the issuance of the July 2016 Debentures and prior to the conversion of the July 2016 Debentures into shares of the Company’s common stock, the Company closes on a financing involving the issuance of convertible debentures or shares of its common stock with or at a per share conversion price or purchase price that is less than the July 2016 Debenture Conversion Price (the “Subsequent Financing Per Share Price”), then the July 2016 Debenture Conversion Price will be reduced to seventy-five percent (75%) of the Subsequent Financing Per Share Price. The quoted market price of the Company’s common stock on July 14, 2016 was $0.009 per share. An aggregate of 67,055,700 shares of the Company’s common stock can be issued pursuant to the July 2016 Debentures at the current conversion price of $0.01 per share.

 

The July 2016 Debenture Warrants have a five-year term and provide the holders with the right to purchase an aggregate of 67,055,700 shares of the Company’s common stock at $0.01 per share. All of the shares of the Company’s common stock underlying the July 2016 Debenture Warrants are fully vested. The July 2016 Debenture Warrants contain a cashless exercise provision and are callable in the event the closing price of the Company’s common stock averaged over a period of ten (10) consecutive trading days is equal to or greater than $0.04 per share. The exercise price of the July 2016 Debenture Warrants is subject to adjustment for stock dividends, stock splits, or similar events.

 

 15 
   

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

General

 

IET was originally incorporated in Delaware on February 2, 1999 and is now a Nevada corporation. IET is headquartered in Little River, South Carolina and operates through its wholly-owned subsidiary, I.E.T., Inc., a Nevada corporation incorporated on January 11, 2002.

 

IET markets its products and equipment under the umbrella brand name EcoTreatments™. IET produces a hypochlorous acid-based solution, commonly known as anolyte, that it markets and sells under the brand name Excelyte®, as well as an anti-oxidizing, mildly alkaline solution, commonly known as catholyte, that it markets under the brand name Catholyte Zero™. Both Excelyte® and Catholyte Zero™ provide an environmentally friendly and effective alternative for cleaning, sanitizing and disinfecting as compared to the hazardous chemicals traditionally prevalent in commercial use. IET manufactures proprietary equipment, which it markets under the brand name EcaFlo™, to produce Excelyte® and Catholyte Zero™ for distribution by IET and, under certain circumstances, such equipment is leased by IET to customers for use at their facilities.

 

Products

 

We produce Excelyte®, which is effective as a disinfectant without leaving a harmful residue. The naturally occurring properties and less-corrosive nature of Excelyte® make it an excellent replacement for quaternary ammonia, sodium hypochlorite (bleach) and other hazardous chemicals traditionally used as biocides/disinfectants and sanitizers. Excelyte® contains an active killing agent that is produced with a pH of 6.5 and contains a ratio of free available chlorine of approximately 92% hypochlorous acid to 8% hypochlorite.

 

Excelyte® is registered with the U.S. Environmental Protection Agency (the “EPA”) as a tuberculocidal hospital-level, hard non-porous surface disinfectant (EPA Registration No. 82341-1). Our EPA registration for Excelyte® includes kill claims for: (1) various pathogens including, but not limited to, Mycobacterium bovis (Tuberculosis), Salmonella enterica, Pseudomonas aeruginosa, Staphylococcus aureus, methicillin-resistant Staphylococcus aureus (MRSA), H1N1 influenza virus (swine flu) and Respiratory Syncytial virus (RSV); (2) hospital-acquired pathogens such as Clostridium difficile spores (C. diff) and vancomycin-resistant enterococci (VRE) as well as a carbapenem-resistant enterobacteriaceae (CRE) known as Klebsiella pneumoniae (NDM-1); (3) high-risk blood-borne pathogen human immunodeficiency virus (HIV); (4) the food-borne pathogens Listeria monocytogenes and Escherichia coli (E. coli); (5) Yeast, Candida albicans; and (6) the non-enveloped viruses adenovirus, norovirus, rhinovirus and rotavirus. Our EPA registration for Excelyte® also includes approval for use in oil and gas applications as a hydrogen sulfide (H2S) scavenger/eliminator and biocide. Excelyte® is also registered with the EPA (EPA Registration No. 82341-4) as a disinfectant to prevent Canine distemper virus, Canine parvovirus and Bordetella bronchiseptica. We intend to market the canine product, in conjunction with a third-party partner, as Excelyte® VET.

 

We also produce Catholyte Zero™, which is an anti-oxidizing, mildly alkaline solution that is effective as an industrial degreaser and surfactant. We have recently developed a new proprietary oil well treatment protocol that consists of a dual treatment regimen utilizing both Excelyte® and Catholyte Zero™. The protocol has significantly increased oil production, while substantially reducing hydrogen sulfide, iron sulfide scales (FeS), bacteria and bacterial deposits present in oil wells.

 

IET will also lease EcaFlo® equipment to a customer in certain situations if the customer’s business model and required volume of solution warrants such an arrangement. Under this type of arrangement, we lease our EcaFlo® equipment and provide service support for a fixed monthly amount plus royalty payments for the solution produced by the customer. We also license to certain customers the right to utilize our intellectual property pursuant to which the customer is required to pay us a monthly fee based on the number of gallons of solution produced by our EcaFlo® equipment. We currently have no active lease arrangements and have one active license agreement.

 

 16 
   

 

Business Strategy

 

We seek long-term relationships and commitments directly with our targeted customers and distributors. Our business model is focused on selling Excelyte® and Catholyte Zero™ directly to customers. In certain situations, a customer’s business model and required volume of solution may make it advantageous for us to place the EcaFlo® equipment at the customer’s facility. In these situations, we would lease the EcaFlo® equipment to the customer, maintaining ownership of the equipment.

 

Currently, we are primarily focused on selling large volumes of Excelyte® and Catholyte Zero™ to the upstream oil and gas production market (exploration and production companies), and the majority of our sales, marketing, research and development, and administrative resources are dedicated to this endeavor. However, we also sell smaller volumes of Excelyte® to the healthcare and food production markets, and we maintain long-term interest in developing these business segments further.

 

Critical Accounting Policies and Estimates

 

The discussion and analysis of the Company’s financial condition and results of operations are based upon the interim consolidated financial statements contained elsewhere herein, which have been prepared in accordance with U.S. GAAP. The preparation of these consolidated financial statements required us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates, including those related to bad debts, income taxes, contingencies and litigation. We based our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

 

The critical accounting estimates that we believe affect the more significant judgments and estimates used in preparation of the consolidated financial statements contained elsewhere herein are described in the Management’s Discussion and Analysis of Financial Condition and Results of Operations and in the Notes to the Consolidated Financial Statements included in the Company’s annual report on Form 10-K for the year ended December 31, 2015. There have been no material changes to the critical accounting policies.

 

 17 
   

 

Results of Operations

 

Revenue. Revenue for the three months ended June 30, 2016 was $79,338, as compared to $157,545, for the three months ended June 30, 2015. The $78,207, or 50%, decrease in revenue for the three months ended June 30, 2016 was primarily the result of a $71,356 decrease in Excelyte® sales and a $6,565 decrease in sales of EcaFlo® equipment parts and related supplies. The $71,356 decrease in Excelyte® sales was primarily the result of a $110,400 decrease in sales to two of our oil and gas customers who reduced their well maintenance budgets and/or closed down low-producing wells, offset by a $36,855 increase in sales to an existing customer that expanded Excelyte® well maintenance treatments to additional wells in a second basin.

 

Revenue for the six months ended June 30, 2016 was $113,136, as compared to $307,622, for the six months ended June 30, 2015. The $194,486, or 63%, decrease in revenue for the six months ended June 30, 2016 was primarily the result of a $167,997 decrease in Excelyte® sales and a $22,619 decrease in sales of EcaFlo® equipment parts and related supplies. The $167,997 decrease in Excelyte® sales was primarily the result of a $226,125 decrease in sales to two of our oil and gas customers who reduced their well maintenance budgets and/or closed down low-producing wells, offset by a $36,855 increase in sales to an existing customer that expanded Excelyte® well maintenance treatments to additional wells in a second basin.

 

Cost of Sales. Cost of sales for the three months ended June 30, 2016 was $30,417, as compared to $52,411 for the three months ended June 30, 2015. The $21,994, or 42%, decrease in cost of sales for the three months ended June 30, 2016 was primarily the result of the decrease in Excelyte® sales to oil and gas customers.

 

Cost of sales for the six months ended June 30, 2016 was $44,676, as compared to $108,840 for the six months ended June 30, 2015. The $64,164, or 59%, decrease in cost of sales for the six months ended June 30, 2016 was primarily the result of the decrease in Excelyte® sales to oil and gas customers.

 

Gross Profit. For the three months ended June 30, 2016 and 2015, gross profit was $48,921 and $105,134, respectively, and gross profit margins were 62% and 67%, respectively. The $56,213 decrease in gross profit for the three months ended June 30, 2016 was primarily the result of the decrease in Excelyte® sales to oil and gas customers. The decrease in gross profit margins for the three months ended June 30, 2016, as compared to the three months ended June 30, 2015, was primarily the result of increased start-up costs at new production facilities during 2016.

 

For the six months ended June 30, 2016 and 2015, gross profit was $68,460 and $198,782, respectively, and gross profit margins were 61% and 65%, respectively. The $130,322 decrease in gross profit for the six months ended June 30, 2016 was primarily the result of the decrease in Excelyte® sales to oil and gas customers. The decrease in gross profit margins for the six months ended June 30, 2016, as compared to the six months ended June 30, 2015, was primarily the result of increased start-up costs at new production facilities during 2016.

 

General and Administrative Expenses. For the three months ended June 30, 2016, general and administrative expenses were $235,830, as compared to $446,286 for the three months ended June 30, 2015. The $210,456, or 47%, decrease in general and administrative expenses for the three months ended June 30, 2016 was primarily the result of a $66,595 decrease in stock-based compensation expense for directors, a $63,473 decrease in consulting fees primarily related to investor and public relations, a $38,605 decrease in travel and conference expenses primarily related to fundraising and business development activities, a $22,896 decrease in expenses related to the annual meeting of stockholders, a $7,650 decrease in director compensation, a $7,285 decrease in office-related expenses and a $4,483 decrease in employee payroll and associated benefit costs.

 

 18 
   

 

For the six months ended June 30, 2016, general and administrative expenses were $512,605, as compared to $1,033,995 for the six months ended June 30, 2015. The $521,390, or 50%, decrease in general and administrative expenses for the six months ended June 30, 2016 was primarily the result of a $187,058 decrease in stock-based compensation expense for employees, a $140,329 decrease in consulting fees primarily related to investor and public relations, a $66,595 decrease in stock-based compensation expense for directors, a $59,486 decrease in travel and conference expenses primarily related to fundraising and business development activities, a $22,896 decrease in expenses related to the annual meeting of stockholders, a $15,650 decrease in director compensation, a $10,828 decrease in employee payroll and associated benefit costs and a $7,233 decrease in office-related expenses.

 

Sales and Marketing Expenses. For the three months ended June 30, 2016, sales and marketing expenses were $276,736, as compared to $249,837 for the three months ended June 30, 2015. The $26,899, or 11%, increase in sales and marketing expenses for the three months ended June 30, 2016 was primarily the result of a $28,979 increase in consulting expenses related to sales and marketing initiatives and a $28,554 increase in rent expense and maintenance expenses related to additional facilities, offset by a $28,197 decrease in travel and conference expenses related to sales activities.

 

For the six months ended June 30, 2016, sales and marketing expenses were $664,421, as compared to $672,519 for the six months ended June 30, 2015. The $8,098, or 1%, decrease in sales and marketing expenses for the six months ended June 30, 2016 was primarily the result of a $130,157 decrease in stock-based compensation expense for employees and a $34,400 decrease in travel and conference expenses related to sales activities, offset by a $59,483 increase in consulting expenses related to sales and marketing initiatives, a $53,622 increase in rent expense and maintenance expenses related to additional facilities and a $44,609 increase in employee payroll and associated benefit costs related to new employees.

 

Research and Development Expenses. For the three months ended June 30, 2016, research and development expenses were $43,839, as compared to $59,169 for the three months ended June 30, 2015. The $15,330, or 26%, decrease in research and development expenses for the three months ended June 30, 2016 was primarily the result of a $5,383 decrease in consulting fees related to regulatory and patent activities, a $4,737 decrease in supplies and a $3,053 decrease in laboratory testing fees.

 

For the six months ended June 30, 2016, research and development expenses were $101,208, as compared to $193,179 for the six months ended June 30, 2015. The $91,971, or 48%, decrease in research and development expenses for the six months ended June 30, 2016 was primarily the result of a $56,176 decrease in stock-based compensation expense for employees, a $25,960 decrease in laboratory testing fees, an $8,555 decrease in supplies and a $7,409 decrease in consulting fees related to regulatory and patent activities.

 

 19 
   

 

Loss from Operations. For the three months ended June 30, 2016, the loss from operations was $507,484, as compared to $650,158 for the three months ended June 30, 2015. The $142,674, or 22%, decrease in the loss from operations for the three months ended June 30, 2016 was the result of a $210,456 decrease in general and administrative expenses and a $15,330 decrease in research and development expenses, offset by a $56,213 decrease in gross profit on sales and a $26,899 increase in sales and marketing expenses.

 

For the six months ended June 30, 2016, the loss from operations was $1,209,774, as compared to $1,700,911 for the six months ended June 30, 2015. The $491,137, or 29%, decrease in the loss from operations for the six months ended June 30, 2016 was the result of a $521,390 decrease in general and administrative expenses, a $91,971 decrease in research and development expenses and an $8,098 decrease in sales and marketing expenses, offset by a $130,322 decrease in gross profit on sales.

 

Interest Income. For the three months ended June 30, 2016, interest income was $22, as compared to $271 for the three months ended June 30, 2015. For the six months ended June 30, 2016, interest income was $95, as compared to $390 for the three months ended June 30, 2015.

 

Interest Expense. For the three months ended June 30, 2016, interest expense was $67,832, as compared to $11,123 for the three months ended June 30, 2015. The $56,709, or 510%, increase in interest expense for the three months ended June 30, 2016 was primarily the result of a $56,939 increase in interest expense ($27,104 accreted interest on debt discount) related to the 2015 Debentures.

 

For the six months ended June 30, 2016, interest expense was $135,214, as compared to $22,134 for the six months ended June 30, 2015. The $113,080, or 511%, increase in interest expense for the six months ended June, 2016 was primarily the result of a $113,878 increase in interest expense ($54,208 accreted interest on debt discount) related to the 2015 Debentures.

 

Net Loss. For the three months ended June 30, 2016, the Company’s net loss was $575,294, as compared to $661,010 for the three months ended June 30, 2015. The $85,716, or 13%, decrease in the net loss for the three months ended June 30, 2016 was primarily the result of a $210,456 decrease in general and administrative expenses and a $15,330 decrease in research and development expenses, offset by a $56,709 increase in interest expense, a $56,213 decrease in gross profit on sales and a $26,899 increase in sales and marketing expenses.

 

For the six months ended June 30, 2016, the Company’s net loss was $1,344,893, as compared to $1,722,655 for the six months ended June 30, 2015. The $377,762, or 22%, decrease in the net loss for the six months ended June 30, 2016 was primarily the result of a $521,390 decrease in general and administrative expenses, a $91,971 decrease in research and development expenses and an $8,098 decrease in sales and marketing expenses, offset by a $130,322 decrease in gross profit on sales and a $113,080 increase in interest expense.

 

 20 
   

 

Liquidity and Capital Resources

 

As of June 30, 2016, the Company had a working capital deficiency of $560,283 and cash on hand of $79,144. The $758,963 decrease in cash on hand from December 31, 2015 was primarily the result of payments to fund our continuing operating expenses.

 

During the past several years, we generally sustained recurring losses and negative cash flows from operations. We currently do not generate sufficient revenue from the sale of our products to fund our operations and have funded this shortfall through the sale of our common stock and the issuance of convertible debentures.

 

On April 20, 2016, the Company received gross proceeds of $137,500 in connection with the sale of an aggregate of 9,166,667 shares of common stock and warrants to purchase 1,833,333 shares of common stock.

 

On July 14, 2016, the Company received gross proceeds of $603,500 in connection with the issuance of the July 2016 Debentures.

 

As of August 10, 2016, our cash position was approximately $418,000. If we are not able to generate profitable operations from the sale of our products or we are not able to obtain additional financing, we will only be able to continue our operations for approximately four months from the filing date of this quarterly report on Form 10-Q. We have reduced operating expenses and effective July 1, 2016, David R. LaVance, our President and Chief Executive Officer and Thomas S. Gifford, our Executive Vice President and Chief Financial Officer, each agreed to reduce their respective annual salary to $110,000. Prior to the reduction, Mr. LaVance’s annual salary was $235,000 and Mr. Gifford’s annual salary was $200,000. The reduced salaries will remain in effect until: (a)(i) IET reaches positive earnings before interest, taxes, depreciation and amortization, adjusted for non-cash expenses (“Adjusted EBITDA”), for one calendar quarter, and (ii) the subsequent calendar quarter Adjusted EBITDA is projected to remain positive, factoring in the increased salaries for each of Mr. LaVance and Mr. Gifford, or (b) some other corporate activity occurs whereby an adjustment is justified, as determined by our compensation committee. We also deferred certain vendor payments until our cash flow position improves. We did not make a $25,000 principal payment due on a convertible debenture and, as a result, this obligation can be placed into default by the holder.

 

Our independent registered public accounting firm included an emphasis of a matter paragraph in its report included in our annual report on Form 10-K for the year ended December 31, 2015, which expressed substantial doubt about our ability to continue as a going concern. Our consolidated condensed financial statements included herein do not include any adjustments related to this uncertainty.

 

We have no lending relationships with commercial banks and are dependent on our ability to attain profitable operations and raise additional capital through one or more equity and/or debt financings in order to continue operations. While we are working toward attaining profitability for our continuing operations and pursuing potential equity and/or debt investors, there can be no assurance that we will be successful in our efforts. From time to time, we engage placement agents to assist us in our financing initiatives. Any additional equity financing may result in substantial dilution to our stockholders. If we are unable to attain profitable operations or secure additional capital, we will explore strategic alternatives, including, but not limited to, the sale of the Company.

 

 21 
   

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

IET is a smaller reporting company and is therefore not required to provide this information.

 

Item 4. Controls and Procedures

 

Evaluation of disclosure controls and procedures

 

As required by Rule 13a-15 under the Exchange Act, as of the end of the Company’s last fiscal quarter, the Company carried out an evaluation of the effectiveness of the design and operation of the Company’s disclosure controls and procedures. This evaluation was carried out under the supervision and with the participation of the Company’s current management, including the Company’s President and Chief Executive Officer and the Company’s Executive Vice President, Chief Financial Officer and Secretary (Principal Financial and Accounting Officer), who concluded that the Company’s disclosure controls and procedures are effective.

 

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in the Company reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in Company reports filed under the Exchange Act is accumulated and communicated to management, including the Company’s President and Chief Executive Officer and the Company’s Executive Vice President, Chief Financial Officer and Secretary (Principal Financial and Accounting Officer), as appropriate, to allow timely decisions regarding required disclosure.

 

Changes in internal control over financial reporting

 

Management reviews the Company’s system of internal control over financial reporting and makes changes to the Company’s processes and systems to improve controls and increase efficiency, while ensuring that the Company maintains an effective internal control environment. Changes may include such activities as implementing new, more efficient systems, consolidating activities and migrating processes.

 

During the Company’s last fiscal quarter, there was no change in the Company’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

 

 22 
   

 

PART II – OTHER INFORMATION

 

Item 1. Legal Proceedings

 

None.

 

Item 1A. Risk Factors

 

IET is a smaller reporting company and is therefore not required to provide this information.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

There were no sales of unregistered securities during the three months ended June 30, 2016, other than those set forth below or otherwise reported on Forms 8-K filed by IET during the three months ended June 30, 2016.

 

On April 20, 2016, the Company sold an aggregate of 9,166,667 shares of common stock and warrants to purchase 1,833,333 shares of common stock to two individual investors for an aggregate purchase price of $137,500, or $0.015 per share. The Company will use the proceeds received from this transaction for working capital purposes. In connection with these issuances of common stock, the Company relied on the exemption from registration for a private transaction not involving a public distribution provided by Section 4(a)(2) of the Securities Act.

 

Item 3. Defaults Upon Senior Securities

 

Not applicable.

 

Item 4. Mine Safety Disclosures

 

Not applicable.

 

Item 5. Other Information

 

None.

 

Item 6. Exhibits

 

See Index of Exhibits Commencing on Page E-1.

 

 23 
   

 

SIGNATURES

 

In accordance with the requirements of the Exchange Act, the Registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  INTEGRATED ENVIRONMENTAL TECHNOLOGIES, LTD.
     
August 12, 2016 By: /s/ David R. LaVance
    David R. LaVance
    President and Chief Executive Officer
     
August 12, 2016 By: /s/ Thomas S. Gifford
    Thomas S. Gifford
    Executive Vice President,
    Chief Financial Officer and Secretary

 

 24 
   

 

INDEX OF EXHIBITS

 

Exhibit No.   Description
     
3.1   Amended and Restated Articles of Incorporation of Integrated Environmental Technologies, Ltd. (the “Company”) (incorporated by reference to Exhibit 3.1 to the Company’s current report on Form 8-K that was filed with the Securities and Exchange Commission (the “SEC”) on May 29, 2015).
     
3.2   Amended and Restated Bylaws of the Company (incorporated by reference to Exhibit 3.2 to the Company’s current report on Form 8-K that was filed with the SEC on May 22, 2012).
     
4.1   Convertible Debenture Unit Purchase Agreement between the Company and L.J. Tichacek dated April 26, 2007 (incorporated by reference to Exhibit 4.1 to the Company’s quarterly report on Form 10-Q for the quarter ended June 30, 2011 that was filed with the SEC on August 22, 2011).
     
4.2   10% Convertible Debenture in the principal amount of $25,000 issued to L.J. Tichacek dated April 26, 2007 (incorporated by reference to Exhibit 4.2 to the Company’s quarterly report on Form 10-Q for the quarter ended June 30, 2011 that was filed with the SEC on August 22, 2011).
     
4.3   8% Convertible Debenture, dated as of August 21, 2012, issued to Zanett Opportunity Fund, Ltd. Agreement (incorporated by reference to Exhibit 4.1 to the Company’s current report on Form 8-K that was filed with the SEC on August 23, 2012).
     
4.3.1   Addendum dated July 7, 2016 to the 8% Convertible Debenture dated August 21, 2012 between Zanett Opportunity Fund, Ltd. and the Company (incorporated by reference to Exhibit 4.3 to the Company’s current report on Form 8-K that was filed with the SEC on July 18, 2016).
     
4.4   Form of 12% Convertible Debenture issued on: November 11, 2015 in the principal amount of $275,000; December 3, 2015 in the aggregate principal amount of $222,222; and December 18, 2015 in the aggregate principal amount of $500,000 (incorporated by reference to Exhibit 4.5 to the Company’s quarterly report on Form 10-Q for the quarter ended September 30, 2015 that was filed with the SEC on November 13, 2015).
     
4.5   Form of Zero Coupon Secured Convertible Debenture issued to eight individual investors and one institutional investor on July 14, 2016 in the aggregate principal amount of $670,577 (incorporated by reference to Exhibit 4.1 to the Company’s current report on Form 8-K that was filed with the SEC on July 18, 2016).
     
10.1   Amended and Restated Registration Rights Agreement between the Company and E. Wayne Kinsey, III and Zanett Opportunity Fund, Ltd. dated September 23, 2011 (incorporated by reference to Exhibit 10.4 to the Company’s annual report on Form 10-K for the year ended December 31, 2011 that was filed with the SEC on March 30, 2012).

 

 25 
   

 

Exhibit No.   Description
     
10.2   2010 Stock Incentive Plan of the Company (incorporated by reference to Exhibit 10.5 to the Company’s quarterly report on Form 10-Q for the quarter ended June 30, 2011 that was filed with the SEC on August 22, 2011).
     
10.3   2012 Equity Incentive Plan of the Company (incorporated by reference to Exhibit 10.3 to the Company’s quarterly report on Form 10-Q for the quarter ended March 31, 2013 that was filed with the SEC on May 15, 2013).
     
10.4   Form of Warrant, dated April 21, 2011, issued by the Company to each of David R. LaVance (for the purchase of 1,818,182 shares of the Company’s common stock), Raymond C. Kubacki (for the purchase of 1,818,182 shares of the Company’s common stock) and Valgene L. Dunham (for the purchase of 969,697 shares of the Company’s common stock) (incorporated by reference to Exhibit 10.12 to the Company’s quarterly report on Form 10-Q for the quarter ended June 30, 2011 that was filed with the SEC on August 22, 2011).
     
10.5   Form of Warrant, dated May 23, 2011, issued by the Company to each of David R. LaVance (for the purchase of 3,100,000 shares of the Company’s common stock) and Thomas S. Gifford (for the purchase of 3,100,000 shares of the Company’s common stock) (incorporated by reference to Exhibit 10.13 to the Company’s quarterly report on Form 10-Q for the quarter ended June 30, 2011 that was filed with the SEC on August 22, 2011).
     
10.6   Building Lease Agreement, dated September 15, 2014, by and between I.E.T., Inc. and Reece Gibson (incorporated by reference to Exhibit 10.6 to the Company’s quarterly report on Form 10-Q for the quarter ended September 30, 2014 that was filed with the SEC on November 7, 2014).
     
10.7   Building Lease Agreement, dated November 1, 2014, by and between I.E.T., Inc. and Culy Hawkins (incorporated by reference to Exhibit 10.7 to the Company’s annual report on Form 10-K for the year ended December 31, 2014 that was filed with the SEC on March 27, 2015).
     
10.8   Building Lease Agreement, dated November 14, 2014, by and between I.E.T., Inc. and Duchesne Crossing, LLC (incorporated by reference to Exhibit 10.8 to the Company’s annual report on Form 10-K for the year ended December 31, 2014 that was filed with the SEC on March 27, 2015).
     
10.9   Building Lease Agreement, dated August 31, 2015, by and between I.E.T., Inc. and Wally Moon (incorporated by reference to Exhibit 10.9 to the Company’s annual report on Form 10-K for the year ended December 31, 2015 that was filed with the SEC on March 30, 2016).
     
10.9.1   Addendum dated July 13, 2016 to the Building Lease Agreement dated August 31, 2015 by and between I.E.T., Inc. and Wally Moon.

 

 26 
   

 

Exhibit No.   Description
     
10.10   Building Lease Agreement, dated January 28, 2016, by and between I.E.T., Inc. and Ray C. Luna (incorporated by reference to Exhibit 10.9 to the Company’s annual report on Form 10-K for the year ended December 31, 2015 that was filed with the SEC on March 30, 2016).
     
10.11   Form of Incentive Stock Option Agreement, dated March 27, 2012, issued by the Company to each of David R. LaVance (for the purchase of 3,000,000 shares of the Company’s common stock) and Thomas S. Gifford (for the purchase of 2,000,000 shares of the Company’s common stock) (incorporated by reference to Exhibit 10.14 to the Company’s quarterly report on Form 10-Q for the quarter ended March 31, 2012 that was filed with the SEC on May 15, 2012).
     
10.12   Form of Non-Qualified Stock Option Agreement, dated March 27, 2012, issued by the Company to each of: Raymond C. Kubacki (for the purchase of 541,860 shares of the Company’s common stock); David N. Harry (for the purchase of 309,640 shares of the Company’s common stock); Valgene L. Dunham (for the purchase of 340,600 shares of the Company’s common stock); and E. Wayne Kinsey, III (for the purchase of 154,820 shares of the Company’s common stock) (incorporated by reference to Exhibit 10.15 to the Company’s quarterly report on Form 10-Q for the quarter ended March 31, 2012 that was filed with the SEC on May 15, 2012).
     
10.13   Form of Warrant issued to eight individual investors and one institutional investor on July 14, 2016 in connection with the issuance on July 14, 2016 of Zero Coupon Secured Debentures in the aggregate principal amount of $670,577 (incorporated by reference to Exhibit 4.2 to the Company’s current report on Form 8-K that was filed with the SEC on July 18, 2016).
     
31.1   Section 302 Certification of Principal Executive Officer.
     
31.2   Section 302 Certification of Principal Financial Officer.
     
32.1   Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350.
     
32.2   Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350.
     
101   The following materials from the Company’s quarterly report on Form 10-Q for the period ended June 30, 2016, formatted in Extensible Business Reporting Language (XBRL): (i) consolidated balance sheets; (ii) consolidated statements of operations; (iii) consolidated statements of cash flows; and (iv) notes to the consolidated financial statements.

 

 27 
   

 EX-10.9.1 2 ex10-9_1.htm

 

EXHIBIT 10.9.1

 

ADDENDUM TO THE COMMERCIAL LEASE

between

WALLY MOON

and

I.E.T., INC.

 

This Addendum (this “Addendum”) to the Commercial Lease (as such term is defined below), entered into as of the 13th day of July, 2016 (the “Addendum Effective Date”), is by and between Wally Moon (the “Lessor”) and I.E.T., Inc. (the “Lessee”). Capitalized terms used herein, but not otherwise defined herein, shall have the meanings given to such terms in the Commercial Lease dated August 31, 2015 between the Lessor and the Lessee (the “Commercial Lease”).

 

WHEREAS, the Lessee promised to pay to the Lessor, or its registered assigns, a rental payment of $4,000 per month during the Term;

 

WHEREAS, as of the Addendum Effective Date, the Lessee owes the Lessor $20,000 (the “Outstanding Balance”) for monthly rents under the Commercial Lease;

 

WHEREAS, the Lessee wishes to pay the Outstanding Balance; and

 

WHEREAS, the Lessor and Lessee desire to modify the aforementioned Commercial Lease for the mutual benefit of both parties;

 

NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties agree as follows:

 

1. The Lessee shall pay to the Lessor within five business days of the Addendum Effective Date the Outstanding Balance as full payment and satisfaction of any and all amounts due under the Commercial Lease as of the Addendum Effective Date.
   
2. Commencing August 1, 2016, the original monthly rent of $4,000 shall be replaced with $2,500 and such modification of the Commercial Lease will be effective as of the Addendum Effective Date and will remain in effect for the duration of the Commercial Lease unless further modified in writing by the parties hereto.
   
3. Other than as specifically modified in this Addendum, all other terms, conditions and covenants of the Commercial Lease shall remain in full force and effect.

 

IN WITNESS WHEREOF, the undersigned have executed this Addendum, effective as of the Addendum Effective Date.

 

INTEGRATED ENVIRONMENTAL   WALLY MOON
TECHNOLOGIES, LTD.      
         
By: /s/ Thomas S. Gifford   By: /s/ Wally Moon
Name: Thomas S. Gifford   Name: Wally Moon
Title: Executive Vice President and      
  Chief Financial Officer      

 

  
   
 EX-31.1 3 ex31-1.htm

 

EXHIBIT 31.1

 

CERTIFICATION

 

I, David R. LaVance, certify that:

 

1. I have reviewed this report on Form 10-Q of Integrated Environmental Technologies, Ltd.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: August 12, 2016 By: /s/ David R. LaVance
    David R. LaVance
    President and Chief Executive Officer

 

  
   
 EX-31.2 4 ex31-2.htm

 

EXHIBIT 31.2

 

CERTIFICATION

 

I, Thomas S. Gifford, certify that:

 

1. I have reviewed this report on Form 10-Q of Integrated Environmental Technologies, Ltd.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: August 12, 2016 By: /s/ Thomas S. Gifford
    Thomas S. Gifford
    Executive Vice President,
    Chief Financial Officer and Secretary

 

  
   
 EX-32.1 5 ex32-1.htm

 

EXHIBIT 32.1

 

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Integrated Environmental Technologies, Ltd. (the “Company”) on Form 10-Q for the period ended June 30, 2016, as filed with the Securities and Exchange Commission (the “Report”), I, David R. LaVance, President and Chief Executive Officer of the Company, do hereby certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

 

(1) the Report fully complies with the requirements of §13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, 15 U.S.C. §78m or 78o(d), and,

 

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: August 12, 2016 By: /s/ David R. LaVance
    David R. LaVance
    President and Chief Executive Officer

 

  
   

 EX-32.2 6 ex32-2.htm

 

EXHIBIT 32.2

 

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Integrated Environmental Technologies, Ltd. (the “Company”) on Form 10-Q for the period ended June 30, 2016, as filed with the Securities and Exchange Commission (the “Report”), I, Thomas S. Gifford, Executive Vice President, Chief Financial Officer and Secretary of the Company, do hereby certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

 

(1) the Report fully complies with the requirements of §13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, 15 U.S.C. §78m or 78o(d), and,

 

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: August 12, 2016 By: /s/ Thomas S. Gifford
    Thomas S. Gifford
    Executive Vice President,
    Chief Financial Officer and Secretary

 

  
   
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Aug. 10, 2016
Document And Entity Information [Abstract]    
Entity Registrant Name INTEGRATED ENVIRONMENTAL TECHNOLOGIES, LTD.  
Entity Central Index Key 0001084031  
Document Type 10-Q  
Document Period End Date Jun. 30, 2016  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   320,571,243
Trading Symbol IEVM  
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2016  
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Consolidated Condensed Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2016
Dec. 31, 2015
Current assets:    
Cash $ 79,144 $ 838,107
Accounts receivable, net 77,825 36,223
Prepaid expenses and other 32,052 14,948
Inventory 104,251 103,220
Total current assets 293,272 992,498
Property and equipment, net 220,642 245,621
Total assets 513,914 1,238,119
Current liabilities:    
Accounts payable 505,722 209,774
Accrued expenses 298,336 199,893
Customer deposits 2,000 2,000
Convertible debentures 25,000 501,125
Note payable 22,497
Total current liabilities 853,555 912,792
Convertible debentures 1,318,834 788,501
Total liabilities 2,172,389 1,701,293
Commitments and contingencies  
Stockholders’ deficiency:    
Common stock, $.001 par value; 600,000,000 shares authorized; 320,571,243 and 311,404,576 shares, respectively, issued and outstanding 320,571 311,405
Additional paid-in capital 24,145,434 24,005,008
Accumulated deficit (26,124,480) (24,779,587)
Total stockholders’ deficiency (1,658,475) (463,174)
Total liabilities and stockholders’ deficiency $ 513,914 $ 1,238,119
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Jun. 30, 2016
Dec. 31, 2015
Statement of Financial Position [Abstract]    
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Common stock, shares authorized 600,000,000 600,000,000
Common stock, shares issued 320,571,243 311,404,576
Common stock, shares outstanding 320,571,243 311,404,576
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Consolidated Condensed Statements of Operations (Unaudited) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Revenues:        
Sales $ 73,338 $ 151,545 $ 101,136 $ 295,622
Leasing and licensing fees 6,000 6,000 12,000 12,000
Total revenues 79,338 157,545 113,136 307,622
Cost of sales 30,417 52,411 44,676 108,840
Gross profit 48,921 105,134 68,460 198,782
Operating expenses:        
General and administrative 235,830 446,286 512,605 1,033,995
Sales and marketing 276,736 249,837 664,421 672,519
Research and development 43,839 59,169 101,208 193,179
Total operating expenses 556,405 755,292 1,278,234 1,899,693
Loss from operations (507,484) (650,158) (1,209,774) (1,700,911)
Other income (expense):        
Interest income 22 271 95 390
Interest expense (67,832) (11,123) (135,214) (22,134)
Total other income (expense) (67,810) (10,852) (135,119) (21,744)
Net loss $ (575,294) $ (661,010) $ (1,344,893) $ (1,722,655)
Net loss per share, basic and diluted $ 0.00 $ 0.00 $ 0.00 $ (0.01)
Weighted average shares outstanding, basic and diluted 318,657,324 304,160,495 315,030,950 291,746,739
XML 17 R5.htm IDEA: XBRL DOCUMENT v3.5.0.2
Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash flows from operating activities:    
Net loss $ (1,344,893) $ (1,722,655)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 47,330 46,965
Stock-based compensation expense 3,392 443,378
Interest accreted on convertible debentures 54,208
Gain on settlement of accrued expense (13,550)
Changes in operating assets and liabilities:    
Accounts receivable (42,373) (36,518)
Inventory (1,031) (68,276)
Prepaid expenses and other (17,104) 169
Other receivable 111,200
Accounts payable 296,719 184,533
Accrued expenses 120,693 (201,454)
Net cash used in operating activities (896,609) (1,242,658)
Cash flows used in investing activity:    
Purchase of equipment (22,351) (23,828)
Cash flows from financing activities:    
Proceeds from sale of common stock, net of offering costs 137,500 1,913,950
Proceeds from issuance of note payable 24,650
Repayment of note payable (2,153) (39,780)
Net cash provided by financing activities 159,997 1,874,170
(Decrease) increase in cash (758,963) 607,684
Cash - beginning of period 838,107 371,292
Cash - end of period 79,144 978,976
Supplemental disclosure of cash flow information:    
Cash paid for interest 561 1,504
Cash paid for income taxes 650 900
Issuance of 171,428 shares of common stock as payment of director fees 12,000
Parts and materials inventory used in production equipment 35,225
Issuance of 1,055,303 shares of common stock as payment of offering costs related to private placements 56,000
Issuance of warrants to purchase 1,450,303 shares of common stock as payment of offering costs related to private placements $ 47,100
XML 18 R6.htm IDEA: XBRL DOCUMENT v3.5.0.2
Consolidated Condensed Statements of Cash Flows (Unaudited) (Parenthetical) - shares
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Statement of Cash Flows [Abstract]    
Common stock issued as payment of director fees 171,428
Common stock issued as payment offering costs related to private placements 1,055,303
Issuance of warrant to purchase of common stock shares as payment of offering costs related to private placements 1,450,303
XML 19 R7.htm IDEA: XBRL DOCUMENT v3.5.0.2
Basis of Presentation
 6 Months Ended
Jun. 30, 2016
Accounting Policies [Abstract]  
Basis of Presentation

1. Basis of Presentation

 

The accompanying consolidated condensed financial statements have been prepared assuming that the Company will continue as a going concern. The Company has incurred significant recurring operating losses and negative cash flows from operations. The Company had a working capital deficiency of $560,283 and an accumulated deficit of $26,124,480 as of June 30, 2016. The Company also has no lending relationships with commercial banks and is dependent on the completion of financings involving the private placement of its securities in order to continue operations. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The consolidated condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

The Company does not anticipate establishing any lending relationships with commercial banks in the foreseeable future due to its unprofitable operations and limited assets. The Company continues to execute its strategy of selling Excelyte® and Catholyte Zero™ to fund its operations and is focused on obtaining additional capital through the private placement of its securities. The Company is pursuing potential equity and/or debt investors and, from time to time, has engaged placement agents to assist it in this initiative. While the Company is pursuing the opportunities and actions described above, there can be no assurance that it will be successful in its efforts. If the Company is unable to secure additional capital, it will explore other strategic alternatives, including, but not limited to, the sale of the Company. Any additional equity financing may result in substantial dilution to the Company’s stockholders.
XML 20 R8.htm IDEA: XBRL DOCUMENT v3.5.0.2
Inventory
 6 Months Ended
Jun. 30, 2016
Inventory Disclosure [Abstract]  
Inventory

2. Inventory

 

As of June 30, 2016 and December 31, 2015, inventory consisted of parts and materials totaling $104,251 and $103,220, respectively.
XML 21 R9.htm IDEA: XBRL DOCUMENT v3.5.0.2
Property and Equipment
 6 Months Ended
Jun. 30, 2016
Property, Plant and Equipment [Abstract]  
Property and Equipment

3. Property and Equipment

 

As of June 30, 2016 and December 31, 2015, property and equipment, on a net basis, consisted of the following:

 

    June 30, 2016     December 31, 2015  
Leasehold improvements   $ 328,977     $ 328,977  
Equipment     537,658       515,307  
      866,635       844,284  
Less: Accumulated depreciation     (645,993 )     (598,663 )
    $ 220,642     $ 245,621  
XML 22 R10.htm IDEA: XBRL DOCUMENT v3.5.0.2
Accrued Expenses
 6 Months Ended
Jun. 30, 2016
Payables and Accruals [Abstract]  
Accrued Expenses

4. Accrued Expenses

 

As of June 30, 2016 and December 31, 2015, accrued expenses consisted of the following:

 

    June 30, 2016     December 31, 2015  
Accrued compensation   $ 174,990     $ 116,455  
Accrued interest (see Note 5)     119,346       39,188  
Accrued professional fees     4,000       22,000  
Accrued consulting fees and other expenses     —       22,250  
    $ 298,336     $ 199,893  
XML 23 R11.htm IDEA: XBRL DOCUMENT v3.5.0.2
Convertible Debentures
 6 Months Ended
Jun. 30, 2016
Debt Disclosure [Abstract]  
Convertible Debentures

5. Convertible Debentures

 

April 2007 Convertible Debenture

 

On April 26, 2007, the Company issued a convertible debenture to an individual investor in the principal amount of $25,000. This convertible debenture matured on January 2, 2009 and remains unpaid and, as a result, such obligation can be placed in default by the holder. The convertible debenture accrues interest at a rate of 12% per annum and is convertible at any time into shares of the Company’s common stock at the option of the holder at a conversion price of $0.40 per share. An aggregate of 62,500 shares of the Company’s common stock can be issued upon the conversion of the outstanding principal amount due on this convertible debenture at the current conversion price of $0.40 per share.

 

For the three and six months ended June 30, 2016, the Company recorded $748 and $1,496, respectively, of interest expense related to this convertible debenture. For the three and six months ended June 30, 2015, the Company recorded $748 and $1,488, respectively, of interest expense related to this convertible debenture. As of June 30, 2016 and December 31, 2015, the outstanding principal on this convertible debenture was $25,000, which was included as a component of current convertible debentures, and the accrued and unpaid interest was $17,937 and $16,441, respectively, which was included as a component of accrued expenses (see Note 4).

 

Zanett Convertible Debenture

 

On August 21, 2012, the Company issued to Zanett Opportunity Fund, Ltd. an 8% convertible debenture in the amount of $476,125 (the “Zanett August 2012 Debenture”). The Zanett August 2012 Debenture bears interest at a rate of 8% per annum, had a three-year term maturing on August 21, 2015 and was originally convertible into 4,761,250 of the Company’s common stock at a conversion price of $0.10 per share. Effective July 7, 2016, the Zanett August 2012 Debenture was amended to extend the maturity date to December 31, 2017 and reduce the conversion price to $0.07 per share. As a result of this amendment, the Zanett August 2012 Debenture is convertible into 6,801,786 shares of the Company’s common stock.

 

For the three and six months ended June 30, 2016, the Company recorded $9,496 and $18,993, respectively, of interest expense related to the Zanett August 2012 Debenture. For the three and six months ended June 30, 2015, the Company recorded $9,496 and $18,888, respectively, of interest expense related to the Zanett August 2012 Debenture. As of June 30, 2016, the outstanding principal on the Zanett August 2012 Debenture was $476,125, which was included as a component of non-current convertible debentures, and the accrued and unpaid interest was $32,873, which was included as a component of accrued expenses (see Note 4). As of December 31, 2015, the outstanding principal on the Zanett August 2012 Debenture was $476,125, which was included as a component of current convertible debentures, and the accrued and unpaid interest was $13,880, which was included as a component of accrued expenses (see Note 4).

 

November and December 2015 Convertible Debentures and Warrants

 

On November 11, 2015, December 3, 2015 and December 18, 2015, the Company issued 12% convertible debentures (the “2015 Debentures”) in the aggregate principal amount of $997,222 to five institutional investors and three individual investors. In connection with the issuance of the 2015 Debentures, the Company issued warrants (the “2015 Debenture Warrants”) to purchase an aggregate of 7,123,014 shares of its common stock. The gross proceeds received in connection with these private placements were $897,500.

 

The 2015 Debentures mature on the date that is two years from the issuance date, bear interest at a rate of 12% per annum and contain an original issue discount of 10% of the principal amount ($99,722 in aggregate). The entire principal amount of each of the 2015 Debentures is convertible at any time into shares of the Company’s common stock at the option of the respective debenture holder at a conversion price of $0.07 per share. An aggregate of 14,246,029 shares of the Company’s common stock can be issued pursuant to the 2015 Debentures at the current conversion price of $0.07 per share.

 

The Company separately accounted for the liability and equity components of the 2015 Debentures based upon the relative fair value of the liability and equity components on the respective dates of issuance. As a result, the Company recorded a discount of $117,708 for the 2015 Debentures to account for the relative fair value attributable to the 2015 Debenture Warrants, which is being accreted as interest expense using the effective interest method over the respective two-year terms of each of the 2015 Debentures. In addition, the $99,722 original issue discount is also being accreted as interest expense using the effective interest method over the respective two-year terms of each of the 2015 Debentures.

 

For the three and six months ended June 30, 2016, the Company recorded a total of $56,939 ($27,104 accreted) and $113,878 ($54,208 accreted), respectively, of interest expense related to the 2015 Debentures. As of June 30, 2016 and December 31, 2015, $68,536 and $8,867, respectively, of interest due on the 2015 Debentures was accrued and recorded as a component of accrued expenses (see Note 4). As of June 30, 2016, the unamortized discount on the 2015 Debentures related to the fair value of the 2015 Debenture Warrants was $83,347, the unamortized discount on the 2015 Debentures related to the original issue discount was $71,166 and the net carrying value of the 2015 Debentures was $842,709, which was recorded as a component of non-current convertible debentures. As of December 31, 2015, the net carrying value of the 2015 Debentures was $788,501, which was recorded as a component of non-current convertible debentures.
XML 24 R12.htm IDEA: XBRL DOCUMENT v3.5.0.2
Stockholders' Deficiency
 6 Months Ended
Jun. 30, 2016
Equity [Abstract]  
Stockholders' Deficiency

6. Stockholders’ Deficiency

 

Sale of Common Stock

 

On April 20, 2016, the Company sold an aggregate of 9,166,667 shares of common stock and warrants to purchase 1,833,333 shares of common stock to two individual investors for an aggregate purchase price of $137,500, or $0.015 per share.

 

Stock Options

 

The Company currently has two stock option/stock compensation plans in place: the 2010 Stock Incentive Plan and the 2012 Equity Incentive Plan (collectively, the “Equity Incentive Plans”). The 2010 Stock Incentive Plan was approved by the stockholders in September 2010. The Company had reserved for issuance an aggregate of 10,000,000 shares of common stock under the 2010 Stock Incentive Plan. As of June 30, 2016, stock options to purchase 3,846,920 shares of the Company’s common stock were outstanding under the 2010 Stock Incentive Plan and 90,500 shares of the Company’s common stock had been issued under the 2010 Stock Incentive Plan. As a result of the adoption of the Company’s 2012 Equity Incentive Plan, no further awards are permitted under the 2010 Stock Incentive Plan.

 

The 2012 Equity Incentive Plan was approved by the stockholders in May 2012. The original aggregate number of shares of common stock which could be awarded under the 2012 Equity Incentive Plan was 14,000,000 shares, subject to adjustment as provided in the 2012 Equity Incentive Plan. Effective January 29, 2016, as permitted under the 2012 Equity Incentive Plan, the Company’s board of directors increased the number of shares of common stock that could be awarded under the 2012 Equity Incentive Plan to 31,140,458 shares. As of June 30, 2016, options to purchase 2,518,150 shares of the Company’s common stock were outstanding under the 2012 Equity Incentive Plan and up to 28,622,308 shares of the Company’s common stock remain available for awards under the 2012 Equity Incentive Plan.

 

Common stock grants and stock option awards under the Equity Incentive Plans were granted or issued at prices as determined by the Company’s compensation committee, but such prices were not less than the fair market value of the Company’s common stock on the date of grant or issuance. Stock options granted and outstanding to date consist of both incentive stock options and non-qualified stock options.

 

A summary of stock option transactions under the Equity Incentive Plans during the six months ended June 30, 2016 is set forth below:

 

   

Stock

Option
Shares

     Weighted
Average
Exercise
Price Per
Common
Share		     Aggregate
Intrinsic
Value		  
Outstanding at December 31, 2015     8,365,070     $ 0.11     $ —  
Granted during the period     —       —       —  
Exercised during the period     —       —       —  
Terminated during the period     (2,000,000 )   $ 0.04       —  
Outstanding at June 30, 2016     6,365,070     $ 0.13     $ —  
Exercisable at June 30, 2016     6,115,070     $ 0.13     $ —  
Exercisable at December 31, 2015     6,002,570     $ 0.13     $ —  

 

Information with respect to stock options outstanding and stock options exercisable as of June 30, 2016 is as follows:

 

      Stock Options Outstanding     Stock Options Exercisable  
Exercise
Price		     Number of
Shares
Available
Under
Outstanding
Stock
Options		     Weighted
Average
Exercise
Price Per
Common
Share		     Weighted
Average
Remaining
Contractual
Life (Years)		     Number of
Shares
Available
for
Purchase
Under
Outstanding
Stock
Options		     Weighted
Average
Exercise
Price Per
Common
Share		     Weighted
Average
Remaining
Contractual
Life (Years)		  
$ 0.07       2,068,150     $ 0.07       3.8       2,068,150     $ 0.07       3.8  
$ 0.08       450,000     $ 0.08       8.7       200,000     $ 0.08       8.7  
$ 0.10       2,180,253     $ 0.10       2.7       2,180,253     $ 0.10       2.7  
$ 0.20       833,333     $ 0.20       5.8       833,333     $ 0.20       5.8  
$ 0.30       833,334     $ 0.30       5.8       833,334     $ 0.30       5.8  
          6,365,070     $ 0.13       4.2       6,115,070     $ 0.13       4.1  

 

A summary of the non-vested shares subject to stock options granted under the Equity Incentive Plans as of June 30, 2016 is as follows:

 

    Stock
Option
Shares		     Weighted
Average
Grant Date
Fair Value
Per Share		  
Non-vested at December 31, 2015     2,362,500     $ 0.03  
Granted during the period     —       —  
Vested during the period     (112,500 )   $ 0.05  
Terminated during the period     (2,000,000 )   $ 0.03  
Non-vested at June 30, 2016     250,000     $ 0.05  

 

As of June 30, 2016, there was $12,516 of total unrecognized compensation cost related to non-vested, stock-based compensation arrangements granted under the Equity Incentive Plans. That cost is expected to be recognized over a weighted average period of twenty-three months.

 

Warrants to Purchase Common Stock

 

A summary of warrant transactions during the six months ended June 30, 2016 is as follows:

 

    Warrant
Shares		     Weighted
Average
Exercise
Price Per
Common
Share		     Aggregate
Intrinsic
Value		  
Outstanding at December 31, 2015     25,454,701     $ 0.08     $ 3,459  
Issued during the period     1,833,333     $ 0.02       —  
Exercised during the period     —       —       —  
Terminated during the period     (1,250,000 )   $ 0.05       —  
Outstanding at June 30, 2016     26,038,034     $ 0.08     $ —  
Exercisable at June 30, 2016     26,038,034     $ 0.08     $ —  
Exercisable at December 31, 2015     25,454,701     $ 0.08     $ 3,459  

 

Warrants issued by the Company contain exercise prices that were approved by the Company’s board of directors. Such exercise prices are generally not less than the quoted market price of the Company’s common stock on the date of issuance. Warrants currently issued either vested immediately or over a period of up to three years and have a maximum term of ten years from the date of issuance.

 

Information with respect to warrants outstanding and warrants exercisable at June 30, 2016 is as follows:

 

      Warrants Outstanding     Warrants Exercisable  
Range of
Exercise
Prices		     Number of
Shares
Available
Under
Outstanding
Warrants		     Weighted
Average
Remaining
Contractual
Life (Years)		     Weighted
Average
Exercise
Price Per
Common
Share		     Number of
Shares
Available
for
Purchase
Under
Outstanding
Warrants		     Weighted
Average
Remaining
Contractual
Life (Years)		     Weighted
Average
Exercise
Price Per
Common
Share		  
$ 0.02 - 0.04       2,750,775       2.6     $ 0.03       2,750,775       2.6     $ 0.03  
$ 0.06 - 0.07       9,844,244       3.1     $ 0.07       9,844,244       3.1     $ 0.07  
$ 0.08 - 0.10       13,443,015       3.6     $ 0.10       13,443,015       3.6     $ 0.10  
          26,038,034       3.3     $ 0.08       26,038,034       3.3     $ 0.08  

 

As of June 30, 2016, there were no non-vested shares subject to warrants and no unrecognized compensation cost related to warrants.
XML 25 R13.htm IDEA: XBRL DOCUMENT v3.5.0.2
Stock-Based Compensation
 6 Months Ended
Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation

7. Stock-Based Compensation

 

During the three and six months ended June 30, 2016 and 2015, the Company recorded stock-based compensation expense as follows:

 

   

Three Months Ended

June 30,

    

Six Months Ended

June 30,

  
    2016     2015     2016     2015  
General and administrative   $ 299     $ 66,894     $ 598     $ 254,251  
Sales and marketing     1,397       1,396       2,794       132,951  
Research and development     —       —       —       56,176  
    $ 1,696     $ 68,290     $ 3,392     $ 443,378  

 

For the three and six months ended June 30, 2016, the Company recorded stock-based compensation expense related to stock options granted to employees of $1,696 and $3,392, respectively. For the three and six months ended June 30, 2015, the Company recorded stock-based compensation expense related to common stock and stock options granted to employees and directors of $68,290 and $443,378, respectively. For each of the three and six months ended June 30, 2016 and 2015, the Company did not record any stock-based compensation expense for non-employees.
XML 26 R14.htm IDEA: XBRL DOCUMENT v3.5.0.2
Net Loss Per Common Share
 6 Months Ended
Jun. 30, 2016
Net Loss Per Common Share  
Net Loss Per Common Share

8. Net Loss Per Common Share

 

Basic net loss per share is computed by dividing net loss available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflect, in periods in which they have a dilutive effect, the impact of common shares issuable upon exercise of stock options and warrants and conversion of convertible debt that are not deemed to be anti-dilutive. The dilutive effect of the outstanding stock options and warrants is computed using the treasury stock method.

 

For the three and six months ended June 30, 2016, diluted net loss per share did not include the effect of 6,365,070 shares of common stock issuable upon the exercise of outstanding stock options, 26,038,034 shares of common stock issuable upon the exercise of outstanding warrants and 19,069,779 shares of common stock issuable upon the conversion of convertible debt, as their effect would be anti-dilutive.

 

For the three and six months ended June 30, 2015, diluted net loss per share did not include the effect of 6,365,070 shares of common stock issuable upon the exercise of outstanding stock options, 22,440,811 shares of common stock issuable upon the exercise of outstanding warrants and 4,823,750 shares of common stock issuable upon the conversion of convertible debt, as their effect would be anti-dilutive.
XML 27 R15.htm IDEA: XBRL DOCUMENT v3.5.0.2
Subsequent Events
 6 Months Ended
Jun. 30, 2016
Subsequent Events [Abstract]  
Subsequent Events

9. Subsequent Events

 

Issuance of Zero Coupon Secured Convertible Debentures

 

On July 14, 2016, the Company issued zero coupon secured convertible debentures to eight individual investors and one institutional investor (each a “July 2016 Debenture” and collectively, the “July 2016 Debentures”) in the aggregate principal amount of $670,557. In connection with the issuance of the July 2016 Debentures, the Company issued warrants (the “July 2016 Debenture Warrants”) to purchase an aggregate of 67,055,700 shares of its common stock. The gross proceeds received in connection with this private placement were $603,500.

 

The July 2016 Debentures have a one-year term maturing on July 14, 2017, contain an original issue discount of 10% and are secured by the Company’s assets. The entire principal amount of a July 2016 Debenture is convertible at any time into shares of the Company’s common stock at the option of the holder at a conversion price of $0.01 per share (the “July 2016 Debenture Conversion Price”). If at any time subsequent to the issuance of the July 2016 Debentures and prior to the conversion of the July 2016 Debentures into shares of the Company’s common stock, the Company closes on a financing involving the issuance of convertible debentures or shares of its common stock with or at a per share conversion price or purchase price that is less than the July 2016 Debenture Conversion Price (the “Subsequent Financing Per Share Price”), then the July 2016 Debenture Conversion Price will be reduced to seventy-five percent (75%) of the Subsequent Financing Per Share Price. The quoted market price of the Company’s common stock on July 14, 2016 was $0.009 per share. An aggregate of 67,055,700 shares of the Company’s common stock can be issued pursuant to the July 2016 Debentures at the current conversion price of $0.01 per share.

 

The July 2016 Debenture Warrants have a five-year term and provide the holders with the right to purchase an aggregate of 67,055,700 shares of the Company’s common stock at $0.01 per share. All of the shares of the Company’s common stock underlying the July 2016 Debenture Warrants are fully vested. The July 2016 Debenture Warrants contain a cashless exercise provision and are callable in the event the closing price of the Company’s common stock averaged over a period of ten (10) consecutive trading days is equal to or greater than $0.04 per share. The exercise price of the July 2016 Debenture Warrants is subject to adjustment for stock dividends, stock splits, or similar events.
XML 28 R16.htm IDEA: XBRL DOCUMENT v3.5.0.2
Property and Equipment (Tables)
 6 Months Ended
Jun. 30, 2016
Property, Plant and Equipment [Abstract]  
Components of Property and Equipment, on Net Basis

As of June 30, 2016 and December 31, 2015, property and equipment, on a net basis, consisted of the following:

 

    June 30, 2016     December 31, 2015  
Leasehold improvements   $ 328,977     $ 328,977  
Equipment     537,658       515,307  
      866,635       844,284  
Less: Accumulated depreciation     (645,993 )     (598,663 )
    $ 220,642     $ 245,621  
XML 29 R17.htm IDEA: XBRL DOCUMENT v3.5.0.2
Accrued Expenses (Tables)
 6 Months Ended
Jun. 30, 2016
Payables and Accruals [Abstract]  
Components of Accrued Expenses

As of June 30, 2016 and December 31, 2015, accrued expenses consisted of the following:

 

    June 30, 2016     December 31, 2015  
Accrued compensation   $ 174,990     $ 116,455  
Accrued interest (see Note 5)     119,346       39,188  
Accrued professional fees     4,000       22,000  
Accrued consulting fees and other expenses     —       22,250  
    $ 298,336     $ 199,893  
XML 30 R18.htm IDEA: XBRL DOCUMENT v3.5.0.2
Stockholders' Deficiency (Tables)
 6 Months Ended
Jun. 30, 2016
Equity [Abstract]  
Summary of Stock Option Transactions

A summary of stock option transactions under the Equity Incentive Plans during the six months ended June 30, 2016 is set forth below:

 

   

Stock

Option
Shares

     Weighted
Average
Exercise
Price Per
Common
Share		     Aggregate
Intrinsic
Value		  
Outstanding at December 31, 2015     8,365,070     $ 0.11     $ —  
Granted during the period     —       —       —  
Exercised during the period     —       —       —  
Terminated during the period     (2,000,000 )   $ 0.04       —  
Outstanding at June 30, 2016     6,365,070     $ 0.13     $ —  
Exercisable at June 30, 2016     6,115,070     $ 0.13     $ —  
Exercisable at December 31, 2015     6,002,570     $ 0.13     $ —  
Summary of Stock Options Outstanding and Exercisable

Information with respect to stock options outstanding and stock options exercisable as of June 30, 2016 is as follows:

 

      Stock Options Outstanding     Stock Options Exercisable  
Exercise
Price		     Number of
Shares
Available
Under
Outstanding
Stock
Options		     Weighted
Average
Exercise
Price Per
Common
Share		     Weighted
Average
Remaining
Contractual
Life (Years)		     Number of
Shares
Available
for
Purchase
Under
Outstanding
Stock
Options		     Weighted
Average
Exercise
Price Per
Common
Share		     Weighted
Average
Remaining
Contractual
Life (Years)		  
$ 0.07       2,068,150     $ 0.07       3.8       2,068,150     $ 0.07       3.8  
$ 0.08       450,000     $ 0.08       8.7       200,000     $ 0.08       8.7  
$ 0.10       2,180,253     $ 0.10       2.7       2,180,253     $ 0.10       2.7  
$ 0.20       833,333     $ 0.20       5.8       833,333     $ 0.20       5.8  
$ 0.30       833,334     $ 0.30       5.8       833,334     $ 0.30       5.8  
          6,365,070     $ 0.13       4.2       6,115,070     $ 0.13       4.1  
Summary of Non Vested Stock Options Granted

A summary of the non-vested shares subject to stock options granted under the Equity Incentive Plans as of June 30, 2016 is as follows:

 

    Stock
Option
Shares		     Weighted
Average
Grant Date
Fair Value
Per Share		  
Non-vested at December 31, 2015     2,362,500     $ 0.03  
Granted during the period     —       —  
Vested during the period     (112,500 )   $ 0.05  
Terminated during the period     (2,000,000 )   $ 0.03  
Non-vested at June 30, 2016     250,000     $ 0.05  
Summary of Warrant Transactions

A summary of warrant transactions during the six months ended June 30, 2016 is as follows:

 

    Warrant
Shares		     Weighted
Average
Exercise
Price Per
Common
Share		     Aggregate
Intrinsic
Value		  
Outstanding at December 31, 2015     25,454,701     $ 0.08     $ 3,459  
Issued during the period     1,833,333     $ 0.02       —  
Exercised during the period     —       —       —  
Terminated during the period     (1,250,000 )   $ 0.05       —  
Outstanding at June 30, 2016     26,038,034     $ 0.08     $ —  
Exercisable at June 30, 2016     26,038,034     $ 0.08     $ —  
Exercisable at December 31, 2015     25,454,701     $ 0.08     $ 3,459  
Summary of Warrants Outstanding and Exercisable

Information with respect to warrants outstanding and warrants exercisable at June 30, 2016 is as follows:

 

      Warrants Outstanding     Warrants Exercisable  
Range of
Exercise
Prices		     Number of
Shares
Available
Under
Outstanding
Warrants		     Weighted
Average
Remaining
Contractual
Life (Years)		     Weighted
Average
Exercise
Price Per
Common
Share		     Number of
Shares
Available
for
Purchase
Under
Outstanding
Warrants		     Weighted
Average
Remaining
Contractual
Life (Years)		     Weighted
Average
Exercise
Price Per
Common
Share		  
$ 0.02 - 0.04       2,750,775       2.6     $ 0.03       2,750,775       2.6     $ 0.03  
$ 0.06 - 0.07       9,844,244       3.1     $ 0.07       9,844,244       3.1     $ 0.07  
$ 0.08 - 0.10       13,443,015       3.6     $ 0.10       13,443,015       3.6     $ 0.10  
          26,038,034       3.3     $ 0.08       26,038,034       3.3     $ 0.08  
XML 31 R19.htm IDEA: XBRL DOCUMENT v3.5.0.2
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Stock-Based Compensation

During the three and six months ended June 30, 2016 and 2015, the Company recorded stock-based compensation expense as follows:

 

   

Three Months Ended

June 30,

    

Six Months Ended

June 30,

  
    2016     2015     2016     2015  
General and administrative   $ 299     $ 66,894     $ 598     $ 254,251  
Sales and marketing     1,397       1,396       2,794       132,951  
Research and development     —       —       —       56,176  
    $ 1,696     $ 68,290     $ 3,392     $ 443,378  
XML 32 R20.htm IDEA: XBRL DOCUMENT v3.5.0.2
Basis of Presentation (Details Narrative) - USD ($)
Jun. 30, 2016
Dec. 31, 2015
Accounting Policies [Abstract]    
Working capital deficit $ 560,283  
Accumulated deficit $ 26,124,480 $ 24,779,587
XML 33 R21.htm IDEA: XBRL DOCUMENT v3.5.0.2
Inventory (Details Narrative) - USD ($)
Jun. 30, 2016
Dec. 31, 2015
Inventory Disclosure [Abstract]    
Inventory $ 104,251 $ 103,220
XML 34 R22.htm IDEA: XBRL DOCUMENT v3.5.0.2
Property and Equipment - Components of Property and Equipment, on Net Basis (Details) - USD ($)
Jun. 30, 2016
Dec. 31, 2015
Property, Plant and Equipment [Abstract]    
Leasehold improvements $ 328,977 $ 328,977
Equipment 537,658 515,307
Property and equipment, Gross 866,635 844,284
Less: Accumulated depreciation (645,993) (598,663)
Property and equipment, net $ 220,642 $ 245,621
XML 35 R23.htm IDEA: XBRL DOCUMENT v3.5.0.2
Accrued Expenses - Components of Accrued Expenses (Details) - USD ($)
Jun. 30, 2016
Dec. 31, 2015
Payables and Accruals [Abstract]    
Accrued compensation $ 174,990 $ 116,455
Accrued interest (see Note 5) 119,346 39,188
Accrued professional fees 4,000 22,000
Accrued consulting fees and other expenses 22,250
Accrued liabilities, total $ 298,336 $ 199,893
XML 36 R24.htm IDEA: XBRL DOCUMENT v3.5.0.2
Convertible Debentures (Details Narrative) - USD ($)
 3 Months Ended 6 Months Ended 12 Months Ended
Aug. 21, 2012
Apr. 26, 2007
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Dec. 31, 2015
Dec. 18, 2015
Dec. 03, 2015
Nov. 11, 2015
Debt Instrument [Line Items]                    
Convertible debenture outstanding principal     $ 1,318,834   $ 1,318,834   $ 788,501      
April 2007 Convertible Debenture [Member]                    
Debt Instrument [Line Items]                    
Convertible debenture issued, principal amount   $ 25,000                
Convertible debenture, maturity date   Jan. 02, 2009                
Convertible debenture, interest rate   12.00%                
Convertible debenture, conversion price   $ 0.40                
Common stock issued as payment on principal and interest on convertible debentures, shares   62,500                
Interest expense related to convertible debenture     748 $ 748 1,496 $ 1,488        
Convertible debenture outstanding principal     25,000   25,000   25,000      
Accrued and unpaid interest on convertible debt     17,937   17,937   16,441      
Zanett August 2012 Debenture [Member]                    
Debt Instrument [Line Items]                    
Convertible debenture, maturity date Aug. 21, 2015                  
Common stock issued as payment on principal and interest on convertible debentures, shares 4,761,250                  
Interest expense related to convertible debenture     9,496 $ 9,496 18,993 $ 18,888        
Convertible debenture outstanding principal     476,125   476,125   476,125      
Accrued and unpaid interest on convertible debt     $ 32,873   $ 32,873   $ 13,880      
Debenture term         3 years          
Zanett August 2012 Debenture [Member] | July 7, 2016 [Member]                    
Debt Instrument [Line Items]                    
Convertible debenture, maturity date         Dec. 31, 2017          
Convertible debenture, conversion price     $ 0.07   $ 0.07          
Common stock issued as payment on principal and interest on convertible debentures, shares         6,801,786          
Zanett August 2012 Debenture [Member] | Zanett Opportunity Fund, Ltd [Member] | 8% Convertible Debenture [Member]                    
Debt Instrument [Line Items]                    
Convertible debenture issued, principal amount $ 476,125                  
Convertible debenture, interest rate 8.00%                  
Convertible debenture, conversion price $ 0.10                  
2015 Debentures [Member]                    
Debt Instrument [Line Items]                    
Convertible debenture issued, principal amount               $ 997,222 $ 997,222 $ 997,222
Convertible debenture, interest rate     12.00%   12.00%          
Convertible debenture, conversion price     $ 0.07   $ 0.07          
Common stock issued as payment on principal and interest on convertible debentures, shares         14,246,029          
Interest expense related to convertible debenture     $ 56,939   $ 113,878          
Convertible debenture outstanding principal     788,501   $ 788,501          
Debenture term         2 years          
Proceeds from private placement         $ 897,500          
Percentage of original issuance discount debt         10.00%          
Debt amortized discount     $ 71,766   $ 71,766          
2015 Debenture Warrants [Member]                    
Debt Instrument [Line Items]                    
Debenture term             2 years      
Number of warrants issued to purchase of common stock shares     7,123,014   7,123,014          
Debt amortized discount     $ 99,722   $ 99,722          
Amortization of discount             $ 117,708      
Accrued liability     68,536   68,536   $ 8,867      
Debt carrying value     $ 83,347   $ 83,347          
2015 Debenture Warrants [Member] | Non Current [Member]                    
Debt Instrument [Line Items]                    
Number of warrants issued to purchase of common stock shares     842,709   842,709          
2015 Debenture Warrants [Member] | Minimum [Member]                    
Debt Instrument [Line Items]                    
Accrued and unpaid interest on convertible debt     $ 27,104   $ 27,104          
2015 Debenture Warrants [Member] | Maximum [Member]                    
Debt Instrument [Line Items]                    
Accrued and unpaid interest on convertible debt     $ 54,208   $ 54,208          
XML 37 R25.htm IDEA: XBRL DOCUMENT v3.5.0.2
Stockholders' Deficiency (Details Narrative) - USD ($)
 6 Months Ended
Apr. 20, 2016
Jun. 30, 2016
2010 Stock Incentive Plan [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Common stock reserved for future issuance   10,000,000
Issuance of stock option to purchases of common stock shares   3,846,920
Common stock stock shares issued under plan   90,500
Number of stock option shares issued upto shares   28,622,308
2012 Equity Incentive Plan [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Common stock stock shares issued under plan   14,000,000
Number of common stock shares award under plan   2,518,150
Number of common stock shares increased under plan   31,140,458
Unrecognized compensation cost related to non-vested   $ 12,516
Recognized non vested over a weighted average period   23 months
Warrant [Member] | Minimum [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Warrant vested period   3 years
Warrant [Member] | Maximum [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Warrant vested period   10 years
Sale of Common Stock [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Aggregate purchase price of common stock $ 137,500  
Purchase price per share $ 0.015  
Sale of Common Stock [Member] | Common Stock [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Aggregate number of stock sold to purchase shares of common stock 9,166,667  
Sale of Common Stock [Member] | Warrant [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Aggregate number of stock sold to purchase shares of common stock 1,833,333  
XML 38 R26.htm IDEA: XBRL DOCUMENT v3.5.0.2
Stockholders' Deficiency - Summary of Stock Option Transactions (Details)
 6 Months Ended
Jun. 30, 2016
USD ($)
$ / shares
shares
Equity [Abstract]  
Stock Option Outstanding, Number, Beginning Balance | shares 8,365,070
Stock Option Granted during the period, Shares | shares
Stock Option Exercised during the period, Shares | shares
Stock Option Terminated during the period, Shares | shares (2,000,000)
Stock Option Outstanding shares, Ending balance | shares 6,365,070
Stock Option Exercisable, Beginning balance | shares 6,002,570
Stock Option Exercisable, Ending balance | shares 6,115,070
Stock Option Outstanding, Weighted Average Exercise Price, Beginning Balance $ 0.11
Stock Option Grants in Period, Weighted Average Exercise Price
Stock Option Exercises in Period, Weighted Average Exercise Price
Stock OptionTerminated, Weighted Average Exercise Price 0.04
Stock Option Outstanding, Weighted Average Exercise Price, Ending balance 0.13
Stock Option Exercisable, Weighted Average Exercise Price, Beginning balance 0.13
Stock Option Exercisable, Weighted Average Exercise Price, Ending balance $ 0.13
Stock Option Outstanding, Aggregate Intrinsic Value, Beginning balance | $
Stock Option Granted Aggregate Intrinsic Value
Stock Option Exercised Aggregate Intrinsic Value | $
Stock Option Outstanding, Aggregate Intrinsic Value, Ending balance | $
Stock Option Exercisable, Intrinsic Value Beginning balance | $
Stock Option Exercisable, Intrinsic Value Ending balance | $
XML 39 R27.htm IDEA: XBRL DOCUMENT v3.5.0.2
Stockholders' Deficiency - Summary of Stock Options Outstanding and Exercisable (Details) - $ / shares
 6 Months Ended
Jun. 30, 2016
Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number of Shares Available Under Outstanding Stock Options 6,365,070 8,365,070
Weighted Average Exercise Price Per Common Share $ 0.13 $ 0.11
Weighted Average Remaining Contractual Life (Years) 4 years 2 months 12 days  
Number of Shares Available for Purchase Under Outstanding Stock Options 6,115,070 6,002,570
Weighted Average Exercise Price Per Common Share $ 0.13 $ 0.13
Weighted Average Remaining Contractual Life (Years) 4 years 1 month 6 days  
Range One [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Range of exercise prices $ 0.07  
Number of Shares Available Under Outstanding Stock Options 2,068,150  
Weighted Average Exercise Price Per Common Share $ 0.07  
Weighted Average Remaining Contractual Life (Years) 3 years 9 months 18 days  
Number of Shares Available for Purchase Under Outstanding Stock Options 2,068,150  
Weighted Average Exercise Price Per Common Share $ 0.07  
Weighted Average Remaining Contractual Life (Years) 3 years 9 months 18 days  
Range Two [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Range of exercise prices $ 0.08  
Number of Shares Available Under Outstanding Stock Options 450,000  
Weighted Average Exercise Price Per Common Share $ 0.08  
Weighted Average Remaining Contractual Life (Years) 8 years 8 months 12 days  
Number of Shares Available for Purchase Under Outstanding Stock Options 200,000  
Weighted Average Exercise Price Per Common Share $ 0.08  
Weighted Average Remaining Contractual Life (Years) 8 years 8 months 12 days  
Range Three [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Range of exercise prices $ 0.10  
Number of Shares Available Under Outstanding Stock Options 2,180,253  
Weighted Average Exercise Price Per Common Share $ 0.10  
Weighted Average Remaining Contractual Life (Years) 2 years 8 months 12 days  
Number of Shares Available for Purchase Under Outstanding Stock Options 2,180,253  
Weighted Average Exercise Price Per Common Share $ 0.10  
Weighted Average Remaining Contractual Life (Years) 2 years 8 months 12 days  
Range Four [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Range of exercise prices $ 0.20  
Number of Shares Available Under Outstanding Stock Options 833,333  
Weighted Average Exercise Price Per Common Share $ 0.20  
Weighted Average Remaining Contractual Life (Years) 5 years 9 months 18 days  
Number of Shares Available for Purchase Under Outstanding Stock Options 833,333  
Weighted Average Exercise Price Per Common Share $ 0.20  
Weighted Average Remaining Contractual Life (Years) 5 years 9 months 18 days  
Range Five [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Range of exercise prices $ 0.30  
Number of Shares Available Under Outstanding Stock Options 833,334  
Weighted Average Exercise Price Per Common Share $ 0.30  
Weighted Average Remaining Contractual Life (Years) 5 years 9 months 18 days  
Number of Shares Available for Purchase Under Outstanding Stock Options 833,334  
Weighted Average Exercise Price Per Common Share $ 0.30  
Weighted Average Remaining Contractual Life (Years) 5 years 9 months 18 days  
XML 40 R28.htm IDEA: XBRL DOCUMENT v3.5.0.2
Stockholders' Deficiency - Summary of Non Vested Stock Options Granted (Details)
 6 Months Ended
Jun. 30, 2016
$ / shares
shares
Equity [Abstract]  
Stock Option Nonvested, Number, Beginning Balance | shares 2,362,500
Stock Option Granted during the period | shares
Stock Option Vested during the period | shares (112,500)
Stock Option Terminated during the period | shares (2,000,000)
Stock Option Non-vested Balance | shares 250,000
Stock Option Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares $ 0.03
Stock Option Weighted Average Grant Date Fair Value Per Share, Granted | $ / shares
Stock Option Weighted Average Grant Date Fair Value Per Share, Vested | $ / shares 0.05
Stock Option Weighted Average Grant Date Fair Value Per Share, Terminated | $ / shares 0.03
Stock Option Weighted Average Grant Date Fair Value Per Share, Ending Balance | $ / shares $ 0.05
XML 41 R29.htm IDEA: XBRL DOCUMENT v3.5.0.2
Stockholders' Deficiency - Summary of Warrant Transactions (Details) - Warrant [Member]
 6 Months Ended
Jun. 30, 2016
USD ($)
$ / shares
shares
Warrant Shares Outstanding | shares 25,454,701
Warrant Shares Issued during the period | shares 1,833,333
Warrant Shares Exercised during the period | shares
Warrant Shares Terminated during the period | shares (1,250,000)
Warrant Shares Outstanding | shares 26,038,034
Warrant Shares Exercisable Beginning Balance | shares 26,038,034
Warrant Shares Exercisable Ending Balance | shares 25,454,701
Weighted Average Exercise Price Per Common Share Outstanding | $ / shares $ 0.08
Weighted Average Exercise Price Per Common Share Issued during the period | $ / shares 0.02
Weighted Average Exercise Price Per Common Share Exercised during the period | $ / shares
Weighted Average Exercise Price Per Common Share Terminated during the period | $ / shares 0.05
Weighted Average Exercise Price Per Common Share Outstanding | $ / shares 0.08
Weighted Average Exercise Price Per Common Share Exercisable Beginning Balance | $ / shares 0.08
Weighted Average Exercise Price Per Common Share Exercisable Ending Balance | $ / shares $ 0.08
Aggregate Intrinsic Value Outstanding Beginning Balance | $ $ 3,459
Aggregate Intrinsic Value Issued during the period | $
Aggregate Intrinsic Value Exercised during the period | $
Aggregate Intrinsic Value Terminated during the period | $
Aggregate Intrinsic Value Outstanding Ending Balance | $
Aggregate Intrinsic Value Exercisable Beginning Balance | $
Aggregate Intrinsic Value Exercisable Ending Balance | $ $ 3,459
XML 42 R30.htm IDEA: XBRL DOCUMENT v3.5.0.2
Stockholders' Deficiency - Summary of Warrants Outstanding and Exercisable (Details) - Warrant [Member]
 6 Months Ended
Jun. 30, 2016
$ / shares
shares
Number of Shares Available Under Outstanding Stock Options/ Warrants | shares 26,038,034
Weighted Average Remaining Contractual Life (Years) 3 years 3 months 18 days
Weighted Average Exercise Price Per Common Share $ 0.08
Number of Shares Available for Purchase Under Outstanding Stock Options/Warrants | shares 26,038,034
Weighted Average Remaining Contractual Life (Years) 3 years 3 months 18 days
Weighted Average Exercise Price Per Common Share $ 0.08
Range One [Member]  
Range of Exercise Prices, Lower Limit 0.02
Range of Exercise Prices, Upper Limit $ 0.04
Number of Shares Available Under Outstanding Stock Options/ Warrants | shares 2,750,775
Weighted Average Remaining Contractual Life (Years) 2 years 7 months 6 days
Weighted Average Exercise Price Per Common Share $ 0.03
Number of Shares Available for Purchase Under Outstanding Stock Options/Warrants | shares 2,750,775
Weighted Average Remaining Contractual Life (Years) 2 years 7 months 6 days
Weighted Average Exercise Price Per Common Share $ 0.03
Range Two [Member]  
Range of Exercise Prices, Lower Limit 0.06
Range of Exercise Prices, Upper Limit $ 0.07
Number of Shares Available Under Outstanding Stock Options/ Warrants | shares 9,844,244
Weighted Average Remaining Contractual Life (Years) 3 years 1 month 6 days
Weighted Average Exercise Price Per Common Share $ 0.07
Number of Shares Available for Purchase Under Outstanding Stock Options/Warrants | shares 9,844,244
Weighted Average Remaining Contractual Life (Years) 3 years 1 month 6 days
Weighted Average Exercise Price Per Common Share $ 0.07
Range Three [Member]  
Range of Exercise Prices, Lower Limit 0.08
Range of Exercise Prices, Upper Limit $ 0.10
Number of Shares Available Under Outstanding Stock Options/ Warrants | shares 13,443,015
Weighted Average Remaining Contractual Life (Years) 3 years 7 months 6 days
Weighted Average Exercise Price Per Common Share $ 0.10
Number of Shares Available for Purchase Under Outstanding Stock Options/Warrants | shares 13,443,015
Weighted Average Remaining Contractual Life (Years) 3 years 7 months 6 days
Weighted Average Exercise Price Per Common Share $ 0.10
XML 43 R31.htm IDEA: XBRL DOCUMENT v3.5.0.2
Stock-Based Compensation (Details Narrative) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Stock-based compensation expense related to stock options and warrants $ 1,696   $ 68,290   $ 3,392 $ 443,378
Employees [Member]            
Stock-based compensation expense related to stock options and warrants   $ 1,696     $ 3,392  
Employees and Directors [Member]            
Stock-based compensation expense related to stock options and warrants       $ 68,290   $ 443,378
XML 44 R32.htm IDEA: XBRL DOCUMENT v3.5.0.2
Stock-Based Compensation - Schedule of Stock-Based Compensation (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Stock-based compensation expense $ 1,696 $ 68,290 $ 3,392 $ 443,378
General and Administrative [Member]        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Stock-based compensation expense 299 66,894 598 254,251
Sales and Marketing [Member]        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Stock-based compensation expense 1,397 1,396 2,794 132,951
Research and Development [Member]        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Stock-based compensation expense $ 56,176
XML 45 R33.htm IDEA: XBRL DOCUMENT v3.5.0.2
Net Loss Per Common Share (Details Narrative) - shares
 3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Outstanding Stock Options [Member]        
Anti-dilutive 6,365,070 6,365,070 6,365,070 6,365,070
Outstanding Warrants [Member]        
Anti-dilutive 26,038,034 22,440,811 26,038,034 22,440,811
Conversion of Convertible Debt [Member]        
Anti-dilutive 19,069,779 4,823,750 19,069,779 4,823,750
XML 46 R34.htm IDEA: XBRL DOCUMENT v3.5.0.2
Subsequent Events (Details Narrative) - USD ($)
 6 Months Ended
Jul. 14, 2016
Jun. 30, 2016
Jun. 30, 2015
Proceeds from issueance of stock   $ 137,500 $ 1,913,950
Subsequent Event [Member] | July 2016 Debenture [Member]      
Debt aggregate principal $ 670,557    
Warrants issued to purchase number of common stock 67,055,700    
Proceeds from issueance of stock $ 603,500    
Debt maturity date Jul. 14, 2017    
Debt discount percetnage 10.00%    
Conversion price per share $ 0.01    
Quoted market price, per share $ 0.009    
Aggregate number of shares sold during period 67,055,700    
Subsequent Event [Member] | July 2016 Debenture [Member] | Warrant [Member]      
Warrants issued to purchase number of common stock 67,055,700    
Warrants exercisable price per share $ 0.04    
Warrants term 5 years    
Share issued, per share $ 0.01    
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