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Document and Entity Information
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3 Months Ended | |
|---|---|---|
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Dec. 31, 2013
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Feb. 07, 2014
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| Document And Entity Information | ||
| Entity Registrant Name | Parametric Sound Corp | |
| Entity Central Index Key | 0001493761 | |
| Document Type | 10-Q | |
| Document Period End Date | Dec. 31, 2013 | |
| Amendment Flag | false | |
| Current Fiscal Year End Date | --09-30 | |
| Is Entity a Well-known Seasoned Issuer? | No | |
| Is Entity a Voluntary Filer? | No | |
| Is Entity's Reporting Status Current? | Yes | |
| Entity Filer Category | Accelerated Filer | |
| Entity Common Stock, Shares Outstanding | 37,558,414 | |
| Document Fiscal Period Focus | Q1 | |
| Document Fiscal Year Focus | 2014 |
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- Definition
If the value is true, then the document is an amendment to previously-filed/accepted document. No definition available.
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- Definition
End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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- Definition
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
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- Definition
The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other". No definition available.
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- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument. No definition available.
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- Definition
Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. No definition available.
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- Definition
Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No definition available.
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- Details
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- Definition
Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Amount of capital lease obligation due within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount equal to the present value (the principal) at the beginning of the lease term of minimum lease payments during the lease term (excluding that portion of the payments representing executory costs such as insurance, maintenance, and taxes to be paid by the lessor, together with any profit thereon) net of payments or other amounts applied to the principal, through the balance sheet date and due to be paid more than one year (or one operating cycle, if longer) after the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets. No definition available.
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- Definition
Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) (USD $)
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Dec. 31, 2013
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Sep. 30, 2013
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|---|---|---|
| Stockholders' equity: | ||
| Preferred stock par value | $ 0.001 | $ 0.001 |
| Preferred stock shares authorized | 1,000,000 | 1,000,000 |
| Preferred stock shares issued | 0 | 0 |
| Preferred stock shares outstanding | 0 | 0 |
| Common stock par value | $ 0.001 | $ 0.001 |
| Common stock shares authorized | 50,000,000 | 50,000,000 |
| Common stock shares issued | 7,268,622 | 6,835,321 |
| Common stock shares outstanding | 7,268,622 | 6,835,321 |
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- Definition
Face amount or stated value per share of common stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Face amount or stated value per share of preferred stock nonredeemable or redeemable solely at the option of the issuer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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Condensed Consolidated Statements of Operations (unaudited) (USD $)
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3 Months Ended | |
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Dec. 31, 2013
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Dec. 31, 2012
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| Revenues: | ||
| Product sales | $ 50,160 | $ 94,368 |
| Other revenue | 17,703 | 14,306 |
| Total revenues | 67,863 | 108,674 |
| Cost of revenues | 36,018 | 54,056 |
| Gross profit | 31,845 | 54,618 |
| Operating expenses: | ||
| Selling, general and administrative | 1,248,505 | 916,597 |
| Research and development | 539,096 | 391,853 |
| Business transaction | 996,678 | 0 |
| Total operating expenses | 2,784,279 | 1,308,450 |
| Loss from operations | (2,752,434) | (1,253,832) |
| Other (expense) income: | ||
| Interest income | 1,231 | 3,075 |
| Interest expense | (1,514) | 0 |
| Other | (1,593) | (1,363) |
| Total | (1,876) | 1,712 |
| Net loss | $ (2,754,310) | $ (1,252,120) |
| Net loss per basic and diluted common share | $ (0.39) | $ (0.20) |
| Weighted average common shares used to compute net loss per basic and diluted common share | 7,037,195 | 6,409,231 |
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- Definition
This element represents acquisition-related costs incurred to effect a business combination which costs have been expensed during the period. Such costs include finder's fees; advisory, legal, accounting, valuation, and other professional or consulting fees; general administrative costs, including the costs of maintaining an internal acquisitions department; and may include costs of registering and issuing debt and equity securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate cost of goods produced and sold and services rendered during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements. Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period. Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. No definition available.
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- Definition
Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of interest income and other income recognized during the period. Included in this element is interest derived from investments in debt securities, cash and cash equivalents, and other investments which reflect the time value of money or transactions in which the payments are for the use or forbearance of money and other income from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business). No definition available.
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- Definition
Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
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- Details
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- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
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- Definition
Reflects the sum of all other revenue and income recognized by the entity in the period not otherwise specified in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
The net amount of other income and expense amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income (expense) recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) net gains or losses on securities, (d) unusual costs, (e) gains or losses on foreign exchange transactions, and (f) miscellaneous other income and expense items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Revenues from the sale of other goods or rendering of other services, not elsewhere specified in the taxonomy; net of (reduced by) sales adjustments, returns, allowances, and discounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility, and costs allocated in accounting for a business combination to in-process projects deemed to have no alternative future use. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
Aggregate revenue during the period from the sale of goods in the normal course of business, after deducting returns, allowances and discounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Average number of shares or units issued and outstanding that are used in calculating basic and diluted earnings per share (EPS). No definition available.
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- Details
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in the aggregate amount of expenses incurred but not yet paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in the value of prepaid expenses and other assets not separately disclosed in the statement of cash flows, for example, deferred expenses, intangible assets, or income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of cash paid for interest during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The change in the inventory reserve representing the cumulative difference in cost between the first in, first out and the last in, first out inventory valuation methods, which change has been reflected in the statement of income during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash outflow for cost incurred directly with the issuance of an equity security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash outflow to acquire asset without physical form usually arising from contractual or other legal rights, excluding goodwill. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash inflow from the issuance of common stock, preferred stock, treasury stock, stock options, and other types of equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash inflow associated with the amount received from holders exercising their stock options. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Represents the aggregate decrease in the liability related to payments to satisfy claims for standard and extended product warranties. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The expense charged against earnings for the period pertaining to standard and extended warranties on the entity's goods and services granted to customers. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow during the period from the repayment of aggregate short-term and long-term debt and payment of capital lease obligations. No definition available.
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- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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1. Description of Business and Basis of Accounting/Presentation
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3 Months Ended |
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Dec. 31, 2013
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| 1. Description of Business and Basis of Accounting/Presentation | Organization Parametric Sound Corporation (“Parametric” or the “Company”) is a technology company focused on delivering novel audio solutions through its HyperSound® or “HSS®” technology platform, that pioneered the practical application of parametric acoustic technology for generating audible sound along a directional ultrasonic column. The creation of sound using the Company’s technology also creates a unique sound image distinct from traditional audio systems. In addition to its commercial product business, the Company is targeting its technology for new uses in consumer markets including computers, video gaming, televisions and home audio along with other commercial markets including casino gaming and cinema. The Company is also researching and developing health applications for persons with hearing loss.
The Company was incorporated in Nevada on June 2, 2010 as a new, wholly owned subsidiary of LRAD Corporation in order to effect the 100% separation and spin-off of the HSS business (the “Spin-Off”). On September 27, 2010, the Spin-Off was completed and the Company became a stand-alone, independent, publicly traded company. In June 2012, the Company formed PSC Licensing Corp. (“PSC”), in October 2012 formed HyperSound Health, Inc. (“HHI”) and in July 2013 formed Paris Acquisition Corp., all as wholly owned subsidiaries. The Company’s corporate headquarters are located in Poway, California. Principal markets for the Company’s products are North America, Europe and Asia.
Merger with Turtle Beach On January 15, 2014, the Company completed a merger (the “Merger”) of its wholly-owned subsidiary, Paris Acquisition Corp., a Delaware corporation (“Merger Sub”), with and into VTB Holdings, Inc., a Delaware corporation (“Turtle Beach”), in accordance with the terms and conditions of the Agreement and Plan of Merger dated August 5, 2013 among the Company, Turtle Beach and Merger Sub (the “Merger Agreement”). As a result of the Merger, Turtle Beach, the surviving entity in the Merger, became a wholly-owned subsidiary of the Company. As the Merger was not completed until after December 31, 2013, the accompanying unaudited consolidated financial statements have not been prepared to include the balance sheet or results of operations of Turtle Beach, and thus reflect only the Company and its subsidiaries prior to the Merger. See Note 12 – “Subsequent Events” for more information on the Merger.
Basis of Accounting The accompanying unaudited interim financial statements have been prepared by the Company in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, the accompanying financial statements contain all adjustments necessary in order make the financial statements not misleading. The condensed consolidated balance sheet as of September 30, 2013 was derived from the Company’s most recent audited financial statements, but does not include all disclosures required by GAAP for complete annual financial statements. The financial statements herein should be read in conjunction with the Company’s audited financial statements and notes thereto for the fiscal year ended September 30, 2013, included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2013. Operating results for the three months ended December 31, 2013 are not indicative of results to be expected for the Company, now a part of the merged entity, for any other future interim period after the Merger. The financial statements should also be read in conjunction with the financial statements and information included in the Company’s Definitive Proxy Statement (the “Proxy Statement”) on Schedule 14A for the special meeting of stockholders held on December 27, 2013 (the “Special Meeting”), a copy of which was filed with the SEC on December 3, 2013.
Basis of Presentation The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Where necessary, the prior year’s information has been reclassified to conform to current period statement presentation. These reclassifications had no effect on previously reported results of operations or accumulated deficit.
Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. These estimates and assumptions include, but are not limited to, assessing the following: valuation of inventory, valuation of intangible assets, grant date fair value of stock options and warrants, share-based compensation expense, valuation of acquired intangible assets and valuation allowance related to deferred tax assets.
Financial Instruments At December 31, 2013, there was no difference between the carrying values of the Company’s cash equivalents and fair market value. For certain financial instruments, including accounts receivable, accounts payable and accrued liabilities, the carrying amounts approximate fair value due to their relatively short maturities.
The Company does not have any financial assets and liabilities that are measured at fair value on a recurring basis.
Loss Per Common Share Basic loss per common share is computed by dividing net loss for the period by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per common share reflects the potential dilution of securities that could share in the earnings of the Company. Potential common shares relating to outstanding stock options and warrants to acquire a total of 1,394,728 and 1,692,464 shares of common stock were outstanding at December 31, 2013 and 2012, respectively. These securities are not included in the computation of diluted net loss per common share for all periods presented as their inclusion would be antidilutive due to losses incurred by the Company in such periods.
Business Transaction For the three months ended December 31, 2013, the Company incurred $996,678 of business transaction costs related to preparing for the merger with Turtle Beach and related litigation consisting of legal, investment bank, accounting and related costs and expenses. These costs are net of $453,153 of litigation related legal fees and costs payable by the Company’s D&O insurance carrier (see Note 9).
Recent Accounting Pronouncements The Company reviews new accounting standards as issued. Although some of these accounting standards issued or effective after the end of the Company’s previous fiscal year may be applicable to the Company, management has not identified any new standards that had, or are expected to have, a significant impact on the Company’s financial statements.
Subsequent Events Management has evaluated events subsequent to December 31, 2013 through the date that the accompanying interim condensed consolidated financial statements were filed with the SEC for transactions and other events which may require adjustment of and/or disclosure in such financial statements. |
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- Definition
The entire disclosure for the basis of presentation and significant accounting policies concepts. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). Accounting policies describe all significant accounting policies of the reporting entity. No definition available.
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2. Inventories, net
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Dec. 31, 2013
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| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2. Inventories, net | Inventory is recorded at the lower of cost and net realizable value. The cost of substantially all of the Company’s inventory is determined by the weighted average cost method. Inventories consisted of the following:
The Company relies on one supplier for film for its HSS products. The Company’s ability to manufacture its HSS products could be adversely affected if it were to lose its sole source supplier and was unable to find an alternative supplier.
The reserve for obsolescence was reduced by a $5,046 non-cash inventory reserve reduction in the three months ended December 31, 2013 through the use of previously reserved legacy HSS inventory in the production of HSS products and prototypes. The Company expects to continue to realize non-cash inventory reserve reductions through the use of such previously reserved parts. |
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- Definition
The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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3. Property and Equipment, net
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Dec. 31, 2013
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| 3. Property and Equipment, net | Property and equipment consisted of the following:
Depreciation expense was $31,690 and $25,884 for the three months ended December 31, 2013 and 2012, respectively. |
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- Definition
The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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4. Intangible Assets, net
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Dec. 31, 2013
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4. Intangible Assets, net | Intangible assets consist of the following:
Aggregate amortization expense for the Company’s intangible assets was $32,928 and $32,136 during the three months ended December 31, 2013 and 2012, respectively.
As of December 31, 2013 estimated intangible assets amortization expense for each of the next five fiscal years and thereafter are as follows:
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- Definition
The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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5. Accrued Liabilities
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Dec. 31, 2013
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| Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 5. Accrued Liabilities | Accrued liabilities consists of the following:
Details of the estimated warranty liability are as follows:
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- Definition
The entire disclosure for accounts payable and accrued liabilities at the end of the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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6. Capital Lease Obligation
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Dec. 31, 2013
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| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 6. Capital Lease Obligation | The capital lease obligation is for research equipment (see Note 3). Amortization of the asset under the capital lease is included in depreciation and amortization expense and the accumulated amortization was $43,333 at December 31, 2013.
Future minimum lease payments for each year of the capital lease are as follows:
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- Definition
The entire disclosure for debt and capital lease obligations can be reported. Information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Also includes descriptions and amounts of capital leasing arrangements that consist of direct financing, sales type and leveraged leases. Disclosure may include the effect on the balance sheet and the income statement resulting from a change in lease classification for leases that at inception would have been classified differently had guidance been in effect at the inception of the original lease. No definition available.
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7. Share-Based Compensation
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Dec. 31, 2013
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 7. Share-Based Compensation | The Company’s 2012 Stock Option Plan, as amended (the “2012 Plan”) authorized the grant of options to purchase up to an aggregate of 1,700,000 shares of the Company’s common stock to directors, officers, employees and consultants. At December 31, 2013, a total of 190,500 shares were available for grant under the 2012 Plan. At December 31, 2013, the Company also had outstanding options to purchase up to 25,500 shares of the Company’s common stock that were granted outside of the 2012 Plan as an inducement grant in accordance with NASDAQ rules.
On October 30, 2013, the Board of Directors adopted, and on December 27, 2013 the stockholders approved, the 2013 Stock-Based Incentive Compensation Plan (the “2013 Plan”), but the 2013 Plan did not become effective until consummation of the Merger on January 15, 2014. The total number of shares of common stock authorized for grant under the 2013 Plan is 2,250,000 shares plus the shares authorized to be granted but not issued under the 2012 Plan, as amended (115,500 shares as of January 15, 2014) plus any shares that may become available through forfeitures or otherwise terminate.
The Company uses the Black-Scholes option pricing model to determine the estimated fair value of each option as of its grant date or any revaluation date, and the grant date fair value is recognized as non-cash based compensation expense over the expected vesting term of options. The inputs to the Black-Scholes option-pricing model are subjective and generally require significant analysis and judgment to develop. No options were granted during the three months ended December 31, 2012. The following table sets forth the significant weighted-average assumptions used in the Black-Scholes model and the calculation of stock-based compensation cost (annualized percentages):
Expected volatility is based on the historical volatility of the Company’s common stock over the period commensurate with the expected life of the options. The risk-free interest rate is based on rates published by the Federal Reserve Board. The dividend yield of zero is based on the fact that the Company has never paid cash dividends and has no present intention to pay cash dividends. The Company has a small number of option grants and limited exercise history. Accordingly, for all new option grants the Company has applied the simplified method prescribed by SEC Staff Accounting Bulletin 110, Share-Based Payment: Certain Assumptions Used in Valuation Methods - Expected Term, to estimate expected life (computed as vesting term plus contractual term divided by two). The estimated forfeiture rate was estimated by class of employee. Forfeitures are estimated at the time of the grant and revised in subsequent periods if actual forfeitures differ from those estimates, or if the Company updates its estimated forfeiture rate. Such amounts, if any, will be recorded as a cumulative adjustment in the period in which the estimate is changed.
The Company recorded share-based compensation in its interim condensed consolidated statements of operations for the relevant periods as follows:
As of December 31, 2013 total estimated compensation cost relating to stock options granted but not yet vested was approximately $1.26 million. This cost can vary with respect to non-employee options based on changes in stock price and other valuation inputs. The remaining estimated cost is expected to be recognized over the weighted average period of 1.25 years.
The following table summarizes stock option activity for the period:
Subsequent to December 31, 2013, a total of $211,333 was received from the exercise of options and the issuance of 50,967 shares of common stock. For additional information with respect to the 2013 Plan, see Note 12 – “Subsequent Events”.
Options of Subsidiary In February 2013, HHI adopted an equity incentive plan under which it could grant options to purchase up to 250 shares of its common stock to HHI employees, directors and consultants (“HHI Stock Plan”). In February and March 2013, HHI granted to consultants and employees options, with a five year term, to purchase 140 shares of HHI common stock at an exercise price of $1,000 per share including an option to purchase 50 shares of HHI common stock granted to the Company’s then Executive Chairman. These option grants were subject to a combination of performance and time-based vesting, and also contained certain anti-dilution adjustment rights, as well as repurchase rights and first refusal rights in favor of HHI. In August 2013, in connection with the proposed Merger, options on 100 shares (including the 50 shares held by the Company’s former Executive Chairman) were amended to narrow certain performance vesting conditions and provided that the options on such 100 shares would terminate upon the closing of the Merger which was consummated on January 15, 2014. At December 31, 2013 options to purchase 17.50 shares issued to consultants had vested and were exercisable.
The Company used the Black-Scholes option-pricing model to determine the estimated fair value of each option while outstanding using a weighted average volatility of 72%, a weighted average risk-free interest rate of 0.68%, and expected terms of 5 years. The Company recorded $3,018 as option expense related to the HHI options for the three months ended December 31, 2013 that is included in the consolidated share-based compensation expenses summarized above.
For additional information with respect to HHI, see Note 12 – “Subsequent Events”. |
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The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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8. Stockholders' Equity
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Dec. 31, 2013
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| Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 8. Stockholders' Equity | Summary The following table summarizes stockholders’ equity activity for the three months ended December 31, 2013:
In November 2013 the Company obtained net proceeds of $5,079,336 from the registered direct sale of 364,286 shares of common stock pursuant to the Company’s “shelf” registration statement.
Stock Purchase Warrants The following table summarizes information on warrant activity during the three months ended December 31, 2013:
During the three months ended December 31, 2013, a total of 66,471 warrants were converted pursuant to cashless net exercise features, resulting in the issuance of 39,515 shares of common stock.
At December 31, 2013 the Company had the following share warrants outstanding exercisable for 70,874 shares of common stock at an average exercise price of $5.28 per share:
Subsequent to December 31, 2013, a total of 18,774 warrants exercisable at $5.625 per common share were converted pursuant to a cashless net exercise feature resulting in the issuance of 11,725 shares of common stock. |
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The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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9. Commitments and Contingencies
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3 Months Ended |
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Dec. 31, 2013
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| Commitments and Contingencies Disclosure [Abstract] | |
| 9. Commitments and Contingencies |
Bank and Other Cash Equivalent Deposits in Excess of FDIC Insurance Limits The Company maintains cash and cash equivalent accounts with Federal Deposit Insurance Corporation (“FDIC”) insured financial institutions. Certain of the Company’s accounts are insured up to $250,000 by the FDIC. The Company’s exposure for amounts in excess of FDIC insured limits at December 31, 2013 was approximately $4.4 million. The Company has not experienced any losses in such accounts.
Facility Leases The Company is committed on a facility lease in Poway, California and the remaining future annual minimum lease payment obligation under the lease is $57,205 for the nine months ended September 30, 2014 and $80,505 for the year ending September 30, 2015.
Employment Agreement In April 2012 the Company entered into a five-year employment agreement with its then Executive Chairman, Kenneth F. Potashner. Under the terms of the employment agreement, the Company is obligated to pay salary continuation severance equal to one year of his annual base salary plus targeted bonus if his employment is terminated without cause.
For additional information with respect to Mr. Potashner’s employment agreement, see Note 12 – “Subsequent Events”.
Bonus Plan On February 21, 2013, the Company adopted a cash bonus plan for the period January 1, 2013 to December 31, 2013, pursuant to which each of the Company’s executive officers and certain other officers and consultants designated by the Board of Directors were eligible to receive a target bonus equal to a percentage of the executive officer’s or other individual’s annualized base compensation if applicable performance objectives were met. No such performance objectives were met under the plan at December 31, 2013.
In August 2013, in connection with the Merger, and as authorized under the cash bonus plan, the Board of Directors approved, for its three executive officers, the closing of the Merger as a stand-alone performance objective eligible for the maximum bonus payout for 2013 aggregating $453,000. The Company was also obligated to a consultant for a payment of $250,000 upon closing which included a bonus for business development activities in 2013. No amounts were recorded as an expense or obligation for the period ended December 31, 2013 as the Merger was not completed until January 15, 2014.
The bonuses are merger transaction costs that will be expensed in the period incurred (first calendar quarter of 2014).
Consulting Bonus During the quarter ended December 31, 2013 the Company made an application for FDA clearance of its HSS product as a medical device for those with hearing loss. Should this application be cleared the Company is obligated for a $250,000 bonus pursuant to a consulting agreement with an outside medical team engaged to assist and advise on medical applications of HSS technology.
Merger Fees For additional information with respect fees committed related to the Merger, see Note 12 – “Subsequent Events”.
Shareholder Litigation On August 8, 2013, James Harrison, Jr., a purported stockholder of the Company, filed a class action lawsuit in the Superior Court California, County of San Diego, under the caption Harrison v. Parametric Sound Corp., naming the Company, the Company’s directors, Paris Acquisition Corp. (a wholly-owned subsidiary of the Company) and Turtle Beach as defendants. Several other substantially similar stockholder class action complaints were filed in the same court in August 2013. In August and September 2013, several substantially similar stockholder class action complaints were filed in the Eighth Judicial District Court, Clark County, Nevada. All complaints related to the same events and transactions regarding the Merger, allege breaches of fiduciary duty and aiding and abetting breaches of fiduciary duty in connection therewith, sought class action status, and demanded an order enjoining the Merger and unspecified reforms, actions and disclosures. On September 10, 2013, the California Superior Court consolidated all related cases before it under the caption In re Parametric Sound Corp. Shareholder Litigation, Case No. 37-2013-00061953-CU-BT-CTL (the “California Action”). On September 23, 2013, the Nevada District Court consolidated all related cases before it under the caption In re Parametric Sound Corp. Shareholders’ Litigation, Lead Case No. A-13-686890-B, Dep’t XI (the “Nevada State Court Action”).
Following the Company’s filing of a preliminary proxy statement with the Securities and Exchange Commission (“SEC”) on November 4, 2013, amended consolidated complaints were filed on November 14, 2013 in the Nevada State Court Action and on November 19, 2013 in the California Action. These amended complaints reiterated the same claims and sought the same relief as asserted and sought in the original complaints. On November 20, 2013, Shana Vasek, a purported shareholder of the Company, filed a class action lawsuit in the United States District Court for the District of Nevada, under the caption Vasek v. Parametric Sound Corp., Case No. 2:13-cv-02148-JAD-GWF, naming the same defendants, asserting substantially the same allegations and seeking substantially the same relief as asserted and sought in the above-referenced consolidated action pending in Nevada state court. In addition to asserting substantially the same claims for breach of fiduciary duty and aiding and abetting as asserted in the above-referenced consolidated action pending in Nevada state court, the plaintiff in the federal court action asserts a claim for violations of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 and SEC Rule 14a-9. The plaintiff in Vasek has not yet served any of the defendants with process.
On December 3, 2013, the Company filed its definitive proxy statement with the SEC. On December 5, 2013, the Parametric defendants filed a demurrer to the amended complaint in the California Action and moved to stay the California Action in favor of the Nevada State Court Action. The hearing on those motions is scheduled for September 19, 2014. On December 10, 2013, the Parametric defendants moved to dismiss the amended complaint in the Nevada State Court Action. The hearing on that motion was originally scheduled for January 9, 2014, but was rescheduled to permit the plaintiffs to file a second amended complaint.
Between November 20, 2013 and December 17, 2013, the parties in both the California Action and the Nevada State Court Action engaged in limited expedited discovery in advance of expected motions for preliminary injunctions of the special meeting of stockholders that was ultimately scheduled for December 27, 2013. On December 11, 2013, plaintiffs in the Nevada State Court action filed a motion for a preliminary injunction. On December 13, 2013, the judge in the Nevada State Court Action agreed to allow the plaintiffs in the California Action to participate in the briefing and hearing on the motion for a preliminary injunction in the Nevada State Court Action. On December 18, 2013, plaintiffs in both actions filed supplemental papers in support of the motion for a preliminary injunction. On December 23, 2013, defendants filed papers in opposition to the motion for a preliminary injunction. The hearing on the preliminary injunction motion was held on December 26, 2013. In a bench judgment at the conclusion of the hearing, the Court denied plaintiffs’ motion for a preliminary injunction, allowing the special meeting of stockholders to proceed as scheduled on December 27, 2013 and on that date the Company’s stockholders approved the proposal to issue shares of common stock in connection with the Merger and approved the corresponding change of control and related matters.
On January 27, 2014, the plaintiffs in the Nevada State Action filed a second amended complaint, which asserts virtually identical claims against the same defendants based on essentially the same factual allegations as the amended complaint. The second amended complaint seeks to rescind the transaction or alternatively seeks unspecified monetary damages. Defendants intend to move to dismiss the second amended complaint, but their time for responding has not yet expired.
The Company is unable to predict the outcome of the lawsuits and the possible loss or range of loss, if any, associated with their resolution or any potential effect the lawsuits may have on the Company’s operations. Depending on the outcome or resolution of these lawsuits, they could have a material adverse effect on the Company’s operations, including its financial condition, results of operations, or cash flows. No amounts have been recorded or accrued related to these lawsuits as of December 31, 2013 except for legal fees and costs included in business transaction expenses. Such legal fees and costs totaled $845,244 for the three months ended December 31, 2013 net of $453,153 recoverable from the Company’s D&O insurance carrier. The Company’s legal accounts payable at December 31, 2013 was also offset by the $453,153 payable directly to legal firms by the D&O insurance carrier.
Guarantees and Indemnifications The Company’s officers and directors are entitled to indemnification as to personal liability as provided by the Nevada Revised Statutes, the Company’s articles of incorporation and bylaws and by indemnification agreements with the Company. The Company may also undertake indemnification obligations in the ordinary course of business related to its products and the issuance of securities with customers, investors, vendors and business parties. The Company is unable to estimate with any reasonable accuracy the liability that may be incurred pursuant to any such indemnification obligations now or in the future. Because of the uncertainty surrounding these circumstances, the Company’s current or future indemnification obligations could range from immaterial to having a material adverse impact on its financial position and its ability to continue in the ordinary course of business. The Company has no liabilities recorded for such indemnities. |
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10. Related Party Transactions
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Dec. 31, 2013
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| Related Party Transactions [Abstract] | |
| 10. Related Party Transactions |
In April 2013, as amended on July 23, 2013 the Company granted an exclusive, worldwide, royalty-bearing license to use certain HHS-related intellectual property to its wholly-owned subsidiary HHI.
See Notes 7, 8, 9 and 12 for additional related party transactions and information. |
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The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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11. Major Customers and Suppliers
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| Major Customers And Suppliers | |
| 11. Major Customers and Suppliers | Major Customers For the three months ended December 31, 2013, revenues from two customers accounted for 22% and 12% of total revenues. No other single customer represented more than 10% of total revenues. For the three months ended December 31, 2012, revenues from two customers accounted for 50% and 15% of total revenues. No other single customer represented more than 10% of total revenues. At December 31, 2013, accounts receivable from one customer accounted for 86% of total accounts receivable.
Suppliers The Company has a number of components and sub-assemblies produced by outside suppliers, some of which are sourced from a single supplier, which can magnify the risk of shortages and decrease the Company’s ability to negotiate with suppliers on the basis of price. In particular, the Company depends on its HSS piezo-film supplier to provide expertise and materials used in the Company’s proprietary HSS emitters. If supplier shortages occur, or quality problems arise, then production schedules could be significantly delayed or costs significantly increased, which could in turn have a material adverse effect on the Company’s financial condition, results of operation and cash flows.
At December 31, 2013, the Company was committed for approximately $260,000 for future inventory deliveries that are generally subject to modification or rescheduling in the normal course of business. At December 31, 2013 the Company had $112,000 of deposits with suppliers related to inventory purchases. |
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Disclosure of accounting policy for major customers. Major customers are those that the loss of such customers would have a material adverse effect on the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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12. Subsequent Events
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3 Months Ended |
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Dec. 31, 2013
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| Subsequent Events [Abstract] | |
| 12. Subsequent Events | Merger with Turtle Beach On January 15, 2014, the Company completed the merger (the “Merger”) of its wholly-owned subsidiary, Paris Acquisition Corp., a Delaware corporation (“Merger Sub”), with and into VTB Holdings, Inc., a Delaware corporation (“Turtle Beach”), in accordance with the terms and conditions of the Agreement and Plan of Merger dated August 5, 2013 among the Company, Turtle Beach and Merger Sub (the “Merger Agreement”). As a result of the Merger, Turtle Beach, the surviving entity in the Merger, became a wholly-owned subsidiary of the Company.
In connection with the Merger, the Company issued to the former holders of Turtle Beach common stock and Series A Preferred Stock an aggregate of 30,227,100 shares of Company common stock, par value $0.001 per share. The number of shares of common stock issued was computed in accordance with the formula specified in the Merger Agreement using a Per Share Number (as defined in the Merger Agreement) of 0.35997. In addition, in accordance with the terms of the Merger Agreement, all then outstanding options to purchase shares of Turtle Beach common stock were converted into options to purchase 3,960,783 shares of Company common stock and were assumed by the Company (the “Converted Options”). These newly issued shares of common stock, together with the Converted Options, represented approximately 80% of the total issued and outstanding shares of Company common stock, on a fully-diluted basis at the Merger date (January 15, 2014).
The Company experienced a change in control because the former Turtle Beach securityholders owned approximately 80% of the outstanding common stock of the Company immediately after the completion of the Merger. In addition, the pre-Merger executive officers of the Company resigned effective at the completion of the Merger and were replaced by the executive officers of Turtle Beach, and individuals identified by Turtle Beach were appointed to fill five of the seven vacancies on the Company’s board of directors immediately following completion of the Merger. Therefore, Turtle Beach is deemed to be the acquiring company for accounting purposes and the Merger is treated as a “reverse acquisition” under the acquisition method of accounting in accordance with GAAP. Accordingly the total purchase consideration of approximately $101 million will be allocated to the Company’s pre-merger tangible and identifiable intangible assets and liabilities based on their respective fair values at the date of completion of the merger with any excess purchase consideration being recorded as goodwill. Turtle Beach’s historical results of operations will replace the Company’s previous historical results of operations for all periods prior to the merger. After completion of the merger, the results of operations of both combined companies will be included in the Company’s consolidated financial statements.
Effective January 15, 2014, the Company changed its fiscal year end from September 30 to December 31 to correspond with the fiscal year end of Turtle Beach and its subsidiaries.
Upon completion of the Merger the Company became obligated to pay a contingent investment banking fee of $1,700,000 less $25,000 previously paid and included in business transaction expenses. The investment banking fee is a merger transaction cost that will be expensed in the period incurred (first calendar quarter of 2014).
Incentive and Option Plans On October 30, 2013 the Company adopted, and on December 27, 2013 the stockholders approved, the Parametric Sound Corporation Annual Incentive Bonus Plan (“Incentive Bonus Plan”) but the Incentive Bonus Plan did not become effective until consummation of the Merger on January 15, 2014. The Incentive Bonus Plan will permit incentive compensation bonus awards to be structured to qualify as “performance-based” compensation under Section 162(m) of the Internal Revenue Code.
Also on January 15, 2014, the Company assumed the Turtle Beach 2011 Equity Incentive Plan (the “VTB Plan”) and the options previously granted thereunder. The options previously granted pursuant to the VTB Plan will continue to be subject to the terms of the VTB Plan and the applicable award agreements, provided that outstanding options granted under the VTB Plan are at January 15, 2014 exercisable for 3,960,783 shares of Parametric common stock. Following the consummation of the merger, there will be no further awards granted under the VTB Plan.
Credit Agreement On January 15, 2014, in connection with the consummation of the Merger, the Company and its subsidiaries entered into a Joinder Agreement, dated as of January 15, 2014, between the Company and PNC Bank, National Association (“PNC”), as administrative agent, and a Guaranty Agreement, dated as of January 15, 2014, among the Company’s subsidiaries and PNC (collectively the “Joinder and Guarantee”) and became an obligor and guarantor under the Credit Agreement, dated as of August 22, 2012, as amended (the “Credit Agreement”), among Turtle Beach, PNC, as administrative agent for the lenders, and the lenders party thereto. The Credit Agreement provides for term loans and a revolving line of credit (together, the “Credit Facility”). The amounts guaranteed under the Credit Agreement at January 15, 2014 were $7.5 million under the term loan and approximately $39.7 million under the revolving line of credit.
HHI Dissolution Following the Merger, on January 15, 2014, HHI was dissolved and the HHI Stock Plan terminated. In addition, the license the Company granted to HHI was terminated in connection with the dissolution of HHI on January 15, 2014, and no royalties were earned or paid during the license term.
Employment Agreement Effective with the Merger on January 15, 2014, Mr. Potashner’s Executive Chairman’s position was terminated triggering a $350,000 salary continuation obligation, payable in twelve equal installments. Mr. Postashner continues to serve as a director of the Company post-merger. Mr. Potashner’s employment agreement’s change of control provision was also triggered by the Merger and accelerated the vesting of performance based options on 175,000 shares of common stock exercisable at $4.50 per share and acceleration of vesting of time based options on 22,500 shares of common stock exercisable at $9.95 per share.
The severance cost and the cost of option acceleration are merger transaction costs that will be expensed in the period incurred (first calendar quarter of 2014).
See Notes 7, 8 and 9 for additional subsequent event information. |
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The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. No definition available.
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1. Organization and Significant Accounting Policies (Policies)
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Dec. 31, 2013
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Organization | Organization Parametric Sound Corporation (“Parametric” or the “Company”) is a technology company focused on delivering novel audio solutions through its HyperSound® or “HSS®” technology platform, that pioneered the practical application of parametric acoustic technology for generating audible sound along a directional ultrasonic column. The creation of sound using the Company’s technology also creates a unique sound image distinct from traditional audio systems. In addition to its commercial product business, the Company is targeting its technology for new uses in consumer markets including computers, video gaming, televisions and home audio along with other commercial markets including casino gaming and cinema. The Company is also researching and developing health applications for persons with hearing loss.
The Company was incorporated in Nevada on June 2, 2010 as a new, wholly owned subsidiary of LRAD Corporation in order to effect the 100% separation and spin-off of the HSS business (the “Spin-Off”). On September 27, 2010, the Spin-Off was completed and the Company became a stand-alone, independent, publicly traded company. In June 2012, the Company formed PSC Licensing Corp. (“PSC”), in October 2012 formed HyperSound Health, Inc. (“HHI”) and in July 2013 formed Paris Acquisition Corp., all as wholly owned subsidiaries. The Company’s corporate headquarters are located in Poway, California. Principal markets for the Company’s products are North America, Europe and Asia.
Merger with Turtle Beach On January 15, 2014, the Company completed a merger (the “Merger”) of its wholly-owned subsidiary, Paris Acquisition Corp., a Delaware corporation (“Merger Sub”), with and into VTB Holdings, Inc., a Delaware corporation (“Turtle Beach”), in accordance with the terms and conditions of the Agreement and Plan of Merger dated August 5, 2013 among the Company, Turtle Beach and Merger Sub (the “Merger Agreement”). As a result of the Merger, Turtle Beach, the surviving entity in the Merger, became a wholly-owned subsidiary of the Company. As the Merger was not completed until after December 31, 2013, the accompanying unaudited consolidated financial statements have not been prepared to include the balance sheet or results of operations of Turtle Beach, and thus reflect only the Company and its subsidiaries prior to the Merger. See Note 12 – “Subsequent Events” for more information on the Merger. |
| Basis of Accounting | Basis of Accounting The accompanying unaudited interim financial statements have been prepared by the Company in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, the accompanying financial statements contain all adjustments necessary in order make the financial statements not misleading. The condensed consolidated balance sheet as of September 30, 2013 was derived from the Company’s most recent audited financial statements, but does not include all disclosures required by GAAP for complete annual financial statements. The financial statements herein should be read in conjunction with the Company’s audited financial statements and notes thereto for the fiscal year ended September 30, 2013, included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2013. Operating results for the three months ended December 31, 2013 are not indicative of results to be expected for the Company, now a part of the merged entity, for any other future interim period after the Merger. The financial statements should also be read in conjunction with the financial statements and information included in the Company’s Definitive Proxy Statement (the “Proxy Statement”) on Schedule 14A for the special meeting of stockholders held on December 27, 2013 (the “Special Meeting”), a copy of which was filed with the SEC on December 3, 2013. |
| Basis of Presentation | Basis of Presentation The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Where necessary, the prior year’s information has been reclassified to conform to current period statement presentation. These reclassifications had no effect on previously reported results of operations or accumulated deficit.
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| Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. These estimates and assumptions include, but are not limited to, assessing the following: valuation of inventory, valuation of intangible assets, grant date fair value of stock options and warrants, share-based compensation expense, valuation of acquired intangible assets and valuation allowance related to deferred tax assets.
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| Financial Instruments | Financial Instruments At December 31, 2013, there was no difference between the carrying values of the Company’s cash equivalents and fair market value. For certain financial instruments, including accounts receivable, accounts payable and accrued liabilities, the carrying amounts approximate fair value due to their relatively short maturities.
The Company does not have any financial assets and liabilities that are measured at fair value on a recurring basis.
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| Loss Per Common Share | Loss Per Common Share Basic loss per common share is computed by dividing net loss for the period by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per common share reflects the potential dilution of securities that could share in the earnings of the Company. Potential common shares relating to outstanding stock options and warrants to acquire a total of 1,394,728 and 1,692,464 shares of common stock were outstanding at December 31, 2013 and 2012, respectively. These securities are not included in the computation of diluted net loss per common share for all periods presented as their inclusion would be antidilutive due to losses incurred by the Company in such periods. |
| Business Transaction |
Business Transaction For the three months ended December 31, 2013, the Company incurred $996,678 of business transaction costs related to preparing for the merger with Turtle Beach and related litigation consisting of legal, investment bank, accounting and related costs and expenses. These costs are net of $453,153 of litigation related legal fees and costs payable by the Company’s D&O insurance carrier (see Note 9). |
| Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company reviews new accounting standards as issued. Although some of these accounting standards issued or effective after the end of the Company’s previous fiscal year may be applicable to the Company, management has not identified any new standards that had, or are expected to have, a significant impact on the Company’s financial statements.
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| Subsequent Events | Subsequent Events Management has evaluated events subsequent to December 31, 2013 through the date that the accompanying interim condensed consolidated financial statements were filed with the SEC for transactions and other events which may require adjustment of and/or disclosure in such financial statements. |
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The entire disclosure for the general note to the financial statements for the reporting entity which may include, descriptions of the basis of presentation, business description, significant accounting policies, consolidations, reclassifications, new pronouncements not yet adopted and changes in accounting principles. No definition available.
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- Definition
Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
4. Intangible Assets, net (Tables)
|
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2013
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible assets |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible assets amortization expense |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Tabular disclosure of goodwill and intangible assets, which may be broken down by segment or major class. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
5. Accrued Liabilities (Tables)
|
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2013
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Liabilities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accrued Liabilities |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Estimated warranty liability |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Tabular disclosure of the components of accrued liabilities. No definition available.
|
| X | ||||||||||
|
- Definition
Tabular disclosure of the changes in the guarantor's aggregate product warranty liability, including the beginning balance of the aggregate product warranty liability, the aggregate reductions in that liability for payments made (in cash or in kind) under the warranty, the aggregate changes in the liability for accruals related to product warranties issued during the reporting period, the aggregate changes in the liability for accruals related to preexisting warranties (including adjustments related to changes in estimates), and the ending balance of the aggregate product warranty liability. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
6. Capital Lease Obligation (Tables)
|
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2013
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Lease Obligation Tables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Future minimum lease payments |
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Tabular disclosure of future minimum lease payments as of the date of the latest balance sheet presented, in aggregate and for each of the five years succeeding fiscal years, with separate deductions from the total for the amount representing executor costs, including any profit thereon, included in the minimum lease payments and for the amount of the imputed interest necessary to reduce the net minimum lease payments to present value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
7. Share-Based Compensation (Tables)
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Weighted-average assumptions used in the Black-Scholes model |
|
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| Stock-based compensation cost |
|
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| Stock option activity |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Tabular disclosure of the amount of total share-based compensation cost, including the amounts attributable to each share-based compensation plan and any related tax benefits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Tabular disclosure of share-based compensation plans that may be presented in a single table for outstanding, vested and expected to vest, and exercisable awards. The information that may be disclosed in this table may include, but is not limited to, number of shares, weighted average exercise price, weighted average remaining contractual life, and aggregate intrinsic value. No definition available.
|
| X | ||||||||||
|
- Definition
Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
8. Stockholders' Equity (Tables)
|
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2013
|
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| Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of stockholders' equity activity |
|
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| Summary information on warrant activity |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Warrants outstanding exercisable |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
|
- Definition
Warrants outstanding exercisable No definition available.
|
| X | ||||||||||
|
- Definition
Disclosure of accounting policy for derivatives entered into for trading purposes and those entered into for purposes other than trading including where and when derivative financial instruments and derivative commodity instruments and their related gains or losses are reported in the entity's statements of financial position, cash flows, and results of operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Disclosure of accounting policy for its capital stock transactions, including dividends and accumulated other comprehensive income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
1. Description of Business and Basis of Accounting/Presentation ( Details Narrative) (USD $)
|
3 Months Ended | |
|---|---|---|
|
Dec. 31, 2013
|
Dec. 31, 2012
|
|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
| Potential common shares related to outstanding stock options and warrants | 1,394,728 | 1,692,464 |
| Business transaction costs | $ 996,678 | |
| X | ||||||||||
|
- Definition
Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of direct costs of the business combination including legal, accounting, and other costs incurred to consummate the business acquisition. No definition available.
|
| X | ||||||||||
|
- Details
|
|
2. Inventories, net (Details) (USD $)
|
Dec. 31, 2013
|
Sep. 30, 2013
|
|---|---|---|
| Inventories, net | ||
| Finished goods | $ 277,209 | $ 260,646 |
| Work in process | 75,664 | 43,494 |
| Raw materials | 426,506 | 479,963 |
| Inventory total | 779,379 | 784,103 |
| Reserve for obsolescence | (55,637) | (60,683) |
| Inventory net | $ 723,742 | $ 723,420 |
| X | ||||||||||
|
- Definition
Amount before valuation and LIFO reserves of completed merchandise or goods expected to be sold within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Gross amount, as of the balance sheet date, of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount before valuation and LIFO reserves of raw materials expected to be sold, or consumed within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of valuation reserve for inventory. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before valuation and LIFO reserves of merchandise or goods in the production process expected to be completed within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
2. Inventories, net (Details Narrative) (USD $)
|
3 Months Ended |
|---|---|
|
Dec. 31, 2013
|
|
| Inventory Disclosure [Abstract] | |
| Reduction in reserve for obsolescence | $ 5,046 |
| X | ||||||||||
|
- Definition
Reduction in reserve for obsolescence No definition available.
|
| X | ||||||||||
|
- Details
|
|
3. Property and Equipment, net (Details) (USD $)
|
Dec. 31, 2013
|
Sep. 30, 2013
|
|---|---|---|
| Equipment and tooling | ||
| Equipment | $ 198,117 | $ 195,438 |
| Research equipment under capital lease | 139,967 | 139,967 |
| Tooling | 125,433 | 125,433 |
| Furniture and office equipment | 88,002 | 75,950 |
| Leasehold improvements | 27,133 | 17,934 |
| Property, Equipment and Tooling, Gross | 578,652 | 554,722 |
| Accumulated depreciation | (367,043) | (335,353) |
| Property, Equipment and Tooling, Net | $ 211,609 | $ 219,369 |
| X | ||||||||||
|
- Definition
Tooling. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before accumulated depreciation of leased physical assets used in the normal conduct of business to produce goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before accumulated depreciation of fixtures and equipment. Includes, but is not limited to, machinery, equipment, and engines. No definition available.
|
| X | ||||||||||
|
- Definition
Amount before accumulated depreciation of additions or improvements to assets held under a lease arrangement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before accumulated depreciation of tangible personal property used to produce goods and services, including, but is not limited to, tools, dies and molds, computer and office equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
3. Property and Equipment, net (Details Narrative) (USD $)
|
3 Months Ended | |
|---|---|---|
|
Dec. 31, 2013
|
Dec. 31, 2012
|
|
| Property And Equipment Net | ||
| Depreciation expense | $ 31,690 | $ 25,884 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
4. Intangible Assets, net (Details) (USD $)
|
Dec. 31, 2013
|
Sep. 30, 2013
|
|---|---|---|
| Intangible Assets | ||
| Purchased technology | $ 1,225,000 | $ 1,225,000 |
| Patents | 486,766 | 452,040 |
| Defensive patents | 190,213 | 190,213 |
| Licenses and trademarks | 19,445 | 18,548 |
| Total intangible assets | 1,921,424 | 1,885,801 |
| Accumulated amortization | (467,431) | (434,503) |
| Net intangible assets | $ 1,453,993 | $ 1,451,298 |
| X | ||||||||||
|
- Definition
Defensive Patents. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Purchased technology No definition available.
|
| X | ||||||||||
|
- Definition
Accumulated amount of amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Gross carrying amount before accumulated amortization as of the balance sheet date of the costs pertaining to the exclusive legal rights granted to the owner of the patent to exploit an invention or a process for a period of time specified by law. Such costs may have been expended to directly apply and receive patent rights, or to acquire such rights. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Gross carrying amount before accumulated amortization as of the balance sheet date for the rights acquired through registration of a trademark to gain or protect exclusive use of a business name, symbol or other device or style for a specified period of time. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
4. Intangible Assets, net (Details 1) (USD $)
|
Dec. 31, 2013
|
|---|---|
| Estimated intangible assets amortization expense | |
| 2014 (9 months remaining) | $ 98,024 |
| 2015 | 124,390 |
| 2016 | 116,719 |
| 2017 | 108,915 |
| 2018 | 107,703 |
| Thereafter | $ 898,242 |
| X | ||||||||||
|
- Definition
Amount of amortization expense expected to be recognized after the fifth fiscal year following the latest fiscal year for assets, excluding financial assets and goodwill, lacking physical substance with a finite life. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of amortization expense expected to be recognized during the next fiscal year following the latest fiscal year for assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of amortization expense expected to be recognized during the fifth fiscal year following the latest fiscal year for assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of amortization expense expected to be recognized during the fourth fiscal year following the latest fiscal year for assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of amortization expense expected to be recognized during the third fiscal year following the latest fiscal year for assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of amortization expense expected to be recognized during the second fiscal year following the latest fiscal year for assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
4. Intangible Assets, net (Details Narrative) (USD $)
|
3 Months Ended | |
|---|---|---|
|
Dec. 31, 2013
|
Dec. 31, 2012
|
|
| Goodwill and Intangible Assets Disclosure [Abstract] | ||
| Aggregate amortization expense | $ 32,928 | $ 32,136 |
| X | ||||||||||
|
- Definition
The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
5. Accrued Liabilities (Details) (USD $)
|
Dec. 31, 2013
|
Sep. 30, 2013
|
|---|---|---|
| Accrued liabilities | ||
| Payroll and related | $ 68,320 | $ 68,292 |
| Warranty reserve | 7,754 | 10,140 |
| Customer deposits | 2,202 | 682 |
| Accrued patent and research costs | 0 | 83,088 |
| Deferred rent | 14,876 | 17,661 |
| Other | 3,958 | 3,853 |
| Accrued liabilities | $ 97,110 | $ 183,716 |
| X | ||||||||||
|
- Definition
Carrying value as of the balance sheet date of obligations incurred and payable, which are not elsewhere specified in the taxonomy. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Carrying value as of the balance sheet date of obligations incurred through that date and payable for contractual rent under lease arrangements. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying value as of the balance sheet date of the obligations incurred through that date and payable for employees' services provided. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The current portion of money or property received from customers which is either to be returned upon satisfactory contract completion or applied to customer receivables in accordance with the terms of the contract or the understandings. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying value as of the balance sheet date of obligations incurred through that date and payable arising from transactions not otherwise specified in the taxonomy. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying value as of the balance sheet date of obligations incurred through that date and payable for estimated claims under standard and extended warranty protection rights granted to customers. For classified balance sheets, represents the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
5. Accrued Liabilities (Details1) (USD $)
|
3 Months Ended | |
|---|---|---|
|
Dec. 31, 2013
|
Dec. 31, 2012
|
|
| Other Liabilities Disclosure [Abstract] | ||
| Beginning balance | $ 10,140 | $ 4,242 |
| Warranty provision | (96) | 3,794 |
| Warranty settlements | (2,290) | (2,616) |
| Ending balance | $ 7,754 | $ 5,420 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Carrying value as of the balance sheet date of obligations incurred through that date and payable for estimated claims under standard and extended warranty protection rights granted to customers. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Represents the aggregate decrease in the liability related to payments to satisfy claims for standard and extended product warranties. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The expense charged against earnings for the period pertaining to standard and extended warranties on the entity's goods and services granted to customers. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
6. Capital Lease Obligation - Future minimum lease payments (Details) (USD $)
|
Dec. 31, 2013
|
Sep. 30, 2013
|
|---|---|---|
| Capital Lease Obligation Tables | ||
| 2014 (9 months remaining) | $ 32,166 | |
| 2015 | 42,888 | |
| 2016 | 42,888 | |
| 2017 | 14,296 | |
| Total payments | 132,238 | |
| Less amount representing interest | (9,348) | |
| Present value of minimum payments | 122,890 | |
| Less current portion | (37,928) | (37,486) |
| Noncurrent | $ 84,962 | $ 94,611 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of capital lease obligation due within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount equal to the present value (the principal) at the beginning of the lease term of minimum lease payments during the lease term (excluding that portion of the payments representing executory costs such as insurance, maintenance, and taxes to be paid by the lessor, together with any profit thereon) net of payments or other amounts applied to the principal, through the balance sheet date and due to be paid more than one year (or one operating cycle, if longer) after the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of minimum lease payments for capital leases. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of minimum lease payments maturing in the forth fiscal year following the latest fiscal year for capital leases. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of minimum lease payments maturing in the third fiscal year following the latest fiscal year for capital leases. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of minimum lease payments maturing in the second fiscal year following the latest fiscal year for capital leases. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount necessary to reduce net minimum lease payments to present value for capital leases. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Present value of minimum lease payments for capital leases net of executory costs, including amounts paid by the lessee to the lessor for insurance, maintenance and taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of minimum lease payments maturing in the remainder of the fiscal year following the latest fiscal year ended for capital leases. No definition available.
|
|
7. Share-Based Compensation (Details) (USD $)
|
3 Months Ended | ||||
|---|---|---|---|---|---|
|
Dec. 31, 2013
|
Dec. 31, 2012
|
||||
| Share-Based Compensation | |||||
| Volatility | 88.00% | [1] | |||
| Risk-free interest rate | 0.73% | [1] | |||
| Forfeiture rate | 10.00% | [1] | |||
| Dividend yield | 0.00% | [1] | |||
| Expected life in years | 3 years 3 months 22 days | ||||
| Weighted average fair value of options granted | $ 6.84 | [1] | |||
|
|||||
| X | ||||||||||
|
- Definition
Fair value assumptions forfeiture rate No definition available.
|
| X | ||||||||||
|
- Definition
Expected dividends to be paid to holders of the underlying shares or financial instruments (expressed as a percentage of the share or instrument's price). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Period the instrument, asset or liability is expected to be outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Measure of dispersion, in percentage terms (for instance, the standard deviation or variance), for a given stock price. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Risk-free interest rate assumption used in valuing an instrument. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Weighted average expected dividend for an entity using a valuation technique with different dividend rates during the contractual term. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
7. Share-Based Compensation (Details 1) (USD $)
|
3 Months Ended | |
|---|---|---|
|
Dec. 31, 2013
|
Dec. 31, 2012
|
|
| Share-Based Compensation | ||
| Share-based compensation expense | $ 529,219 | $ 253,663 |
|
Selling, general and administrative
|
||
| Share-Based Compensation | ||
| Share-based compensation expense | 410,248 | 191,228 |
|
Research and development
|
||
| Share-Based Compensation | ||
| Share-based compensation expense | $ 118,971 | $ 62,435 |
| X | ||||||||||
|
- Definition
The amount of expense, net of income tax, recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees. No definition available.
|
| X | ||||||||||
|
- Details
|
|
7. Share-Based Compensation (Details 2) (Stock Options, USD $)
|
3 Months Ended | |||||
|---|---|---|---|---|---|---|
|
Dec. 31, 2013
|
||||||
|
Stock Options
|
||||||
| Number of Shares | ||||||
| Outstanding beginning of period | 1,348,354 | |||||
| Granted | 5,000 | |||||
| Canceled/expired | 0 | |||||
| Exercised | (29,500) | |||||
| Outstanding end of period | 1,323,854 | [1] | ||||
| Exercisable December 31, 2013 | 933,644 | |||||
| Weighted Average Exercise Price | ||||||
| Outstanding beginning of period | $ 5.51 | |||||
| Granted | $ 11.76 | |||||
| Canceled/expired | ||||||
| Exercised | $ 3.10 | |||||
| Outstanding end of period | $ 5.58 | |||||
| Exercisable December 31, 2013 | $ 4.34 | |||||
| Aggregate Intrinsic Value | ||||||
| Outstanding December 31, 2013 | $ 11,217,232 | [2] | ||||
| Exercisable December 31, 2013 | $ 8,957,129 | [2] | ||||
|
||||||
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of difference between fair value of the underlying shares reserved for issuance and exercise price of vested portions of options outstanding and currently exercisable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of shares into which fully or partially vested stock options outstanding as of the balance sheet date can be currently converted under the option plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The weighted-average price as of the balance sheet date at which grantees can acquire the shares reserved for issuance on vested portions of options outstanding and currently exercisable under the stock option plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of shares under options that were cancelled during the reporting period as a result of occurrence of a terminating event specified in contractual agreements pertaining to the stock option plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net number of share options (or share units) granted during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount by which the current fair value of the underlying stock exceeds the exercise price of options outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of options outstanding, including both vested and non-vested options. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Weighted average price at which grantees can acquire the shares reserved for issuance under the stock option plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Weighted average price at which option holders acquired shares when converting their stock options into shares. No definition available.
|
| X | ||||||||||
|
- Definition
Weighted average price at which grantees could have acquired the underlying shares with respect to stock options that were terminated. No definition available.
|
| X | ||||||||||
|
- Definition
Weighted average per share amount at which grantees can acquire shares of common stock by exercise of options. No definition available.
|
| X | ||||||||||
|
- Definition
Number of share options (or share units) exercised during the current period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
7. Share-Based Compensation (Details Narrative) (USD $)
|
Dec. 31, 2013
|
|---|---|
| Outstanding options available to purchase common stock granted | 25,500 |
| Total estimated compensation cost relating to stock options granted but not yet vested | $ 1,260,000 |
| Estimated cost amortization period | 1.25 years |
|
2012 Plan
|
|
| Shares available to grant | 190,500 |
| X | ||||||||||
|
- Definition
Estimated cost amortization period No definition available.
|
| X | ||||||||||
|
- Definition
Outstanding options available to purchase common stock granted No definition available.
|
| X | ||||||||||
|
- Definition
Unrecognized cost of unvested options awarded to employees as compensation. No definition available.
|
| X | ||||||||||
|
- Definition
The difference between the maximum number of shares (or other type of equity) authorized for issuance under the plan (including the effects of amendments and adjustments), and the sum of: 1) the number of shares (or other type of equity) already issued upon exercise of options or other equity-based awards under the plan; and 2) shares (or other type of equity) reserved for issuance on granting of outstanding awards, net of cancellations and forfeitures, if applicable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
8. Shareholders' Equity (Details) (USD $)
|
Common Stock
|
Additional Paid-In Capital
|
Retained Earnings / Accumulated Deficit
|
Total
|
|---|---|---|---|---|
| Balance, beginning - value at Sep. 30, 2013 | $ 6,835 | $ 17,383,196 | $ (14,303,015) | $ 3,087,016 |
| Balance, beginning - shares at Sep. 30, 2013 | 6,835,321 | |||
| Sales of common shares, net of issuance costs - shares | 364,286 | |||
| Sales of common shares, net of issuance costs - value | 364 | 5,078,972 | 5,079,336 | |
| Common shares issued upon exercise of stock options - shares | 29,500 | |||
| Common shares issued upon exercise of stock options - value | 30 | 91,320 | 91,350 | |
| Common shares issued upon cashless exercise of warrants - shares | 39,515 | |||
| Common shares issued upon cashless exercise of warrants - value | 40 | (40) | ||
| Shares-based compensation expense | 512,350 | 512,350 | ||
| Net loss for the period | (2,754,310) | (2,754,310) | ||
| Balance, ending - value at Dec. 31, 2013 | $ 7,269 | $ 23,065,798 | $ (17,057,325) | $ 6,015,742 |
| Balance, ending - shares at Dec. 31, 2013 | 7,268,622 |
| X | ||||||||||
|
- Definition
Common shares issued upon cashless exercise of warrants - shares No definition available.
|
| X | ||||||||||
|
- Definition
Common shares issued upon cashless exercise of warrants - value No definition available.
|
| X | ||||||||||
|
- Definition
Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of shares of stock issued as of the balance sheet date, including shares that had been issued and were previously outstanding but which are now held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of shares issued as consideration for cash for development stage entities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of share options (or share units) exercised during the current period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Value of shares issued as consideration for cash for development stage entities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Value of stock issued as a result of the exercise of stock options. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
8. Stockholders' Equity - Warrant activity (Details 1) (Warrants, USD $)
|
3 Months Ended |
|---|---|
|
Dec. 31, 2013
|
|
|
Warrants
|
|
| Number | |
| Outstanding beginning of period | 137,345 |
| Stock purchase warrants issued | 0 |
| Stock purchase warrants exercised | (66,471) |
| Outstanding end of period | 70,874 |
| Average Purchase Price Per Share | |
| Outstanding beginning of period | $ 5.45 |
| Stock purchase warrants issued | |
| Stock purchase warrants exercised | $ 5.63 |
| Outstanding end of period | $ 5.28 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Stock purchase warrants exercised No definition available.
|
| X | ||||||||||
|
- Definition
Stock purchase warrants issued No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
The weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The weighted average fair value of nonvested awards on equity-based plans excluding option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, revenue or profit achievement stock award plan) for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
8. Stockholders' Equity - Warrants by description (Details 2) (USD $)
|
Dec. 31, 2013
|
|---|---|
|
Stock Purchase Warrants held by Related Parties
|
|
| Class of Warrant or Right [Line Items] | |
| Number of Common Shares | 20,000 |
| Exercise Price Per Share | $ 3.75 |
| Expiration Date | 2016-02-22 |
|
Stock Purchase Warrants
|
|
| Class of Warrant or Right [Line Items] | |
| Number of Common Shares | 46,674 |
| Exercise Price Per Share | $ 5.63 |
| Expiration Date | 2017-03-21 |
|
Stock Purchase Warrants 2
|
|
| Class of Warrant or Right [Line Items] | |
| Number of Common Shares | 4,200 |
| Exercise Price Per Share | $ 8.72 |
| Expiration Date | 2018-06-30 |
| X | ||||||||||
|
- Definition
Exercise price per share stock purchase warrants No definition available.
|
| X | ||||||||||
|
- Definition
Number of common share warrants No definition available.
|
| X | ||||||||||
|
- Definition
Warrants expiration date No definition available.
|
| X | ||||||||||
|
- Details
|
|
8. Stockholders' Equity (Details Narrative) (USD $)
|
3 Months Ended |
|---|---|
|
Dec. 31, 2013
|
|
| Warrants outstanding exercisable | 70,874 |
|
Warrant [Member]
|
|
| Average exercise price of warrants | $ 5.28 |
| X | ||||||||||
|
- Definition
The weighted average fair value of nonvested awards on equity-based plans excluding option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, revenue or profit achievement stock award plan) for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
9. Commitments and Contingencies (Details Narrative) (USD $)
|
Dec. 31, 2013
|
|---|---|
| Commitments and Contingencies | |
| Company's exposure for amounts in excess of FDIC insured limits | $ 4,400,000 |
| Bonus accrued under bonus plan | 703,000 |
| Lease payment obligation within one year | 57,205 |
| Lease payment obligation 2015 fiscal year | $ 80,505 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Carrying value as of the balance sheet date of obligations incurred and payable for incentive compensation awarded to employees and directors or earned by them based on the terms of one or more relevant arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of cash as of the balance sheet date that is not insured by the Federal Deposit Insurance Corporation. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of required minimum rental payments maturing in the second fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of required minimum rental payments maturing in the remainder of the fiscal year following the latest fiscal year ended for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year. No definition available.
|
|
11. Major Customers and Suppliers (Details Narrative)
|
3 Months Ended | |
|---|---|---|
|
Dec. 31, 2013
|
Dec. 31, 2012
|
|
|
Customer One | Accounts Receivable [Member]
|
||
| Major customer concentration risk | 86.00% | |
|
Revenue | Customer One
|
||
| Major customer concentration risk | 22.00% | 50.00% |
|
Revenue | Customer Two
|
||
| Major customer concentration risk | 12.00% | 15.00% |
| X | ||||||||||
|
- Definition
For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|