0001013762-15-000877.txt : 20150828 0001013762-15-000877.hdr.sgml : 20150828 20150828165753 ACCESSION NUMBER: 0001013762-15-000877 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20150630 FILED AS OF DATE: 20150828 DATE AS OF CHANGE: 20150828 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Thinspace Technology, Inc. CENTRAL INDEX KEY: 0001393935 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 432114545 STATE OF INCORPORATION: DE FISCAL YEAR END: 0213 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-52524 FILM NUMBER: 151082740 BUSINESS ADDRESS: STREET 1: 5535 S. WILLIAMSON BLVD, UNIT 751 CITY: PORT ORANGE STATE: FL ZIP: 32128 BUSINESS PHONE: 786-763-3830 MAIL ADDRESS: STREET 1: 5535 S. WILLIAMSON BLVD, UNIT 751 CITY: PORT ORANGE STATE: FL ZIP: 32128 FORMER COMPANY: FORMER CONFORMED NAME: Thinspace Technologies, Inc. DATE OF NAME CHANGE: 20140226 FORMER COMPANY: FORMER CONFORMED NAME: Vanity Events Holding, Inc. DATE OF NAME CHANGE: 20080710 FORMER COMPANY: FORMER CONFORMED NAME: MAP V ACQUISITION, INC. DATE OF NAME CHANGE: 20070321 10-Q 1 f10q0615_thinspacetech.htm FORM 10-Q

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

(Mark One)

 

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

 

For the quarterly period ended June 30, 2015 

or

 

o TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from __________________ to __________________________

 

Commission file number: 000-52524

 

THINSPACE TECHNOLOGY, INC.
(Exact name of registrant as specified in its charter)

 

Delaware   43-2114545  
(State or other jurisdiction of
incorporation or organization)		  

(I.R.S. Employer

Identification No.)

  

 

12555 Orange Drive, Suite 216

Davie, FL

   33330
(Address of principal executive offices)   (zip code)
           

 

(786) 763-3830
(Registrant's telephone number, including area code)

 

 
(Former name, former address and former fiscal year, if changed since last report)

 

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

 

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

 

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

 

Large accelerated filer o   Accelerated filer o

Non-accelerated filer o

(Do not check if smaller reporting company)

   Smaller reporting company þ

 

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

 

Indicated the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date, 362,227,188 shares of common stock are issued and outstanding as of August 17, 2015.

 

 

TABLE OF CONTENTS

 

    Page No.
PART I. - FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited). 3
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. 13
Item 3. Quantitative and Qualitative Disclosures About Market Risk. 16
Item 4 Controls and Procedures. 16
PART II - OTHER INFORMATION
Item 1. Legal Proceedings. 17
Item 1A. Risk Factors. 17
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 17
Item 3. Defaults Upon Senior Securities. 17
Item 4. Mine Safety Disclosures. 17
Item 5. Other Information. 17
Item 6. Exhibits. 17

 

 

 

2 

 

 

THINSPACE TECHNOLOGY, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

  

  June 30,  December 31,
   2015  2014
  (Unaudited)   
Assets          
Current assets:          
  Cash and cash equivalents  $94,259   $135,965 
  Accounts receivable   86,717    158,329 
  Inventory   88,383    100,637 
  Prepaid expenses and other current assets   16,116    17,058 
    Total current assets   285,475    411,989 
Fixed assets, net of accumulated depreciation of $83,805 and $73,396, respectively   21,868    31,272 
Intangible assets, net of accumulated amortization of $525,988 and $489,221, respectively   113,316    142,799 
Other assets   115,748    104,683 
Total assets  $536,407   $690,743 
Liabilities and stockholders' deficit          
Current liabilities:          
  Accounts payable and accrued expenses  $1,673,165   $1,627,641 
  Income taxes payable   29,000    29,000 
  Deferred revenue   534,886    773,163 
  Loans and notes payable, current portion   476,284    469,400 
  Convertible notes payable, net of discount of $295,440 and $0, respectively   119,560    —   
  Derivative liabilities   41,710,904    12,173,986 
    Total current liabilities   44,543,799    15,073,190 
Deferred revenue, long term   187,034    202,826 
Convertible notes payable, net of discount of $1,506,626 and $1,247,035, respectively   1,094,123    849,396 
Loans payable   —      13,953 
Total liabilities   45,824,956    16,139,365 
Stockholders' deficit          
Preferred stock, undesignated, authorized 49,253,000 shares, $0.001 par value,          
  no shares issued and outstanding, respectively   —      —   
Preferred stock, Series B, authorized 75,000 shares, $0.001 par value,          
  75,000 shares issued and outstanding   75    75 
Preferred stock, Series C, authorized 672,000 shares, $0.001 par value,          
  672,000 shares issued and outstanding   672    672 
Common stock authorized 500,000,000 shares, $0.001 par value,          
  203,024,028 and 98,381,445 shares issued and outstanding, respectively   203,024    98,381 
Additional paid in capital   8,514,339    6,890,970 
Accumulated deficit   (53,988,195)   (22,414,873)
Accumulated other comprehensive income (loss)   (18,464)   (23,847)
Total stockholders' deficit   (45,288,549)   (15,448,622)
Total liabilities and stockholders' deficit  $536,407   $690,743 

 

 

3 

 

 

THINSPACE TECHNOLOGY, INC. CONDENSED

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

FOR THE SIX AND THREE MONTH PERIODS ENDED JUNE 30, 2015 AND 2014

(Unaudited)

 

  Three Months Ended June 30,  Six Months Ended June 30,
   2015  2014  2015  2014
Revenues  $332,693   $2,593,997   $1,122,999   $3,378,605 
Cost of goods sold   86,827    1,728,552    449,093    1,844,231 
                     
Gross profit   245,866    865,445    673,906    1,534,374 
                     
Operating expense:                    
Selling, general and administrative   908,974    2,060,561    1,905,833    3,249,135 
Depreciation and amortization   19,811    20,251    39,440    40,035 
                     
Total operating expense   928,785    2,080,812    1,945,273    3,289,170 
Loss from operations   (682,919)   (1,215,367)   (1,271,367)   (1,754,796)
                     
Gain (loss) on change in fair value of derivative liability   (28,814,582)   22,862,151    (27,643,262)   1,109,207 
Gain on conversion of debt   22,657    —      22,657    155,129 
Interest expense   (1,828,444)   (1,686,014)   (2,681,350)   (5,470,899)
                     
Income (loss) before provision for income taxes   (31,303,288)   19,960,770    (31,573,322)   (5,961,359)
                     
Provision for income taxes   —      —      —      —   
                     
Net income (loss)   (31,303,288)   19,960,770    (31,573,322)   (5,961,359)
Preferred dividend   (1,875)   (1,875)   (3,750)   (3,750)
                     
Net income (loss) attributable to common shareholders  $(31,305,163)  $19,958,895   $(31,577,072)  $(5,965,109)
                     
Basic and diluted income (loss) per share  $(0.27)  $0.22   $(0.30)  $(0.07)
                     
Weighted average shares outstanding,                    
  Basic and diluted   114,109,046    92,334,401    106,288,692    91,140,929 
                     
Comprehensive income (loss):                    
                     
Net income (loss)  $(31,303,288)  $19,960,770   $(31,573,322)  $(5,961,359)
Foreign currency translation adjustments   (11,417)   (11,141)   5,383    (18,238)
                     
Comprehensive income (loss)  $(31,314,705)  $19,949,629   $(31,567,939)  $(5,979,597)

 

 

4 

 

 

THINSPACE TECHNOLOGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTH PERIODS ENDED JUNE 30, 2015 AND 2014

(Unaudited)

 

  Six Months Ended June 30,
   2015  2014
Cash flows from operating activities:          
Net loss  $(31,573,322)  $(5,961,359)
Adjustments to reconcile net loss to net          
  cash used in operating activities:          
  Depreciation and amortization   39,440    40,035 
  Amortization of prepaid stock based compensation   —      625,000 
  Stock based compensation   196,893    560,966 
  Gain on conversion of debt   22,657    (155,129)
  Change in fair value of derivative liability   27,643,262    (1,109,207)
  Amortization of debt discount   2,531,418    5,036,817 
Changes in operating assets and liabilities:          
  Accounts receivable   68,226    122,091 
  Inventory   12,254    (1,302,480)
  Prepaid expenses and other current assets   1,118    (314,108)
  Other assets   (6,647)   (7,762)
  Accounts payable and accrued expenses   93,093    1,663,239 
  Deferred revenue   (254,616)   (294,112)
Net cash used in operating activities   (1,226,224)   (1,096,009)
Cash flows from investing activities:          
Cash paid for fixed assets   —      (6,529)
Net cash used in investing activities   —      (6,529)
Cash flows from financing activities:          
Proceeds from sale of preferred stock   —      472,000 
Proceeds from notes payable   1,285,650    961,000 
Repayments of notes payable   (92,400)   (75,000)
Repayment of loan   (7,121)   (7,654)
Payment of accrued preferred dividends   (11,050)   —   
Advances from related parties   —      21,000 
Repayments to related parties   —      (118,631)
Net cash provided by financing activities   1,175,079    1,252,715 
Effect of exchange rate changes on cash   9,439    6,322 
Net (decrease) increase in cash   (41,706)   156,499 
Cash, beginning of period   135,965    341,031 
Cash, end of period  $94,259   $497,530 
Supplemental Schedule of Cash Flow Information:          
  Cash paid for interest  $102,100   $254,618 
Non-cash investing and financing activities:          
Derivative liability of debt issued  $2,909,127   $4,378,443 
Fair value of common stock issued upon conversion of notes and accrued interest   1,534,869    1,012,968 
Note payable converted to common stock   351,232    191,184 
Accrued interest converted to common stock   54,050    11,410 
Derivative liability extinguished upon conversion of debt   1,328,757    1,892,000 
Common stock issued as payment of prepaid consulting fees   —      1,250,000 

 

5 

 

 

 

 

THINSPACE TECHNOLOGY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2015 and 2014

(Unaudited)

 

NOTE 1 - ORGANIZATION AND LINE OF BUSINESS

 

COMPANY OVERVIEW

 

Nature of Operations

 

THINSPACE TECHNOLOGY, INC. (formerly Vanity Events Holding, Inc.)  (the “Company”, “Thinspace” “we”, “us” or “our”), was organized as a Delaware corporation on August 25, 2004, and is a holding company. We are a cloud computing company that  develops software productivity solutions that allow our customers secure access to centrally managed desktop or software applications  and to work and collaborate from anywhere, accessing enterprise apps and data on any of the latest devices, as easily as they would in their own office- simply and securely.

 

The Company’s principal activity is the development and sale of network software. The company has a desktop virtualization solution suite, named skySpace, offering 5 key products:

 

•   skyDesk - a simple management software solution for Microsoft remote desktop users.
•   skyGate – software solution that allows secure remote access to applications and data from outside of the corporate network.
•   skyView – provides access to applications or Windows desktops from a browser on any device, including iPad, iPhone or Android tablet or Smartphone.
•   skyDirect  – a virtual desktop infrastructure (VDI) software solution that allows secure fast access to hosted virtual desktops.
 •   skyPoint – A branded hardware thin client endpoint aimed for the enterprise and corporate market.

 

We sell directly to independent software vendors and Application Service Providers (ASPs) and to end users through a chain of distributors and resellers. Our larger customers are predominantly large businesses based around the world, with a concentration in North America, the Far East and India.

 

Our operating subsidiaries are Thinspace Technology Ltd (“Thinspace UK”), organized and operating in the United Kingdom, and Thinspace Technology Ltd. (“Thinspace US”), a Nevada corporation formed on August 24, 2010 and operating in the states of Florida and Texas.

 

BASIS OF PRESENTATION AND GOING CONCERN

 

Basis of Presentation

 

The accompanying condensed consolidated financial statements are unaudited. The unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading.

 

These interim financial statements as of and for the three and six months ended June 30, 2015 and 2014 are unaudited; however, in the opinion of management, such statements include all adjustments (consisting of normal recurring accruals) necessary to present fairly the financial position, results of operations and cash flows of the Company for the periods presented. The results for the three and six months ended June 30, 2015 are not necessarily indicative of the results to be expected for the year ending December 31, 2015 or for any future period. All references to June 30, 2015 and 2014 in these footnotes are unaudited.

 

These unaudited condensed financial statements should be read in conjunction with our audited financial statements and the notes thereto for the year ended December 31, 2014, included in the Company's annual report on Form 10-K filed with the SEC on March 31, 2015.

 

The condensed balance sheet as of December 31, 2014 has been derived from the audited financial statements at that date but does not include all disclosures required by the accounting principles generally accepted in the United States of America.

 

Going Concern

 

We incurred a net loss of $31,573,322 for the six months ended June 30, 2015. As of June 30, 2015 we have negative working capital of $44,258,324 and a stockholders’ deficit of $45,288,549. As a result, there is substantial doubt about the Company’s ability to continue as a going concern at June 30, 2015.

 

Management has implemented its business plan to add new products, increase marketing activities and, as a result, increase revenue. Our ability to continue to implement our current business plan and continue as a going concern ultimately is dependent upon our ability to obtain additional equity or debt financing, attain further operating efficiencies and to achieve profitable operations.

 

6 

 

 

There can be no assurances that funds will be available to the Company when needed or, if available, that such funds will be available under favorable terms. In the event that the Company is unable to generate adequate revenues to cover expenses and cannot obtain additional funds in the near future, the Company may seek protection under bankruptcy laws.  To date, management has not considered this alternative, nor does management view it as a likely occurrence, since the Company is progressing with various potential sources of new capital and we anticipate a successful outcome from these activities. However, capital markets remain difficult and there can be no certainty of a successful outcome from these activities. 

  

The accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. This basis of accounting contemplates the recovery of the Company’s assets and the satisfaction of liabilities in the normal course of business and does not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.  

 

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

PRINCIPLES OF CONSOLIDATION

 

The unaudited condensed consolidated financial statements include the accounts of Thinspace Technology, Inc. and its wholly-owned subsidiaries, Thinspace UK and Thinspace US. All material inter-company accounts and transactions have been eliminated.

 

USE OF ESTIMATES

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

 

CASH AND CASH EQUIVALENTS

 

For the purpose of the statements of cash flows, we consider all highly liquid investments purchased with original maturities of three months or less to be cash equivalents.

 

ACCOUNTS RECEIVABLE


Accounts receivable are reported at the customers' outstanding balances less any allowance for doubtful accounts. Interest is not accrued on overdue accounts receivable. The Company evaluates receivables on a regular basis for potential reserve.   The accounts receivable balances of $86,717 and $158,329 as of June 30, 2015 and December 31, 2014, respectively, do not include an allowance for doubtful accounts as the Company anticipates payment on all accounts within the next fiscal year. The Company routinely evaluates accounts receivable for uncollectible amounts.

 

REVENUE RECOGNITION

 

The Company is party to certain volume licensing arrangements that include a perpetual license for current products combined with rights to receive unspecified future versions of software products, which the Company has determined are additional software products and are therefore accounted for as subscriptions, with billings recorded as unearned revenue and recognized as revenue ratably over the coverage period. Arrangements that include term based licenses for current products with the right to use unspecified future versions of the software during the coverage period are also accounted for as subscriptions, with revenue recognized ratably over the coverage period.

 

Revenue from cloud-based services arrangements that allow for the use of a hosted software product or service over a contractually determined period of time without taking possession of software are accounted for as subscriptions with billings recorded as unearned revenue and recognized as revenue ratably over the coverage period beginning on the date the service is made available to customers.

 

Some volume licensing arrangements include time-based subscriptions for cloud-based services and software offerings that are accounted for as subscriptions. These arrangements are considered multiple element arrangements. However, because all elements are accounted for as subscriptions and have the same coverage period and delivery pattern, they have the same revenue recognition timing.

 

DEFERRED REVENUE

 

Deferred revenue related to support and maintenance is recorded in a manner consistent with the Company’s revenue recognition policy. The Company typically enters into one-year upgrade and maintenance contracts with its customers. The upgrade and maintenance contracts are generally paid in advance but can be billed monthly or quarterly. The Company defers such payments and recognizes revenue ratably over the contract period.

 

7 

 

 

INVENTORY

 

The Company values its inventory at the lower of cost (first-in, first-out) or market. The Company uses estimates and judgments regarding the valuation of inventory to properly value inventory. Inventory adjustments are made for the difference between the cost of the inventory and the estimated realizable value and charged to cost of goods sold in the period in which the facts that give rise to the adjustments become known.

FAIR VALUE OF FINANCIAL INSTRUMENTS

 

Our short-term financial instruments, including cash, accounts receivable and accounts payable and accrued expenses consist primarily of instruments without extended maturities, the fair value of which, based on management’s estimates, reasonably approximate their book value. The fair value of our notes and advances payable is based on management estimates and reasonably approximates their book value based on their terms.

 

Fair value measurements

 

ASC 820 “Fair Value Measurements and Disclosure” establishes a framework for measuring fair value and expands disclosure about fair value measurements. 

 

ASC 820 defines fair value as the amount that would be received for an asset or paid to transfer a liability (i.e., an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes the following three levels of inputs that may be used:

 

Level 1 – Quoted prices in active markets for identical assets or liabilities.

 

Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

 

Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.  

 

In accordance with ASC 820, the following table represents the Company's fair value hierarchy for its financial assets and (liabilities) measured at fair value on a recurring basis as of June 30, 2015:

 

   Level 1    Level 2    Level 3     Total
Liabilities                    
Conversion derivative liabilities  $—     $—     $41,710,904   $41,710,904 
Total Liabilities  $—     $—     $41,710,904   $41,710,904 

 

The table below sets forth a summary of changes in the fair value of the Company’s Level 3 financial liabilities (conversion and warrant derivative liabilities) for the six months ended June 30, 2015.

 

   2015
Balance at beginning of year  $12,173,986 
Additions and modifications to derivative instruments   3,222,413 
Change in fair value of derivative liabilities   27,643,262 
Reclassification upon conversion of debt   (1,328,757)
Balance at end of period  $41,710,904 

 

The following is a description of the valuation methodologies used for these items:

 

Conversion derivative liability — these instruments consist of certain of our notes which are convertible based on a discount to the market value of our common stock. These instruments were valued using pricing models which incorporate the Company’s stock price, volatility, U.S. risk free rate, dividend rate and estimated life.

 

CONCENTRATIONS OF CREDIT RISK

 

The Company performs ongoing credit evaluations of its customers. At June 30, 2015, three customers accounted for 59% of accounts receivable.

 

The Company maintains cash and cash equivalents with major financial institutions. Cash held in US bank accounts is insured up to $250,000 at each institution. Cash held in UK bank accounts is insured up to £85,000 (approximately $134,000 at June 30, 2015) at each institution for each entity.  At times, cash balances may exceed the insured limits. The Company has not experienced any loss on these accounts.  The balances are maintained in demand accounts to minimize risk.

 

8 

 

  

 

RESEARCH AND DEVELOPMENT

 

Expenses related to present and future products are expensed as incurred.

 

FOREIGN CURRENCY TRANSLATION

 

The financial statements of the Company’s U.K. subsidiary, Thinspace UK, are measured using the British Pound as the functional currency. Assets, liabilities and equity accounts of the company are translated at exchange rates as of the balance sheet date or historical acquisition date, depending on the nature of the account. Revenues and expenses are translated at average rates of exchange in effect throughout the year. The resulting cumulative translation adjustments have been recorded as a separate component of stockholders' equity. The unaudited condensed consolidated financial statements are presented in United States of America dollars.

 

LOSS PER SHARE

 

We use ASC 260, “Earnings Per Share” for calculating the basic and diluted income (loss) per share. We compute basic income (loss) per share by dividing net income (loss) and net income (loss) attributable to common shareholders by the weighted average number of common shares outstanding.

 

Dilutive common stock equivalents consist of shares issuable upon conversion of debt and preferred stock and the exercise of our stock warrants. There were 4,346,081,103 common share equivalents at June 30, 2015 and 215,155,252 at June 30, 2014, which have been excluded from the computation of the weighted average diluted shares. 

 

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

 

Recent accounting pronouncements issued by the FASB and the SEC did not, or are not believed by management to have a material impact on the Company's present or future consolidated financial statements.

 

NOTE 3 – CONVERTIBLE NOTES PAYABLE

 

IBC Funds 2015 Financings

 

During January and February of 2015 the Company received additional funds, aggregating $167,000, pursuant to a Securities Purchase Agreement with IBC Funds, LLC (“IBC Funds”) dated May 29, 2014 in which the Company sold to IBC Funds an 8% convertible debenture in the principal amount of up to $617,500. The debenture matures on the third anniversary of the date of issuance and bears interest a rate of 8% per year, payable semi-annually and on the maturity date. IBC Funds may convert, at any time, the outstanding principal and accrued interest on the debenture into shares of the Company’s common stock, at a conversion price per share at 40% of the lowest closing bid price for the Company’s common stock during the previous 20 trading days. The conversion price is subject to adjustment in the event of sales by the Company of common stock or securities convertible into common stock at a price per share lower than the then-effective conversion price, to such lower price, subject to certain exceptions. A total of $617,000 has been received pursuant to this debenture.

 

During March, April and May 2015 the Company received additional funds, aggregating $305,000, pursuant to a Securities Purchase Agreement originally entered into with Greystone Capital Partners, Inc. (“Greystone”) dated May 29, 2014 in which the Company sold to Greystone Funds an 8% convertible debenture in the principal amount of up to $617,500. Greystone has assigned $305,000 of this debenture to IBC Funds. The debenture matures on the third anniversary of the date of issuance and bears interest a rate of 8% per year, payable semi-annually and on the maturity date. IBC Funds may convert, at any time, the outstanding principal and accrued interest on the debenture into shares of the Company’s common stock, at a conversion price per share at 40% of the lowest closing bid price for the Company’s common stock during the previous 20 trading days. The conversion price is subject to adjustment in the event of sales by the Company of common stock or securities convertible into common stock at a price per share lower than the then-effective conversion price, to such lower price, subject to certain exceptions. A total of $361,000 has been received pursuant to this debenture, $305,000 from IBC Funds in 2015 and $56,000 from Greystone in 2014.

 

LG Capital March 19, 2015 Financing

 

On March 20, 2015, the Company entered into and closed a securities purchase agreement with LG Capital Funding, LLC (“LG Capital”), pursuant to which the Company issued and sold to LG Capital an 8% convertible redeemable note in the principal amount of $137,500 for a purchase price of $131,250. The note matures on the one year anniversary of the date of issuance and bears interest a rate of 8% per year, payable on the maturity date. LG Capital may convert, at any time, the outstanding principal and accrued interest on the note into shares of the Company’s common stock, at a conversion price equal to 70% of the average of the 5 lowest closing prices of the common stock for the twenty prior trading days including the day upon which a notice of conversion is received by the Company. 

9 

 

Iconic Holdings March 23, 2015 Financing

 

On March 23, 2015, the Company entered into and closed a securities purchase agreement with Iconic Holdings, LLC (“Iconic”), pursuant to which the Company issued and sold to Iconic a 6% convertible debenture in the principal amount of $50,000 for a purchase price of $50,000. The note matures on the one year anniversary of the date of issuance and bears interest a rate of 6% per year, payable on the maturity date. Iconic may convert, at any time, the outstanding principal and accrued interest on the note into shares of the Company’s common stock, at a conversion price equal to 70% of the average of the 5 lowest closing prices of the common stock for the twenty prior trading days including the day upon which a notice of conversion is received by the Company. 

Black Mountain March 23, 2015 Financing
 

On March 23, 2015, the Company entered into, and on March 25, 2015, the Company closed a securities purchase agreement with Black Mountain Equities, Inc. (“Black Mountain”), pursuant to which the Company sold to Black Mountain a 10% convertible note in the principal amount of $105,000 for a purchase price of $100,000. The note matures on the two year anniversary of the date of issuance and bears interest a rate of 10% per year, payable on the maturity date. Black Mountain may convert, at any time, the outstanding principal and accrued interest on the note into shares of the Company’s common stock, at a conversion price equal to the lesser of (a) $0.17 or (b) 70% of the average of the three lowest closing bids occurring during the twenty consecutive trading days immediately preceding the applicable conversion date.

  

RDW Capital, LLC April 6, 2015 Financing

 

On April 6, 2015, the Company issued and sold to RDW Capital, LLC (“RDW”) a 6% convertible debenture in the principal amount of $105,000 for a purchase price of $100,000. The debenture is convertible into the Company’s common stock at a conversion price equal to 65% of the average of the 3 lowest closing prices of the common stock for the twenty trading days prior to conversion. Repayment of the debenture is due one year from the date of issuance.

 

St. George Investments LLC April 9, 2015 Financing

 

On April 9, 2015, the Company entered into and closed a securities purchase agreement with St. George Investments LLC (“St. George”), pursuant to which the Company issued and sold to St. George an 8% convertible promissory note in the principal amount of $107,500 for a purchase price of $100,000. The note is convertible into the Company’s common stock at a conversion price equal to 65% of the lowest closing bid price of the common stock for the twenty trading days prior to conversion. Repayment of the note is due one year from the date of issuance.

 

Blue Citi PR April 10, 2015 Financing

 

On April 10, 2015, the Company entered into and closed a securities purchase agreement with Blue Citi PR (“Blue Citi”), pursuant to which the Company issued and sold to Blue Citi a 8% convertible debenture in the principal amount of up to $535,000 for a purchase price of $500,000 payable as follows: (i) $200,000 was paid upon issuance; (ii) $200,000 is payable at Blue Citi’s discretion at any time within 60 days of issuance provided that, if Blue Citi does not make such payment prior to the date this is 60 days from the date of issuance, Blue Citi will be required to make such payment on the date that is 60 days from the date of issuance, subject to the condition that the average trading price for the Company’s common stock for the five trading days prior to the date that is 60 days from the date of issuance is equal to or greater than 50% of the 5 day average trading price prior to the date of issuance, and (iii) $100,000 at the sole discretion of Blue Citi within 365 days of the date of issuance provided that, if Blue Citi does not make the second $200,000 payment under the debenture within 60 days of the date of issuance, Blue Citi will not have the right to make such $100,000 payment. The debenture is convertible into the Company’s common stock at a conversion price equal to 65% of the average of the three lowest trading prices for the common stock for the twenty trading days prior to conversion. Repayment of the debenture is due two years from the date of issuance.

 

On May 14, 2015 the Company entered into an Amendment with Blue Citi PR whereby the terms were adjusted as follows: i) $200,000paid to the Company upon issuance; (ii) $200,000 payable to the Company on June 10, 2015; and $100,000 payable to the Company on July 10, 2015.eEach such payment reflects a 7% original issue discountadded to the principal amount at time of payment(up to $14,000). 

 

The conversion features of the debentures described above contain a variable conversion rate. As a result, we have classified the conversion features as derivative liabilities in the financial statements. Upon issuance, we have recorded conversion feature liabilities of $2,207,486. The value of the conversion feature liabilities was determined using the Black-Scholes method based on the following assumptions:  (1) risk free interest rates of between 0.265 - 0.625%; (2) dividend yield of 0%; (3) volatility factor of the expected market price of our common stock of between 165% - 210%; and (4) expected lives of 1 – 2.42 years. The Company has allocated $1,191,077 to debt discount, to be amortized over the life of the debt, with the balance of $1,016,409 being charged to expense at issue.  

 

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NOTE 4 –DERIVATIVE LIABILITIES

 

The Company has identified certain embedded derivatives related to its convertible debentures, convertible preferred stock and a debt purchase agreement. Since certain of the debentures, the preferred stock and the debt settlement agreement are convertible into a variable number of shares, the conversion features of those debentures are recorded as derivative liabilities. The accounting treatment of derivative financial instruments requires that the Company record fair value of the derivatives as of the inception date and to adjust to fair value as of each subsequent balance sheet date. 

 

Convertible Debentures and Debt Settlement Agreement

 

During the six months ended June 30, 2015, $351,232 of principal and $54,050 of accrued interest was converted into 102,472,583 shares of common stock. The Company has recorded expense of $373,301 for the three and six months ended June 30, 2015 related to the change in fair value of the conversion feature through the dates of conversion.

 

At June 30, 2015, we recalculated the fair value of the embedded conversion feature of our notes and debt settlement agreement subject to derivative accounting and have determined that their fair value at June 30, 2015 was $34,858,939. The value of the conversion liabilities was determined using the Black-Scholes method based on the following assumptions:  (1) risk free interest rate of 0.015% - 0.625%; (2) dividend yield of 0%; (3) volatility factor of the expected market price of our common stock of between 180% - 273% and (4) an expected life of 0.75 – 1.91 years. We recorded expense of $24,268,281 and $23,437,194 during the three and six months ended June 30, 2015, respectively, related to the change in fair value.  

 

During the three and six months ended June 30, 2015 we recorded additions to our derivative conversion liabilities related to the conversion feature attributable to interest accrued during the period. These additions aggregated $555,415 and $701,641 for the three and six months ended June 30, 2015, respectively, which has been charged to interest expense.

 

Convertible Preferred Stock

 

The conversion feature of our Series B preferred stock has been adjusted due to the subsequent issuance of debt. As a result, the conversion price is now $0.0024 per share, such that an aggregate of 31,250,000 shares of the Company’s common stock are issuable upon such conversion. The Company has recorded income of $98,950 for the three and six months ended June 30, 2015, related to the change in fair value of the conversion feature of the preferred stock through the date of adjustment. The Company has also recorded an expense of $313,286 for the three and six months ended June 30, 2015 due to the increase in the fair value of the conversion feature as a result of the modification.

 

At June 30, 2015, we recalculated the fair value of the embedded conversion feature of our Series B and Series C preferred stock subject to derivative accounting and have determined that the fair value at June 30, 2015 was $6,851,965. The value of the conversion liabilities was determined using the Black-Scholes method based on the following weighted average assumptions:  (1) risk free interest rate of 0.295%; (2) dividend yield of 0%; (3) volatility factor of the expected market price of our common stock of 199% and (4) an expected life of 1 year. We recorded expense of $4,271,950 and $3,934,717 during the three and six months ended June 30, 2015, respectively, related to the change in fair value.   

  

Derivative liability activity for the six months ended June 30, 2015 is summarized as follows:

 

   Balance at December 31, 2014  Additions  Modifications  Conversions  Reclassifications  Change in Value  Balance at June 30, 2015
Convertible notes, interest and debt settlement  $9,471,074   $2,909,127   $—     $(1,328,757)  $—     $23,807,495   $34,858,939 
Convertible preferred stock   2,702,912    —      313,286    —      —      3,835,767    6,851,965 
   $12,173,986   $2,909,127   $313,286   $(1,328,757)  $—     $27,643,262   $41,710,904 

   

NOTE 5 – STOCKHOLDERS’ EQUITY

  

Preferred Stock

 

The Company is authorized to issue 50,000,000 shares of preferred stock, with par value of $0.001 per share, of which 75,000 shares have been designated as Series B 10% Convertible preferred stock, with par value of $0.001 per share, and 672,000 shares have been designated as Series C Convertible preferred stock. There were 75,000 Series B shares and 672,000 Series C shares issued and outstanding as of June 30, 2015.

 

Common Stock

 

The Company is authorized to issue 500,000,000 shares of common stock, with par value of $0.001 per share. As of June 30, 2015 and December 31, 2014, there were 203,024,028 and 98,381,445 shares of common stock issued and outstanding, respectively.

 

During the six months ended June 30, 2015, we issued 102,472,583 shares of common stock upon the conversion of $351,232 of debt principal and $54,050 of accrued interest.

 

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During June 2015 we issued stock grants of 1,000,000 shares to each of two directors, valued at $22,600. The grants vest upon the one year anniversary of issuance. The expense will be recorded over that one year period. We have recorded an expense of $1,900 for the three and six months ended June 30, 2015.

 

During June 2015 we issued 150,000 shares of common stock, valued at $1,950, as payment for financing activities.

   

During May 2014 we issued a stock grant to an employee in the amount of 200,000 shares of common stock, valued at $34,000. The grant vests upon the two year anniversary, on May 29, 2016. The expense will be recorded over that two year period. We have recorded an expense of $4,250 and $8,500 for the three and six months ended June 30, 2015, respectively.

 

Options Outstanding

 

We have recorded an expense for employee options of $86,684 and $184,543 for the three and six months ended June 30, 2015, respectively.

   

NOTE 6 - COMMITMENTS AND CONTINGENCIES

 

LEASE

 

We currently occupy office space pursuant to various short term leases expiring in 2015. Effective July 2015 we entered into an office lease with a five year term expiring in July, 2020. Annual minimum lease payments range from approximately $33,000 for the first year to approximately $47,000 for the final year.

 

Rent expense for the three months ended June 30, 2015 and 2014 was $13,403 and $25,057, respectively. Rent expense for the six months ended June 30, 2015 and 2014 was $33,861 and $62,426, respectively.

 

LITIGATION

 

From time to time, the Company and its subsidiaries may become involved in various lawsuits and legal proceedings, which arise in the ordinary course of business.  However, litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business. The Company and its subsidiaries are currently not aware of any such legal proceedings or claims that they believe will have, individually or in the aggregate, a material adverse effect on our business, financial condition or operating results.  

 

NOTE 7 - SUBSEQUENT EVENTS

 

Common Shares Issued

 

During the month of July 2015, we issued 92,703,180 shares of common stock upon the conversion of $118,408 of note principal and $78 of accrued interest.

 

During the month of August 2015, we issued 58,500,000 shares of common stock upon the conversion of $66,500 of note principal.

Debt Financings

 

During the month of July 2015 the Company received funds, aggregating $62,400, pursuant to a Securities Purchase Agreement originally entered into with Blue Citi PR LLC (“Blue Citi “) dated April 10, 2015 in which the Company sold to Blue Citi an 8% convertible debenture in the principal amount of up to $535,000.

 

During the month of August 2015 the Company received an additional $74,900, pursuant to this purchase agreement. Blue Citi has assigned the April 10, 2015 debenture to Blue Citi, LLC. The Company has received a total of $395,900 pursuant to this debenture.

 

Black Mountain Buyback

 

On August 10, 2015, the Company entered into a payoff agreement with Black Mountain, pursuant to which the Company paid to Black Mountain $70,000, and issued to Black Mountain a non-convertible note in the principal amount of $30,000, due one year from the date of issuance, in exchange for the Company’s convertible note issued to Black Mountain, dated March 23, 2015, in the original principal amount of $105,000. 

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

 

Overview

 

Thinspace Technology, Inc. is a hardware and software cloud computing company specifically focused on desktop virtualization. Our solutions deliver and manage centralized desktop computing from a pool of shared computing resources (‘the Cloud’) to the end users. This allows our customers secure access to centrally managed Desktops or Software Applications and to work and collaborate from anywhere, accessing enterprise apps and data on any of the latest devices, as easily as they would in their own office- simply and securely. 

 

Our cloud computing solutions help IT and service providers build both private and public clouds, leveraging virtualization and networking technologies to deliver high-performance, elastic and cost-effective services for mobile workstyles.

 

Our products have been designed to suit the needs of all sizes of organizations from 5 to 50,000+ users. Customers have found our products to be easier to use, faster to implement and cheaper to maintain than other similar software, which is important to small and medium sized companies and governmental offices as well as large enterprise organizations that are looking to reduce their IT infrastructure costs. We market and license our products directly to systems integrators, or SIs, in addition to indirectly through value-added resellers, or VARs, value-added distributors, or VADs, and original equipment manufacturers, or OEMs. 

 

Our operating subsidiaries are Thinspace Technology Ltd (“Thinspace UK”), organized and operating in the United Kingdom, and Thinspace Technology Ltd. (“Thinspace US”), a Nevada corporation formed on August 24, 2010 and operating in the states of Florida and Texas.

 

In this report, the terms the “Company”, “we”, “us”, and “our” refer to Thinspace Technology, Inc., a Delaware corporation, and its operating subsidiaries, Thinspace UK and Thinspace US, unless the context otherwise requires.

 

Critical Accounting Policies

 

The preparation of our financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and judgments that affect our reported assets, liabilities, revenues, and expenses, and the disclosure of contingent assets and liabilities. We base our estimates and judgments on historical experience and on various other assumptions we believe to be reasonable under the circumstances. Future events, however, may differ markedly from our current expectations and assumptions. While there are a number of significant accounting policies affecting our financial statements, we believe the following critical accounting policies involve the most complex, difficult and subjective estimates and judgments:

 

Use of Estimates - The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and, accordingly, require management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

 

Going Concern - The financial statements have been prepared on a going concern basis, and do not reflect any adjustments related to the uncertainty surrounding our recurring losses or accumulated deficit

 

Revenue Recognition - We recognize revenue in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 605 “Revenue Recognition”. Revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred and title has transferred or services have been rendered, the price is fixed and determinable and collectability is reasonably assured. Revenue is not recognized on product sales transacted on a test or pilot basis. Instead, receipts from these types of transactions offset marketing expenses.

 

Deferred Revenue - Deferred revenue related to support and maintenance is recorded in a manner consistent with the Company’s revenue recognition policy. The Company typically enters into one-year upgrade and maintenance contracts with its customers. The upgrade and maintenance contracts are generally paid in advance but can be billed monthly or quarterly. The Company defers such payment and recognizes revenue ratably over the contract period. 

 

Fair Value of Financial Instruments - Our short-term financial instruments, including cash, accounts payable and other liabilities, consist primarily of instruments without extended maturities, the fair value of which, based on management’s estimates, reasonably approximate their book value. The fair value of the Company’s derivative instruments is determined using option pricing models.

 

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Results of Operations

 

Three Months ended June 30, 2015 as compared to the Three Months ended June 30, 2014

 

Revenues:

 

Revenue was $332,693 for the three months ended June 30, 2015 compared to revenue of $2,593,997 for the three months ended June 30, 2014. Overall, our revenues decreased 87% for the 2015 period as compared to the 2014 period. The decrease is primarily attributable to the delivery of a large order during the 2014 period (representing approximately 80% of 2014 revenue).

 

Cost of goods sold:

 

Cost of goods sold as a percent of revenue was 26% and 67% for the three months ended June 30, 2015 and 2014, respectively. Cost of goods sold consists of software development, purchased hardware and software costs and shipping costs. Cost of goods sold as a percentage of revenue varies based on the various costs incurred, relative to the timing of the recognition of revenue.

 

Operating expense:

 

Operating expense decreased 55% for the three months ended June 30, 2015, compared to the three months ended June 30, 2014. Our costs have decreased as we have curtailed expenses for consulting, compensation and other costs. Included in our operating expenses for the three months of 2015 and 2014 is $94,784 and $873,466, respectively, of non-cash expense for stock based compensation. The balance of our other operating expenses includes salaries, consulting, marketing and general overhead expenses.

 

We expect that our operating expenses will ultimately increase as our business grows and we devote additional resources towards promoting that growth, most notably reflected in anticipated increases in salaries for sales personnel and technical resources.

 

Other income (expense):

 

We had expense from the change in the fair value of our derivative liabilities of $28,814,582 during the three months ended June 30, 2015 compared with income of $22,862,151 during the three months ended June 30, 2014. The change in the fair value of our derivative liabilities resulted primarily from the changes in our stock price and the volatility of our common stock during the reported periods. Refer to Note 4 to the financial statements for further discussion of our derivative liabilities.

 

We reported gain from the conversion of debt of $22,657 during the three months ended June 30, 2015, with no comparable item for the three months ended June 30, 2014. The gain on debt conversion resulted from the issuance of shares of common stock to pay off debt, based on the fair value of the shares issued as compared to the carrying value of the related debt. The closing price on the date of conversion is used to compute the actual fair market value of our common stock in determining the amount of the gain or loss.

 

We reported interest expense of $1,828,444 during the three months ended June 30, 2015 as compared with interest expense of $1,686,014 during the three months ended June 30, 2014. Interest expense consists primarily of derivative liabilities issued during the period whose fair values exceeded the proceeds of the debt, aggregating $1,124,641 and $1,211,969 for the three months ended June 30, 2015 and 2014, respectively,and the expense associated with the price resets of certain of our derivative instruments, aggregating $313,286 for the three months ended June 30, 2015. The balance of the expense relates to the amortization of debt discount and interest accrued on debt.

 

Six Months ended June 30, 2015 as compared to the Six Months ended June 30, 2014

 

Revenues:

 

Revenue was $1,122,999 for the six months ended June 30, 2015 compared to revenue of $3,378,605 for the six months ended June 30, 2014. Overall, our revenues decreased 67% for the 2015 period as compared to the 2014 period. The decrease is primarily attributable to the delivery of a large order during the 2014 period (representing approximately 61% of 2014 revenue).


Cost of goods sold:

 

Cost of goods sold as a percent of revenue was 40% for the six months ended June 30, 2015 and 55% for the six months ended June 30, 2014. Cost of goods sold consists of software development, purchased hardware and software costs and shipping costs. Cost of goods sold as a percentage of revenue varies based on the various costs incurred, relative to the timing of the recognition of revenue.

 

Operating expense:

 

Operating expense decreased 41% for the six months ended June 30, 2015, compared to the six months ended June 30, 2014. Our costs have decreased as we have curtailed expenses for consulting, compensation and other costs. Included in our operating expenses for the first six months of 2015 and 2014 is $196,893 and $1,185,966, respectively, of non-cash expense for stock based compensation. The balance of our other operating expenses includes salaries, consulting, marketing and general overhead expenses.

 

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We expect that our operating expenses will ultimately increase as our business grows and we devote additional resources towards promoting that growth, most notably reflected in anticipated increases in salaries for sales personnel and technical resources.

 

Other income (expense):

 

We had expense from the change in the fair value of our derivative liabilities of $27,643,262 during the six months ended June 30, 2015, compared with income of $1,109,207 during the six months ended June 30, 2014. The change in the fair value of our derivative liabilities resulted primarily from the changes in our stock price and the volatility of our common stock during the reported periods. Refer to Note 4 to the financial statements for further discussion of our derivative liabilities.

  

We reported gain from the conversion of debt of $22,657 and $155,129 during the six months ended June 30, 2015 and 2014, respectively. The gain on debt conversion resulted from the issuance of shares of common stock to pay off debt, based on the fair value of the shares issued as compared to the carrying value of the related debt. The closing price on the date of conversion is used to compute the actual fair market value of our common stock in determining the amount of the gain or loss.

 

We reported interest expense of $2,681,350 during the six months ended June 30, 2015 as compared with interest expense of $5,470,899 during the six months ended June 30, 2014. Interest expense consists primarily of derivative liabilities issued during the period whose fair values exceeded the proceeds of the debt, aggregating $1,718,050 and $3,906,884 for the three months ended June 30, 2015 and 2014, respectively, and the expense associated with the price resets of certain of our derivative instruments, aggregating $313,286 and $1,033,365, respectively. The balance of the expense relates to the amortization of debt discount and interest accrued on debt.

 

 Liquidity and Capital Resources

 

Liquidity is the ability of a company to generate sufficient cash to satisfy its needs for cash. As of June 30, 2015 we had approximately $94,000 in cash and cash equivalents and a working capital deficit of $44,258,324 (resulting primarily from derivative liabilities aggregating $41,710,904), as compared to cash and cash equivalents of approximately $136,000 and a working capital deficit of $14,661,201 at December 31, 2014. Our recent sources of operating capital have been debt financings. We received proceeds from convertible and other notes aggregating $1,286,000 during the six months ended June 30, 2015.

 

Net Cash Provided by Operating Activities

 

We used $1,226,224 of cash in our operating activities during the six months ended June 30, 2015 compared to $1,096,009used by our operating activities for the six months ended June 30, 2014. The increase in net cash used results primarily from an increase in net loss of $176,775 (after adjusting for non-cash expenses), partially offset by the net changes in other current assets and liabilities.

 

Net Cash Used in Investing Activities

 

We did not incur any costs for the purchase of furniture and equipment during the six months ended June 30, 2015, compared to $6,529 used for the purchase of furniture and equipment during the six months ended June 30, 2014.

 

Net Cash Provided by Financing Activities

 

During the six months ended June 30, 2015, we received $1,285,650 from the sale of notes and convertible securities. We repaid $99,521 of notes payable and paid $11,050 of accrued preferred stock dividends.

 

During the six months ended June 30, 2014, we received $472,000 from the sale of our preferred stock, $961,000 from the sale of notes and convertible debentures and $21,000 from stockholder advances. We repaid $82,654 of notes payable and repaid $118,631 of shareholder advances.

 

We presently do not have any available credit, bank financing or other external sources of liquidity. We will need additional capital in order to continue operations until we are able to achieve positive operating cash flow. Additional capital is being sought, but we cannot guarantee that we will be able to obtain such investments. Financing transactions may include the issuance of equity or debt securities, obtaining credit facilities, or other financing mechanisms. However, the trading price of our common stock and a downturn in the equity and debt markets could make it more difficult to obtain financing through the issuance of equity or debt securities. Even if we are able to raise the funds required, we may incur unexpected costs and expenses, fail to collect significant amounts owed to us, or experience unexpected cash requirements that would force us to seek alternative financing. Furthermore, if we issue additional equity or debt securities, stockholders may experience additional dilution or the new equity securities may have rights, preferences or privileges senior to those of existing holders of our common stock. If additional financing is not available or is not available on acceptable terms, we will have to curtail our operations.

 

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Off-Balance Sheet Arrangements

 

We have not entered into any transactions with unconsolidated entities in which we have financial guarantees, subordinated retained interests, derivative instruments or other contingent arrangements that expose us to material continuing risks, contingent liabilities or any other obligations under a variable interest in an unconsolidated entity that provides us with financing, liquidity, market risk or credit risk support.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

 

Not required for a smaller reporting company.

 

Item 4. Controls and Procedures.

 

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) are recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission's (the “SEC”) rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports that we file under the Exchange Act is accumulated and communicated to our management, including our principal executive and financial officers, as appropriate to allow timely decisions regarding required disclosure.

 

As of the end of the period covered by this Quarterly Report, we conducted an evaluation, under the supervision and with the participation of our Chief Executive Officer (principal executive and financial officer), of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act). Based upon this evaluation, our Chief Executive Officer concluded that the Company’s disclosure controls and procedures are not effective to ensure that information required to be disclosed by the Company in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and also are not effective in ensuring that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the Company’s management, including the Company’s Chief Executive Officer, to allow timely decisions regarding required disclosure, due to the material weaknesses in our internal control over financial reporting discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, filed with the SEC on March 31, 2015, which continue to exist as of June 30, 2015.

 

Changes in Internal Control over Financial Reporting

 

There have been no changes in our internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Rule 13a-15 or 15d-15 under the Exchange Act that occurred during the quarter ended June 30, 2015 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

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PART II - OTHER INFORMATION

 

Item 1. Legal Proceedings.

 

We are not party to any material legal proceedings and no property of the Company is subject to any material legal proceedings.

 

Item 1A. Risk Factors.

 

Not required for a smaller reporting company.

 

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

 

None.

 

Item 3. Defaults Upon Senior Securities.

 

The Company is in default on outstanding convertible notes, issued between June 4, 2010 and April 10, 2015, in the aggregate principal amount of $3,403,107, due to failure to maintain a sufficient number of shares of common stock reserved for conversion. As a result of such defaults, the interest rate on these convertible notes has increased from between 6 to 10% to between 8 and 18%.

 

Item 4. Mine Safety Disclosures.

 

Not applicable.

 

Item 5. Other Information.

 

None.

 

Item 6. Exhibits.

 

No.   Description
31.1   Rule 13a-14(a)/ 15d-14(a) Certification of Principal Executive and Financial Officer
32.1   Section 1350 Certification of Principal Executive and Financial Officer
EX-101.INS   XBRL INSTANCE DOCUMENT
EX-101.SCH   XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT
EX-101.CAL   XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
EX-101.DEF   XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
EX-101.LAB   XBRL TAXONOMY EXTENSION LABELS LINKBASE
EX-101.PRE   XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

  Thinspace Technology, Inc.
     
Date: August 28, 2015 By: /s/ Jay Christopher Bautista
  Jay Christopher Bautista
  Chief Executive Officer
(principal executive, financial and accounting officer)

 

 

18

 

 

 

 

 

 

 

 EX-31.1 2 f10q0615ex31i_thinspacetech.htm CERTIFICATIONS

Exhibit 31.1

 

Certifications

I, Jay Christopher Bautista, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Thinspace Technology, Inc.;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Date: August 28, 2015

 
/s/ Jay Christopher Bautista  
Jay Christopher Bautista

Chief Executive Officer

(principal executive and financial officer)

 

 EX-32.1 3 f10q0615ex32i_thinspacetech.htm CERTIFICATION PURSUANT TO

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Thinspace Technology, Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2015, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Jay Christopher Bautista, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

 

(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

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

 

Dated: August 28, 2015

 

 
/s/ Jay Christopher Bautista  
Jay Christopher Bautista  

Chief Executive Officer

(principal executive and financial officer)

  

 

 

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(&#8220;Greystone&#8221;)&#160;dated May 29, 2014 in which the Company sold to Greystone&#160;Funds an 8% convertible debenture in the principal amount of up to $617,500. Greystone has assigned $305,000 of this debenture to IBC Funds. The debenture matures on the third anniversary of the date of issuance and bears interest a rate of 8% per year, payable semi-annually and on the maturity date. IBC Funds may convert, at any time, the outstanding principal and accrued interest on the debenture into shares of the Company&#8217;s common stock, at a conversion price per share at 40% of the lowest closing bid price for the Company&#8217;s common stock during the previous 20 trading days. The conversion price is subject to adjustment in the event of sales by the Company of common stock or securities convertible into common stock at a price per share lower than the then-effective conversion price, to such lower price, subject to certain exceptions. 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Black Mountain may convert, at any time, the outstanding principal and accrued interest on the note into shares of the Company&#8217;s common stock, at a conversion price equal to the lesser of (a) $0.17 or (b) 70% of the average of the three lowest closing bids occurring during the twenty consecutive trading days immediately preceding the applicable conversion date.</font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify; text-indent: 0.5in;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;&#160;</font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"><u>RDW Capital, LLC April 6, 2015 Financing</u></font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">On April 6, 2015, the Company issued and sold to RDW Capital, LLC (&#8220;RDW&#8221;) a 6% convertible debenture in the principal amount of $105,000 for a purchase price of $100,000. The debenture is convertible into the Company&#8217;s common stock at a conversion price equal to 65% of the average of the 3 lowest closing prices of the common stock for the twenty trading days prior to conversion. 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The note is convertible into the Company&#8217;s common stock at a conversion price equal to 65% of the lowest closing bid price of the common stock for the twenty trading days prior to conversion. 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The debenture is convertible into the Company&#8217;s common stock at a conversion price equal to 65% of the average of the three lowest trading prices for the common stock for the twenty trading days prior to conversion. 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As a result, we have classified the conversion features as derivative liabilities in the financial statements. Upon issuance, we have recorded conversion feature liabilities of $2,207,486. The value of the conversion feature liabilities was determined using the Black-Scholes method based on the following assumptions:&#160;&#160;(1)&#160;risk free interest rates of&#160;between 0.265 - 0.625%; (2)&#160;dividend yield of 0%; (3)&#160;volatility factor of the expected market price of our common stock of&#160;between 165% - 210%; and (4)&#160;expected lives of 1 &#8211; 2.42 years. 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The Company has recorded expense of $373,301 for the three and six months ended June 30, 2015 related to the change in fair value of the conversion feature through the dates of conversion.</font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-indent: 0.5in;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">At June 30, 2015, we recalculated the fair value of the embedded conversion feature of our notes and debt settlement agreement subject to derivative accounting and have determined that their fair value at June 30, 2015 was $34,858,939. The value of the conversion liabilities was determined using the Black-Scholes method based on the following assumptions:&#160;&#160;(1)&#160;risk free interest rate of&#160;0.015% - 0.625%; (2)&#160;dividend yield of 0%; (3)&#160;volatility factor of the expected market price of our common stock of&#160;between 180% - 273% and (4)&#160;an expected life of 0.75 &#8211; 1.91 years. 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As a result, the conversion price is now $0.0024 per share, such that an aggregate of 31,250,000 shares of the Company&#8217;s common stock are issuable upon such conversion. The Company has recorded income of $98,950 for the three and six months ended June 30, 2015, related to the change in fair value of the conversion feature of the preferred stock through the date of adjustment. The Company has also recorded an expense of $313,286 for the three and six months ended June 30, 2015 due to the increase in the fair value of the conversion feature as a result of the modification.</p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">&#160;</p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">At June 30, 2015, we recalculated the fair value of the embedded conversion feature of our Series B and Series C preferred stock subject to derivative accounting and have determined that the fair value at June 30, 2015 was $6,851,965. 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text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="width: 15px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 8.5pt; line-height: normal; font-family: 'times new roman', times, serif;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="width: 15px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 8.5pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">$</font></td><td style="width: 141px; 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font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="width: 15px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 8.5pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">$</font></td><td style="width: 141px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 8.5pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">34,858,939</font></td><td style="width: 15px; 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line-height: normal; font-family: 'times new roman', times, serif; padding-bottom: 1.5pt;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 8.5pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 8.5pt; line-height: normal; font-family: 'times new roman', times, serif; 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font-weight: normal; font-stretch: normal; font-size: 8.5pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 8.5pt; line-height: normal; font-family: 'times new roman', times, serif; padding-bottom: 1.5pt;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 8.5pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 8.5pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">313,286</font></td><td style="padding-bottom: 1.5pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 8.5pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; 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The Company uses estimates and judgments regarding the valuation of inventory to properly value inventory. Inventory adjustments are made for the difference between the cost of the inventory and the estimated realizable value and charged to cost of goods sold in the period in which the facts that give rise to the adjustments become known.</font></p> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 12pt 0px 0px; text-align: justify;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"><b>FAIR VALUE OF FINANCIAL INSTRUMENTS</b></font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-indent: 0.5in;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">Our short-term financial instruments, including cash, accounts receivable and accounts payable and accrued expenses consist primarily of instruments without extended maturities, the fair value of which, based on management&#8217;s estimates, reasonably approximate their book value. 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font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="width: 16px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding-bottom: 1.5pt;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="width: 16px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">$</font></td><td style="width: 142px; 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font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding-bottom: 1.5pt;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="width: 15px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">$</font></td><td style="width: 141px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; 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font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">$</font></td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; 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border-bottom-style: double; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">$</font></td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">41,710,904</font></td><td style="padding-bottom: 4pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; 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Cash held in US bank accounts is insured up to $250,000 at each institution. Cash held in UK bank accounts is insured up to &#163;85,000 (approximately $134,000 at June 30, 2015) at each institution for each entity.&#160;&#160;At times, cash balances may exceed the insured limits.&#160;The Company has not experienced any loss on these accounts.&#160;&#160;The balances are maintained in demand accounts to minimize risk.</font></p> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"><b>RESEARCH AND DEVELOPMENT</b></font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-indent: 0.5in;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">Expenses related to present and future products are expensed as incurred.</font></p> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"><b>FOREIGN CURRENCY TRANSLATION</b></font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-indent: 0.5in;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">The financial statements of the Company&#8217;s U.K. subsidiary, Thinspace UK, are measured using the British Pound as the functional currency. Assets, liabilities and equity accounts of the company are translated at exchange rates as of the balance sheet date or historical acquisition date, depending on the nature of the account. Revenues and expenses are translated at average rates of exchange in effect throughout the year. The resulting cumulative translation adjustments have been recorded as a separate component of stockholders' equity. 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font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="padding-bottom: 1.5pt; text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="padding-bottom: 1.5pt; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="padding-bottom: 1.5pt; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; 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font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; 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border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">$</font></td><td style="width: 142px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#8212;&#160;&#160;</font></td><td style="width: 16px; padding-bottom: 1.5pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="width: 16px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding-bottom: 1.5pt;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="width: 16px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">$</font></td><td style="width: 142px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#8212;&#160;&#160;</font></td><td style="width: 16px; padding-bottom: 1.5pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="width: 15px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding-bottom: 1.5pt;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="width: 15px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">$</font></td><td style="width: 141px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">41,710,904</font></td><td style="width: 15px; padding-bottom: 1.5pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="width: 15px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding-bottom: 1.5pt;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="width: 15px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">$</font></td><td style="width: 141px; 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font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left; padding-bottom: 4pt;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">Total Liabilities</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding-bottom: 4pt;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">$</font></td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#8212;&#160;&#160;</font></td><td style="padding-bottom: 4pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding-bottom: 4pt;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">$</font></td><td style="border-bottom-color: black; 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font-family: 'times new roman', times, serif; padding-bottom: 4pt;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">$</font></td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">41,710,904</font></td><td style="padding-bottom: 4pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding-bottom: 4pt;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">$</font></td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">41,710,904</font></td><td style="padding-bottom: 4pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td></tr></table> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: center; text-indent: 0.5in;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></p><table style="font: 10pt/normal calibri, helvetica, sans-serif; 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font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="width: 15px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 8.5pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">$</font></td><td style="width: 141px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 8.5pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">23,807,495</font></td><td style="width: 15px; 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font-weight: normal; font-stretch: normal; font-size: 8.5pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 8.5pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">2,702,912</font></td><td style="padding-bottom: 1.5pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 8.5pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 8.5pt; line-height: normal; font-family: 'times new roman', times, serif; padding-bottom: 1.5pt;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 8.5pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; 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font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 8.5pt; line-height: normal; font-family: 'times new roman', times, serif; padding-bottom: 1.5pt;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 8.5pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 8.5pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">313,286</font></td><td style="padding-bottom: 1.5pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 8.5pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 8.5pt; line-height: normal; font-family: 'times new roman', times, serif; padding-bottom: 1.5pt;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 8.5pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 8.5pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#8212;&#160;&#160;</font></td><td style="padding-bottom: 1.5pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 8.5pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 8.5pt; line-height: normal; font-family: 'times new roman', times, serif; padding-bottom: 1.5pt;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 8.5pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 8.5pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#8212;&#160;&#160;</font></td><td style="padding-bottom: 1.5pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 8.5pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 8.5pt; line-height: normal; font-family: 'times new roman', times, serif; padding-bottom: 1.5pt;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 8.5pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 8.5pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">3,835,767</font></td><td style="padding-bottom: 1.5pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 8.5pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 8.5pt; line-height: normal; font-family: 'times new roman', times, serif; padding-bottom: 1.5pt;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 8.5pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 8.5pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">6,851,965</font></td><td style="padding-bottom: 1.5pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 8.5pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 4pt;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 8.5pt; line-height: normal; font-family: 'times new roman', times, serif; padding-bottom: 4pt;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 8.5pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">$</font></td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 8.5pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">12,173,986</font></td><td style="padding-bottom: 4pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 8.5pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 8.5pt; line-height: normal; font-family: 'times new roman', times, serif; padding-bottom: 4pt;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 8.5pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">$</font></td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 8.5pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">2,909,127</font></td><td style="padding-bottom: 4pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 8.5pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 8.5pt; line-height: normal; font-family: 'times new roman', times, serif; padding-bottom: 4pt;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></td><td style="border-bottom-color: black; 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Subsequent Events (Details) - Subsequent Event [Member] - USD ($)
 1 Months Ended
Aug. 14, 2015
Aug. 10, 2015
Jul. 31, 2015
Subsequent Event [Line Items]      
Common stock shares issued upon conversion, value $ 66,500   $ 118,408
Common stock shares issued upon conversion 58,500,000   92,703,180
Amount of accrued interest converted     $ 78
Blue Citi PR [Member]      
Subsequent Event [Line Items]      
Proceeds from convertible debt     $ 62,400
Convertible debenture percentage     8.00%
Additional borrowing under purchase agreement $ 74,900    
Maximum borrowing line of credit     $ 535,000
Current borrowing line of credit $ 395,900    
Black Mountain Financing [Member]      
Subsequent Event [Line Items]      
Original principal amount   $ 105,000  
Principal amount paid in cash   70,000  
Black Mountain Financing [Member] | Non-convertible Note [Member]      
Subsequent Event [Line Items]      
Original principal amount   $ 30,000  
XML 13 R9.htm IDEA: XBRL DOCUMENT v3.2.0.727
Derivative Liabilities
 6 Months Ended
Jun. 30, 2015
Derivative Liabilities [Abstract]  
DERIVATIVE LIABILITIES

NOTE 4 –DERIVATIVE LIABILITIES

 

The Company has identified certain embedded derivatives related to its convertible debentures, convertible preferred stock and a debt purchase agreement. Since certain of the debentures, the preferred stock and the debt settlement agreement are convertible into a variable number of shares, the conversion features of those debentures are recorded as derivative liabilities. The accounting treatment of derivative financial instruments requires that the Company record fair value of the derivatives as of the inception date and to adjust to fair value as of each subsequent balance sheet date. 

 

Convertible Debentures and Debt Settlement Agreement

 

During the six months ended June 30, 2015, $351,232 of principal and $54,050 of accrued interest was converted into 102,472,583 shares of common stock. The Company has recorded expense of $373,301 for the three and six months ended June 30, 2015 related to the change in fair value of the conversion feature through the dates of conversion.

 

At June 30, 2015, we recalculated the fair value of the embedded conversion feature of our notes and debt settlement agreement subject to derivative accounting and have determined that their fair value at June 30, 2015 was $34,858,939. The value of the conversion liabilities was determined using the Black-Scholes method based on the following assumptions:  (1) risk free interest rate of 0.015% - 0.625%; (2) dividend yield of 0%; (3) volatility factor of the expected market price of our common stock of between 180% - 273% and (4) an expected life of 0.75 – 1.91 years. We recorded expense of $24,268,281 and $23,437,194 during the three and six months ended June 30, 2015, respectively, related to the change in fair value.  

 

During the three and six months ended June 30, 2015 we recorded additions to our derivative conversion liabilities related to the conversion feature attributable to interest accrued during the period. These additions aggregated $555,415 and $701,641 for the three and six months ended June 30, 2015, respectively, which has been charged to interest expense.

 

Convertible Preferred Stock

 

The conversion feature of our Series B preferred stock has been adjusted due to the subsequent issuance of debt. As a result, the conversion price is now $0.0024 per share, such that an aggregate of 31,250,000 shares of the Company’s common stock are issuable upon such conversion. The Company has recorded income of $98,950 for the three and six months ended June 30, 2015, related to the change in fair value of the conversion feature of the preferred stock through the date of adjustment. The Company has also recorded an expense of $313,286 for the three and six months ended June 30, 2015 due to the increase in the fair value of the conversion feature as a result of the modification.

 

At June 30, 2015, we recalculated the fair value of the embedded conversion feature of our Series B and Series C preferred stock subject to derivative accounting and have determined that the fair value at June 30, 2015 was $6,851,965. The value of the conversion liabilities was determined using the Black-Scholes method based on the following weighted average assumptions:  (1) risk free interest rate of 0.295%; (2) dividend yield of 0%; (3) volatility factor of the expected market price of our common stock of 199% and (4) an expected life of 1 year. We recorded expense of $4,271,950 and $3,934,717 during the three and six months ended June 30, 2015, respectively, related to the change in fair value.   

  

Derivative liability activity for the six months ended June 30, 2015 is summarized as follows:

  Balance at December 31, 2014 Additions Modifications Conversions Reclassifications Change in Value Balance at June 30, 2015
Convertible notes, interest and debt settlement $9,471,074  $2,909,127  $—    $(1,328,757) $—    $23,807,495  $34,858,939 
Convertible preferred stock  2,702,912   —     313,286   —     —     3,835,767   6,851,965 
  $12,173,986  $2,909,127  $313,286  $(1,328,757) $—    $27,643,262  $41,710,904 
 
XML 14 R8.htm IDEA: XBRL DOCUMENT v3.2.0.727
Convertible Notes Payable
 6 Months Ended
Jun. 30, 2015
Convertible Notes Payable [Abstract]  
CONVERTIBLE NOTES PAYABLE

NOTE 3 – CONVERTIBLE NOTES PAYABLE

 

IBC Funds 2015 Financings

During January and February of 2015 the Company received additional funds, aggregating $167,000, pursuant to a Securities Purchase Agreement with IBC Funds, LLC (“IBC Funds”) dated May 29, 2014 in which the Company sold to IBC Funds an 8% convertible debenture in the principal amount of up to $617,500. The debenture matures on the third anniversary of the date of issuance and bears interest a rate of 8% per year, payable semi-annually and on the maturity date. IBC Funds may convert, at any time, the outstanding principal and accrued interest on the debenture into shares of the Company’s common stock, at a conversion price per share at 40% of the lowest closing bid price for the Company’s common stock during the previous 20 trading days. The conversion price is subject to adjustment in the event of sales by the Company of common stock or securities convertible into common stock at a price per share lower than the then-effective conversion price, to such lower price, subject to certain exceptions. A total of $617,000 has been received pursuant to this debenture.

 

During March, April and May 2015 the Company received additional funds, aggregating $305,000, pursuant to a Securities Purchase Agreement originally entered into with Greystone Capital Partners, Inc. (“Greystone”) dated May 29, 2014 in which the Company sold to Greystone Funds an 8% convertible debenture in the principal amount of up to $617,500. Greystone has assigned $305,000 of this debenture to IBC Funds. The debenture matures on the third anniversary of the date of issuance and bears interest a rate of 8% per year, payable semi-annually and on the maturity date. IBC Funds may convert, at any time, the outstanding principal and accrued interest on the debenture into shares of the Company’s common stock, at a conversion price per share at 40% of the lowest closing bid price for the Company’s common stock during the previous 20 trading days. The conversion price is subject to adjustment in the event of sales by the Company of common stock or securities convertible into common stock at a price per share lower than the then-effective conversion price, to such lower price, subject to certain exceptions. A total of $361,000 has been received pursuant to this debenture, $305,000 from IBC Funds in 2015 and $56,000 from Greystone in 2014.

 

LG Capital March 19, 2015 Financing

On March 20, 2015, the Company entered into and closed a securities purchase agreement with LG Capital Funding, LLC (“LG Capital”), pursuant to which the Company issued and sold to LG Capital an 8% convertible redeemable note in the principal amount of $137,500 for a purchase price of $131,250. The note matures on the one year anniversary of the date of issuance and bears interest a rate of 8% per year, payable on the maturity date. LG Capital may convert, at any time, the outstanding principal and accrued interest on the note into shares of the Company’s common stock, at a conversion price equal to 70% of the average of the 5 lowest closing prices of the common stock for the twenty prior trading days including the day upon which a notice of conversion is received by the Company. 

Iconic Holdings March 23, 2015 Financing

On March 23, 2015, the Company entered into and closed a securities purchase agreement with Iconic Holdings, LLC (“Iconic”), pursuant to which the Company issued and sold to Iconic a 6% convertible debenture in the principal amount of $50,000 for a purchase price of $50,000. The note matures on the one year anniversary of the date of issuance and bears interest a rate of 6% per year, payable on the maturity date. Iconic may convert, at any time, the outstanding principal and accrued interest on the note into shares of the Company’s common stock, at a conversion price equal to 70% of the average of the 5 lowest closing prices of the common stock for the twenty prior trading days including the day upon which a notice of conversion is received by the Company. 

Black Mountain March 23, 2015 Financing
 

On March 23, 2015, the Company entered into, and on March 25, 2015, the Company closed a securities purchase agreement with Black Mountain Equities, Inc. (“Black Mountain”), pursuant to which the Company sold to Black Mountain a 10% convertible note in the principal amount of $105,000 for a purchase price of $100,000. The note matures on the two year anniversary of the date of issuance and bears interest a rate of 10% per year, payable on the maturity date. Black Mountain may convert, at any time, the outstanding principal and accrued interest on the note into shares of the Company’s common stock, at a conversion price equal to the lesser of (a) $0.17 or (b) 70% of the average of the three lowest closing bids occurring during the twenty consecutive trading days immediately preceding the applicable conversion date.

  

RDW Capital, LLC April 6, 2015 Financing

 

On April 6, 2015, the Company issued and sold to RDW Capital, LLC (“RDW”) a 6% convertible debenture in the principal amount of $105,000 for a purchase price of $100,000. The debenture is convertible into the Company’s common stock at a conversion price equal to 65% of the average of the 3 lowest closing prices of the common stock for the twenty trading days prior to conversion. Repayment of the debenture is due one year from the date of issuance.

 

St. George Investments LLC April 9, 2015 Financing

 

On April 9, 2015, the Company entered into and closed a securities purchase agreement with St. George Investments LLC (“St. George”), pursuant to which the Company issued and sold to St. George an 8% convertible promissory note in the principal amount of $107,500 for a purchase price of $100,000. The note is convertible into the Company’s common stock at a conversion price equal to 65% of the lowest closing bid price of the common stock for the twenty trading days prior to conversion. Repayment of the note is due one year from the date of issuance.

 

Blue Citi PR April 10, 2015 Financing

 

On April 10, 2015, the Company entered into and closed a securities purchase agreement with Blue Citi PR (“Blue Citi”), pursuant to which the Company issued and sold to Blue Citi a 8% convertible debenture in the principal amount of up to $535,000 for a purchase price of $500,000 payable as follows: (i) $200,000 was paid upon issuance; (ii) $200,000 is payable at Blue Citi’s discretion at any time within 60 days of issuance provided that, if Blue Citi does not make such payment prior to the date this is 60 days from the date of issuance, Blue Citi will be required to make such payment on the date that is 60 days from the date of issuance, subject to the condition that the average trading price for the Company’s common stock for the five trading days prior to the date that is 60 days from the date of issuance is equal to or greater than 50% of the 5 day average trading price prior to the date of issuance, and (iii) $100,000 at the sole discretion of Blue Citi within 365 days of the date of issuance provided that, if Blue Citi does not make the second $200,000 payment under the debenture within 60 days of the date of issuance, Blue Citi will not have the right to make such $100,000 payment. The debenture is convertible into the Company’s common stock at a conversion price equal to 65% of the average of the three lowest trading prices for the common stock for the twenty trading days prior to conversion. Repayment of the debenture is due two years from the date of issuance.

 

On May 14, 2015 the Company entered into an Amendment with Blue Citi PR whereby the terms were adjusted as follows: i) $200,000paid to the Company upon issuance; (ii) $200,000 payable to the Company on June 10, 2015; and $100,000 payable to the Company on July 10, 2015.eEach such payment reflects a 7% original issue discountadded to the principal amount at time of payment(up to $14,000). 

 

The conversion features of the debentures described above contain a variable conversion rate. As a result, we have classified the conversion features as derivative liabilities in the financial statements. Upon issuance, we have recorded conversion feature liabilities of $2,207,486. The value of the conversion feature liabilities was determined using the Black-Scholes method based on the following assumptions:  (1) risk free interest rates of between 0.265 - 0.625%; (2) dividend yield of 0%; (3) volatility factor of the expected market price of our common stock of between 165% - 210%; and (4) expected lives of 1 – 2.42 years. The Company has allocated $1,191,077 to debt discount, to be amortized over the life of the debt, with the balance of $1,016,409 being charged to expense at issue.  
XML 15 R2.htm IDEA: XBRL DOCUMENT v3.2.0.727
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2015
Dec. 31, 2014
Current assets:    
Cash and cash equivalents $ 94,259 $ 135,965
Accounts receivable 86,717 158,329
Inventory 88,383 100,637
Prepaid expenses and other current assets 16,116 17,058
Total current assets 285,475 411,989
Fixed assets, net of accumulated depreciation of $83,805 and $73,396, respectively 21,868 31,272
Intangible assets, net of accumulated amortization of $525,988 and $489,221, respectively 113,316 142,799
Other assets 115,748 104,683
Total assets 536,407 690,743
Current liabilities:    
Accounts payable and accrued expenses 1,673,165 1,627,641
Income taxes payable 29,000 29,000
Deferred revenue 534,886 773,163
Loans and notes payable, current portion 476,284 $ 469,400
Convertible notes payable, net of discount of $295,440 and $0, respectively 119,560  
Derivative liabilities 41,710,904 $ 12,173,986
Total current liabilities 44,543,799 15,073,190
Deferred revenue, long term 187,034 202,826
Convertible notes payable, net of discount of $1,506,626 and $1,247,035, respectively $ 1,094,123 849,396
Loans payable   13,953
Total liabilities $ 45,824,956 16,139,365
Stockholders' deficit    
Common stock authorized 500,000,000 shares, $0.001 par value, 203,024,028 and 98,381,445 shares issued and outstanding, respectively 203,024 98,381
Additional paid in capital 8,514,339 6,890,970
Accumulated deficit (53,988,195) (22,414,873)
Accumulated other comprehensive income (loss) (18,464) (23,847)
Total stockholders' deficit (45,288,549) (15,448,622)
Total liabilities and stockholders' deficit $ 536,407 $ 690,743
Preferred Stock, Undesignated    
Stockholders' deficit    
Preferred stock, value    
Preferred Stock, Series B    
Stockholders' deficit    
Preferred stock, value $ 75 $ 75
Preferred Stock,Series C    
Stockholders' deficit    
Preferred stock, value $ 672 $ 672
XML 16 R6.htm IDEA: XBRL DOCUMENT v3.2.0.727
Organization and Line of Business
 6 Months Ended
Jun. 30, 2015
Organization and Line of Business [Abstract]  
ORGANIZATION AND LINE OF BUSINESS

NOTE 1 - ORGANIZATION AND LINE OF BUSINESS

 

COMPANY OVERVIEW

 

Nature of Operations

 

THINSPACE TECHNOLOGY, INC. (formerly Vanity Events Holding, Inc.)  (the “Company”, “Thinspace” “we”, “us” or “our”), was organized as a Delaware corporation on August 25, 2004, and is a holding company. We are a cloud computing company that  develops software productivity solutions that allow our customers secure access to centrally managed desktop or software applications  and to work and collaborate from anywhere, accessing enterprise apps and data on any of the latest devices, as easily as they would in their own office- simply and securely.

 

The Company’s principal activity is the development and sale of network software. The company has a desktop virtualization solution suite, named skySpace, offering 5 key products:

 

•  skyDesk - a simple management software solution for Microsoft remote desktop users.
•  skyGate – software solution that allows secure remote access to applications and data from outside of the corporate network.
•  skyView – provides access to applications or Windows desktops from a browser on any device, including iPad, iPhone or Android tablet or Smartphone.
•  skyDirect  – a virtual desktop infrastructure (VDI) software solution that allows secure fast access to hosted virtual desktops.
 •  skyPoint – A branded hardware thin client endpoint aimed for the enterprise and corporate market.

 

We sell directly to independent software vendors and Application Service Providers (ASPs) and to end users through a chain of distributors and resellers. Our larger customers are predominantly large businesses based around the world, with a concentration in North America, the Far East and India.

 

Our operating subsidiaries are Thinspace Technology Ltd (“Thinspace UK”), organized and operating in the United Kingdom, and Thinspace Technology Ltd. (“Thinspace US”), a Nevada corporation formed on August 24, 2010 and operating in the states of Florida and Texas.

 

BASIS OF PRESENTATION AND GOING CONCERN

 

Basis of Presentation

 

The accompanying condensed consolidated financial statements are unaudited. The unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading.

 

These interim financial statements as of and for the three and six months ended June 30, 2015 and 2014 are unaudited; however, in the opinion of management, such statements include all adjustments (consisting of normal recurring accruals) necessary to present fairly the financial position, results of operations and cash flows of the Company for the periods presented. The results for the three and six months ended June 30, 2015 are not necessarily indicative of the results to be expected for the year ending December 31, 2015 or for any future period. All references to June 30, 2015 and 2014 in these footnotes are unaudited.

 

These unaudited condensed financial statements should be read in conjunction with our audited financial statements and the notes thereto for the year ended December 31, 2014, included in the Company's annual report on Form 10-K filed with the SEC on March 31, 2015.

 

The condensed balance sheet as of December 31, 2014 has been derived from the audited financial statements at that date but does not include all disclosures required by the accounting principles generally accepted in the United States of America.

 

Going Concern

 

We incurred a net loss of $31,573,322 for the six months ended June 30, 2015. As of June 30, 2015 we have negative working capital of $44,258,324 and a stockholders’ deficit of $45,288,549. As a result, there is substantial doubt about the Company’s ability to continue as a going concern at June 30, 2015.

 

Management has implemented its business plan to add new products, increase marketing activities and, as a result, increase revenue. Our ability to continue to implement our current business plan and continue as a going concern ultimately is dependent upon our ability to obtain additional equity or debt financing, attain further operating efficiencies and to achieve profitable operations.

 

There can be no assurances that funds will be available to the Company when needed or, if available, that such funds will be available under favorable terms. In the event that the Company is unable to generate adequate revenues to cover expenses and cannot obtain additional funds in the near future, the Company may seek protection under bankruptcy laws.  To date, management has not considered this alternative, nor does management view it as a likely occurrence, since the Company is progressing with various potential sources of new capital and we anticipate a successful outcome from these activities. However, capital markets remain difficult and there can be no certainty of a successful outcome from these activities. 

  

The accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. This basis of accounting contemplates the recovery of the Company’s assets and the satisfaction of liabilities in the normal course of business and does not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.  
XML 17 R22.htm IDEA: XBRL DOCUMENT v3.2.0.727
Derivative Liabilities (Details Textual) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2015
Jun. 30, 2014
Short-term Debt [Line Items]      
Accrued interest converted to common stock   $ 54,050 $ 11,410
Convertible Preferred Stock [Member]      
Short-term Debt [Line Items]      
Conversion feature liability $ 6,851,965 $ 6,851,965  
Fair value assumptions, risk free interest rate   0.295%  
Fair value assumptions, dividend yield   0.00%  
Fair value assumptions, expected volatility rate   199.00%  
Fair value assumptions, expected life (in years)   1 year  
Expense related to change in fair value $ (4,271,950) $ (3,934,717)  
Conversion price $ 0.0024 $ 0.0024  
Common shares issued for intrument exercisable   31,250,000  
Recorded income of fair value conversion feature   $ 98,950  
Recorded expense of fair value conversion feature $ 313,286 313,286  
Convertible Debentures and Debt Settlement Agreement [Member]      
Short-term Debt [Line Items]      
Conversion feature liability 34,858,939 $ 34,858,939  
Fair value assumptions, dividend yield   0.00%  
Expense related to change in fair value 24,268,281 $ 23,437,194  
Additions to interest expense 555,415 701,641  
Debt Instrument, Principal amount 351,232 $ 351,232  
Converted shares of common stock   102,472,583  
Expenses for change in fair value of conversion feature $ 373,301 $ 373,301  
Convertible Debentures and Debt Settlement Agreement [Member] | Minimum [Member]      
Short-term Debt [Line Items]      
Fair value assumptions, risk free interest rate   0.015%  
Fair value assumptions, expected volatility rate   180.00%  
Fair value assumptions, expected life (in years)   9 months  
Convertible Debentures and Debt Settlement Agreement [Member] | Maximum [Member]      
Short-term Debt [Line Items]      
Fair value assumptions, risk free interest rate   0.625%  
Fair value assumptions, expected volatility rate   273.00%  
Fair value assumptions, expected life (in years)   1 year 10 months 28 days  
XML 18 R24.htm IDEA: XBRL DOCUMENT v3.2.0.727
Commitments and Contingencies (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Commitments and Contingencies [Abstract]        
Short term lease on office space, expiration date     Dec. 31, 2015  
Rent expense $ 13,403 $ 25,057 $ 33,861 $ 62,426
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Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2015
Summary of Significant Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

PRINCIPLES OF CONSOLIDATION

 

The unaudited condensed consolidated financial statements include the accounts of Thinspace Technology, Inc. and its wholly-owned subsidiaries, Thinspace UK and Thinspace US. All material inter-company accounts and transactions have been eliminated.

 

USE OF ESTIMATES

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

 

CASH AND CASH EQUIVALENTS

 

For the purpose of the statements of cash flows, we consider all highly liquid investments purchased with original maturities of three months or less to be cash equivalents.

 

ACCOUNTS RECEIVABLE


Accounts receivable are reported at the customers' outstanding balances less any allowance for doubtful accounts. Interest is not accrued on overdue accounts receivable. The Company evaluates receivables on a regular basis for potential reserve.   The accounts receivable balances of $86,717 and $158,329 as of June 30, 2015 and December 31, 2014, respectively, do not include an allowance for doubtful accounts as the Company anticipates payment on all accounts within the next fiscal year. The Company routinely evaluates accounts receivable for uncollectible amounts.

 

REVENUE RECOGNITION

 

The Company is party to certain volume licensing arrangements that include a perpetual license for current products combined with rights to receive unspecified future versions of software products, which the Company has determined are additional software products and are therefore accounted for as subscriptions, with billings recorded as unearned revenue and recognized as revenue ratably over the coverage period. Arrangements that include term based licenses for current products with the right to use unspecified future versions of the software during the coverage period are also accounted for as subscriptions, with revenue recognized ratably over the coverage period.

 

Revenue from cloud-based services arrangements that allow for the use of a hosted software product or service over a contractually determined period of time without taking possession of software are accounted for as subscriptions with billings recorded as unearned revenue and recognized as revenue ratably over the coverage period beginning on the date the service is made available to customers.

 

Some volume licensing arrangements include time-based subscriptions for cloud-based services and software offerings that are accounted for as subscriptions. These arrangements are considered multiple element arrangements. However, because all elements are accounted for as subscriptions and have the same coverage period and delivery pattern, they have the same revenue recognition timing.

 

DEFERRED REVENUE

 

Deferred revenue related to support and maintenance is recorded in a manner consistent with the Company’s revenue recognition policy. The Company typically enters into one-year upgrade and maintenance contracts with its customers. The upgrade and maintenance contracts are generally paid in advance but can be billed monthly or quarterly. The Company defers such payments and recognizes revenue ratably over the contract period.

 

INVENTORY

 

The Company values its inventory at the lower of cost (first-in, first-out) or market. The Company uses estimates and judgments regarding the valuation of inventory to properly value inventory. Inventory adjustments are made for the difference between the cost of the inventory and the estimated realizable value and charged to cost of goods sold in the period in which the facts that give rise to the adjustments become known.

FAIR VALUE OF FINANCIAL INSTRUMENTS

 

Our short-term financial instruments, including cash, accounts receivable and accounts payable and accrued expenses consist primarily of instruments without extended maturities, the fair value of which, based on management’s estimates, reasonably approximate their book value. The fair value of our notes and advances payable is based on management estimates and reasonably approximates their book value based on their terms.

 

Fair value measurements

 

ASC 820 “Fair Value Measurements and Disclosure” establishes a framework for measuring fair value and expands disclosure about fair value measurements. 

 

ASC 820 defines fair value as the amount that would be received for an asset or paid to transfer a liability (i.e., an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes the following three levels of inputs that may be used:

 

Level 1 – Quoted prices in active markets for identical assets or liabilities.

 

Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

 

Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.  

 

In accordance with ASC 820, the following table represents the Company's fair value hierarchy for its financial assets and (liabilities) measured at fair value on a recurring basis as of June 30, 2015:

 

  Level 1   Level 2   Level 3    Total
Liabilities                
Conversion derivative liabilities $—    $—    $41,710,904  $41,710,904 
Total Liabilities $—    $—    $41,710,904  $41,710,904 

 

The table below sets forth a summary of changes in the fair value of the Company’s Level 3 financial liabilities (conversion and warrant derivative liabilities) for the six months ended June 30, 2015.

 

  2015
Balance at beginning of year $12,173,986 
Additions and modifications to derivative instruments  3,222,413 
Change in fair value of derivative liabilities  27,643,262 
Reclassification upon conversion of debt  (1,328,757)
Balance at end of period $41,710,904 

 

The following is a description of the valuation methodologies used for these items:

 

Conversion derivative liability — these instruments consist of certain of our notes which are convertible based on a discount to the market value of our common stock. These instruments were valued using pricing models which incorporate the Company’s stock price, volatility, U.S. risk free rate, dividend rate and estimated life.

 

CONCENTRATIONS OF CREDIT RISK

 

The Company performs ongoing credit evaluations of its customers. At June 30, 2015, three customers accounted for 59% of accounts receivable.

 

The Company maintains cash and cash equivalents with major financial institutions. Cash held in US bank accounts is insured up to $250,000 at each institution. Cash held in UK bank accounts is insured up to £85,000 (approximately $134,000 at June 30, 2015) at each institution for each entity.  At times, cash balances may exceed the insured limits. The Company has not experienced any loss on these accounts.  The balances are maintained in demand accounts to minimize risk.

  

RESEARCH AND DEVELOPMENT

 

Expenses related to present and future products are expensed as incurred.

 

FOREIGN CURRENCY TRANSLATION

 

The financial statements of the Company’s U.K. subsidiary, Thinspace UK, are measured using the British Pound as the functional currency. Assets, liabilities and equity accounts of the company are translated at exchange rates as of the balance sheet date or historical acquisition date, depending on the nature of the account. Revenues and expenses are translated at average rates of exchange in effect throughout the year. The resulting cumulative translation adjustments have been recorded as a separate component of stockholders' equity. The unaudited condensed consolidated financial statements are presented in United States of America dollars.

 

LOSS PER SHARE

 

We use ASC 260, “Earnings Per Share” for calculating the basic and diluted income (loss) per share. We compute basic income (loss) per share by dividing net income (loss) and net income (loss) attributable to common shareholders by the weighted average number of common shares outstanding.

 

Dilutive common stock equivalents consist of shares issuable upon conversion of debt and preferred stock and the exercise of our stock warrants. There were 4,346,081,103 common share equivalents at June 30, 2015 and 215,155,252 at June 30, 2014, which have been excluded from the computation of the weighted average diluted shares. 

 

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

 

Recent accounting pronouncements issued by the FASB and the SEC did not, or are not believed by management to have a material impact on the Company's present or future consolidated financial statements.
XML 21 R3.htm IDEA: XBRL DOCUMENT v3.2.0.727
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
Jun. 30, 2015
Dec. 31, 2014
Accumulated depreciation (in dollars) $ 83,805 $ 73,396
Accumulated amortization (in dollars) 525,988 489,221
Discount on convertible notes payable, current 295,440 0
Discount on convertible notes payable $ 1,506,626 $ 1,247,035
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized 500,000,000 500,000,000
Common stock, shares issued 203,024,028 98,381,445
Common stock, shares outstanding 203,024,028 98,381,445
Preferred Stock, Undesignated    
Preferred stock, par value (in dollars per share) $ 0.001 $ 0.001
Preferred stock, shares authorized 49,253,000 49,253,000
Preferred stock, shares issued    
Preferred stock, shares outstanding    
Preferred Stock, Series B    
Preferred stock, par value (in dollars per share) $ 0.001 $ 0.001
Preferred stock, shares authorized 75,000 75,000
Preferred stock, shares issued 75,000 75,000
Preferred stock, shares outstanding 75,000 75,000
Series C Preferred Stock [Member]    
Preferred stock, par value (in dollars per share) $ 0.001 $ 0.001
Preferred stock, shares authorized 672,000 672,000
Preferred stock, shares issued 672,000 672,000
Preferred stock, shares outstanding 672,000 672,000
XML 22 R17.htm IDEA: XBRL DOCUMENT v3.2.0.727
Summary of Significant Accounting Policies (Details) - USD ($)
Jun. 30, 2015
Dec. 31, 2014
Liabilities    
Conversion derivative liabilities $ 41,710,904 $ 12,173,986
Fair Value, Measurements, Recurring | Level 1    
Liabilities    
Conversion derivative liabilities    
Total Liabilities    
Fair Value, Measurements, Recurring | Level 2    
Liabilities    
Conversion derivative liabilities    
Total Liabilities    
Fair Value, Measurements, Recurring | Level 3    
Liabilities    
Conversion derivative liabilities $ 41,710,904  
Total Liabilities 41,710,904  
Fair Value, Measurements, Recurring | Total    
Liabilities    
Conversion derivative liabilities 41,710,904  
Total Liabilities $ 41,710,904  
XML 23 R1.htm IDEA: XBRL DOCUMENT v3.2.0.727
Document and Entity Information - shares
 6 Months Ended
Jun. 30, 2015
Aug. 17, 2015
Document and Entity Information [Abstract]    
Entity Registrant Name Thinspace Technology, Inc.  
Entity Central Index Key 0001393935  
Amendment Flag false  
Trading Symbol thns  
Current Fiscal Year End Date --12-31  
Document Type 10-Q  
Document Period End Date Jun. 30, 2015  
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2015  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   362,227,188
XML 24 R18.htm IDEA: XBRL DOCUMENT v3.2.0.727
Summary of Significant Accounting Policies (Details 1) - USD ($)
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at beginning of year $ 12,173,986  
Additions and modifications to derivative instruments 3,222,413  
Change in fair value of derivative liabilities (27,643,262) $ 1,109,207
Reclassification upon conversion of debt (1,328,757)  
Balance at end of period $ 41,710,904  
XML 25 R4.htm IDEA: XBRL DOCUMENT v3.2.0.727
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Income Statement [Abstract]        
Revenues $ 332,693 $ 2,593,997 $ 1,122,999 $ 3,378,605
Cost of goods sold 86,827 1,728,552 449,093 1,844,231
Gross profit 245,866 865,445 673,906 1,534,374
Operating expense:        
Selling, general and administrative 908,974 2,060,561 1,905,833 3,249,135
Depreciation and amortization 19,811 20,251 39,440 40,035
Total operating expense 928,785 2,080,812 1,945,273 3,289,170
Loss from operations (682,919) (1,215,367) (1,271,367) (1,754,796)
Gain (loss) on change in fair value of derivative liability (28,814,582) $ 22,862,151 (27,643,262) 1,109,207
Gain on conversion of debt 22,657   (22,657) 155,129
Interest expense (1,828,444) $ (1,686,014) (2,681,350) (5,470,899)
Income (loss) before provision for income taxes $ (31,303,288) $ 19,960,770 $ (31,573,322) $ (5,961,359)
Provision for income taxes        
Net income (loss) $ (31,303,288) $ 19,960,770 $ (31,573,322) $ (5,961,359)
Preferred dividend (1,875) (1,875) (3,750) (3,750)
Net income (loss) attributable to common shareholders $ (31,305,163) $ 19,958,895 $ (31,577,072) $ (5,965,109)
Basic and diluted income (loss) per share $ (0.27) $ 0.22 $ (0.30) $ (0.07)
Weighted average shares outstanding, Basic and diluted 114,109,046 92,334,401 106,288,692 91,140,929
Comprehensive income (loss):        
Net income (loss) $ (31,303,288) $ 19,960,770 $ (31,573,322) $ (5,961,359)
Foreign currency translation adjustments (11,417) (11,141) 5,383 (18,238)
Comprehensive income (loss) $ (31,314,705) $ 19,949,629 $ (31,567,939) $ (5,979,597)
XML 26 R12.htm IDEA: XBRL DOCUMENT v3.2.0.727
Subsequent Events
 6 Months Ended
Jun. 30, 2015
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 7 - SUBSEQUENT EVENTS

 

Common Shares Issued

 

During the month of July 2015, we issued 92,703,180 shares of common stock upon the conversion of $118,408 of note principal and $78 of accrued interest.

 

During the month of August 2015, we issued 58,500,000 shares of common stock upon the conversion of $66,500 of note principal.

Debt Financings

 

During the month of July 2015 the Company received funds, aggregating $62,400, pursuant to a Securities Purchase Agreement originally entered into with Blue Citi PR LLC (“Blue Citi “) dated April 10, 2015 in which the Company sold to Blue Citi an 8% convertible debenture in the principal amount of up to $535,000.

 

During the month of August 2015 the Company received an additional $74,900, pursuant to this purchase agreement. Blue Citi has assigned the April 10, 2015 debenture to Blue Citi, LLC. The Company has received a total of $395,900 pursuant to this debenture.

 

Black Mountain Buyback

 

On August 10, 2015, the Company entered into a payoff agreement with Black Mountain, pursuant to which the Company paid to Black Mountain $70,000, and issued to Black Mountain a non-convertible note in the principal amount of $30,000, due one year from the date of issuance, in exchange for the Company’s convertible note issued to Black Mountain, dated March 23, 2015, in the original principal amount of $105,000. 
XML 27 R11.htm IDEA: XBRL DOCUMENT v3.2.0.727
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2015
Commitments and Contingencies [Abstract]  
COMMITMENTS AND CONTINGENCIES

NOTE 6 - COMMITMENTS AND CONTINGENCIES

 

LEASE

 

We currently occupy office space pursuant to various short term leases expiring in 2015. Effective July 2015 we entered into an office lease with a five year term expiring in July, 2020. Annual minimum lease payments range from approximately $33,000 for the first year to approximately $47,000 for the final year.

 

Rent expense for the three months ended June 30, 2015 and 2014 was $13,403 and $25,057, respectively. Rent expense for the six months ended June 30, 2015 and 2014 was $33,861 and $62,426, respectively.

 

LITIGATION

From time to time, the Company and its subsidiaries may become involved in various lawsuits and legal proceedings, which arise in the ordinary course of business.  However, litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business. The Company and its subsidiaries are currently not aware of any such legal proceedings or claims that they believe will have, individually or in the aggregate, a material adverse effect on our business, financial condition or operating results.  
XML 28 R23.htm IDEA: XBRL DOCUMENT v3.2.0.727
Stockholders' Equity (Details) - USD ($)
 1 Months Ended 3 Months Ended 6 Months Ended
May. 31, 2014
Jun. 30, 2015
Jun. 30, 2015
Jun. 30, 2014
Dec. 31, 2014
Class of Stock [Line Items]          
Common stock, par value (in dollars per share)   $ 0.001 $ 0.001   $ 0.001
Common stock, shares authorized   500,000,000 500,000,000   500,000,000
Common stock, shares issued   203,024,028 203,024,028   98,381,445
Common stock, shares outstanding   203,024,028 203,024,028   98,381,445
Stock granted to each director $ 34,000   $ 1,950    
Stock granted to each director, shares 200,000   150,000    
Employee shares vesting period 2 years        
Compensation expense   $ 4,250 $ 8,500    
Employee shares expiration date May 29, 2016        
Accrued interest converted to common stock     54,050 $ 11,410  
Two Directors [Member]          
Class of Stock [Line Items]          
Stock granted to each director     $ 22,600    
Stock granted to each director, shares     1,000,000    
Employee shares vesting period     1 year    
Compensation expense     $ 1,900    
Employee Stock Option [Member]          
Class of Stock [Line Items]          
Compensation expense   $ 86,684 $ 184,543    
Series B Preferred Stock [Member]          
Class of Stock [Line Items]          
Preferred stock, par value (in dollars per share)   $ 0.001 $ 0.001   $ 0.001
Preferred stock, shares authorized   75,000 75,000   75,000
Preferred stock, shares issued   75,000 75,000   75,000
Preferred stock, shares outstanding   75,000 75,000   75,000
Series C Preferred Stock [Member]          
Class of Stock [Line Items]          
Preferred stock, par value (in dollars per share)   $ 0.001 $ 0.001   $ 0.001
Preferred stock, shares authorized   672,000 672,000   672,000
Preferred stock, shares issued   672,000 672,000   672,000
Preferred stock, shares outstanding   672,000 672,000   672,000
Preferred Stock [Member]          
Class of Stock [Line Items]          
Preferred stock, shares authorized   50,000,000 50,000,000    
Common Stock [Member]          
Class of Stock [Line Items]          
Converted shares of common stock     102,472,583    
Debt Instrument, Principal amount   $ 351,232 $ 351,232    
XML 29 R19.htm IDEA: XBRL DOCUMENT v3.2.0.727
Summary of Significant Accounting Policies (Detail Textual)
 6 Months Ended
Jun. 30, 2015
USD ($)
shares
Jun. 30, 2014
shares
Jun. 30, 2015
EUR (€)
Dec. 31, 2014
USD ($)
Summary of Significant Accounting Policies (Textual)        
Accounts receivable $ 86,717     $ 158,329
Common share equivalents excluded from the computation of the weighted average diluted shares | shares 4,346,081,103 215,155,252    
Three Customers [Member] | Accounts Receivable [Member]        
Summary of Significant Accounting Policies (Textual)        
Concentration risk, percentage 59.00%      
US Bank [Member]        
Summary of Significant Accounting Policies (Textual)        
Cash $ 250,000      
UK Bank [Member]        
Summary of Significant Accounting Policies (Textual)        
Cash $ 134,000   € 85,000  
XML 30 R15.htm IDEA: XBRL DOCUMENT v3.2.0.727
Derivative Liabilities (Tables)
 6 Months Ended
Jun. 30, 2015
Derivative Liabilities [Abstract]  
Schedule of Derivative liability activity

 

  Balance at December 31, 2014 Additions Modifications Conversions Reclassifications Change in Value Balance at June 30, 2015
Convertible notes, interest and debt settlement $9,471,074  $2,909,127  $—    $(1,328,757) $—    $23,807,495  $34,858,939 
Convertible preferred stock  2,702,912   —     313,286   —     —     3,835,767   6,851,965 
  $12,173,986  $2,909,127  $313,286  $(1,328,757) $—    $27,643,262  $41,710,904 
XML 31 R13.htm IDEA: XBRL DOCUMENT v3.2.0.727
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2015
Summary of Significant Accounting Policies [Abstract]  
PRINCIPLES OF CONSOLIDATION

PRINCIPLES OF CONSOLIDATION

 

The unaudited condensed consolidated financial statements include the accounts of Thinspace Technology, Inc. and its wholly-owned subsidiaries, Thinspace UK and Thinspace US. All material inter-company accounts and transactions have been eliminated.
USE OF ESTIMATES

USE OF ESTIMATES

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS

 

For the purpose of the statements of cash flows, we consider all highly liquid investments purchased with original maturities of three months or less to be cash equivalents.
Accounts receivable

ACCOUNTS RECEIVABLE


Accounts receivable are reported at the customers' outstanding balances less any allowance for doubtful accounts. Interest is not accrued on overdue accounts receivable. The Company evaluates receivables on a regular basis for potential reserve.   The accounts receivable balances of $86,717 and $158,329 as of June 30, 2015 and December 31, 2014, respectively, do not include an allowance for doubtful accounts as the Company anticipates payment on all accounts within the next fiscal year. The Company routinely evaluates accounts receivable for uncollectible amounts.
REVENUE RECOGNITION

REVENUE RECOGNITION

 

The Company is party to certain volume licensing arrangements that include a perpetual license for current products combined with rights to receive unspecified future versions of software products, which the Company has determined are additional software products and are therefore accounted for as subscriptions, with billings recorded as unearned revenue and recognized as revenue ratably over the coverage period. Arrangements that include term based licenses for current products with the right to use unspecified future versions of the software during the coverage period are also accounted for as subscriptions, with revenue recognized ratably over the coverage period.

 

Revenue from cloud-based services arrangements that allow for the use of a hosted software product or service over a contractually determined period of time without taking possession of software are accounted for as subscriptions with billings recorded as unearned revenue and recognized as revenue ratably over the coverage period beginning on the date the service is made available to customers.

 

Some volume licensing arrangements include time-based subscriptions for cloud-based services and software offerings that are accounted for as subscriptions. These arrangements are considered multiple element arrangements. However, because all elements are accounted for as subscriptions and have the same coverage period and delivery pattern, they have the same revenue recognition timing.
Deferred revenue

DEFERRED REVENUE

 

Deferred revenue related to support and maintenance is recorded in a manner consistent with the Company’s revenue recognition policy. The Company typically enters into one-year upgrade and maintenance contracts with its customers. The upgrade and maintenance contracts are generally paid in advance but can be billed monthly or quarterly. The Company defers such payments and recognizes revenue ratably over the contract period.
Inventory

INVENTORY

 

The Company values its inventory at the lower of cost (first-in, first-out) or market. The Company uses estimates and judgments regarding the valuation of inventory to properly value inventory. Inventory adjustments are made for the difference between the cost of the inventory and the estimated realizable value and charged to cost of goods sold in the period in which the facts that give rise to the adjustments become known.
FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

 

Our short-term financial instruments, including cash, accounts receivable and accounts payable and accrued expenses consist primarily of instruments without extended maturities, the fair value of which, based on management’s estimates, reasonably approximate their book value. The fair value of our notes and advances payable is based on management estimates and reasonably approximates their book value based on their terms.

 

Fair value measurements

 

ASC 820 “Fair Value Measurements and Disclosure” establishes a framework for measuring fair value and expands disclosure about fair value measurements. 

 

ASC 820 defines fair value as the amount that would be received for an asset or paid to transfer a liability (i.e., an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes the following three levels of inputs that may be used:

 

Level 1 – Quoted prices in active markets for identical assets or liabilities.

 

Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

 

Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.  

 

In accordance with ASC 820, the following table represents the Company's fair value hierarchy for its financial assets and (liabilities) measured at fair value on a recurring basis as of June 30, 2015:

 

  Level 1   Level 2   Level 3    Total
Liabilities                
Conversion derivative liabilities $—    $—    $41,710,904  $41,710,904 
Total Liabilities $—    $—    $41,710,904  $41,710,904 

 

The table below sets forth a summary of changes in the fair value of the Company’s Level 3 financial liabilities (conversion and warrant derivative liabilities) for the six months ended June 30, 2015.

 

  2015
Balance at beginning of year $12,173,986 
Additions and modifications to derivative instruments  3,222,413 
Change in fair value of derivative liabilities  27,643,262 
Reclassification upon conversion of debt  (1,328,757)
Balance at end of period $41,710,904 

 

The following is a description of the valuation methodologies used for these items:

 

Conversion derivative liability — these instruments consist of certain of our notes which are convertible based on a discount to the market value of our common stock. These instruments were valued using pricing models which incorporate the Company’s stock price, volatility, U.S. risk free rate, dividend rate and estimated life.
CONCENTRATIONS OF CREDIT RISK

CONCENTRATIONS OF CREDIT RISK

 

The Company performs ongoing credit evaluations of its customers. At June 30, 2015, three customers accounted for 59% of accounts receivable.

 

The Company maintains cash and cash equivalents with major financial institutions. Cash held in US bank accounts is insured up to $250,000 at each institution. Cash held in UK bank accounts is insured up to £85,000 (approximately $134,000 at June 30, 2015) at each institution for each entity.  At times, cash balances may exceed the insured limits. The Company has not experienced any loss on these accounts.  The balances are maintained in demand accounts to minimize risk.
RESEARCH AND DEVELOPMENT

RESEARCH AND DEVELOPMENT

 

Expenses related to present and future products are expensed as incurred.
FOREIGN CURRENCY TRANSLATION

FOREIGN CURRENCY TRANSLATION

 

The financial statements of the Company’s U.K. subsidiary, Thinspace UK, are measured using the British Pound as the functional currency. Assets, liabilities and equity accounts of the company are translated at exchange rates as of the balance sheet date or historical acquisition date, depending on the nature of the account. Revenues and expenses are translated at average rates of exchange in effect throughout the year. The resulting cumulative translation adjustments have been recorded as a separate component of stockholders' equity. The unaudited condensed consolidated financial statements are presented in United States of America dollars.
LOSS PER SHARE

LOSS PER SHARE

 

We use ASC 260, “Earnings Per Share” for calculating the basic and diluted income (loss) per share. We compute basic income (loss) per share by dividing net income (loss) and net income (loss) attributable to common shareholders by the weighted average number of common shares outstanding.

 

Dilutive common stock equivalents consist of shares issuable upon conversion of debt and preferred stock and the exercise of our stock warrants. There were 4,346,081,103 common share equivalents at June 30, 2015 and 215,155,252 at June 30, 2014, which have been excluded from the computation of the weighted average diluted shares. 
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

 

Recent accounting pronouncements issued by the FASB and the SEC did not, or are not believed by management to have a material impact on the Company's present or future consolidated financial statements.
XML 32 R14.htm IDEA: XBRL DOCUMENT v3.2.0.727
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2015
Summary of Significant Accounting Policies [Abstract]  
Schedule of financial assets and liabilities measured at fair value on recurring basis

 

  Level 1   Level 2   Level 3    Total
Liabilities                
Conversion derivative liabilities $—    $—    $41,710,904  $41,710,904 
Total Liabilities $—    $—    $41,710,904  $41,710,904 
Schedule of changes in fair value of Company's Level 3 financial liabilities (conversion and warrant derivative liabilities)

 

  2015
Balance at beginning of year $12,173,986 
Additions and modifications to derivative instruments  3,222,413 
Change in fair value of derivative liabilities  27,643,262 
Reclassification upon conversion of debt  (1,328,757)
Balance at end of period $41,710,904 
XML 33 R16.htm IDEA: XBRL DOCUMENT v3.2.0.727
Organization and Line of Business (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Dec. 31, 2014
Organization and Line of Business (Textual)          
Net Income (Loss) Attributable to Parent $ (31,303,288) $ 19,960,770 $ (31,573,322) $ (5,961,359)  
Negative working capital 44,258,324   44,258,324    
Stockholders' deficit $ (45,288,549)   $ (45,288,549)   $ (15,448,622)
XML 34 R21.htm IDEA: XBRL DOCUMENT v3.2.0.727
Derivative Liabilities (Details) - USD ($)
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Beginning Balance $ 12,173,986  
Additions 2,909,127  
Modifications 313,286  
Conversions $ (1,328,757)  
Reclassifications    
Change in fair value of derivative liability $ (27,643,262) $ 1,109,207
Ending Balance 41,710,904  
Convertible Preferred Stock [Member]    
Beginning Balance $ 2,702,912  
Additions    
Modifications $ 313,286  
Conversions    
Reclassifications    
Change in fair value of derivative liability $ (3,835,767)  
Ending Balance 6,851,965  
Convertible notes, interest and debt settlement [Member]    
Beginning Balance 9,471,074  
Additions $ 2,909,127  
Modifications    
Conversions $ (1,328,757)  
Reclassifications    
Change in fair value of derivative liability $ (23,807,495)  
Ending Balance $ 34,858,939  
XML 35 R5.htm IDEA: XBRL DOCUMENT v3.2.0.727
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows from operating activities:    
Net loss $ (31,573,322) $ (5,961,359)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization $ 39,440 40,035
Amortization of prepaid stock based compensation   625,000
Stock based compensation $ 196,893 560,966
Gain on conversion of debt 22,657 (155,129)
Change in fair value of derivative liability 27,643,262 (1,109,207)
Amortization of debt discount 2,531,418 5,036,817
Changes in operating assets and liabilities:    
Accounts receivable 68,226 122,091
Inventory 12,254 (1,302,480)
Prepaid expenses and other current assets 1,118 (314,108)
Other assets (6,647) (7,762)
Accounts payable and accrued expenses 93,093 1,663,239
Deferred revenue (254,616) (294,112)
Net cash used in operating activities $ (1,226,224) (1,096,009)
Cash flows from investing activities:    
Cash paid for fixed assets   (6,529)
Net cash used in investing activities   (6,529)
Cash flows from financing activities:    
Proceeds from sale of preferred stock   472,000
Proceeds from notes payable $ 1,285,650 961,000
Repayments of notes payable (92,400) (75,000)
Repayment of loan (7,121) $ (7,654)
Payment of accrued preferred dividends $ (11,050)  
Advances from related parties   $ 21,000
Repayments to related parties   (118,631)
Net cash provided by financing activities $ 1,175,079 1,252,715
Effect of exchange rate changes on cash 9,439 6,322
Net (decrease) increase in cash (41,706) 156,499
Cash, beginning of period 135,965 341,031
Cash, end of period 94,259 497,530
Supplemental Schedule of Cash Flow Information:    
Cash paid for interest 102,100 254,618
Non-cash investing and financing activities:    
Derivative liability of debt issued 2,909,127 4,378,443
Fair value of common stock issued upon conversion of notes and accrued interest 1,534,869 1,012,968
Note payable converted to common stock 351,232 191,184
Accrued interest converted to common stock 54,050 11,410
Derivative liability extinguished upon conversion of debt $ 1,328,757 1,892,000
Common stock issued as payment of prepaid consulting fees   $ 1,250,000
XML 36 R10.htm IDEA: XBRL DOCUMENT v3.2.0.727
Stockholders' Equity
 6 Months Ended
Jun. 30, 2015
Stockholders' Equity [Abstract]  
STOCKHOLDERS' EQUITY

NOTE 5 – STOCKHOLDERS’ EQUITY

  

Preferred Stock

 

The Company is authorized to issue 50,000,000 shares of preferred stock, with par value of $0.001 per share, of which 75,000 shares have been designated as Series B 10% Convertible preferred stock, with par value of $0.001 per share, and 672,000 shares have been designated as Series C Convertible preferred stock. There were 75,000 Series B shares and 672,000 Series C shares issued and outstanding as of June 30, 2015.

 

Common Stock

 

The Company is authorized to issue 500,000,000 shares of common stock, with par value of $0.001 per share. As of June 30, 2015 and December 31, 2014, there were 203,024,028 and 98,381,445 shares of common stock issued and outstanding, respectively.

 

During the six months ended June 30, 2015, we issued 102,472,583 shares of common stock upon the conversion of $351,232 of debt principal and $54,050 of accrued interest.

 

During June 2015 we issued stock grants of 1,000,000 shares to each of two directors, valued at $22,600. The grants vest upon the one year anniversary of issuance. The expense will be recorded over that one year period. We have recorded an expense of $1,900 for the three and six months ended June 30, 2015.

 

During June 2015 we issued 150,000 shares of common stock, valued at $1,950, as payment for financing activities.

   

During May 2014 we issued a stock grant to an employee in the amount of 200,000 shares of common stock, valued at $34,000. The grant vests upon the two year anniversary, on May 29, 2016. The expense will be recorded over that two year period. We have recorded an expense of $4,250 and $8,500 for the three and six months ended June 30, 2015, respectively.

 

Options Outstanding

 

We have recorded an expense for employee options of $86,684 and $184,543 for the three and six months ended June 30, 2015, respectively.
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Convertible Notes Payable (Details) - USD ($)
 1 Months Ended 6 Months Ended
May. 14, 2015
Apr. 10, 2015
Apr. 09, 2015
Apr. 06, 2015
Mar. 23, 2015
Mar. 20, 2015
May. 29, 2014
Jun. 30, 2015
Feb. 28, 2015
Dec. 31, 2014
Debt Instrument [Line Items]                    
Conversion derivative liabilities               $ 41,710,904   $ 12,173,986
Convertible Debt [Member]                    
Debt Instrument [Line Items]                    
Convertible note payable             $ 617,000 361,000    
Convertible Debt [Member] | IBC Funds, LLC (IBC) [Member]                    
Debt Instrument [Line Items]                    
Convertible note payable               $ 305,000 $ 167,000  
Annual interest rate on convertible debentures             8.00%      
Debt Instrument, Principal amount             $ 617,500      
Number of trading days of conversion             20 days      
Percentage of discounts to market price of common stock             40.00%      
Convertible Debt [Member] | Greystone Capital Partners Inc [Member]                    
Debt Instrument [Line Items]                    
Convertible note payable             $ 305,000     $ 56,000
Annual interest rate on convertible debentures             8.00%      
Debt Instrument, Principal amount             $ 617,500      
Number of trading days of conversion             20 days      
Percentage of discounts to market price of common stock             40.00%      
Convertible Debt [Member] | LG Capital Financing [Member]                    
Debt Instrument [Line Items]                    
Annual interest rate on convertible debentures           8.00%        
Debt Instrument, Principal amount           $ 137,500        
Proceeds from convertible debt           $ 131,250        
Description of Convertible note           The outstanding principal and accrued interest on the note into shares of the Company's common stock, at a conversion price equal to 70% of the average of the 5 lowest closing prices of the common stock for the twenty prior trading days including the day upon which a notice of conversion is received by the Company.        
Number of trading days of conversion           20 days        
Convertible Debt [Member] | Iconic Holdings Financing [Member]                    
Debt Instrument [Line Items]                    
Annual interest rate on convertible debentures         6.00%          
Debt Instrument, Principal amount         $ 50,000          
Proceeds from convertible debt         $ 50,000          
Description of Convertible note         The outstanding principal and accrued interest on the note into shares of the Company's common stock, at a conversion price equal to 70% of the average of the 5 lowest closing prices of the common stock for the twenty prior trading days including the day upon which a notice of conversion is received by the Company.          
Number of trading days of conversion         20 days          
Convertible Debt [Member] | Black Mountain Financing [Member]                    
Debt Instrument [Line Items]                    
Annual interest rate on convertible debentures         10.00%          
Debt Instrument, Principal amount         $ 105,000          
Proceeds from convertible debt         $ 100,000          
Description of Convertible note         The outstanding principal and accrued interest on the note into shares of the Company's common stock, at a conversion price equal to the lesser of (a) $0.17 or (b) 70% of the average of the three lowest closing bids occurring during the twenty consecutive trading days immediately preceding the applicable conversion date.          
Number of trading days of conversion         20 days          
Fair value assumptions, dividend yield               0.00%    
Discount on issuance of debt               $ 1,191,077    
Interest expenses               1,016,409    
Conversion derivative liabilities               $ 2,207,486    
Convertible Debt [Member] | Black Mountain Financing [Member] | Minimum [Member]                    
Debt Instrument [Line Items]                    
Fair value assumptions, risk free interest rate               0.265%    
Fair value assumptions, expected volatility rate               165.00%    
Fair value assumptions, expected life (in years)               1 year    
Convertible Debt [Member] | Black Mountain Financing [Member] | Maximum [Member]                    
Debt Instrument [Line Items]                    
Fair value assumptions, risk free interest rate               0.625%    
Fair value assumptions, expected volatility rate               210.00%    
Fair value assumptions, expected life (in years)               2 years 5 months 1 day    
Convertible Debt [Member] | RDW Capital, LLC [Member]                    
Debt Instrument [Line Items]                    
Annual interest rate on convertible debentures       6.00%            
Debt Instrument, Principal amount       $ 105,000            
Proceeds from convertible debt       $ 100,000            
Debt conversion, Description       The debenture is convertible into the Company's common stock at a conversion price equal to 65% of the average of the 3 lowest closing prices of the common stock for the twenty trading days prior to conversion.            
Number of trading days of conversion       20 days            
Convertible Debt [Member] | St. George Investments LLC [Member]                    
Debt Instrument [Line Items]                    
Annual interest rate on convertible debentures     8.00%              
Debt Instrument, Principal amount     $ 107,500              
Proceeds from convertible debt     $ 100,000              
Debt conversion, Description     The note is convertible into the Company's common stock at a conversion price equal to 65% of the lowest closing bid price of the common stock for the twenty trading days prior to conversion.              
Number of trading days of conversion     20 days              
Convertible Debt [Member] | Blue Citi PR [Member]                    
Debt Instrument [Line Items]                    
Annual interest rate on convertible debentures   8.00%                
Debt Instrument, Principal amount   $ 535,000                
Proceeds from convertible debt   $ 500,000                
Debt conversion, Description   The debenture is convertible into the Company's common stock at a conversion price equal to 65% of the average of the three lowest trading prices for the common stock for the twenty trading days prior to conversion.                
Number of trading days of conversion   60 days                
Debt repayment term i) Two Hundred Thousand Dollars ($200,000) payable to the Company on the Effective Date; (ii) Two Hundred Thousand Dollars ($200,000) payable to the Company on June 10, 2015; and One Hundred Thousand Dollars ($100,000) payable to the Company on July 10, 2015; and Each such payment of Consideration reflect a 7% original issue discount ("OID") added to the principal amount at time of payment to Borrower (up to $14,000). (i) $200,000 was paid upon issuance; (ii) $200,000 is payable at Blue Citi's discretion at any time within 60 days of issuance provided that, if Blue Citi does not make such payment prior to the date this is 60 days from the date of issuance, Blue Citi will be required to make such payment on the date that is 60 days from the date of issuance, subject to the condition that the average trading price for the Company's common stock for the five trading days prior to the date that is 60 days from the date of issuance is equal to or greater than 50% of the 5 day average trading price prior to the date of issuance, and (iii) $100,000 at the sole discretion of Blue Citi within 365 days of the date of issuance provided that, if Blue Citi does not make the second $200,000 payment under the debenture within 60 days of the date of issuance, Blue Citi will not have the right to make such $100,000 payment.