INTELGENX TECHNOLOGIES CORP., 10-K filed on 3/31/2015
Annual Report
Document and Entity Information (USD $)
12 Months Ended
Dec. 31, 2014
Mar. 26, 2015
Jun. 30, 2014
Document Type
10-K 
 
 
Amendment Flag
false 
 
 
Document Period End Date
Dec. 31, 2014 
 
 
Trading Symbol
igxt 
 
 
Entity Registrant Name
IntelGenx Technologies Corp. 
 
 
Entity Central Index Key
0001098880 
 
 
Current Fiscal Year End Date
--12-31 
 
 
Entity Filer Category
Smaller Reporting Company 
 
 
Entity Common Stock, Shares Outstanding
 
63,465,256 
 
Entity Current Reporting Status
Yes 
 
 
Entity Voluntary Filers
No 
 
 
Entity Well Known Seasoned Issuer
No 
 
 
Entity Public Float
 
 
$ 39,745,692 
Document Fiscal Year Focus
2014 
 
 
Document Fiscal Period Focus
FY 
 
 
Consolidated Balance Sheet (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Current
 
 
Cash and cash equivalents
$ 4,399 
$ 5,005 
Accounts receivable
652 
144 
Prepaid expenses
96 
133 
Investment tax credits receivable
108 
268 
Total Current Assets
5,255 
5,550 
Leasehold Improvements and Equipment
983 
588 
Intangible Assets
46 
79 
Total Assets
6,284 
6,217 
Current
 
 
Accounts payable and accrued liabilities
466 
593 
Deferred license revenue
1,245 
308 
Total Current Liabilities
1,711 
901 
Deferred License Revenue, non-current portion
308 
Total Liabilities
1,711 
1,209 
Commitments
Shareholders' Equity
 
 
Capital Stock
Additional Paid-in-Capital
22,654 
20,934 
Accumulated Deficit
(17,848)
(16,102)
Accumulated Other Comprehensive Income (Loss)
(234)
175 
Total Shareholders' Equity
4,573 
5,008 
Total Liabilities and Stockholders' Equity
$ 6,284 
$ 6,217 
Consolidated Statement of Shareholders' Equity (USD $)
In Thousands, except Share data
Capital Stock [Member]
Additional Paid-In Capital [Member]
Accumulated Deficit [Member]
Accumulated Other Comprehensive Income [Member]
Total
Beginning Balance at Dec. 31, 2012
$ 0 
$ 16,342 
$ (14,463)
$ 299 
$ 2,178 
Beginning Balance (Shares) at Dec. 31, 2012
49,890,421 
 
 
 
 
Foreign currency translation adjustment
 
 
 
(124)
(124)
Issue of common stock, net of transaction costs of $387
 
1,808 
 
 
1,808 
Issue of common stock, net of transaction costs of $387 (Shares)
7,920,346 
 
 
 
 
Warrants issued, net of transaction costs of $230
 
1,075 
 
 
1,075 
Agents' Warrants
 
100 
 
 
100 
Warrants exercised
1,464 
 
 
1,465 
Warrants exercised (Shares)
3,098,500 
 
 
 
 
Options exercised
 
31 
 
 
31 
Options exercised (Shares)
75,000 
 
 
 
 
Stock-based compensation
 
114 
 
 
114 
Net loss for the period
 
 
(1,639)
 
(1,639)
Ending Balance at Dec. 31, 2013
20,934 
(16,102)
175 
5,008 
Ending Balance (Shares) at Dec. 31, 2013
60,984,267 
 
 
 
 
Foreign currency translation adjustment
 
 
 
(409)
(409)
Warrants exercised
 
1,619 
 
 
1,619 
Warrants exercised (Shares)
2,480,988 
 
 
 
 
Stock-based compensation
 
101 
 
 
101 
Net loss for the period
 
 
(1,746)
 
(1,746)
Ending Balance at Dec. 31, 2014
$ 1 
$ 22,654 
$ (17,848)
$ (234)
$ 4,573 
Ending Balance (Shares) at Dec. 31, 2014
63,465,255 
 
 
 
 
Consolidated Statement of Comprehensive Loss (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Revenues
 
 
Royalties
$ 476 
$ 188 
License and other revenue
1,183 
760 
Total Revenues
1,659 
948 
Expenses
 
 
Research and development expense
1,075 
561 
Selling, general and administrative expense
2,290 
1,954 
Depreciation of tangible assets
35 
34 
Amortization of intangible assets
39 
38 
Total Costs and Expenses
3,439 
2,587 
Loss from Operations
(1,780)
(1,639)
Other Income
 
 
Interest and other income
34 
Total Other Income
34 
Loss Before Income Taxes
(1,746)
(1,639)
Income taxes
Net Loss
(1,746)
(1,639)
Other Comprehensive Loss
 
 
Foreign currency translation adjustment
(409)
(124)
Comprehensive Loss
$ (2,155)
$ (1,763)
Basic and Diluted Weighted Average Number of Shares Outstanding
63,182,224 
54,023,739 
Basic and Diluted Loss Per Common Share
$ (0.03)
$ (0.03)
Consolidated Statement of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Funds Provided (Used) - Operating Activities
 
 
Net loss
$ (1,746)
$ (1,639)
Amortization and depreciation
74 
72 
Stock-based compensation
101 
114 
Total adjustments
(1,571)
(1,453)
Changes in assets and liabilities
 
 
Accounts receivable
(508)
1,138 
Prepaid expenses
37 
(31)
Investment tax credits receivable
160 
(55)
Accounts payable and accrued liabilities
(127)
(465)
Deferred license revenue
629 
(307)
Net change in assets and liabilities
191 
280 
Net cash used by operating activities
(1,380)
(1,173)
Financing Activities
 
 
Issuance of common stock and warrants
3,500 
Proceeds from exercise of warrants, agents' warrants and stock options
1,619 
1,496 
Transaction costs
(517)
Net cash provided by financing activities
1,619 
4,479 
Investing Activities
 
 
Additions to leasehold improvements and equipment
(403)
(266)
Net Cash used in investing activities
(403)
(266)
Increase (Decrease) in Cash and Cash Equivalents
(164)
3,040 
Effect of Foreign Exchange on Cash and Cash Equivalents
(442)
(94)
Cash and Cash Equivalents
 
 
Beginning of Year
5,005 
2,059 
End of Year
$ 4,399 
$ 5,005 
Basis of Presentation
Basis of Presentation [Text Block]
1.

Basis of Presentation

IntelGenx Technologies Corp. (“IntelGenx” or the “Company”) prepares its financial statements in accordance with accounting principles generally accepted in the United States of America (“USA”). This basis of accounting involves the application of accrual accounting and consequently, revenues and gains are recognized when earned, and expenses and losses are recognized when incurred.

The consolidated financial statements include the accounts of the Company and its subsidiary companies. On consolidation, all inter-entity transactions and balances have been eliminated.

The financial statements are expressed in U.S. funds.

Nature of Business
Nature of Business [Text Block]
2.

Nature of Business

IntelGenx was incorporated in the State of Delaware as Big Flash Corp. on July 27, 1999. On April 28, 2006 Big Flash Corp. completed, through the Canadian holding corporation, the acquisition of IntelGenx Corp., a company incorporated in Canada on June 15, 2003.

IntelGenx is a pharmaceutical company focused on the research, development, and commercialization of pharmaceutical products based upon three proprietary delivery platforms, including an immediate release oral film “VersaFilm™”, a mucoadhesive tablet “AdVersa™”, and a multilayer controlled release tablet “VersaTab™”. The Company has an aggressive product development initiative that primarily focuses on addressing unmet market needs and focuses on utilization of the U.S. Food and Drug Administration’s (“FDA”) 505(b)(2) approval process to obtain more timely and efficient approval of new formulations of previously approved products.

The Company’s product pipeline currently consists of 10 products in various stages of development from inception through commercialization, including products for the treatment of major depressive disorder, opioid dependence, hypertension, erectile dysfunction, migraine, schizophrenia, idiopathic pulmonary fibrosis, and pain management. Of the products currently under development, 6 utilize the VersaFilm™ technology, 2 utilize the VersaTab™ technology, and one utilizes the AdVersa™ technology. In accordance with contractual commitments and for reasons of confidentiality, the Company is unable to disclose either the indicated treatment behind two of the products under development.

The Company’s first FDA-approved product, Forfivo XL®, was launched in the USA in October 2012 under a licensing partnership with Edgemont Pharmaceuticals LLP. Forfivo XL® is indicated for the treatment of Major Depressive Disorder (MDD) and is the only extended-release bupropion HCl product to provide a once-daily, 450mg dose in a single tablet. The active ingredient in Forfivo XL® is bupropion, the same active ingredient used in Wellbutrin XL®.

Adoption of New Accounting Standards
Adoption of New Accounting Standards [Text Block]
3.

Adoption of New Accounting Standards

The FASB issued Update No. 2013-05, “Foreign Currency Matters (Topic 830)—Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity”. The amendments in this Update resolve the diversity in practice about whether Subtopic 810-10, Consolidation—Overall, or Subtopic 830-30, Foreign Currency Matters—Translation of Financial Statements, applies to the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business (other than a sale of in substance real estate or conveyance of oil and gas mineral rights) within a foreign entity. In addition, the amendments in this Update resolve the diversity in practice for the treatment of business combinations achieved in stages (sometimes also referred to as step acquisitions) involving a foreign entity. For public entities, the amendments in this ASU were effective prospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2013. The adoption of this Statement did not have a material effect on the Company’s financial position or results of operations.

The FASB issued Update No. 2013-07, “Presentation of Financial Statements – Liquidation Basis of Accounting”. The objective of this Update is to clarify when an entity should apply the liquidation basis of accounting and to provide principles for the measurement of assets and liabilities under the liquidation basis of accounting, as well as any required disclosures. These amendments were effective for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim reporting periods therein. Entitles should apply the requirements prospectively from the day that liquidation becomes imminent. The adoption of this Statement did not have a material effect on the Company’s financial position or results of operations.

The FASB issued Update No. 2013-11, “Income Taxes (Topic 740)—Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists”. The amendments in this ASU provide guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, similar tax loss, or tax credit carryforward exists. The amendments were effective for fiscal years, and interim periods within those years, beginning after December 15, 2013 and should be applied prospectively to all unrecognized tax benefits that exist at the effective date. The adoption of this Statement did not have a material effect on the Company’s financial position or results of operations.

The FASB has issued ASU No. 2014-17 which provides an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. The amendments were effective on November 18, 2014. After the effective date, an acquired entity can make an election to apply the guidance to future change-in-control events or to its most recent change-in-control event. However, if the financial statements for the period in which the most recent change-incontrol event occurred have already been issued or made available to be issued, the application of this guidance would be a change in accounting principle.

Significant Accounting Policies
Significant Accounting Policies [Text Block]
4.

Summary of Significant Accounting Policies

Revenue Recognition

The Company recognizes revenue from research and development contracts as the contracted services are performed or when milestones are achieved, recorded as other revenue, in accordance with the terms of the specific agreements and when collection of the payment is reasonably assured. In addition, the performance criteria for the achievement of milestones are met if substantive effort was required to achieve the milestone and the amount of the milestone payment appears reasonably commensurate with the effort expended. Amounts received in advance of the recognition criteria being met, if any, are included in deferred income.

IntelGenx has license agreements that specify that certain royalties are earned by the Company on sales of licensed products in the licensed territories. Licensees usually report sales and royalty information in the 45 days after the end of the quarter in which the activity takes place and typically do not provide forward estimates or current-quarter information. Because the Company is not able to reasonably estimate the amount of royalties earned during the period in which these licensees actually ship products, royalty revenue is not recognized until the royalties are reported to the Company and the collection of these royalties is reasonably assured.

In August 2010, the Company entered into a joint development and commercialization agreement with RedHill Biopharma (“RedHill”), an Israeli company, for an anti-migraine product based upon the Company’s VersaFilm™ technology. In accordance with the terms of the agreement, RedHill made up-front and milestone payments in the aggregate amount of $800 thousand, of which $200 thousand was received by the Company in 2013 upon the filing of an NDA and acceptance of the filing by the U.S. Food and Drug Administration. RedHill is required to make additional milestone payments of $500 thousand upon receipt of FDA marketing approval for the product, together with royalties and / or a share of profits upon commercialization.

In December 2011, the Company entered into a co-development and commercialization agreement with Par Pharmaceutical, Inc. ("Par"), a US company, for a generic formulation of buprenorphine and naloxone Sublingual Film, utilizing the Company’s VersaFilm™ technology. The reference listed drug is Suboxone® (buprenorphine and naloxone) Sublingual Film and is indicated for the maintenance treatment of opioid dependence. In accordance with the terms of the agreement, IntelGenx has received upfront and milestone payments in the aggregate amount of $750 thousand, of which $250 thousand was received by the Company in 2014 following acceptance by the FDA of the ANDA submission. The agreement provides for additional, undisclosed, milestone payments, together with a share of profits upon commercialization.

In February 2012, the Company entered into a license agreement with Edgemont Pharmaceuticals LLC (“Edgemont”), a US company, for the commercialization Forfivo XL® in the United States. In accordance with the terms of the agreement, IntelGenx has received upfront and milestone payments in the aggregate amount of $3.25 million to date, and will be eligible for additional milestones upon achieving certain sales and exclusivity targets of up to a further $26.5 million.

In January 2014, the Company entered into another development and commercialization agreement with Par for two new products utilizing the Company’s VersaFilm™ technology. Under the terms of the agreement, Par has obtained certain exclusive rights to market and sell IntelGenx' products in the USA. In exchange IntelGenx received an undisclosed upfront payment and has received certain undisclosed development milestones and will receive additional milestone payments, together with a share of the profits, upon commercialization. In accordance with confidentiality clauses contained in the agreement, the specifics of the product descriptions and financial terms of the transaction remain confidential.

Product Sales:

The Company launched Forfivo XL® in the USA in October 2012 under a licensing partnership with Edgemont. Under the terms of the license agreement, the commercial launch of Forfivo XL® triggered launch-related milestone payments for IntelGenx of up to $4.0 million, of which $1 million was invoiced by the Company and recognized as revenue in the fourth quarter of 2012. Additional milestones of up to a further $23.5 million are payable upon achieving certain sales and exclusivity targets and the Company commenced receiving royalties from sales of the product in the first quarter of 2013. Royalty income from sales of Forfivo XL® totaled $463 thousand in 2014 compared with $171 thousand in 2013.

In the fourth quarter of 2014, Edgemont exercised its right to extend the license for the exclusive marketing of Forfivo XL®, for which the Company invoiced $1.25 million to Edgemont and recognized as deferred revenue, to be amortized in income from October 2014 through September 2015. In addition, upon entering into the licensing partnership, Edgemont paid the Company an upfront fee of $1 million, which the Company recognized as deferred license revenue. The deferred license revenue is being amortized in income over the period where sales of Forfivo XL® are expected to be exclusive. As a result of this policy, the Company recognized revenue in the aggregate amount of $621 thousand in 2014 and has a deferred revenue balance of $1.2 million at December 31, 2014 that has not been recognized as revenue.


 

Use of Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The financial statements include estimates based on currently available information and management's judgment as to the outcome of future conditions and circumstances. Significant estimates in these financial statements include the useful lives and impairment of long-lived assets, stock-based compensation costs, the investment tax credits receivable, the determination of the fair value of warrants issued as part of fundraising activities, and the resulting impact on the allocation of the proceeds between the common shares and the warrants.

Changes in the status of certain facts or circumstances could result in material changes to the estimates used in the preparation of the financial statements and actual results could differ from the estimates and assumptions.

Cash and Cash Equivalents

Cash and cash equivalents is comprised of cash on hand and term deposits with original maturity dates of less than three months that are stated at cost, which approximates fair value.

Accounts Receivable

The Company accounts for trade receivables at original invoice amount less an estimate made for doubtful receivables based on a review of all outstanding amounts on a quarterly basis. Management determines the allowance for doubtful accounts by regularly evaluating individual customer receivables and considering a customer's financial condition, credit history and current economic conditions. The Company writes off trade receivables when they are deemed uncollectible and records recoveries of trade receivables previously written-off when they receive them. Management has determined that no allowance for doubtful accounts is necessary in order to adequately cover exposure to loss in its December 31, 2014 accounts receivable (2013: $Nil).

Investment Tax Credits

Investment tax credits relating to qualifying expenditures are recognized in the accounts at the time at which the related expenditures are incurred and there is reasonable assurance of their realization. Management has made estimates and assumptions in determining the expenditures eligible for investment tax credits claimed.

Leasehold Improvements and Equipment

Leasehold improvements and equipment are recorded at cost. Provisions for depreciation are based on their estimated useful lives using the methods as follows:

  On the declining balance method -  
         Laboratory and office equipment 20%
         Computer equipment 30%
  On the straight-line method -  
        Leasehold improvements over the lease term
        Manufacturing equipment 5 – 10 years

Upon retirement or disposal, the cost of the asset disposed of and the related accumulated depreciation are removed from the accounts and any gain or loss is reflected in income. Expenditures for repair and maintenance are expensed as incurred.

Intangible Assets

Payments made to third parties subsequent to regulatory approval are capitalized and amortized over the remaining useful life of the related product. Amounts capitalized for such payments are included in other intangibles, net of accumulated amortization.

Impairment of Long-lived Assets

Long-lived assets held and used by the Company are reviewed for possible impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to the estimated undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds the fair value thereof.

 

Foreign Currency Translation

The Company's reporting currency is the U.S. dollar. The Canadian dollar is the functional currency of the Company's Canadian operations, which is translated to the United States dollar using the current rate method. Under this method, accounts are translated as follows:

Assets and liabilities - at exchange rates in effect at the balance sheet date;

Fixed assets - at historical rates Revenue and expenses - at average exchange rates prevailing during the year;

Equity - at historical rates.

Gains and losses arising from foreign currency translation are included in other comprehensive income.

Income Taxes

The Company accounts for income taxes in accordance with FASB ASC 740 "Income Taxes". Deferred taxes are provided on the liability method whereby deferred tax assets are recognized for deductible temporary differences, and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

Unrecognized Tax Benefits

The Company accounts for unrecognized tax benefits in accordance with FASB ASC 740 “Income Taxes”. ASC 740 prescribes a recognition threshold that a tax position is required to meet before being recognized in the financial statements and provides guidance on de-recognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition issues. ASC 740 contains a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained upon ultimate settlement with a taxing authority, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement.

Additionally, ASC 740 requires the Company to accrue interest and related penalties, if applicable, on all tax positions for which reserves have been established consistent with jurisdictional tax laws. The Company elected to classify interest and penalties related to the unrecognized tax benefits in the income tax provision.

Share-Based Payments

The Company accounts for share-based payments to employees in accordance with the provisions of FASB ASC 718 "Compensation—Stock Compensation" and accordingly recognizes in its financial statements share-based payments at their fair value. In addition, the Company will recognize in the financial statements an expense based on the grant date fair value of stock options granted to employees. The expense will be recognized on a straight-line basis over the vesting period and the offsetting credit will be recorded in additional paid-in capital. Upon exercise of options, the consideration paid together with the amount previously recorded as additional paid-in capital will be recognized as capital stock. The Company estimates its forfeiture rate in order to determine its compensation expense arising from stock-based awards. The Company uses the Black-Scholes option pricing model to determine the fair value of the options.

The Company measures compensation expense for its non-employee stock-based compensation under ASC 505-50, “Accounting for Equity Instruments that are Issued to Other Than Employees for Acquiring, or in Conjunction with Selling, Goods or Services". The fair value of the option issued is used to measure the transaction, as this is more reliable than the fair value of the services received. The fair value is measured at the value of the Company’s common stock on the date that the commitment for performance by the counterparty has been reached or the counterparty’s performance is complete. The fair value of the equity instrument is charged directly to compensation expense and additional paid-in capital. For common stock issuances to non-employees that are fully vested and are for future periods, the Company classifies these issuances as prepaid expenses and expenses the prepaid expenses over the service period. At no time has the Company issued common stock for a period that exceeds one year.

Loss Per Share

Basic loss per share is calculated based on the weighted average number of shares outstanding during the year. Any antidilutive instruments are excluded from the calculation of diluted loss per share.

Fair Value Measurements

ASC 820 applies to all assets and liabilities that are being measured and reported on a fair value basis. ASC 820 requires disclosure that establishes a framework for measuring fair value in US GAAP, and expands disclosure about fair value measurements. This statement enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The statement requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories:

  Level 1: Quoted market prices in active markets for identical assets or liabilities.
  Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data.
  Level 3: Unobservable inputs that are not corroborated by market data.

In determining the appropriate levels, the Company performs a detailed analysis of the assets and liabilities that are subject to ASC 820. At each reporting period, all assets and liabilities for which the fair value measurement is based on significant unobservable inputs are classified as Level 3. There are no assets or liabilities measured at fair value as at December 31, 2014.

Fair Value of Financial Instruments

The fair value represents management’s best estimates based on a range of methodologies and assumptions. The carrying value of receivables and payables arising in the ordinary course of business and the investment tax credits receivable approximate fair value because of the relatively short period of time between their origination and expected realization.

Recent Accounting Pronouncements

ASU 2014-15, Presentation of Financial Statements —Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern

The FASB has issued ASU No. 2014-15 which is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. This ASU provides guidance to an organization’s management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures that are commonly provided by organizations today in the financial statement footnotes. The amendments are effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. Early application is permitted for annual or interim reporting periods for which the financial statements have not previously been issued. The Company is currently evaluating the impact of this update on its consolidated financial statements.

ASU 2014-13, Consolidation (Topic 810): Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity

The FASB has issued ASU No. 2014-13 which will apply to a reporting entity that is required to consolidate a collateralized financing entity under the Variable Interest Entities guidance. The fair value of the financial assets of a collateralized financing entity, as determined under GAAP, may differ from the fair value of its financial liabilities even when the financial liabilities have recourse only to the financial assets. Before this ASU, there was no specific guidance in GAAP on how a reporting entity should account for that difference. The amendments in this ASU provide an alternative to Topic 820, Fair Value Measurement, for measuring the financial assets and the financial liabilities of a consolidated collateralized financing entity to eliminate that difference. The amendments in this ASU are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted as of the beginning of an annual period. The adoption of ASU 2014-13 is not expected to have a material effect on the Company’s financial position or results of operations.

ASU 2014-12, Compensation – Stock Compensation (Topic 718): Accounting for shared-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period.

The FASB has issued ASU No. 2014-12 which requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in Topic 718, Compensation – Stock Compensation, as it relates to awards with performance conditions that affect vesting to account for such awards. The performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Earlier adoption is permitted. The adoption of ASU-2014-12 is not expected to have material effect on the Company’s financial position or results of operations.

ASU No. 2014-09, Revenues from Contracts with Customers (Topic 606)

The FASB and IASB (the Boards) have issued converged standards on revenue recognition. ASU No. 2014-09 affects any entity using U.S. GAAP that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. This ASU will supersede the revenue recognition requirements in Topic 605, Revenue Recognition and most industry-specific guidance. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps:

  Step 1: Identify the contract(s) with a customer.
  Step 2: Identify the performance obligations in the contract.
  Step 3: Determine the transaction price.
  Step 4: Allocate the transaction price to the performance obligations in the contract.
  Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation.

For a public entity, the amendments in this ASU are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. This ASU is to be applied retrospectively, with certain practical expedients allowed. Early application is not permitted. The Company is currently evaluating the impact of this update on its consolidated financial statements.

ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.

The FASB has issued ASU No. 2014-08 which enhance convergence between U.S. GAAP and International Financial Reporting Standards (IFRS). The amendments in the ASU change the criteria for reporting discontinued operations while enhancing disclosures in this area. It also addresses sources of confusion and inconsistent application related to financial reporting of discontinued operations guidance in U.S. GAAP. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization’s operations and financial results. Examples include a disposal of a major geographic area, a major line of business, or a major equity method investment. In addition, the new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. The amendments in the ASU are effective in the first quarter of 2015 for public organizations with calendar year ends. Early adoption is permitted. The adoption of ASU-2014-08 is not expected to have material effect on the Company’s financial position or results of operations.

Leasehold Improvements and Equipment
Leasehold Improvements and Equipment [Text Block]
5.

Leasehold Improvements and Equipment


                  2014     2013  
  In US$ thousands         Accumulated     Net Carrying     Net Carrying  
     

Cost

    Depreciation     Amount     Amount  
                           
  Manufacturing equipment $ 520   $ 0   $ 520   $ 446  
  Laboratory and office equipment   570     329     241     121  
  Computer equipment   57     42     15     11  
  Leasehold improvements - current premises   63     63     0     0  
  Leasehold improvements - future premises   207     0     207     10  
                           
    $ 1,417   $ 434   $ 983   $ 588  

As of December 31, 2014 no depreciation has been recorded on manufacturing equipment as this equipment is being acquired for the Company’s new manufacturing facility and is therefore not currently in use.

Leasehold improvements carried out on our current premises have been fully depreciated. IntelGenx has invested approximately $207 thousand related to leasehold improvement activities for new premises that the Company plans to occupy in the third quarter of 2015. Depreciation of this asset will commence upon occupation of the premises by the Company.

Intangible Assets
Intangible Assets [Text Block]
6.

Intangible Assets

   
 

As of December 31, 2014 NDA acquisition costs of $46 thousand (December 31, 2013: $79 thousand) were recorded as intangible assets on the Company’s balance sheet and represent the net book value of the final progress payment related to the acquisition of 100% ownership of Forfivo XL®. The asset is being amortized over its estimated useful life of 39 months and the Company commenced amortization upon commercial launch of the product in October 2012.

Deferred License Revenue
Deferred License Revenue [Text Block]
7.

Deferred License Revenue

   
 

Deferred license revenue represents upfront payments received for the granting, or extension, of licenses to the Company’s patents, intellectual property, and proprietary technology, or to marketing rights, for commercialization. Deferred license revenue is recognized in income over the period where sales of the licensed products will occur, or over the period for which the license is granted.

   
 

Upon entering into the licensing agreement with Edgemont Pharmaceuticals the Company received an upfront fee of $1 million, which the Company recognized as deferred license revenue. This amount is being amortized in income over a period of 39 months, commencing October 2012, which is the minimum period where sales of Forfivo XL® are expected to be exclusive.

In the fourth quarter of 2014, Edgemont exercised its right to extend the license for the exclusive marketing of Forfivo XL®. In accordance with the terms for exercising such right, IntelGenx invoiced $1.25 million to Edgemont and recognized the full amount as deferred revenue, to be amortized in income from October 2014 through September 2015.

As at December 31, 2014, the Company has a deferred revenue balance of $1,245 thousand (December 31, 2013: $616 thousand) that has not been recognized as revenue.

Commitments
Commitments [Text Block]
8.

Commitments

The Company currently operates out of a 3,500 square feet leasehold facility consisting of laboratories and office space at 6425 Abrams, Saint-Laurent, Quebec. The monthly rent for this property is approximately $2 thousand.  The original lease agreement expired in August 2009, since when it has been extended for varying periods. The most recent extension is defined as the day immediately preceding the fulfillment of certain conditions relating to the occupation of new leased premises at 6420 Abrams.

On October 1, 2009, the Company signed an agreement with Little Gem Life Science Partners for investor relation services in the USA. Under the terms of the agreement, the Company was required to pay $4.5 thousand per month to Little Gem Life Science Partners. The Company renegotiated the agreement in May 2012 and reduced payments to $2.5 thousand per month. The agreement automatically renews unless specifically terminated.

On May 7, 2010, the Company executed a Project Transfer Agreement with one of its former development partners whereby the Company acquired full rights to, and ownership of, Forfivo XL®, a novel, high strength formulation of Bupropion hydrochloride, the active ingredient in Wellbutrin XL®. In accordance with the Project Transfer Agreement, and following commercial launch of Forfivo XL® in October 2012, the Company is required, after recovering an aggregate $200 thousand for management fees previously paid, to pay its former development partner 10% of net income received from the sale of Forfivo XL®. In December 2014 the Company fully recovered said management fees and owed approximately $58 thousand to its former development partner that was remitted in February 2015.

Capital Stock
Capital Stock [Text Block]
9.

Capital Stock


      2014     2013  
 

Authorized -

           
 

  100,000,000 common shares of $0.00001 par value

           
 

  20,000,000 preferred shares of $0.00001 par value

           
 

Issued -

           
 

  63,465,255 (December 31, 2013: 60,984,267) common shares

$ 635   $ 610  

On December 16, 2013, as part of a registered public offering, the Company issued approximately 7.9 million shares of common stock at $0.4419 per share, and five-year warrants to purchase up to approximately 7.9 million shares of common stock, for aggregate gross proceeds of approximately US$3.5 million. Each warrant entitles the holder to purchase one common share at an exercise price of $0.5646 per common share and expires 60 months after the date of issuance. Proceeds were allocated between the common shares and the warrants based on their relative fair value. The common shares were recorded at a value of $1,808 thousand. (See note 10 for the portion allocated to the warrants).

The Company paid an agent cash commissions in the amount of approximately $210 thousand, representing 6% of the aggregate gross proceeds received by the Company, plus expenses in the amount of approximately $35 thousand, and issued warrants to the agent to purchase 475,221 shares of common stock, representing 6% of the amount of shares sold in the public offering. Each warrant entitles the holder to purchase one common share at an exercise price of $0.5646 per common share and expires 48 months after the date of issuance.

In addition, the Company paid approximately $272 thousand in cash consideration for other transaction costs, which have been reflected as a reduction of the common shares and the warrants based on their relative fair values.

No stock options were exercised in the year ended December 31, 2014. In the year ended December 31, 2013 a total of 75,000 stock options were exercised for 75,000 common shares having a par value of $0 thousand in aggregate, for cash consideration of $31 thousand, resulting in an increase in additional paid-in capital of $31 thousand.

In the year ended December 31, 2014 a total of 2,480,988 (2013: 3,098,500) warrants were exercised for 2,480,988 (2013: 3,098,500) common shares having a par value of $Nil (2013: $1 thousand) in aggregate, for cash consideration of approximately $1,619 thousand (2013: $1,465 thousand), resulting in an increase in additional paid-in capital of approximately $1,619 thousand (2013: $1,464 thousand).

Income Tax
Income Tax [Text Block]
11.

Income Taxes

Income taxes reported differ from the amount computed by applying the statutory rates to losses. The reasons are as follows:

      2014     2013  
  Statutory income taxes $ (429 ) $ (442 )
  Net operating losses for which no tax benefits have been recorded   238     278  
  Excess of depreciation over capital cost allowance   9     11  
  Non-deductible expenses   26     56  
  Undeducted research and development expenses   181     142  
  Investment tax credit   (25 )   (45 )
               
               
    $ -   $   -  

The major components of the deferred tax assets classified by the source of temporary differences are as follows:

      2014     2013  
  Leasehold improvements and equipment $ 9   $ 14  
  Net operating losses carryforward   2,582     2,407  
  Undeducted research and development expenses   1,355     1,283  
  Non-refundable tax credits carryforward   1,102     1,098  
               
      5,048     4,802  
  Valuation allowance   (5,048 )   (4,802 )
    $   -   $   -  

The valuation allowance at December 31, 2013 was $4,802 thousand. The net change in the valuation allowance during the period ended December 31, 2014, was an increase of $246 thousand. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred income tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based on consideration of these items, management has determined that enough uncertainty exists relative to the realization of the deferred income tax asset balances to warrant the application of a full valuation allowance as of December 31, 2014.

There were Canadian and provincial net operating losses of approximately $9,530 thousand (2013: $8,874 thousand) and $9,683 thousand (2013: $9,040 thousand) respectively, that may be applied against earnings of future years. Utilization of the net operating losses is subject to significant limitations imposed by the change in control provisions. Canadian and provincial losses will be expiring between 2027 and 2034. A portion of the net operating losses may expire before they can be utilized.

As at December 31, 2014, the Company had non-refundable tax credits of $1,100 thousand (2013: $1,098 thousand) of which $20 thousand is expiring in 2017, $194 thousand is expiring in 2018, $170 thousand is expiring in 2019, $145 thousand is expiring in 2020, $154 thousand is expiring in 2021, $193 thousand is expiring in 2022, $129 thousand is expiring in 2023 and $95 thousand is expiring in 2024 and undeducted research and development expenses of $4,805 thousand (2013: $4,354 thousand) with no expiration date.

The deferred tax benefit of these items was not recognized in the accounts as it has been fully provided for.

Unrecognized Tax Benefits

The Company does not have any unrecognized tax benefits.

Tax Years and Examination

The Company files tax returns in each jurisdiction in which it is registered to do business. For each jurisdiction a statute of limitations period exists. After a statute of limitations period expires, the respective tax authorities may no longer assess additional income tax for the expired period. Similarly, the Company is no longer eligible to file claims for refund for any tax that it may have overpaid. The following table summarizes the Company’s major tax jurisdictions and the tax years that remain subject to examination by these jurisdictions as of December 31, 2014:

  Tax Jurisdictions   Tax Years
  Federal - Canada   2011 and onward
  Provincial - Quebec   2011 and onward
  Federal - USA   2011 and onward
Statement of Cash Flows Information
Statement of Cash Flows Information [Text Block]
12.

Statement of Cash Flows Information


  In US$ thousands   2014     2013  
               
  Additional Cash Flow Information:            
  Interest paid $ 5   $ 5  
Related Party Transactions
Related Party Transactions [Text Block]
13.

Related Party Transactions

Included in management salaries are $29 thousand (2013: $10 thousand) for options granted to the Chief Executive Officer, $Nil (2013: $39 thousand) for options granted to the Chief Operating Officer, and $43 thousand (2013: $29 thousand) for options granted to the Chief Financial Officer under the 2006 Stock Option Plan and $17 thousand (2013: $10 thousand) for options granted to non-employee directors.

Included in general and administrative expenses are director fees of $187 thousand (2013: $80 thousand) comprising an annual stipend and for payments for attendance at board meetings and audit committee meetings.

The above related party transactions have been measured at the exchange amount which is the amount of the consideration established and agreed upon by the related parties.

Basic and Diluted Loss Per Common Share
Basic and Diluted Loss Per Common Share [Text Block]
14.

Basic and Diluted Loss Per Common Share

Basic and diluted loss per common share is calculated based on the weighted average number of shares outstanding during the period. The warrants and stock options have been excluded from the calculation of diluted loss per share since they are anti-dilutive.

Subsequent Events
Subsequent Events [Text Block]
15.

Subsequent Events

Subsequent to the end of the year, on March 16, 2015 the Company received CAD$500 thousand (approximately $430 thousand) in cash as part of a credit facility of up to CAD$3.5 million (approximately $3.0 million) negotiated with BMO Bank of Montreal. The credit facility is supported by a 50% guarantee under the Export Guarantee Program from Export Development Canada. Disbursement of the remaining CAD$3.0 million ($2.6 million) is subject to review in August 2015 of the Company’s operating results for the first 6 months of 2015. The credit facility may be drawn down in multiple disbursements over 12 months and, after a 6 month moratorium on the capital, has a repayment term of up to 60 months. The Company will use the funds for the purchase and installation of new equipment for its new, state-of the-art, manufacturing facility.

On March 16, 2015 the Company placed an order for 2 packaging machines to be manufactured and installed in the Company’s new, state-of the-art, manufacturing facility. The purchase order, in the aggregate amount of Euros 1.5 million (approximately $1.6 million), requires immediate payment of a 20% deposit with the balance to be paid upon completion of each machine. The laboratory packaging machine is expected to be delivered in Q3, 2015 and the commercial packaging machine is expected to be delivered in Q4, 2015.

Summary of Significant Accounting Policies (Policies)

Revenue Recognition

The Company recognizes revenue from research and development contracts as the contracted services are performed or when milestones are achieved, recorded as other revenue, in accordance with the terms of the specific agreements and when collection of the payment is reasonably assured. In addition, the performance criteria for the achievement of milestones are met if substantive effort was required to achieve the milestone and the amount of the milestone payment appears reasonably commensurate with the effort expended. Amounts received in advance of the recognition criteria being met, if any, are included in deferred income.

IntelGenx has license agreements that specify that certain royalties are earned by the Company on sales of licensed products in the licensed territories. Licensees usually report sales and royalty information in the 45 days after the end of the quarter in which the activity takes place and typically do not provide forward estimates or current-quarter information. Because the Company is not able to reasonably estimate the amount of royalties earned during the period in which these licensees actually ship products, royalty revenue is not recognized until the royalties are reported to the Company and the collection of these royalties is reasonably assured.

In August 2010, the Company entered into a joint development and commercialization agreement with RedHill Biopharma (“RedHill”), an Israeli company, for an anti-migraine product based upon the Company’s VersaFilm™ technology. In accordance with the terms of the agreement, RedHill made up-front and milestone payments in the aggregate amount of $800 thousand, of which $200 thousand was received by the Company in 2013 upon the filing of an NDA and acceptance of the filing by the U.S. Food and Drug Administration. RedHill is required to make additional milestone payments of $500 thousand upon receipt of FDA marketing approval for the product, together with royalties and / or a share of profits upon commercialization.

Product Sales:

The Company launched Forfivo XL® in the USA in October 2012 under a licensing partnership with Edgemont. Under the terms of the license agreement, the commercial launch of Forfivo XL® triggered launch-related milestone payments for IntelGenx of up to $4.0 million, of which $1 million was invoiced by the Company and recognized as revenue in the fourth quarter of 2012. Additional milestones of up to a further $23.5 million are payable upon achieving certain sales and exclusivity targets and the Company commenced receiving royalties from sales of the product in the first quarter of 2013. Royalty income from sales of Forfivo XL® totaled $463 thousand in 2014 compared with $171 thousand in 2013.

In the fourth quarter of 2014, Edgemont exercised its right to extend the license for the exclusive marketing of Forfivo XL®, for which the Company invoiced $1.25 million to Edgemont and recognized as deferred revenue, to be amortized in income from October 2014 through September 2015. In addition, upon entering into the licensing partnership, Edgemont paid the Company an upfront fee of $1 million, which the Company recognized as deferred license revenue. The deferred license revenue is being amortized in income over the period where sales of Forfivo XL® are expected to be exclusive. As a result of this policy, the Company recognized revenue in the aggregate amount of $621 thousand in 2014 and has a deferred revenue balance of $1.2 million at December 31, 2014 that has not been recognized as revenue.

 

Use of Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The financial statements include estimates based on currently available information and management's judgment as to the outcome of future conditions and circumstances. Significant estimates in these financial statements include the useful lives and impairment of long-lived assets, stock-based compensation costs, the investment tax credits receivable, the determination of the fair value of warrants issued as part of fundraising activities, and the resulting impact on the allocation of the proceeds between the common shares and the warrants.

Changes in the status of certain facts or circumstances could result in material changes to the estimates used in the preparation of the financial statements and actual results could differ from the estimates and assumptions.

Cash and Cash Equivalents

Cash and cash equivalents is comprised of cash on hand and term deposits with original maturity dates of less than three months that are stated at cost, which approximates fair value.

Accounts Receivable

The Company accounts for trade receivables at original invoice amount less an estimate made for doubtful receivables based on a review of all outstanding amounts on a quarterly basis. Management determines the allowance for doubtful accounts by regularly evaluating individual customer receivables and considering a customer's financial condition, credit history and current economic conditions. The Company writes off trade receivables when they are deemed uncollectible and records recoveries of trade receivables previously written-off when they receive them. Management has determined that no allowance for doubtful accounts is necessary in order to adequately cover exposure to loss in its December 31, 2014 accounts receivable (2013: $Nil).

Investment Tax Credits

Investment tax credits relating to qualifying expenditures are recognized in the accounts at the time at which the related expenditures are incurred and there is reasonable assurance of their realization. Management has made estimates and assumptions in determining the expenditures eligible for investment tax credits claimed.

Leasehold Improvements and Equipment

Leasehold improvements and equipment are recorded at cost. Provisions for depreciation are based on their estimated useful lives using the methods as follows:

  On the declining balance method -  
         Laboratory and office equipment 20%
         Computer equipment 30%
  On the straight-line method -  
        Leasehold improvements over the lease term
        Manufacturing equipment 5 – 10 years

Upon retirement or disposal, the cost of the asset disposed of and the related accumulated depreciation are removed from the accounts and any gain or loss is reflected in income. Expenditures for repair and maintenance are expensed as incurred.

Intangible Assets

Payments made to third parties subsequent to regulatory approval are capitalized and amortized over the remaining useful life of the related product. Amounts capitalized for such payments are included in other intangibles, net of accumulated amortization.

Impairment of Long-lived Assets

Long-lived assets held and used by the Company are reviewed for possible impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to the estimated undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds the fair value thereof.

 

Foreign Currency Translation

The Company's reporting currency is the U.S. dollar. The Canadian dollar is the functional currency of the Company's Canadian operations, which is translated to the United States dollar using the current rate method. Under this method, accounts are translated as follows:

Assets and liabilities - at exchange rates in effect at the balance sheet date;

Fixed assets - at historical rates Revenue and expenses - at average exchange rates prevailing during the year;

Equity - at historical rates.

Gains and losses arising from foreign currency translation are included in other comprehensive income.

Income Taxes

The Company accounts for income taxes in accordance with FASB ASC 740 "Income Taxes". Deferred taxes are provided on the liability method whereby deferred tax assets are recognized for deductible temporary differences, and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

Unrecognized Tax Benefits

The Company accounts for unrecognized tax benefits in accordance with FASB ASC 740 “Income Taxes”. ASC 740 prescribes a recognition threshold that a tax position is required to meet before being recognized in the financial statements and provides guidance on de-recognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition issues. ASC 740 contains a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained upon ultimate settlement with a taxing authority, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement.

Additionally, ASC 740 requires the Company to accrue interest and related penalties, if applicable, on all tax positions for which reserves have been established consistent with jurisdictional tax laws. The Company elected to classify interest and penalties related to the unrecognized tax benefits in the income tax provision.

Share-Based Payments

The Company accounts for share-based payments to employees in accordance with the provisions of FASB ASC 718 "Compensation—Stock Compensation" and accordingly recognizes in its financial statements share-based payments at their fair value. In addition, the Company will recognize in the financial statements an expense based on the grant date fair value of stock options granted to employees. The expense will be recognized on a straight-line basis over the vesting period and the offsetting credit will be recorded in additional paid-in capital. Upon exercise of options, the consideration paid together with the amount previously recorded as additional paid-in capital will be recognized as capital stock. The Company estimates its forfeiture rate in order to determine its compensation expense arising from stock-based awards. The Company uses the Black-Scholes option pricing model to determine the fair value of the options.

The Company measures compensation expense for its non-employee stock-based compensation under ASC 505-50, “Accounting for Equity Instruments that are Issued to Other Than Employees for Acquiring, or in Conjunction with Selling, Goods or Services". The fair value of the option issued is used to measure the transaction, as this is more reliable than the fair value of the services received. The fair value is measured at the value of the Company’s common stock on the date that the commitment for performance by the counterparty has been reached or the counterparty’s performance is complete. The fair value of the equity instrument is charged directly to compensation expense and additional paid-in capital. For common stock issuances to non-employees that are fully vested and are for future periods, the Company classifies these issuances as prepaid expenses and expenses the prepaid expenses over the service period. At no time has the Company issued common stock for a period that exceeds one year.

Loss Per Share

Basic loss per share is calculated based on the weighted average number of shares outstanding during the year. Any antidilutive instruments are excluded from the calculation of diluted loss per share.

Fair Value Measurements

ASC 820 applies to all assets and liabilities that are being measured and reported on a fair value basis. ASC 820 requires disclosure that establishes a framework for measuring fair value in US GAAP, and expands disclosure about fair value measurements. This statement enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The statement requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories:

  Level 1: Quoted market prices in active markets for identical assets or liabilities.
  Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data.
  Level 3: Unobservable inputs that are not corroborated by market data.

In determining the appropriate levels, the Company performs a detailed analysis of the assets and liabilities that are subject to ASC 820. At each reporting period, all assets and liabilities for which the fair value measurement is based on significant unobservable inputs are classified as Level 3. There are no assets or liabilities measured at fair value as at December 31, 2014.

Fair Value of Financial Instruments

The fair value represents management’s best estimates based on a range of methodologies and assumptions. The carrying value of receivables and payables arising in the ordinary course of business and the investment tax credits receivable approximate fair value because of the relatively short period of time between their origination and expected realization.

Recent Accounting Pronouncements

ASU 2014-15, Presentation of Financial Statements —Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern

The FASB has issued ASU No. 2014-15 which is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. This ASU provides guidance to an organization’s management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures that are commonly provided by organizations today in the financial statement footnotes. The amendments are effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. Early application is permitted for annual or interim reporting periods for which the financial statements have not previously been issued. The Company is currently evaluating the impact of this update on its consolidated financial statements.

ASU 2014-13, Consolidation (Topic 810): Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity

The FASB has issued ASU No. 2014-13 which will apply to a reporting entity that is required to consolidate a collateralized financing entity under the Variable Interest Entities guidance. The fair value of the financial assets of a collateralized financing entity, as determined under GAAP, may differ from the fair value of its financial liabilities even when the financial liabilities have recourse only to the financial assets. Before this ASU, there was no specific guidance in GAAP on how a reporting entity should account for that difference. The amendments in this ASU provide an alternative to Topic 820, Fair Value Measurement, for measuring the financial assets and the financial liabilities of a consolidated collateralized financing entity to eliminate that difference. The amendments in this ASU are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted as of the beginning of an annual period. The adoption of ASU 2014-13 is not expected to have a material effect on the Company’s financial position or results of operations.

ASU 2014-12, Compensation – Stock Compensation (Topic 718): Accounting for shared-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period.

The FASB has issued ASU No. 2014-12 which requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in Topic 718, Compensation – Stock Compensation, as it relates to awards with performance conditions that affect vesting to account for such awards. The performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Earlier adoption is permitted. The adoption of ASU-2014-12 is not expected to have material effect on the Company’s financial position or results of operations.

ASU No. 2014-09, Revenues from Contracts with Customers (Topic 606)

The FASB and IASB (the Boards) have issued converged standards on revenue recognition. ASU No. 2014-09 affects any entity using U.S. GAAP that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. This ASU will supersede the revenue recognition requirements in Topic 605, Revenue Recognition and most industry-specific guidance. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps:

  Step 1: Identify the contract(s) with a customer.
  Step 2: Identify the performance obligations in the contract.
  Step 3: Determine the transaction price.
  Step 4: Allocate the transaction price to the performance obligations in the contract.
  Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation.

For a public entity, the amendments in this ASU are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. This ASU is to be applied retrospectively, with certain practical expedients allowed. Early application is not permitted. The Company is currently evaluating the impact of this update on its consolidated financial statements.

ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.

The FASB has issued ASU No. 2014-08 which enhance convergence between U.S. GAAP and International Financial Reporting Standards (IFRS). The amendments in the ASU change the criteria for reporting discontinued operations while enhancing disclosures in this area. It also addresses sources of confusion and inconsistent application related to financial reporting of discontinued operations guidance in U.S. GAAP. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization’s operations and financial results. Examples include a disposal of a major geographic area, a major line of business, or a major equity method investment. In addition, the new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. The amendments in the ASU are effective in the first quarter of 2015 for public organizations with calendar year ends. Early adoption is permitted. The adoption of ASU-2014-08 is not expected to have material effect on the Company’s financial position or results of operations.

Significant Accounting Policies (Tables)
Schedule of Estimated Useful Lives of Leasehold Improvements and Equipment [Table Text Block]
  On the declining balance method -  
         Laboratory and office equipment 20%
         Computer equipment 30%
  On the straight-line method -  
        Leasehold improvements over the lease term
        Manufacturing equipment 5 – 10 years
Leasehold Improvements and Equipment (Tables)
Schedule of Leasehold Improvements and Equipment [Table Text Block]
                  2014     2013  
  In US$ thousands         Accumulated     Net Carrying     Net Carrying  
     

Cost

    Depreciation     Amount     Amount  
                           
  Manufacturing equipment $ 520   $ 0   $ 520   $ 446  
  Laboratory and office equipment   570     329     241     121  
  Computer equipment   57     42     15     11  
  Leasehold improvements - current premises   63     63     0     0  
  Leasehold improvements - future premises   207     0     207     10  
                           
    $ 1,417   $ 434   $ 983   $ 588  
Capital Stock (Tables)
Schedule of Stock by Class [Table Text Block]
      2014     2013  
 

Authorized -

           
 

  100,000,000 common shares of $0.00001 par value

           
 

  20,000,000 preferred shares of $0.00001 par value

           
 

Issued -

           
 

  63,465,255 (December 31, 2013: 60,984,267) common shares

$ 635   $ 610  
Income Tax (Tables)
      2014     2013  
  Statutory income taxes $ (429 ) $ (442 )
  Net operating losses for which no tax benefits have been recorded   238     278  
  Excess of depreciation over capital cost allowance   9     11  
  Non-deductible expenses   26     56  
  Undeducted research and development expenses   181     142  
  Investment tax credit   (25 )   (45 )
               
               
    $ -   $   -  
      2014     2013  
  Leasehold improvements and equipment $ 9   $ 14  
  Net operating losses carryforward   2,582     2,407  
  Undeducted research and development expenses   1,355     1,283  
  Non-refundable tax credits carryforward   1,102     1,098  
               
      5,048     4,802  
  Valuation allowance   (5,048 )   (4,802 )
    $   -   $   -  
Statement of Cash Flows Information (Tables)
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]
  In US$ thousands   2014     2013  
               
  Additional Cash Flow Information:            
  Interest paid $ 5   $ 5  
Nature of Business (Narrative) (Details)
12 Months Ended
Dec. 31, 2014
Nature Of Business 1
10 
Nature Of Business 2
Nature Of Business 3
Significant Accounting Policies (Narrative) (Details) (USD $)
12 Months Ended
Dec. 31, 2014
D
Significant Accounting Policies 1
45 
Significant Accounting Policies 2
$ 800,000 
Significant Accounting Policies 3
200,000 
Significant Accounting Policies 4
500,000 
Significant Accounting Policies 5
750,000 
Significant Accounting Policies 6
250,000 
Significant Accounting Policies 7
3,250,000 
Significant Accounting Policies 8
26,500,000 
Significant Accounting Policies 9
4,000,000 
Significant Accounting Policies 10
1,000,000 
Significant Accounting Policies 11
23,500,000 
Significant Accounting Policies 12
463,000 
Significant Accounting Policies 13
171,000 
Significant Accounting Policies 14
1,250,000 
Significant Accounting Policies 15
1,000,000 
Significant Accounting Policies 16
621,000 
Significant Accounting Policies 17
1,200,000 
Significant Accounting Policies 18
$ 0 
Significant Accounting Policies 19
50.00% 
Leasehold Improvements and Equipment (Narrative) (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Leasehold Improvements And Equipment 1
$ 207 
Intangible Assets (Narrative) (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
M
Intangible Assets 1
$ 46 
Intangible Assets 2
$ 79 
Intangible Assets 3
100.00% 
Intangible Assets 4
39 
Deferred License Revenue (Narrative) (Details) (USD $)
12 Months Ended
Dec. 31, 2014
M
Deferred License Revenue 1
$ 1,000,000 
Deferred License Revenue 2
39 
Deferred License Revenue 3
1,250,000 
Deferred License Revenue 4
1,245,000 
Deferred License Revenue 5
$ 616,000 
Commitments (Narrative) (Details) (USD $)
12 Months Ended
Dec. 31, 2014
Commitments 1
3,500 
Commitments 2
6,425 
Commitments 3
$ 2,000 
Commitments 4
6,420 
Commitments 5
4,500 
Commitments 6
2,500 
Commitments 7
200,000 
Commitments 8
10.00% 
Commitments 9
$ 58,000 
Capital Stock (Narrative) (Details) (USD $)
12 Months Ended
Dec. 31, 2014
M
Capital Stock 1
7,900,000 
Capital Stock 2
$ 0.4419 
Capital Stock 3
7,900,000 
Capital Stock 4
$ 3,500,000 
Capital Stock 5
0.5646 
Capital Stock 6
60 
Capital Stock 7
1,808,000 
Capital Stock 8
210,000 
Capital Stock 9
6.00% 
Capital Stock 10
35,000 
Capital Stock 11
475,221 
Capital Stock 12
6.00% 
Capital Stock 13
0.5646 
Capital Stock 14
48 
Capital Stock 15
272,000 
Capital Stock 16
75,000 
Capital Stock 17
75,000 
Capital Stock 18
Capital Stock 19
31,000 
Capital Stock 20
31,000 
Capital Stock 21
2,480,988 
Capital Stock 22
3,098,500 
Capital Stock 23
2,480,988 
Capital Stock 24
3,098,500 
Capital Stock 25
Capital Stock 26
1,000 
Capital Stock 27
1,619,000 
Capital Stock 28
1,465,000 
Capital Stock 29
1,619,000 
Capital Stock 30
$ 1,464,000 
Income Tax (Narrative) (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Income Tax 1
$ 4,802 
Income Tax 2
246 
Income Tax 3
9,530 
Income Tax 4
8,874 
Income Tax 5
9,683 
Income Tax 6
9,040 
Income Tax 7
1,100 
Income Tax 8
1,098 
Income Tax 9
20 
Income Tax 10
194 
Income Tax 11
170 
Income Tax 12
145 
Income Tax 13
154 
Income Tax 14
193 
Income Tax 15
129 
Income Tax 16
95 
Income Tax 17
4,805 
Income Tax 18
$ 4,354 
Related Party Transactions (Narrative) (Details) (USD $)
12 Months Ended
Dec. 31, 2014
Related Party Transactions 1
$ 29,000 
Related Party Transactions 2
10,000 
Related Party Transactions 3
Related Party Transactions 4
39,000 
Related Party Transactions 5
43,000 
Related Party Transactions 6
29,000 
Related Party Transactions 7
17,000 
Related Party Transactions 8
10,000 
Related Party Transactions 9
187,000 
Related Party Transactions 10
$ 80,000 
Subsequent Events (Narrative) (Details)
12 Months Ended
Dec. 31, 2014
USD ($)
M
Dec. 31, 2014
CAD ($)
Subsequent Events 1
 
$ 500,000 
Subsequent Events 2
430,000 
 
Subsequent Events 3
 
3,500,000 
Subsequent Events 4
3,000,000 
 
Subsequent Events 5
50.00% 
50.00% 
Subsequent Events 6
 
3,000,000 
Subsequent Events 7
2,600,000 
 
Subsequent Events 8
Subsequent Events 9
12 
12 
Subsequent Events 10
Subsequent Events 11
60 
60 
Subsequent Events 12
Subsequent Events 13
1,500,000 
1,500,000 
Subsequent Events 14
$ 1,600,000 
 
Subsequent Events 15
20.00% 
20.00% 
Schedule of Estimated Useful Lives of Leasehold Improvements and Equipment (Details) (USD $)
12 Months Ended
Dec. 31, 2014
Y
Significant Accounting Policies Schedule Of Leasehold Improvements And Equipment 1
20.00% 
Significant Accounting Policies Schedule Of Leasehold Improvements And Equipment 2
30.00% 
Significant Accounting Policies Schedule Of Leasehold Improvements And Equipment 3
$ 5 
Significant Accounting Policies Schedule Of Leasehold Improvements And Equipment 4
10 
Schedule of Leasehold Improvements and Equipment (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Leasehold Improvements And Equipment Schedule Of Leasehold Improvements And Equipment 1
$ 520 
Leasehold Improvements And Equipment Schedule Of Leasehold Improvements And Equipment 2
Leasehold Improvements And Equipment Schedule Of Leasehold Improvements And Equipment 3
520 
Leasehold Improvements And Equipment Schedule Of Leasehold Improvements And Equipment 4
446 
Leasehold Improvements And Equipment Schedule Of Leasehold Improvements And Equipment 5
570 
Leasehold Improvements And Equipment Schedule Of Leasehold Improvements And Equipment 6
329 
Leasehold Improvements And Equipment Schedule Of Leasehold Improvements And Equipment 7
241 
Leasehold Improvements And Equipment Schedule Of Leasehold Improvements And Equipment 8
121 
Leasehold Improvements And Equipment Schedule Of Leasehold Improvements And Equipment 9
57 
Leasehold Improvements And Equipment Schedule Of Leasehold Improvements And Equipment 10
42 
Leasehold Improvements And Equipment Schedule Of Leasehold Improvements And Equipment 11
15 
Leasehold Improvements And Equipment Schedule Of Leasehold Improvements And Equipment 12
11 
Leasehold Improvements And Equipment Schedule Of Leasehold Improvements And Equipment 13
63 
Leasehold Improvements And Equipment Schedule Of Leasehold Improvements And Equipment 14
63 
Leasehold Improvements And Equipment Schedule Of Leasehold Improvements And Equipment 15
Leasehold Improvements And Equipment Schedule Of Leasehold Improvements And Equipment 16
Leasehold Improvements And Equipment Schedule Of Leasehold Improvements And Equipment 17
207 
Leasehold Improvements And Equipment Schedule Of Leasehold Improvements And Equipment 18
Leasehold Improvements And Equipment Schedule Of Leasehold Improvements And Equipment 19
207 
Leasehold Improvements And Equipment Schedule Of Leasehold Improvements And Equipment 20
10 
Leasehold Improvements And Equipment Schedule Of Leasehold Improvements And Equipment 21
1,417 
Leasehold Improvements And Equipment Schedule Of Leasehold Improvements And Equipment 22
434 
Leasehold Improvements And Equipment Schedule Of Leasehold Improvements And Equipment 23
983 
Leasehold Improvements And Equipment Schedule Of Leasehold Improvements And Equipment 24
$ 588 
Schedule of Stock by Class (Details) (USD $)
12 Months Ended
Dec. 31, 2014
Capital Stock Schedule Of Stock By Class 1
$ 0 
Capital Stock Schedule Of Stock By Class 2
100,000,000 
Capital Stock Schedule Of Stock By Class 3
0.00001 
Capital Stock Schedule Of Stock By Class 4
20,000,000 
Capital Stock Schedule Of Stock By Class 5
0.00001 
Capital Stock Schedule Of Stock By Class 6
Capital Stock Schedule Of Stock By Class 7
63,465,255 
Capital Stock Schedule Of Stock By Class 8
60,984,267 
Capital Stock Schedule Of Stock By Class 9
635,000 
Capital Stock Schedule Of Stock By Class 10
$ 610,000 
Schedule of 480,000 Stock Options Valuation - April 24, 2013 (Details) (USD $)
12 Months Ended
Dec. 31, 2014
Y
Additional Paid-in Capital Schedule Of 480,000 Stock Options Valuation - April 24, 2013 1
78.00% 
Additional Paid-in Capital Schedule Of 480,000 Stock Options Valuation - April 24, 2013 2
3.83 
Additional Paid-in Capital Schedule Of 480,000 Stock Options Valuation - April 24, 2013 3
0.34% 
Additional Paid-in Capital Schedule Of 480,000 Stock Options Valuation - April 24, 2013 4
$ 0 
Schedule of 200,000 Stock Options Valuation - April 24, 2013 (Details) (USD $)
12 Months Ended
Dec. 31, 2014
Y
Additional Paid-in Capital Schedule Of 200,000 Stock Options Valuation - April 24, 2013 1
77.00% 
Additional Paid-in Capital Schedule Of 200,000 Stock Options Valuation - April 24, 2013 2
3.13 
Additional Paid-in Capital Schedule Of 200,000 Stock Options Valuation - April 24, 2013 3
0.34% 
Additional Paid-in Capital Schedule Of 200,000 Stock Options Valuation - April 24, 2013 4
$ 0 
Schedule of 35,000 Stock Options Valuation - August 6, 2013 (Details) (USD $)
12 Months Ended
Dec. 31, 2014
Y
Additional Paid-in Capital Schedule Of 35,000 Stock Options Valuation - August 6, 2013 1
75.00% 
Additional Paid-in Capital Schedule Of 35,000 Stock Options Valuation - August 6, 2013 2
3.13 
Additional Paid-in Capital Schedule Of 35,000 Stock Options Valuation - August 6, 2013 3
0.62% 
Additional Paid-in Capital Schedule Of 35,000 Stock Options Valuation - August 6, 2013 4
$ 0 
Schedule of 75,000 Stock Options Valuation - December 3, 2013 (Details) (USD $)
12 Months Ended
Dec. 31, 2014
Y
Additional Paid-in Capital Schedule Of 75,000 Stock Options Valuation - December 3, 2013 1
67.00% 
Additional Paid-in Capital Schedule Of 75,000 Stock Options Valuation - December 3, 2013 2
3.13 
Additional Paid-in Capital Schedule Of 75,000 Stock Options Valuation - December 3, 2013 3
0.58% 
Additional Paid-in Capital Schedule Of 75,000 Stock Options Valuation - December 3, 2013 4
$ 0 
Schedule of 100,000 Stock Options Valuation - December 3, 2013 (Details) (USD $)
12 Months Ended
Dec. 31, 2014
Y
Additional Paid-in Capital Schedule Of 100,000 Stock Options Valuation - December 3, 2013 1
67.00% 
Additional Paid-in Capital Schedule Of 100,000 Stock Options Valuation - December 3, 2013 2
3.13 
Additional Paid-in Capital Schedule Of 100,000 Stock Options Valuation - December 3, 2013 3
0.58% 
Additional Paid-in Capital Schedule Of 100,000 Stock Options Valuation - December 3, 2013 4
$ 0 
Schedule of 100,000 Stock Options Valuation - December 6, 2013 (Details) (USD $)
12 Months Ended
Dec. 31, 2014
Y
Additional Paid-in Capital Schedule Of 100,000 Stock Options Valuation - December 6, 2013 1
67.00% 
Additional Paid-in Capital Schedule Of 100,000 Stock Options Valuation - December 6, 2013 2
3.13 
Additional Paid-in Capital Schedule Of 100,000 Stock Options Valuation - December 6, 2013 3
0.64% 
Additional Paid-in Capital Schedule Of 100,000 Stock Options Valuation - December 6, 2013 4
$ 0 
Schedule of 175,000 Stock Options Valuation - December 8, 2014 (Details) (USD $)
12 Months Ended
Dec. 31, 2014
Y
Additional Paid-in Capital Schedule Of 175,000 Stock Options Valuation - December 8, 2014 1
63.00% 
Additional Paid-in Capital Schedule Of 175,000 Stock Options Valuation - December 8, 2014 2
3.13 
Additional Paid-in Capital Schedule Of 175,000 Stock Options Valuation - December 8, 2014 3
1.10% 
Additional Paid-in Capital Schedule Of 175,000 Stock Options Valuation - December 8, 2014 4
$ 0 
Schedule of Stock Option Activity to Employees and Directors[Table Text Block] (Details) (USD $)
12 Months Ended
Dec. 31, 2014
Additional Paid-in Capital Schedule Of Stock Option Activity To Employees And Director 1
$ 915,588 
Additional Paid-in Capital Schedule Of Stock Option Activity To Employees And Director 2
0.59 
Additional Paid-in Capital Schedule Of Stock Option Activity To Employees And Director 3
990,000 
Additional Paid-in Capital Schedule Of Stock Option Activity To Employees And Director 4
0.61 
Additional Paid-in Capital Schedule Of Stock Option Activity To Employees And Director 5
(45,000)
Additional Paid-in Capital Schedule Of Stock Option Activity To Employees And Director 6
(0.48)
Additional Paid-in Capital Schedule Of Stock Option Activity To Employees And Director 7
(238,088)
Additional Paid-in Capital Schedule Of Stock Option Activity To Employees And Director 8
(0.80)
Additional Paid-in Capital Schedule Of Stock Option Activity To Employees And Director 9
(25,000)
Additional Paid-in Capital Schedule Of Stock Option Activity To Employees And Director 10
(0.31)
Additional Paid-in Capital Schedule Of Stock Option Activity To Employees And Director 11
1,597,500 
Additional Paid-in Capital Schedule Of Stock Option Activity To Employees And Director 12
0.58 
Additional Paid-in Capital Schedule Of Stock Option Activity To Employees And Director 13
175,000 
Additional Paid-in Capital Schedule Of Stock Option Activity To Employees And Director 14
0.53 
Additional Paid-in Capital Schedule Of Stock Option Activity To Employees And Director 15
(517,500)
Additional Paid-in Capital Schedule Of Stock Option Activity To Employees And Director 16
(0.64)
Additional Paid-in Capital Schedule Of Stock Option Activity To Employees And Director 17
(125,000)
Additional Paid-in Capital Schedule Of Stock Option Activity To Employees And Director 18
(0.61)
Additional Paid-in Capital Schedule Of Stock Option Activity To Employees And Director 19
Additional Paid-in Capital Schedule Of Stock Option Activity To Employees And Director 20
Additional Paid-in Capital Schedule Of Stock Option Activity To Employees And Director 21
$ 1,130,000 
Additional Paid-in Capital Schedule Of Stock Option Activity To Employees And Director 22
0.54 
Schedule of Stock Option Activity to Consultant's (Details) (USD $)
12 Months Ended
Dec. 31, 2014
Additional Paid-in Capital Schedule Of Stock Option Activity To Consultant's 1
$ 150,000 
Additional Paid-in Capital Schedule Of Stock Option Activity To Consultant's 2
0.55 
Additional Paid-in Capital Schedule Of Stock Option Activity To Consultant's 3
Additional Paid-in Capital Schedule Of Stock Option Activity To Consultant's 4
Additional Paid-in Capital Schedule Of Stock Option Activity To Consultant's 5
Additional Paid-in Capital Schedule Of Stock Option Activity To Consultant's 6
Additional Paid-in Capital Schedule Of Stock Option Activity To Consultant's 7
Additional Paid-in Capital Schedule Of Stock Option Activity To Consultant's 8
Additional Paid-in Capital Schedule Of Stock Option Activity To Consultant's 9
(50,000)
Additional Paid-in Capital Schedule Of Stock Option Activity To Consultant's 10
(0.47)
Additional Paid-in Capital Schedule Of Stock Option Activity To Consultant's 11
100,000 
Additional Paid-in Capital Schedule Of Stock Option Activity To Consultant's 12
0.59 
Additional Paid-in Capital Schedule Of Stock Option Activity To Consultant's 13
Additional Paid-in Capital Schedule Of Stock Option Activity To Consultant's 14
Additional Paid-in Capital Schedule Of Stock Option Activity To Consultant's 15
Additional Paid-in Capital Schedule Of Stock Option Activity To Consultant's 16
Additional Paid-in Capital Schedule Of Stock Option Activity To Consultant's 17
Additional Paid-in Capital Schedule Of Stock Option Activity To Consultant's 18
Additional Paid-in Capital Schedule Of Stock Option Activity To Consultant's 19
Additional Paid-in Capital Schedule Of Stock Option Activity To Consultant's 20
Additional Paid-in Capital Schedule Of Stock Option Activity To Consultant's 21
$ 100,000 
Additional Paid-in Capital Schedule Of Stock Option Activity To Consultant's 22
0.59 
Schedule of Share-based Compensation, Stock Options, and Warrants or Rights Activity (Details) (USD $)
12 Months Ended
Dec. 31, 2014
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 1
0.37 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 2
$ 75,000 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 3
0.04 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 4
0.02 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 5
75,000 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 6
0.03 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 7
0.45 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 8
100,000 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 9
0.03 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 10
0.04 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 11
100,000 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 12
0.05 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 13
0.51 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 14
20,000 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 15
0.04 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 16
0.01 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 17
20,000 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 18
0.01 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 19
0.52 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 20
50,000 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 21
0.06 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 22
0.02 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 23
50,000 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 24
0.03 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 25
0.52 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 26
275,000 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 27
0.89 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 28
0.12 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 29
137,500 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 30
0.08 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 31
0.53 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 32
175,000 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 33
0.71 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 34
0.08 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 35
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 36
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 37
0.54 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 38
145,000 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 39
0.23 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 40
0.06 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 41
145,000 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 42
0.09 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 43
0.55 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 44
50,000 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 45
0.02 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 46
0.02 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 47
50,000 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 48
0.03 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 49
0.58 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 50
35,000 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 51
0.10 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 52
0.02 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 53
17,500 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 54
0.01 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 55
0.60 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 56
55,000 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 57
0.13 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 58
0.03 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 59
55,000 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 60
0.04 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 61
0.62 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 62
50,000 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 63
0.04 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 64
0.03 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 65
50,000 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 66
0.04 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 67
0.65 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 68
200,000 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 69
0.54 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 70
0.11 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 71
150,000 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 72
0.11 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 73
1,230,000 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 74
2.85 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 75
0.54 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 76
17,865 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 77
850,000 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 78
0.54 
Additional Paid-in Capital Schedule Of Share-based Compensation, Stock Options, And Warrants Or Rights Activity 79
$ 17,865 
Schedule of Warrants Valuation - December 16, 2013 (Details) (USD $)
12 Months Ended
Dec. 31, 2014
Y
Additional Paid-in Capital Schedule Of Warrants Valuation - December 16, 2013 1
80.00% 
Additional Paid-in Capital Schedule Of Warrants Valuation - December 16, 2013 2
Additional Paid-in Capital Schedule Of Warrants Valuation - December 16, 2013 3
1.55% 
Additional Paid-in Capital Schedule Of Warrants Valuation - December 16, 2013 4
$ 0 
Schedule of 0.5 million Warrants Valuation - December 16, 2013 (Details) (USD $)
12 Months Ended
Dec. 31, 2014
Y
Additional Paid-in Capital Schedule Of 0.5 Million Warrants Valuation - December 16, 2013 1
72.00% 
Additional Paid-in Capital Schedule Of 0.5 Million Warrants Valuation - December 16, 2013 2
Additional Paid-in Capital Schedule Of 0.5 Million Warrants Valuation - December 16, 2013 3
1.12% 
Additional Paid-in Capital Schedule Of 0.5 Million Warrants Valuation - December 16, 2013 4
$ 0 
Schedule of Stockholders' Equity Note, Warrants or Rights, Activity (Details) (USD $)
12 Months Ended
Dec. 31, 2014
Additional Paid-in Capital Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 1
$ 6,104,165 
Additional Paid-in Capital Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 2
0.5938 
Additional Paid-in Capital Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 3
7,920,346 
Additional Paid-in Capital Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 4
0.5646 
Additional Paid-in Capital Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 5
475,221 
Additional Paid-in Capital Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 6
0.5646 
Additional Paid-in Capital Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 7
(3,098,500)
Additional Paid-in Capital Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 8
(0.4741)
Additional Paid-in Capital Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 9
(257,500)
Additional Paid-in Capital Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 10
(0.4741)
Additional Paid-in Capital Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 11
11,143,732 
Additional Paid-in Capital Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 12
0.6079 
Additional Paid-in Capital Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 13
(2,480,988)
Additional Paid-in Capital Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 14
(0.6524)
Additional Paid-in Capital Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 15
(1,431,621)
Additional Paid-in Capital Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 16
(0.7400)
Additional Paid-in Capital Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 17
$ 7,231,123 
Additional Paid-in Capital Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 18
0.5646 
Schedule of Effective Income Tax Rate Reconciliation (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Income Tax Schedule Of Effective Income Tax Rate Reconciliation 1
$ (429)
Income Tax Schedule Of Effective Income Tax Rate Reconciliation 2
(442)
Income Tax Schedule Of Effective Income Tax Rate Reconciliation 3
238 
Income Tax Schedule Of Effective Income Tax Rate Reconciliation 4
278 
Income Tax Schedule Of Effective Income Tax Rate Reconciliation 5
Income Tax Schedule Of Effective Income Tax Rate Reconciliation 6
11 
Income Tax Schedule Of Effective Income Tax Rate Reconciliation 7
26 
Income Tax Schedule Of Effective Income Tax Rate Reconciliation 8
56 
Income Tax Schedule Of Effective Income Tax Rate Reconciliation 9
181 
Income Tax Schedule Of Effective Income Tax Rate Reconciliation 10
142 
Income Tax Schedule Of Effective Income Tax Rate Reconciliation 11
(25)
Income Tax Schedule Of Effective Income Tax Rate Reconciliation 12
(45)
Income Tax Schedule Of Effective Income Tax Rate Reconciliation 13
Income Tax Schedule Of Effective Income Tax Rate Reconciliation 14
$ 0 
Schedule of Deferred Tax Assets and Liabilities (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Income Tax Schedule Of Deferred Tax Assets And Liabilities 1
$ 9 
Income Tax Schedule Of Deferred Tax Assets And Liabilities 2
14 
Income Tax Schedule Of Deferred Tax Assets And Liabilities 3
2,582 
Income Tax Schedule Of Deferred Tax Assets And Liabilities 4
2,407 
Income Tax Schedule Of Deferred Tax Assets And Liabilities 5
1,355 
Income Tax Schedule Of Deferred Tax Assets And Liabilities 6
1,283 
Income Tax Schedule Of Deferred Tax Assets And Liabilities 7
1,102 
Income Tax Schedule Of Deferred Tax Assets And Liabilities 8
1,098 
Income Tax Schedule Of Deferred Tax Assets And Liabilities 9
5,048 
Income Tax Schedule Of Deferred Tax Assets And Liabilities 10
4,802 
Income Tax Schedule Of Deferred Tax Assets And Liabilities 11
(5,048)
Income Tax Schedule Of Deferred Tax Assets And Liabilities 12
(4,802)
Income Tax Schedule Of Deferred Tax Assets And Liabilities 13
Income Tax Schedule Of Deferred Tax Assets And Liabilities 14
$ 0 
Schedule of Cash Flow, Supplemental Disclosures (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Statement Of Cash Flows Information Schedule Of Cash Flow, Supplemental Disclosures 1
$ 5 
Statement Of Cash Flows Information Schedule Of Cash Flow, Supplemental Disclosures 2
$ 5