0001213900-15-003664.txt : 20150514 0001213900-15-003664.hdr.sgml : 20150514 20150514143102 ACCESSION NUMBER: 0001213900-15-003664 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20150331 FILED AS OF DATE: 20150514 DATE AS OF CHANGE: 20150514 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NanoFlex Power Corp CENTRAL INDEX KEY: 0001571636 STANDARD INDUSTRIAL CLASSIFICATION: HAZARDOUS WASTE MANAGEMENT [4955] IRS NUMBER: 461904002 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-187308 FILM NUMBER: 15862088 BUSINESS ADDRESS: STREET 1: 17207 N PERIMETER DR., SUITE 210 CITY: SCOTTSDALE STATE: AZ ZIP: 85255 BUSINESS PHONE: 480-585-4200 MAIL ADDRESS: STREET 1: 17207 N PERIMETER DR., SUITE 210 CITY: SCOTTSDALE STATE: AZ ZIP: 85255 FORMER COMPANY: FORMER CONFORMED NAME: Universal Technology Systems Corp. DATE OF NAME CHANGE: 20130308 10-Q 1 f10q0315_nanoflexpower.htm QUARTERLY REPORT

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

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

 

For the quarterly period ended March 31, 2015

 

or

 

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

 

For the transition period from __________________ to __________________

 

Commission File Number 333-187308

 

NANOFLEX POWER CORPORATION

(Exact name of registrant as specified in its charter)

 

Florida   46-1904002

(State or other jurisdiction of
incorporation or organization)

  

(I.R.S. Employer
Identification No.)

     
17207 N Perimeter Dr., Suite 210    
Scottsdale, AZ   85255
(Address of principal executive offices)   (Zip Code)

 

480-585-4200

(Registrant’s telephone number, including area code)

 

Not Applicable

(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 ☒     No ☐

 

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

 

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 ☐ Accelerated filer ☐
Non-accelerated filer ☐ Smaller reporting company ☒
(Do not check if smaller reporting company)

 

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

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 45,343,797 shares of common stock are issued and outstanding as of May 11, 2015.

 

 

 

 
 

 

TABLE OF CONTENTS

 

  Page
   
PART I. FINANCIAL INFORMATION  
     
ITEM 1. FINANCIAL STATEMENTS 3
     
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 10
     
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 13
     
ITEM 4. CONTROLS AND PROCEDURES 13
     
PART II. OTHER INFORMATION  
     
ITEM 1 LEGAL PROCEEDINGS 15
     
ITEM 1A.

RISK FACTORS

 15
     
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 15
     
ITEM 6. EXHIBITS 16
     
SIGNATURES 17

 

2
 

 

PART I - FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

CONTENTS

 

FINANCIAL STATEMENTS   Page
     
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)   4
     
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)   5
     
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)   6
     
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)   7

 

3
 

 

NANOFLEX POWER CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

   March 31, 2015   December 31, 2014 
         
ASSETS        
         
CURRENT ASSETS:        
Cash  $6,306   $168 
Prepaid expenses and other current assets   3,167    5,519 
Total current assets   9,473    5,687 
           
Property and equipment, net   12,273    13,678 
           
TOTAL ASSETS  $21,746   $19,365 
           
LIABILITIES AND STOCKHOLDERS' DEFICIT          
           
CURRENT LIABILITIES:          
Accounts payable  $2,643,098   $1,857,911 
Accounts payable- related party   3,685    48,064 
Accrued expenses   1,708,856    1,958,403 
Short-term debt   100,000    100,000 
Short-term debt- related party   150,000    150,000 
Convertible debt, net of discount   1,221,976    673,389 
Advances - related party   215,000    428,150 
Total current liabilities   6,042,615    5,215,917 
TOTAL LIABILITIES   6,042,615    5,215,917 
           
STOCKHOLDERS' DEFICIT:          
Common stock, 250,000,000 authorized, $0.0001 par value, 45,041,928 and 44,306,278 issued and outstanding, at March 31, 2015 and December 31, 2014, respectively   4,505    4,431 
Additional paid in capital   173,661,649    173,025,473 
Accumulated deficit   (179,687,023)   (178,226,456)
Total stockholders' deficit   (6,020,869)   (5,196,552)
           
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT  $21,746   $19,365 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

4
 

 

NANOFLEX POWER CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

 

   Three Months Ended
March 31,		 
   2015   2014 
         
OPERATING EXPENSES:        
Research and development  $225,709   $550,000 
Patent application and prosecution fees   551,680    414,436 
Salaries and related expenses   337,029    432,267 
Selling, general and administrative expenses   251,527    299,674 
Total operating expenses   1,365,945    1,696,377 
           
LOSS FROM OPERATIONS   (1,365,945)   (1,696,377)
           
OTHER INCOME (EXPENSES):          
Interest expense   (94,622)   - 
Loss on extinguishment of debt   -    - 
Total other expense   (94,622)   - 
           
LOSS BEFORE INCOME TAX BENEFIT   (1,460,567)   (1,696,377)
           
INCOME TAX BENEFIT   -    - 
           
NET LOSS  $(1,460,567)  $(1,696,377)
           
NET LOSS per share (basic and diluted)  $(0.03)  $(0.04)
           
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING,          
BASIC and DILUTED   44,762,594    43,131,260 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

5
 

 

NANOFLEX POWER CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

 

   Three Months Ended
March 31, 		 
   2015   2014 
CASH FLOWS FROM OPERATING ACTIVITIES        
Net loss  $(1,460,567)  $(1,696,377)
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation expense   1,405    633 
Amortization of debt discounts   74,013    - 
Changes in operating assets and liabilities:          
Prepaid expenses and other current assets   2,352    (1,960)
Accounts payable   785,187    875,949 
Accounts payable-related party  (44,379)   - 
Accrued expenses   (249,547)   (87,046)
Net cash used in operating activities   (891,536)   (908,801)
           
CASH FLOWS FROM INVESTING ACTIVITIES          
Purchases of fixed assets   -    (794)
Net cash used in investing activities   -    (794)
           
CASH FLOWS FROM FINANCING ACTIVITIES          
Proceeds from exercise of warrants   324,824    - 
Proceeds from sale of common shares and warrants   86,000    623,000 
Advances received from related party   51,850    - 
Advances repaid to related party   (265,000)   - 
Borrowings on related party debt   -    150,000 
Borrowings on convertible debt   700,000    - 
Net cash provided by financing activities   897,674    773,000 
           
NET INCREASE (DECREASE) IN CASH   6,138    (136,595)
Cash, beginning of the period   168    197,004 
           
Cash, end of the period  $6,306   $60,409 
           
SUPPLEMENTAL CASH FLOW INFORMATION          
Cash paid for interest  $-   $- 
Cash paid for income taxes  $-   $- 
           
NON-CASH INVESTING AND FINANCING ACTIVITIES          
Discount on beneficial conversion feature and warrants   225,426    - 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

6
 

   

NANOFLEX POWER CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

1. BACKGROUND, BASIS OF PRESENTATION, AND GOING CONCERN:

 

Background

 

Global Photonic Energy Corporation (“GPEC”) was incorporated in Pennsylvania on February 7, 1994. The Company is organized to fund, develop, commercialize and license advanced configuration solar technologies which enable unique thin-film solar cell implementations with industry-leading efficiencies, light weight, flexibility, and low total system cost .The Company intends to enter into licensing arrangements and other strategic alliances for the development, manufacture and marketing of products utilizing this technology.

 

The technology is targeted at, but not limited to, certain broad solar power applications that require high power conversion efficiency, flexibility, and light weight. Laboratory feasibility prototypes have been developed that successfully demonstrate key building block principles for these technology application areas.

 

Universal Technology Systems Corp. (“UTCH”) was incorporated in Florida on January 28, 2013.  

 

Global Photonic Energy Corporation merged with NanoFlex Power Corporation (formerly, Universal Technology Systems Corp., “we,” “our” or the “Company”) in a share exchange transaction recorded as a reverse merger on September 24, 2013. 

 

Basis or Presentation

 

The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America, pursuant to the rules and regulations of the Securities and Exchange Commission.  Certain information and footnote disclosures have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the accompanying condensed consolidated financial statements include normal recurring adjustments that are necessary for a fair presentation of the results for the interim periods presented. These condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and notes thereto for the fiscal year ended December 31, 2014 included in our Annual Report on Form 10-K. The results of operations for the three months ended March 31, 2015 are not necessarily indicative of results to be expected for the full fiscal year or any other periods.

 

The preparation of the condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make a number of estimates and judgments that affect the reported amounts of assets, liabilities, expenses, and related disclosures. Actual results may differ from these estimates.

 

Going Concern

 

The Company has not generated revenues to date.  The Company has a working capital deficit of $6,033,142 and an accumulated deficit of $179,687,023 as of March 31, 2015.  The ability of the Company to continue as a going concern is dependent on raising capital to fund ongoing operations and carry out its business plan and ultimately to attain profitable operations.  Accordingly, these factors raise substantial doubt as to the Company’s ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the Company cannot continue in existence. To date, the Company has funded its initial operations primarily by way of the sale of equity securities, convertible note financing, short term financing from private parties, and advances from related parties.

 

2. DEBT

 

Notes Payable

 

The Company has a note payable due to Mr. Seligsohn, their former Chief Executive Officer and President. The note is due on demand and bears an interest rate at the minimum applicable rate for loans of similar duration, which was 0.5% as of March 31, 2015.

 

7
 

 

Notes Payable – Related Party

 

On February 26, 2014, the Company borrowed $150,000 under a short term note agreement with a related party. Under the terms of this agreement, this note is due to be repaid within 6 months of funding and is non-interest bearing.  If the Company defaults on this agreement, the note shall bear interest at a rate of 18 percent per annum for the entire term of the note. In November 2014, the note agreement was amended to extend the due date to February 26, 2015, 12 months from the date of the note. As of March 31, 2015, $29,441was recorded as accrued interest relating to this note.

 

Advances – Related Party

 

During the three months ended March 31, 2015, the Company received advances totaling $51,850 and repaid advances totaling $265,000. Such advances do not accrue interest and are payable upon demand. Total due at March 31, 2015 is $215,000.

 

Convertible Notes Payable

 

In July 2014, the Company borrowed $500,000 under two short term note agreements of $250,000 each. Under the terms of each agreement, the principal balance of $250,000 and interest of $16,500 is due to be repaid within 4 months of the date of the note. These agreements were amended on February 23, 2015 to extend the due date to July 21, 2015 and increase the interest amount to $25,000. The Company analyzed the amendment of the note under ASC 470 and concluded that the amendment did not qualify as a substantial modification. At March 31, 2015, $50,000 was recorded as accrued interest relating to these notes. The agreements allow the holder to convert all or a portion of the principal and accrued interest into equity as a conversion rate of $1.25. There is no BCF since the conversion price is $1.25 which equal to the $1.25 units being sold.

 

On December 19, 2014, the Company received aggregate proceeds of $300,000 in exchange for a convertible note and the issuance of 200,000 warrants with a five year life and an exercise price of $2.50 per share.  The convertible note has a principal amount of $300,000, interest of 8% per annum, a maturity date of December 19, 2015, and is convertible into 300,000 units, with each unit consisting of a share of common stock and a warrant with a five year life from the date of conversion and an exercise price of $1 per share, subject to certain anti-dilution provisions.  The Company allocated the proceeds to the warrants and the convertible debt based on their respective fair values, then computed the effective conversion price of each instrument, noting that the convertible debt gave rise to a beneficial conversion feature in accordance with the provisions of ASC 470-20 “Debt – Debt with Conversion and Other Options.”  Of the $300,000 proceeds received, $71,369 was allocated to the warrants, and $59,546 was allocated to the beneficial conversion feature, each of which are reflected in additional paid-in-capital.  This allocation gave rise to a debt discount of $130,915 which is being amortized on a straight-line basis over the term of the note.  The Company recognized interest expense of $32,280 associated with the amortization of debt discount for the three months ended March 31, 2015. 

 

In March 2015, the Company received aggregate proceeds of $700,000 in exchange for convertible notes and the issuance of 466,667 warrants with a five year life and an exercise price of $2.50 per share. The convertible notes have a principal amount of $700,000, interest of 8% per annum, a maturity date of March 2016 and are convertible into 700,000 units, with each unit consisting of a share of common stock and a warrant with a five year life from the date of conversion and an exercise price of $1 per share, subject to certain anti-dilution provisions. The Company allocated the proceeds to the warrants and the convertible debt based on their respective fair values, then computed the effective conversion price of each instrument, noting that the convertible debt gave rise to a beneficial conversion feature in accordance with the provisions of ASC 470-20 “Debt – Debt with Conversion and Other Options.”  Of the $700,000 proceeds received, $137,863 was allocated to the warrants, and $87,563 was allocated to the beneficial conversion feature, each of which are reflected in additional paid-in-capital.  This allocation gave rise to a debt discount of $225,426 which is being amortized on a straight-line basis over the term of the note.  The Company recognized interest expense of $41,733 associated with the amortization of debt discount for the three months ended March 31, 2015. 

 

Accounts Payable - Related Party

 

As of March 31, 2015, there is $3,685 due to related party, non interest bearing due on demand.

 

3. EQUITY

 

During the three months ended March 31, 2015, the Company sold an aggregate of 86,000 units at $1.00 per unit for aggregate proceeds of $86,000. Each unit consisted of one common share and one warrant. Each warrant is exercisable for a period of five years from the date of issuance, at $1.00 per share.

 

4. STOCK OPTIONS AND WARRANTS

 

2000 Stock Option Plan

 

On April 28, 2000, the Board of Directors adopted the 2000 Stock Option Plan.  Under the Plan, the Company may grant incentive stock options to employees and non-qualified stock options to employees, non-employee directors and/or consultants. The Plan provides for the granting of a maximum of 2,000,000 options to purchase common stock.  The ISO exercise price per share may not be less than the fair market value of a share on the date the option is granted.  The maximum term of the options may not exceed ten years.

 

During the three months ended March 31, 2015, 47,000 stock options were cancelled.

 

8
 

  

Warrants

 

During the three months ending March 31, 2015, the Company offered to reduce the exercise price of certain warrants of the Company to $0.50 as an incentive to the holders to exercise such warrants (“Warrant Price Reduction”). As a result of the Warrant Price Reduction, a total of 649,650 shares of our Common Stock were issued after exercise of these warrants in exchange for $324,825 of proceeds. Company determined that this transaction did not constitute a modification under ASC 718-10 or ASC 505-50 as it met the scope exceptions for a transaction with an investor.  Accordingly, no expense was recognized in connection with these transactions. 

 

In March 2015, the Company received aggregate proceeds of $700,000 in exchange convertible notes and the issuance of 666,667 warrants with a five year life and an exercise price of $2.50 per share. The convertible notes are convertible into units, with each unit consisting of a share of common stock and a warrant with a five year life from the date of conversion and an exercise price of $1 per share, subject to certain anti-dilution provisions.

 

During the three months ending March 31, 2015, the Company sold an aggregate of 86,000 units at $1.00 per unit for aggregate proceeds of $86,000. Each unit consisted of one common share and one warrant. Each warrant is exercisable for a period of five years from the date of issuance, at $1.00 per share.

 

5. SUBSEQUENT EVENTS

 

On April 15, 2015, the Company offered to reduce the exercise price of certain warrants of the Company to $0.50 as an incentive to the holders to exercise such warrants (“April 2015 Warrant Price Reduction”). Thus far warrant holders have sent notices to exercise their warrants for a total of 789,583 shares of our Common Stock, which have yet to be issued, for proceeds received in the amount of $394,792.  The April 2015 Warrant Price Reduction is ongoing and will continue until May 15, 2015.  As a result of the decrease in the warrant price, the exercise price of certain of the Company’s outstanding warrants will be permanently reduced to $0.50 per share pursuant to their terms and certain of those warrants have a provision which will cause them to increase in number by an multiplying the number by a fraction equal to the original warrant exercise price divided by the new warrant exercise price.  The Company determined that this transaction does not constitute a modification under ASC 718-10 or ASC 505-50 as it met the scope exceptions for a transaction with an investor or lender.  Accordingly, no expense was recognized in connection with these transactions.

 

On April 17, 2015, the Company amended the Engagement Agreement originally dated October 1, 2013, between the Company and Tobin Tao. This amendment grants Tobin Tao warrants to purchase 200,000 shares of the Company’s common stock at $0.50 per share.

 

On March 18, 2015, the Company received correspondence from Mr. Kuhns’ counsel alleging that Mr. Kuhns has “Good Reason” to terminate his Employment Agreement for an alleged failure to pay his salary in full. On March 30, 2015, Mr. Kuhns advised that if the alleged breaches of the Employment Agreement were not cured there was a possibility that he would pursue litigation

 

As of March 30, 2015, shareholders holding approximately 67.26% of the total shares of common stock of NanoFlex Power Corporation (the “Company,” “we,” “our” or “us”) that are entitled to vote on all Company matters approved by written consent the removal of John D. Kuhns from his position as a member of the Company’s Board of Directors. Mr. Kuhns’ removal was for “Cause” as defined under his Employment Agreement as amended and dated as of October 1, 2013 (the “Employment Agreement”). The removal arose as a result of his documented conduct and statements, which breached his fiduciary duties to the Company in order to advance personal monetary and other interests, and thereby threatened serious financial injury to the Company, its shareholders and its debtholders.

 

On March 31, 2015, the Board of Directors terminated the Employment Agreement with Mr. Kuhns for Cause and removed him from his positions as Co-CEO, and from all other officer positions he held with the Company and its subsidiaries and affiliates, and all director positions with the Company’s subsidiaries and affiliates.

 

On April 24, 2015, the Company received a letter from Mr. Kuhns’ counsel (the “Response Letter”) stating that Mr. Kuhns disagreed with statements in the Initial Filing regarding the circumstances of his removal as a director and officer.

 

The Response Letter was accompanied by a copy of a complaint (the “Complaint”) filed by John D, Kuhns (the “Plaintiff”) in the United States District Court Southern District of New York against the Company, Mr. Dean L. Ledger, our current CEO, CFO and member of our Board of Directors, Mr. Robert J. Fasnacht, our current Executive Vice President and member of our Board of Directors and Mr. Ronald B. Foster, a shareholder of the Company (each, a “Defendant,” collectively, the “Defendants”). The Complaint alleges, among other things, that the Plaintiff was terminated by the Company in violation of Section 922 of the Dodd-Frank Act, that the Company wrongfully terminated the Employment Agreement, that the Defendants made false statements to shareholders regarding the Plaintiff, that the Defendants (other than the Company) tortuously interfered with the Plaintiff’s Employment Agreement, and that Mr. Ledger and Mr. Fasnacht breached their fiduciary duties to the Company and its shareholders.

 

The Plaintiff seeks monetary damages, including (i) two (2) times of the alleged owed compensation to him, together with interest as well as litigation costs, expert witness fees and reasonable attorneys’ fees; (ii) damages for the alleged breach of the Employment Agreement by the Company, estimated to be at least $2 million, plus interest and attorney’s fees; (iii) an unspecified amount for his alleged libel claim; and (iv) damages for the alleged tortious interference with contract, including punitive damages of at least $2 million. The Plaintiff is also seeking a declaratory judgment, claiming that he was not terminated as a director and should continue to hold a seat on the Company’s Board of Directors. The Company believes that the allegations in the Complaint to be without any merit and will vigorously defend against the claims.

 

9
 

 

ITEM 2. MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION

 

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated financial statements and related notes included in this Quarterly Report on Form 10-Q and the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2014 and the related Management’s Discussion and Analysis of Financial Condition and Results of Operations, both of which are contained in our Annual Report on Form 10-K filed on April 10, 2015.

 

SPECIAL NOTE OF CAUTION REGARDING FORWARD-LOOKING STATEMENTS

 

CERTAIN STATEMENTS IN THIS REPORT, INCLUDING STATEMENTS IN THE FOLLOWING DISCUSSION, ARE WHAT ARE KNOWN AS "FORWARD-LOOKING STATEMENTS," WHICH ARE BASICALLY STATEMENTS ABOUT THE FUTURE. FOR THAT REASON, THESE STATEMENTS INVOLVE RISK AND UNCERTAINTY SINCE NO ONE CAN ACCURATELY PREDICT THE FUTURE. WORDS SUCH AS "PLANS," "INTENDS," "WILL," "HOPES," "SEEKS," "ANTICIPATES," "EXPECTS" AND THE LIKE OFTEN IDENTIFY SUCH FORWARD-LOOKING STATEMENTS, BUT ARE NOT THE ONLY INDICATION THAT A STATEMENT IS A FORWARD-LOOKING STATEMENT. SUCH FORWARD-LOOKING STATEMENTS INCLUDE STATEMENTS CONCERNING OUR PLANS AND OBJECTIVES WITH RESPECT TO THE PRESENT AND FUTURE OPERATIONS OF THE COMPANY, AND STATEMENTS WHICH EXPRESS OR IMPLY THAT SUCH PRESENT AND FUTURE OPERATIONS WILL OR MAY PRODUCE REVENUES, INCOME OR PROFITS. NUMEROUS FACTORS AND FUTURE EVENTS COULD CAUSE THE COMPANY TO CHANGE SUCH PLANS AND OBJECTIVES OR FAIL TO SUCCESSFULLY IMPLEMENT SUCH PLANS OR ACHIEVE SUCH OBJECTIVES, OR CAUSE SUCH PRESENT AND FUTURE OPERATIONS TO FAIL TO PRODUCE REVENUES, INCOME OR PROFITS. THEREFORE, THE READER IS ADVISED THAT THE FOLLOWING DISCUSSION SHOULD BE CONSIDERED IN LIGHT OF THE DISCUSSION OF RISKS AND OTHER FACTORS CONTAINED IN THIS REPORT ON FORM 10-Q, THE COMPANY’S FORM 10-K FILED ON APRIL 10, 2015, AND IN THE COMPANY'S REGISTRATION STATEMENT ON FORM S-1 FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON NOVEMBER 6, 2014. NO STATEMENTS CONTAINED IN THE FOLLOWING DISCUSSION SHOULD BE CONSTRUED AS A GUARANTEE OR ASSURANCE OF FUTURE PERFORMANCE OR FUTURE RESULTS.

 

Overview

 

NanoFlex Power Corporation is engaged in the development, commercialization, and licensing of advanced configuration solar technologies which enable unique thin-film solar cell implementations with industry-leading efficiencies, light weight, flexibility, and low total system cost. NanoFlex’s sponsored research programs at Princeton University, University of Southern California (“USC”) and the University of Michigan (“Michigan”) have resulted in more than 780 issued or pending patents worldwide covering materials, architectures, and fabrication processes for organic and inorganic flexible, thin-film photovoltaic technologies. Pursuant to its sponsored research agreements, NanoFlex has obtained the exclusive worldwide license and right to sublicense any and all intellectual property resulting from the Company’s sponsored research programs and the patents are referred to herein as being our patents. Building upon the university research, the Company plans to work with industry partners to commercialize its technologies to target key applications where we believe they present compelling competitive advantages.

 

The technology is targeted at, but not limited to, certain broad applications that require high power conversion efficiency, flexibility, and light weight. These applications include, but are not limited to: (a) mobile and field power generation, (b) building applied photovoltaics (“BAPV”), (c) building integrated photovoltaics (“BIPV”), (d) space vehicles and unmanned aerial vehicles (“UAVs”), (e) semi-transparent solar power generating windows or glazing, and (f) ultra-thin solar films or paints for automobiles or other consumer applications. Laboratory feasibility prototypes have been developed that successfully demonstrate key building block principles for these technology application areas.

 

10
 

 

We currently hold exclusive rights to more than 780 issued or pending patents worldwide which cover architecture, processes and materials for flexible, thin-film organic photovoltaic (“OPV”) and Gallium Arsenide (“GaAs”) technologies.  In addition, we have several hundred more patents in process. Some of our technology holdings include foundational concepts in the following areas (many of which are being validated in other labs as indicated by the asterisks).

 

● Tandem organic solar cell*
● Fullerene acceptors*
● Blocking layers*
● New materials for visible and infrared sensitivity*
● Scalable growth technologies*
● Inverted solar cells*
● Materials for enhanced light collection via multiexciton generation
● Mixed layer and nanocrystalline cells
● Solar paints
● Transparent/semi-transparent cells
● Ultralow cost, ultrahigh efficiency, flexible thin film inorganic cells
● Accelerated and recyclable liftoff process
● Cold-weld bonding of inorganic solar cells to plastic substrates and metal foils
● Micro-inverters monolithically integrated into GaAs solar cells
● Low cost, thermo-formed plastic mini-compound parabolic concentrator arrays

  

Plan of Operations

 

Overall Operating Plan

 

NanoFlex is focusing on two parallel technology development efforts: (a) its inorganic GaAs architectures, manufacturing processes, and technologies aim to provide solar cell manufacturers with the capability of producing thin film GaAs solar cells with ultra-high efficiencies at a cost below $1 per watt for applications such as mobile and field generation, BAPV, BIPV and aerospace which are not well-served by crystalline silicon solar technologies; and (b) its portfolio of OPV thin film solar technologies provide low-cost and highly flexible solar energy solutions for new applications such as BIPV (semi-transparent solar films for glass) and ultra-thin films for coatings on automobiles, etc.

 

Currently, the Company is preparing to accelerate the development of both its GaAs and OPV technologies. We are finding commercial interest in both our GaAs and OPV technologies. We are executing a plan to commercialize our patented GaAs-based processes and technologies on an accelerated program. We have identified GaAs as our nearest term market opportunity. We are in discussions with industry partners to form joint development agreements to prove our GaAs technology on their fabrication processes. Meanwhile, we are in discussions with system integrators, installers, and architects to assist with requirements, definition and technology development for several targeted applications. Additionally, we are working with our University researchers as well as industry partners to submit proposals for government programs to advance our technology development for both GaAs and OPV technologies. NanoFlex plans to work closely with these partners to develop proof-of-concept prototypes and processes to mitigate commercialization risks and gain early market entry and acceptance.

 

Although we currently do not have any commitments from third parties to license our technologies or otherwise provide revenue to us, we are aware of several laboratories and commercial suppliers who are exploring and positively validating technologies that we have developed and which are protected by our intellectual property portfolio.  These interested parties potentially represent some of our first partners for joint technology development and acceptance into manufacturing production.

 

A key to reducing the risk to market entry by our partners is for us to demonstrate our technologies on their fabrication processes.  To support this joint development, NanoFlex must establish its own developmental engineering team. This team will serve several key functions, including working closely between the universities and our industry partners to integrate and customize our processes and technologies into the partner’s existing fabrication process. Our engineering team will also work closely with downstream partners such as system integrators, installers, and architects to better understand requirements and incorporate these requirements into our research and development cycle.

 

To support this work, we anticipate that this developmental engineering team will be able to utilize the facility and equipment onsite at the University of Michigan on a recharge basis, which will be cost effective in moving the technologies to the manufacturing scale. This will allow NanoFlex’s developmental engineering team to work directly with industry players to acquire early licenses to use our intellectual property without the need for any immediate standalone technology facility. 

 

Additionally, having an established technical team will enable us to more effectively pursue and execute sponsored research projects from the National Aeronautics and Space Administration, the Department of Defense and the Department of Energy, each of which has interests in businesses that can deliver ultra-lightweight, high-efficiency technologies for demanding applications.

 

A second potential revenue source is in joint development agreements (“JDAs”) with existing solar cell manufacturers. Once we are able to initially demonstrate the efficacy of our GaAs processes and technologies on partner’s fabrication process, we expect to be in a position where we can sign agreements covering joint development, IP licensing, and solar cell supply. We anticipate that partnerships with one or more of the existing GaAs solar cell manufacturers can be supported by the developmental engineering team, and possibly result in early revenue opportunities.

 

11
 

 

Near Term Operating Plan

 

Our near-term focus is on advancing our development efforts while containing costs. Our current burn rate is approximately $5,000,000 per year in order to support our research and development activities, maintain our existing patent portfolio, service our existing liabilities and support our corporate functions. Our operating plan over the next twelve months is comprised of the following:

 

  1. Cost cutting and containment to reduce our annual burn rate;

 

  2. Prioritizing our existing IP portfolio to identify opportunities for cost reduction;

 

  3. Prioritizing our research and development activities and selectively expanding our IP portfolio;

 

  4. Partnering with strategic partners for licensing and/or joint development of our technologies; and

 

  5. Raising adequate capital (approximately $5 million) to support our activities for at least 12 months.

 

In the event that we raise less than the required amount of capital, our focus will be on prioritizing our GaAs commercialization effort to capture near-term revenue opportunities and less spending on general and administrative expenses and IP legal costs.

 

There can be no assurance that our near term operating plan will be successful or that we will be able to fulfill it as it is largely dependent on raising capital and there can be no assurance that capital can be raised.

  

Results of Operations

  

Research and Development Expenses

 

Research and development expenses were $225,709 for the three months ended March 31, 2015, a 59% decrease from $550,000 for the three months ended March 31, 2014.  The decrease is attributable to timing of research work by the Universities performed pursuant to our research agreements.

  

Patent Application and Prosecution Fees

 

Patent application and prosecution fees consist of the fees due for prosecuting and maintaining the patents resulted from the research program sponsored by NanoFlex and were $551,680 for the three months ended March 31, 2015, a 33% increase from $414,436 for the three months ended March 31, 2014.  The increase is attributable to timing of applications being researched for our technologies.

 

Salaries and Related Expenses

 

Salaries and related expenses which consist of salaries and fringe benefits paid by NanoFlex were $337,029 for the three months ended March 31, 2015, a 22% decrease from $432,267 for the three months ended March 31, 2014.  The decrease is attributable to a permanent reduction in base salaries that was negotiated with the Company’s employees in October 2014, in an effort to conserve capital resources. On May 8, 2015, Robert J. Fasnacht and Dean L. Ledger agreed to further permanent base salary decreases. Moving forward such base salaries shall not exceed $190,000 and $210,000, respectively. The adjustments are effective retroactively to January 2015.

 

Selling, General and Administrative Expenses

 

Selling, general and administrative expenses consist primarily of office supplies, workers compensation insurance, medical insurance, postage and shipping, traveling expenses, professional and consulting fees and were $251,527 for the three months ended March 31, 2015, a 16% decrease from $299,674 for the three months ended March 31, 2014.  The decrease is primarily attributable to decreases in legal and consulting fees.

 

Interest Expense

 

Interest expense for the three months ended March 31, 2015 was $94,622 as compared to $0 for the three months ended March 31, 2014, respectively, due to new interest bearing debt agreements entered into in the last quarter of 2014 and the first quarter of 2015.

  

Net Loss

 

The net loss for the three months ended March 31, 2015 was $1,460,567 a 14% decrease from $1,696,377 for the three months ended March 31, 2014. The decrease in the net loss is impacted by the decrease in research and development, salaries and related expenses and selling, general and administrative expenses, each of which is described above.

 

12
 

 

Liquidity and Capital Resources

 

As of March 31, 2015, we had cash and cash equivalents of $6,306 and a working capital deficit of $6,033,142, as compared to cash and cash equivalents of $168 and a working capital deficit of $5,210,230 as of December 31, 2014.  The decrease in cash and working capital is attributable to our operating losses as we have yet to generate revenues from our operations. 

 

On April 15, 2015, the Company offered to reduce the exercise price of certain warrants of the Company to $0.50 as an incentive to the holders to exercise such warrants (“April 2015 Warrant Price Reduction”). Thus far warrant holders have sent notices to exercise their warrants for a total of 789,583 shares of our Common Stock, which have yet to be issued, for proceeds received in the amount of $394,792.  The April 2015 Warrant Price Reduction is ongoing and will continue until May 15, 2015.  As a result of the decrease in the warrant price, the exercise price of certain of the Company’s outstanding warrants will be permanently reduced to $0.50 per share pursuant to their terms and certain of those warrants have a provision which will cause them to increase in number by an multiplying the number by a fraction equal to the original warrant exercise price divided by the new warrant exercise price.

 

The Company needs to raise additional capital and is in the process of raising additional funds in order to continue to finance our research and development, service existing liabilities and commercialize photonic energy conversion technologies utilizing organic semiconductor-based solar cells.   We anticipate that the additional funding can result from private sales of our equity securities.  However, there can be no assurance that the additional funds will be available to us when needed, or if available, on terms that will be acceptable to us or our shareholders. 

 

Going Concern

 

The Company has not generated revenues to date.  The Company has a working capital deficit of $6,033,142 and an accumulated deficit of $179,687,023 as of March 31, 2015. The ability of the Company to continue as a going concern is dependent on raising capital to fund ongoing operations and carry out its business plan and ultimately to attain profitable operations.  Accordingly, these factors raise substantial doubt as to the Company’s ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the Company cannot continue in existence.

 

Off-Balance Sheet Arrangements

 

We do not have any off-balance sheet arrangements.

 

Critical Accounting Policies

 

There were no changes in our critical accounting policies during the three months ended March 31, 2015 from those set forth in “Critical Accounting Policies” in our Annual Report on Form 10-K for the year ended December 31, 2014 filed with the SEC on April 10, 2015.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

 

ITEM 4. CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures

 

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rule 13a-15(f) or 15d-15(f) promulgated under the Securities Exchange Act of 1934 as a process designed by, or under the supervision of, the Company’s principal executive and principal financial officers and effected by the Company’s board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America and includes those policies and procedures that:

 

● Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company;
   
● Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in the United States of America and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and

 

● Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company’s assets that could have a material effect on the financial statements.

 

13
 

 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Because of the inherent limitations of internal control, there is a risk that material misstatements may not be prevented or detected on a timely basis by internal control over financial reporting. However, these inherent limitations are known features of the financial reporting process. Therefore, it is possible to design into the process safeguards to reduce, though not eliminate, this risk.

 

As of March 31, 2015, management assessed the effectiveness of our internal control over financial reporting based on the criteria for effective internal control over financial reporting established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) and SEC guidance on conducting such assessments. Based on that evaluation, they concluded that, during the period covered by this report, such internal controls and procedures were not effective to detect the inappropriate application of US GAAP rules as more fully described below. This was due to deficiencies that existed in the design or operation of our internal controls over financial reporting that adversely affected our internal controls and that may be considered to be material weaknesses.

  

The matters involving internal controls and procedures that our management considered to be material weaknesses under the standards of the Public Company Accounting Oversight Board were:

 

(1) We do not have written documentation of our internal control policies and procedures. Written documentation of key internal controls over financial reporting is a requirement of Section 404 of the Sarbanes-Oxley Act which is applicable to us. Management evaluated the impact of our failure to have written documentation of our internal controls and procedures on our assessment of our disclosure controls and procedures and has concluded that the control deficiency that resulted represented a material weakness;

 

(2) The Company’s board of directors has no audit committee, independent director or member with financial expertise which causes ineffective oversight of the Company’s external financial reporting and internal control over financial reporting;

 

(3) We do not have sufficient segregation of duties within accounting functions, which is a basic internal control. Due to our size and nature, segregation of all conflicting duties may not always be possible and may not be economically feasible. However, to the extent possible, the initiation of transactions, the custody of assets and the recording of transactions should be performed by separate individuals. Management evaluated the impact of our failure to have segregation of duties on our assessment of our disclosure controls and procedures and has concluded that the control deficiency that resulted represented a material weakness;

 

(4) We lack the financial infrastructure to account for complex transactions which may result in a greater than normal risk that material errors may occur in the financial statements and not be detected timely; and

 

(5) We lack qualified resources to perform the internal audit functions properly, and the scope and effectiveness of the internal audit function are yet to be developed. Specifically, the reporting mechanism between the accounting department and the Board of Directors and the CFO was not effective.

 

The aforementioned material weaknesses were identified by our Chief Executive Officer and Chief Financial Officer in connection with the review of our financial statements as of March 31, 2015.

  

Management’s Remediation Initiatives

 

In an effort to remediate the identified material weaknesses and other deficiencies and enhance our internal controls, we have initiated, or plan to initiate, the following series of measures:

 

We intend to create a position to segregate duties consistent with control objectives and will increase our personnel resources and technical accounting expertise within the accounting function when funds are available to us. And, we plan to appoint one or more outside directors to our board of directors who shall be appointed to an audit committee resulting in a fully functioning audit committee who will undertake the oversight in the establishment and monitoring of required internal controls and procedures such as reviewing and approving estimates and assumptions made by management when funds are available to us.  We will also be working with our independent registered public accounting firm and refining our internal procedures.

 

Changes in Internal Control over Financial Reporting

 

Our management has also evaluated our internal control over financial reporting, and there have been no significant changes in our internal controls or in other factors that could significantly affect those controls subsequent to the date of our last evaluation.

 

Subsequent to the period covered by the report, management is implementing measures to remediate the material weaknesses in internal controls over financial reporting described above. Specifically, the CEO, President and the CFO are seeking to improve communications regarding the importance of documentation of their assessments and conclusions of their meetings, as well as supporting analyses.  As the business increases, the Company is seeking to hire accounting professionals and it will continue its efforts to create an effective system of disclosure controls and procedures for financial reporting.

 

The Company is not required by current SEC rules to include, and does not include, an auditor's attestation report. The Company's registered public accounting firm has not attested to Management's reports on the Company's internal control over financial reporting.

 

14
 

 

PART II - OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

From time to time, we may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business.  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.  

 

On March 18, 2015, the Company received correspondence from Mr. Kuhns’ counsel alleging that Mr. Kuhns has “Good Reason” to terminate his Employment Agreement for an alleged failure to pay his salary in full. On March 30, 2015, Mr. Kuhns advised that if the alleged breaches of the Employment Agreement were not cured there was a possibility that he would pursue litigation

 

As of March 30, 2015, shareholders holding approximately 67.26% of the total shares of common stock of NanoFlex Power Corporation (the “Company,” “we,” “our” or “us”) that are entitled to vote on all Company matters approved by written consent the removal of John D. Kuhns from his position as a member of the Company’s Board of Directors. Mr. Kuhns’ removal was for “Cause” as defined under his Employment Agreement as amended and dated as of October 1, 2013 (the “Employment Agreement”). The removal arose as a result of his documented conduct and statements, which breached his fiduciary duties to the Company in order to advance personal monetary and other interests, and thereby threatened serious financial injury to the Company, its shareholders and its debtholders.

 

On March 31, 2015, the Board of Directors terminated the Employment Agreement with Mr. Kuhns for Cause and removed him from his positions as Co-CEO, and from all other officer positions he held with the Company and its subsidiaries and affiliates, and all director positions with the Company’s subsidiaries and affiliates.

 

On April 24, 2015, the Company received a letter from Mr. Kuhns’ counsel (the “Response Letter”) stating that Mr. Kuhns disagreed with statements in the Initial Filing regarding the circumstances of his removal as a director and officer. A copy of the Response Letter is attached hereto as Exhibit 17.1, and is incorporated herein by reference. All descriptions of the contents of the Response Letter (including the Complaint described below) set forth in this Current Report on Form 8-K/A are qualified in their entireties by reference to the full text of the Response Letter.

 

The Response Letter was accompanied by a copy of a complaint (the “Complaint”) filed by John D, Kuhns (the “Plaintiff”) in the United States District Court Southern District of New York against the Company, Mr. Dean L. Ledger, our current CEO, CFO and member of our Board of Directors, Mr. Robert J. Fasnacht, our current Executive Vice President and member of our Board of Directors and Mr. Ronald B. Foster, a shareholder of the Company (each, a “Defendant,” collectively, the “Defendants”). The Complaint alleges, among other things, that the Plaintiff was terminated by the Company in violation of Section 922 of the Dodd-Frank Act, that the Company wrongfully terminated the Employment Agreement, that the Defendants made false statements to shareholders regarding the Plaintiff, that the Defendants (other than the Company) tortuously interfered with the Plaintiff’s Employment Agreement, and that Mr. Ledger and Mr. Fasnacht breached their fiduciary duties to the Company and its shareholders.

 

The Plaintiff seeks monetary damages, including (i) two (2) times of the alleged owed compensation to him, together with interest as well as litigation costs, expert witness fees and reasonable attorneys’ fees; (ii) damages for the alleged breach of the Employment Agreement by the Company, estimated to be at least $2 million, plus interest and attorney’s fees; (iii) an unspecified amount for his alleged libel claim; and (iv) damages for the alleged tortious interference with contract, including punitive damages of at least $2 million. The Plaintiff is also seeking a declaratory judgment, claiming that he was not terminated as a director and should continue to hold a seat on the Company’s Board of Directors. The Company believes that the allegations in the Complaint to be without any merit and will vigorously defend against the claims.

 

ITEM 1A. RISK FACTORS

 

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

 

ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

Issuance Pursuant to Exercise of Warrants

 

During January 5 through March 16, 2015, the Company issued a total of 649,650 shares of Common Stock as a result of the exercise of the Company’s warrants by some warrant holders.

 

The above issuance of the Company’s securities were not registered under the Securities Act of 1933, as amended (the “1933 Act”), and the Company relied on an exemption from registration pursuant to Section 4(2) of the 1933 Act for such issuances.

 

15
 

 

Private Placement of the Company’s Convertible Notes

 

On December 19, 2014 and in March 2015, the Company issued and sold convertible promissory notes together with warrants to purchase 666,667 shares of the Company’s Common Stock for gross proceeds of $1,000,000.

 

Issuance of Units

 

During the three months ended March 31, 2015, the Company sold an aggregate of 86,000 units at $1.00 per unit for aggregate proceeds of $86,000. Each unit consisted of one common share and one warrant. Each warrant is exercisable for a period of five years from the date of issuance, at $1.00 per share.

 

The above issuances of the Company’s securities was not registered under the Securities Act of 1933, as amended (the “1933 Act”), and the Company relied on an exemption from registration provided by Rule 506(b) of Regulation D promulgated under the 1933 Act for such issuance.

 

Except as disclosed above, all unregistered sales of the Company’s securities have been disclosed on the Company’s current reports on Form 8-K and the Company’s quarterly reports on Form 10-Q.

 

ITEM 6.  EXHIBITS.

 

31.1 Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
   
31.2 Certification of Executive Vice President pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
   
32.1 Certification of Principal Executive Officers and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
   
101.INS XBRL Instance Document.**
   
101.SCH XBRL Taxonomy Extension Schema Document.**
   
101.CAL XBRL Taxonomy Extension Calculation Linkbase Document.**
   
101.DEF XBRL Taxonomy Extension Definition Linkbase Document.**
   
101.LAB XBRL Taxonomy Extension Label Linkbase Document.**
   
101.PRE XBRL Taxonomy Extension Presentation Linkbase Document.**

  

** Users of this data are advised pursuant to Rule 406T of Regulation S-X that this interactive data file is deemed not filed or part of a registration statement or prospectus for the purpose of section 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

 

16
 

 

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.

 

  NANOFLEX POWER CORPORATION
     
Date: May 14, 2015 By: /s/ Dean L. Ledger
    Dean L. Ledger
   

Chief Executive Officer and Chief Financial Officer

(principal executive officer and principal financial and accounting officer)

     
Date: May 14, 2015 By: /s/ Robert J. Fasnacht
    Robert J. Fasnacht
   

Executive Vice President

(principal executive officer)

 

 

17 

 

 

 

 EX-31.1 2 f10q0315ex31i_nanoflexpower.htm CERTIFICATION

Exhibit 31.1

 

CERTIFICATION

 

I, Dean L. Ledger, Chief Executive Officer and Chief Financial Officer of NanoFlex Power Corporation, formerly known as Universal Technology Systems Corp. (the “registrant”), certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of the registrant for the period ended March 31, 2015;
   
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:  May 14, 2015

 

/s/ Dean L. Ledger  
     Dean L. Ledger  
     Chief Executive Officer and
     Chief Financial Officer		  

     (principal executive officer and principal

     financial and accounting officer)

  

 

 EX-31.2 3 f10q0315ex31ii_nanoflexpower.htm CERTIFICATION

Exhibit 31.2

 

CERTIFICATION

 

I, Robert J. Fasnacht, Executive Vice President of NanoFlex Power Corporation, formerly known as Universal Technology Systems Corp. (the “registrant”), certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of the registrant for the period ended March 31, 2015;
   
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:  May 14, 2015

 

/s/ Robert J. Fasnacht  
     Robert J. Fasnacht  
     Executive Vice President
     (principal executive officer)

 

 EX-32.1 4 f10q0315ex32ii_nanoflexpower.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

 

Each of the undersigned hereby certifies, in his or her capacity as an officer of NanoFlex Power Corporation, formerly Universal Technology Systems Corp. (the “Company”), for the purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of his/her knowledge:

 

(1)    The Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2015  (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:  May 14, 2015

 

/s/ Dean L. Ledger  
     Dean L. Ledger  
     Chief Executive Officer and
     Chief Financial Officer
     (principal executive officer and principal
     financial officer and accounting officer)
   
/s/ Robert J. Fasnacht  
     Robert J. Fasnacht  
     Executive Vice President
     (principal executive officer)

 

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

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In the opinion of management, the accompanying condensed consolidated financial statements include normal recurring adjustments that are necessary for a fair presentation of the results for the interim periods presented. These condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and notes thereto for the fiscal year ended December 31, 2014 included in our Annual Report on Form 10-K. 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Under the terms of each agreement, the principal balance of $250,000 and interest of $16,500 is due to be repaid within 4 months of the date of the note. These agreements were amended on February 23, 2015 to extend the due date to July 21, 2015 and increase the interest amount to $25,000. The Company analyzed the amendment of the note under ASC 470 and concluded that the amendment did not qualify as a substantial modification. At March 31, 2015, $50,000 was recorded as accrued interest relating to these notes. The agreements allow the holder to convert all or a portion of the principal and accrued interest into equity as a conversion rate of $1.25. 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The convertible notes have a principal amount of $700,000, interest of 8% per annum, a maturity date of March 2016 and are convertible into 700,000 units, with each unit consisting of a share of common stock and a warrant with a five year life from the date of conversion and an exercise price of $1 per share, subject to certain anti-dilution provisions. The Company allocated the proceeds to the warrants and the convertible debt based on their respective fair values, then computed the effective conversion price of each instrument, noting that the convertible debt gave rise to a beneficial conversion feature in accordance with the provisions of ASC 470-20 &#8220;<i>Debt &#8211; Debt with Conversion and Other Options.&#8221;</i>&#160;&#160;Of the $700,000 proceeds received, $137,863 was allocated to the warrants, and $87,563 was allocated to the beneficial conversion feature, each of which are reflected in additional paid-in-capital.&#160; This allocation gave rise to a debt discount of $225,426 which is being amortized on a straight-line basis over the term of the note.&#160; The Company recognized interest expense of $41,733 associated with the amortization of debt discount for the three months ended March 31, 2015.&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b><i>Accounts Payable - Related Party</i></b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">As of March 31, 2015, there is $3,685 due to related party, non interest bearing due on demand.</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;"><b>3. 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Each warrant is exercisable for a period of five years from the date of issuance, at $1.00 per share.</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;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b>4. 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As a result of the Warrant Price Reduction, a total of 649,650 shares of our Common Stock were issued after exercise of these warrants in exchange for $324,825 of proceeds. Company determined that this transaction did not constitute a modification under ASC 718-10 or ASC 505-50 as it met the scope exceptions for a transaction with an investor.&#160;&#160;Accordingly, no expense was recognized in connection with these transactions.&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">In March 2015, the Company received aggregate proceeds of $700,000 in exchange convertible notes and the issuance of 666,667 warrants with a five year life and an exercise price of $2.50 per share. The convertible notes are convertible into units, with each unit consisting of a share of common stock and a warrant with a five year life from the date of conversion and an exercise price of $1 per share, subject to certain anti-dilution provisions.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">During the three months ending March 31, 2015, the Company sold an aggregate of 86,000 units at $1.00 per unit for aggregate proceeds of $86,000. 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Thus far warrant holders have sent notices to exercise their warrants for a total of 789,583 shares of our Common Stock, which have yet to be issued, for proceeds received in the amount of $394,792.&#160; The April 2015 Warrant Price Reduction is ongoing and will continue until May 15, 2015.&#160; As a result of the decrease in the warrant price, the exercise price of certain of the Company&#8217;s outstanding warrants will be permanently reduced to $0.50 per share pursuant to their terms and certain of those warrants have a provision which will cause them to increase in number by an multiplying the number by a fraction equal to the original warrant exercise price divided by the new warrant exercise price.&#160; The Company determined that this transaction does not constitute a modification under ASC 718-10 or ASC 505-50 as it met the scope exceptions for a transaction with an investor or lender.&#160;&#160;Accordingly, no expense was recognized in connection with these transactions.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">On April 17, 2015, the Company amended the Engagement Agreement originally dated October 1, 2013, between the Company and Tobin Tao. 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P5Y 1.00 2000000 0.50 324825 649650 47000 789583 0.6726 <div>The Plaintiff seeks monetary damages, including (i) two (2) times of the alleged owed compensation to him, together with interest as well as litigation costs, expert witness fees and reasonable attorneys&#8217; fees; (ii) damages for the alleged breach of the Employment Agreement by the Company, estimated to be at least $2 million, plus interest and attorney&#8217;s fees; (iii) an unspecified amount for his alleged libel claim; and (iv) damages for the alleged tortious interference with contract, including punitive damages of at least $2 million. 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Stock Options and Warrants
 3 Months Ended
Mar. 31, 2015
Stock Options and Warrants [Abstract]  
STOCK OPTIONS AND WARRANTS

4. STOCK OPTIONS AND WARRANTS

 

2000 Stock Option Plan

 

On April 28, 2000, the Board of Directors adopted the 2000 Stock Option Plan.  Under the Plan, the Company may grant incentive stock options to employees and non-qualified stock options to employees, non-employee directors and/or consultants. The Plan provides for the granting of a maximum of 2,000,000 options to purchase common stock.  The ISO exercise price per share may not be less than the fair market value of a share on the date the option is granted.  The maximum term of the options may not exceed ten years.

 

During the three months ended March 31, 2015, 47,000 stock options were cancelled.

 

Warrants

 

During the three months ending March 31, 2015, the Company offered to reduce the exercise price of certain warrants of the Company to $0.50 as an incentive to the holders to exercise such warrants (“Warrant Price Reduction”). As a result of the Warrant Price Reduction, a total of 649,650 shares of our Common Stock were issued after exercise of these warrants in exchange for $324,825 of proceeds. Company determined that this transaction did not constitute a modification under ASC 718-10 or ASC 505-50 as it met the scope exceptions for a transaction with an investor.  Accordingly, no expense was recognized in connection with these transactions. 

 

In March 2015, the Company received aggregate proceeds of $700,000 in exchange convertible notes and the issuance of 666,667 warrants with a five year life and an exercise price of $2.50 per share. The convertible notes are convertible into units, with each unit consisting of a share of common stock and a warrant with a five year life from the date of conversion and an exercise price of $1 per share, subject to certain anti-dilution provisions.

 

During the three months ending March 31, 2015, the Company sold an aggregate of 86,000 units at $1.00 per unit for aggregate proceeds of $86,000. Each unit consisted of one common share and one warrant. Each warrant is exercisable for a period of five years from the date of issuance, at $1.00 per share.
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Equity
 3 Months Ended
Mar. 31, 2015
Equity [Abstract]  
EQUITY

3. EQUITY

 

During the three months ended March 31, 2015, the Company sold an aggregate of 86,000 units at $1.00 per unit for aggregate proceeds of $86,000. Each unit consisted of one common share and one warrant. Each warrant is exercisable for a period of five years from the date of issuance, at $1.00 per share.

 
XML 17 R2.htm IDEA: XBRL DOCUMENT v2.4.1.9
Condensed Consolidated Balance Sheets (Unaudited) (USD $)
Mar. 31, 2015
Dec. 31, 2014
CURRENT ASSETS:    
Cash $ 6,306us-gaap_CashAndCashEquivalentsAtCarryingValue $ 168us-gaap_CashAndCashEquivalentsAtCarryingValue
Prepaid expenses and other current assets 3,167us-gaap_PrepaidExpenseAndOtherAssetsCurrent 5,519us-gaap_PrepaidExpenseAndOtherAssetsCurrent
Total current assets 9,473us-gaap_AssetsCurrent 5,687us-gaap_AssetsCurrent
Property and equipment, net 12,273us-gaap_PropertyPlantAndEquipmentNet 13,678us-gaap_PropertyPlantAndEquipmentNet
TOTAL ASSETS 21,746us-gaap_Assets 19,365us-gaap_Assets
CURRENT LIABILITIES:    
Accounts payable 2,643,098us-gaap_AccountsPayableCurrent 1,857,911us-gaap_AccountsPayableCurrent
Accounts payable- related party 3,685us-gaap_AccountsPayableRelatedPartiesCurrent 48,064us-gaap_AccountsPayableRelatedPartiesCurrent
Accrued expenses 1,708,856us-gaap_AccruedLiabilitiesCurrent 1,958,403us-gaap_AccruedLiabilitiesCurrent
Short-term borrowing 100,000us-gaap_ShortTermBorrowings 100,000us-gaap_ShortTermBorrowings
Short-term debt- related party 150,000us-gaap_DueToRelatedPartiesCurrent 150,000us-gaap_DueToRelatedPartiesCurrent
Convertible debt, net of discount 1,221,976us-gaap_ConvertibleDebtCurrent 673,389us-gaap_ConvertibleDebtCurrent
Advances - related party 215,000opvs_AdvancesFromRelatedParty 428,150opvs_AdvancesFromRelatedParty
Total current liabilities 6,042,615us-gaap_LiabilitiesCurrent 5,215,917us-gaap_LiabilitiesCurrent
TOTAL LIABILITIES 6,042,615us-gaap_Liabilities 5,215,917us-gaap_Liabilities
STOCKHOLDERS' DEFICIT:    
Common stock, 250,000,000 authorized, $0.0001 par value, 45,041,928 and 44,306,278 issued and outstanding, at March 31, 2015 and December 31, 2014, respectively 4,505us-gaap_CommonStockValue 4,431us-gaap_CommonStockValue
Additional paid in capital 173,661,649us-gaap_AdditionalPaidInCapital 173,025,473us-gaap_AdditionalPaidInCapital
Accumulated deficit (179,687,023)us-gaap_RetainedEarningsAccumulatedDeficit (178,226,456)us-gaap_RetainedEarningsAccumulatedDeficit
Total stockholders' deficit (6,020,869)us-gaap_StockholdersEquity (5,196,552)us-gaap_StockholdersEquity
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 21,746us-gaap_LiabilitiesAndStockholdersEquity $ 19,365us-gaap_LiabilitiesAndStockholdersEquity
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Background Basis of Presentation, and Going Concern
 3 Months Ended
Mar. 31, 2015
Background, Basis of Presentation, and Going Concern [Abstract]  
BACKGROUND, BASIS OF PRESENTATION, AND GOING CONCERN

1. BACKGROUND, BASIS OF PRESENTATION, AND GOING CONCERN:

 

Background

 

Global Photonic Energy Corporation (“GPEC”) was incorporated in Pennsylvania on February 7, 1994. The Company is organized to fund, develop, commercialize and license advanced configuration solar technologies which enable unique thin-film solar cell implementations with industry-leading efficiencies, light weight, flexibility, and low total system cost .The Company intends to enter into licensing arrangements and other strategic alliances for the development, manufacture and marketing of products utilizing this technology.

 

The technology is targeted at, but not limited to, certain broad solar power applications that require high power conversion efficiency, flexibility, and light weight. Laboratory feasibility prototypes have been developed that successfully demonstrate key building block principles for these technology application areas.

 

Universal Technology Systems Corp. (“UTCH”) was incorporated in Florida on January 28, 2013.  

 

Global Photonic Energy Corporation merged with NanoFlex Power Corporation (formerly, Universal Technology Systems Corp., “we,” “our” or the “Company”) in a share exchange transaction recorded as a reverse merger on September 24, 2013. 

 

Basis or Presentation

 

The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America, pursuant to the rules and regulations of the Securities and Exchange Commission.  Certain information and footnote disclosures have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the accompanying condensed consolidated financial statements include normal recurring adjustments that are necessary for a fair presentation of the results for the interim periods presented. These condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and notes thereto for the fiscal year ended December 31, 2014 included in our Annual Report on Form 10-K. The results of operations for the three months ended March 31, 2015 are not necessarily indicative of results to be expected for the full fiscal year or any other periods.

 

The preparation of the condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make a number of estimates and judgments that affect the reported amounts of assets, liabilities, expenses, and related disclosures. Actual results may differ from these estimates.

 

Going Concern

 

The Company has not generated revenues to date.  The Company has a working capital deficit of $6,033,142 and an accumulated deficit of $179,687,023 as of March 31, 2015.  The ability of the Company to continue as a going concern is dependent on raising capital to fund ongoing operations and carry out its business plan and ultimately to attain profitable operations.  Accordingly, these factors raise substantial doubt as to the Company’s ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the Company cannot continue in existence. To date, the Company has funded its initial operations primarily by way of the sale of equity securities, convertible note financing, short term financing from private parties, and advances from related parties.
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Debt
 3 Months Ended
Mar. 31, 2015
Debt [Abstract]  
DEBT

2. DEBT

 

Notes Payable

 

The Company has a note payable due to Mr. Seligsohn, their former Chief Executive Officer and President. The note is due on demand and bears an interest rate at the minimum applicable rate for loans of similar duration, which was 0.5% as of March 31, 2015.

 

Notes Payable – Related Party

 

On February 26, 2014, the Company borrowed $150,000 under a short term note agreement with a related party. Under the terms of this agreement, this note is due to be repaid within 6 months of funding and is non-interest bearing.  If the Company defaults on this agreement, the note shall bear interest at a rate of 18 percent per annum for the entire term of the note. In November 2014, the note agreement was amended to extend the due date to February 26, 2015, 12 months from the date of the note. As of March 31, 2015, $29,441was recorded as accrued interest relating to this note.

 

Advances – Related Party

 

During the three months ended March 31, 2015, the Company received advances totaling $51,850 and repaid advances totaling $265,000. Such advances do not accrue interest and are payable upon demand. Total due at March 31, 2015 is $215,000.

 

Convertible Notes Payable

 

In July 2014, the Company borrowed $500,000 under two short term note agreements of $250,000 each. Under the terms of each agreement, the principal balance of $250,000 and interest of $16,500 is due to be repaid within 4 months of the date of the note. These agreements were amended on February 23, 2015 to extend the due date to July 21, 2015 and increase the interest amount to $25,000. The Company analyzed the amendment of the note under ASC 470 and concluded that the amendment did not qualify as a substantial modification. At March 31, 2015, $50,000 was recorded as accrued interest relating to these notes. The agreements allow the holder to convert all or a portion of the principal and accrued interest into equity as a conversion rate of $1.25. There is no BCF since the conversion price is $1.25 which equal to the $1.25 units being sold.

 

On December 19, 2014, the Company received aggregate proceeds of $300,000 in exchange for a convertible note and the issuance of 200,000 warrants with a five year life and an exercise price of $2.50 per share.  The convertible note has a principal amount of $300,000, interest of 8% per annum, a maturity date of December 19, 2015, and is convertible into 300,000 units, with each unit consisting of a share of common stock and a warrant with a five year life from the date of conversion and an exercise price of $1 per share, subject to certain anti-dilution provisions.  The Company allocated the proceeds to the warrants and the convertible debt based on their respective fair values, then computed the effective conversion price of each instrument, noting that the convertible debt gave rise to a beneficial conversion feature in accordance with the provisions of ASC 470-20 “Debt – Debt with Conversion and Other Options.”  Of the $300,000 proceeds received, $71,369 was allocated to the warrants, and $59,546 was allocated to the beneficial conversion feature, each of which are reflected in additional paid-in-capital.  This allocation gave rise to a debt discount of $130,915 which is being amortized on a straight-line basis over the term of the note.  The Company recognized interest expense of $32,280 associated with the amortization of debt discount for the three months ended March 31, 2015. 

 

In March 2015, the Company received aggregate proceeds of $700,000 in exchange for convertible notes and the issuance of 466,667 warrants with a five year life and an exercise price of $2.50 per share. The convertible notes have a principal amount of $700,000, interest of 8% per annum, a maturity date of March 2016 and are convertible into 700,000 units, with each unit consisting of a share of common stock and a warrant with a five year life from the date of conversion and an exercise price of $1 per share, subject to certain anti-dilution provisions. The Company allocated the proceeds to the warrants and the convertible debt based on their respective fair values, then computed the effective conversion price of each instrument, noting that the convertible debt gave rise to a beneficial conversion feature in accordance with the provisions of ASC 470-20 “Debt – Debt with Conversion and Other Options.”  Of the $700,000 proceeds received, $137,863 was allocated to the warrants, and $87,563 was allocated to the beneficial conversion feature, each of which are reflected in additional paid-in-capital.  This allocation gave rise to a debt discount of $225,426 which is being amortized on a straight-line basis over the term of the note.  The Company recognized interest expense of $41,733 associated with the amortization of debt discount for the three months ended March 31, 2015. 

 

Accounts Payable - Related Party

 

As of March 31, 2015, there is $3,685 due to related party, non interest bearing due on demand.
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Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) (USD $)
Mar. 31, 2015
Dec. 31, 2014
Balance Sheets [Abstract]    
Common Stock, shares authorized 250,000,000us-gaap_CommonStockSharesAuthorized 250,000,000us-gaap_CommonStockSharesAuthorized
Common Stock, par value per share $ 0.0001us-gaap_CommonStockParOrStatedValuePerShare $ 0.0001us-gaap_CommonStockParOrStatedValuePerShare
Common Stock, shares issued 45,041,928us-gaap_CommonStockSharesIssued 44,306,278us-gaap_CommonStockSharesIssued
Common Stock, shares, outstanding 45,041,928us-gaap_CommonStockSharesOutstanding 44,306,278us-gaap_CommonStockSharesOutstanding
XML 22 R1.htm IDEA: XBRL DOCUMENT v2.4.1.9
Document and Entity Information
 3 Months Ended
Mar. 31, 2015
May 11, 2015
Document and Entity Information [Abstract]    
Entity Registrant Name NanoFlex Power Corp  
Entity Central Index Key 0001571636  
Amendment Flag false  
Document Type 10-Q  
Document Period End Date Mar. 31, 2015  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2015  
Document Fiscal Period Focus Q1  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   45,343,797dei_EntityCommonStockSharesOutstanding
XML 23 R4.htm IDEA: XBRL DOCUMENT v2.4.1.9
Condensed Consolidated Statements Of Operations (Unaudited) (USD $)
 3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
OPERATING EXPENSES:    
Research and development $ 225,709us-gaap_ResearchAndDevelopmentExpense $ 550,000us-gaap_ResearchAndDevelopmentExpense
Patent application and prosecution fees 551,680opvs_PatentApplicationAndProsecutionFees 414,436opvs_PatentApplicationAndProsecutionFees
Salaries and related expenses 337,029us-gaap_OfficersCompensation 432,267us-gaap_OfficersCompensation
Selling, general and administrative expenses 251,527us-gaap_SellingGeneralAndAdministrativeExpense 299,674us-gaap_SellingGeneralAndAdministrativeExpense
Total operating expenses 1,365,945us-gaap_OperatingExpenses 1,696,377us-gaap_OperatingExpenses
LOSS FROM OPERATIONS (1,365,945)us-gaap_OperatingIncomeLoss (1,696,377)us-gaap_OperatingIncomeLoss
OTHER INCOME (EXPENSES):    
Interest expense (94,622)us-gaap_InterestExpense   
Loss on extinguishment of debt      
Total other expense (94,622)us-gaap_NonoperatingIncomeExpense   
LOSS BEFORE INCOME TAX BENEFIT (1,460,567)us-gaap_IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet (1,696,377)us-gaap_IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet
INCOME TAX BENEFIT      
NET LOSS $ (1,460,567)us-gaap_NetIncomeLoss $ (1,696,377)us-gaap_NetIncomeLoss
NET LOSS per share (basic and diluted) $ (0.03)us-gaap_EarningsPerShareBasicAndDiluted $ (0.04)us-gaap_EarningsPerShareBasicAndDiluted
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING, BASIC and DILUTED 44,762,594us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted 43,131,260us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted
XML 24 R12.htm IDEA: XBRL DOCUMENT v2.4.1.9
Debt (Details) (USD $)
 0 Months Ended 3 Months Ended 1 Months Ended
Dec. 19, 2014
Feb. 26, 2014
Mar. 31, 2015
Mar. 31, 2014
Feb. 23, 2015
Jul. 31, 2014
Dec. 31, 2014
Debt (Textual)              
Maximum interest rate     0.50%us-gaap_DebtInstrumentInterestRateStatedPercentageRateRangeMaximum        
Short-term debt- related party   $ 150,000us-gaap_DueToRelatedPartiesCurrent $ 150,000us-gaap_DueToRelatedPartiesCurrent       $ 150,000us-gaap_DueToRelatedPartiesCurrent
Debt instrument interest rate   18.00%us-gaap_DebtInstrumentInterestRateStatedPercentage          
Maturity Date   Feb. 26, 2015          
Accrued interest     29,441us-gaap_InterestPayableCurrent        
Advances received from related party     (51,850)opvs_AdvancesReceivedFromRelatedParty        
Advances repaid to related party     265,000opvs_AdvancesRepaidToRelatedParty        
Short-term borrowing     100,000us-gaap_ShortTermBorrowings       100,000us-gaap_ShortTermBorrowings
Interest expense     32,280us-gaap_InterestExpenseDebt        
Debt instrument, Description   Under the terms of this agreement, this note is due to be repaid within 6 months of funding and is non-interest bearing.          
Conversion of debt instrument, Value     700,000us-gaap_DebtConversionConvertedInstrumentAmount1        
Warrants issued for conversion of notes     666,667us-gaap_DebtConversionConvertedInstrumentWarrantsOrOptionsIssued1        
Exercise price of warrants $ 1us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1   $ 1us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1        
Term of warrants 5 years   5 years        
Amount allocated to beneficial conversion feature     225,426us-gaap_DebtInstrumentConvertibleBeneficialConversionFeature         
Amortization of debt discounts     74,013us-gaap_AmortizationOfDebtDiscountPremium         
Accounts payable to related party     3,685us-gaap_AccountsPayableRelatedPartiesCurrentAndNoncurrent        
Advances - related party     215,000opvs_AdvancesFromRelatedParty       428,150opvs_AdvancesFromRelatedParty
Convertible Notes Payable [Member]              
Debt (Textual)              
Debt instrument interest rate 8.00%us-gaap_DebtInstrumentInterestRateStatedPercentage
/ us-gaap_ShortTermDebtTypeAxis
= us-gaap_ConvertibleNotesPayableMember		   8.00%us-gaap_DebtInstrumentInterestRateStatedPercentage
/ us-gaap_ShortTermDebtTypeAxis
= us-gaap_ConvertibleNotesPayableMember		        
Maturity Date Dec. 19, 2015   Mar. 31, 2015   Jul. 21, 2015    
Accrued interest     50,000us-gaap_InterestPayableCurrent
/ us-gaap_ShortTermDebtTypeAxis
= us-gaap_ConvertibleNotesPayableMember		        
Short-term borrowing           500,000us-gaap_ShortTermBorrowings
/ us-gaap_ShortTermDebtTypeAxis
= us-gaap_ConvertibleNotesPayableMember		  
Principal amount of debt 300,000us-gaap_ConvertibleNotesPayableCurrent
/ us-gaap_ShortTermDebtTypeAxis
= us-gaap_ConvertibleNotesPayableMember		   700,000us-gaap_ConvertibleNotesPayableCurrent
/ us-gaap_ShortTermDebtTypeAxis
= us-gaap_ConvertibleNotesPayableMember		     250,000us-gaap_ConvertibleNotesPayableCurrent
/ us-gaap_ShortTermDebtTypeAxis
= us-gaap_ConvertibleNotesPayableMember		  
Interest expense     41,733us-gaap_InterestExpenseDebt
/ us-gaap_ShortTermDebtTypeAxis
= us-gaap_ConvertibleNotesPayableMember		     16,500us-gaap_InterestExpenseDebt
/ us-gaap_ShortTermDebtTypeAxis
= us-gaap_ConvertibleNotesPayableMember		  
Increase in interest amount         25,000us-gaap_DebtInstrumentIncreaseDecreaseOtherNet
/ us-gaap_ShortTermDebtTypeAxis
= us-gaap_ConvertibleNotesPayableMember		    
Conversion price     $ 1.25us-gaap_DebtInstrumentConvertibleConversionPrice1
/ us-gaap_ShortTermDebtTypeAxis
= us-gaap_ConvertibleNotesPayableMember		        
Conversion rate     1.25%us-gaap_DebtConversionConvertedInstrumentRate
/ us-gaap_ShortTermDebtTypeAxis
= us-gaap_ConvertibleNotesPayableMember		        
Debt instrument, Description     There is no BCF since the conversion price is $1.25 which equal to the $1.25 units being sold.        
Conversion of debt instrument, Value 300,000us-gaap_DebtConversionConvertedInstrumentAmount1
/ us-gaap_ShortTermDebtTypeAxis
= us-gaap_ConvertibleNotesPayableMember		   700,000us-gaap_DebtConversionConvertedInstrumentAmount1
/ us-gaap_ShortTermDebtTypeAxis
= us-gaap_ConvertibleNotesPayableMember		        
Warrants issued for conversion of notes 200,000us-gaap_DebtConversionConvertedInstrumentWarrantsOrOptionsIssued1
/ us-gaap_ShortTermDebtTypeAxis
= us-gaap_ConvertibleNotesPayableMember		   466,667us-gaap_DebtConversionConvertedInstrumentWarrantsOrOptionsIssued1
/ us-gaap_ShortTermDebtTypeAxis
= us-gaap_ConvertibleNotesPayableMember		        
Exercise price of warrants $ 2.50us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
/ us-gaap_ShortTermDebtTypeAxis
= us-gaap_ConvertibleNotesPayableMember		   $ 2.50us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
/ us-gaap_ShortTermDebtTypeAxis
= us-gaap_ConvertibleNotesPayableMember		        
Conversion of debt instrument, Shares 300,000us-gaap_DebtConversionConvertedInstrumentSharesIssued1
/ us-gaap_ShortTermDebtTypeAxis
= us-gaap_ConvertibleNotesPayableMember		   700,000us-gaap_DebtConversionConvertedInstrumentSharesIssued1
/ us-gaap_ShortTermDebtTypeAxis
= us-gaap_ConvertibleNotesPayableMember		        
Term of warrants 5 years   5 years        
Amount allocated to warrants 71,369us-gaap_AdjustmentsToAdditionalPaidInCapitalWarrantIssued
/ us-gaap_ShortTermDebtTypeAxis
= us-gaap_ConvertibleNotesPayableMember		   137,863us-gaap_AdjustmentsToAdditionalPaidInCapitalWarrantIssued
/ us-gaap_ShortTermDebtTypeAxis
= us-gaap_ConvertibleNotesPayableMember		        
Amount allocated to beneficial conversion feature 59,546us-gaap_DebtInstrumentConvertibleBeneficialConversionFeature
/ us-gaap_ShortTermDebtTypeAxis
= us-gaap_ConvertibleNotesPayableMember		   87,563us-gaap_DebtInstrumentConvertibleBeneficialConversionFeature
/ us-gaap_ShortTermDebtTypeAxis
= us-gaap_ConvertibleNotesPayableMember		        
Amortization of debt discounts $ 130,915us-gaap_AmortizationOfDebtDiscountPremium
/ us-gaap_ShortTermDebtTypeAxis
= us-gaap_ConvertibleNotesPayableMember		   $ 225,426us-gaap_AmortizationOfDebtDiscountPremium
/ us-gaap_ShortTermDebtTypeAxis
= us-gaap_ConvertibleNotesPayableMember		        
XML 25 R11.htm IDEA: XBRL DOCUMENT v2.4.1.9
Background Basis of Presentation, and Going Concern (Details) (USD $)
Mar. 31, 2015
Dec. 31, 2014
Background Basis of Presentation (Textual)    
Working capital deficit $ 6,033,142opvs_WorkingCapital  
Accumulated deficit $ (179,687,023)us-gaap_RetainedEarningsAccumulatedDeficit $ (178,226,456)us-gaap_RetainedEarningsAccumulatedDeficit
XML 26 R15.htm IDEA: XBRL DOCUMENT v2.4.1.9
Subsequent Events (Details) (USD $)
 3 Months Ended 0 Months Ended 1 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Apr. 15, 2015
Apr. 24, 2015
Dec. 19, 2014
Apr. 17, 2015
Subsequent Events (Textual)            
Proceeds from exercise of warrants $ 324,824us-gaap_ProceedsFromIssuanceOfWarrants           
Exercise price of warrants $ 1us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1       $ 1us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1  
Percentage of the total shares of common stock 67.26%us-gaap_EquityMethodInvestmentOwnershipPercentage          
Subsequent Event [Member]            
Subsequent Events (Textual)            
Number of warrants total     789,583us-gaap_ClassOfWarrantOrRightOutstanding
/ us-gaap_SubsequentEventTypeAxis
= us-gaap_SubsequentEventMember		      
Proceeds from exercise of warrants     $ 394,792us-gaap_ProceedsFromIssuanceOfWarrants
/ us-gaap_SubsequentEventTypeAxis
= us-gaap_SubsequentEventMember		      
Exercise price of warrants     $ 0.50us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
/ us-gaap_SubsequentEventTypeAxis
= us-gaap_SubsequentEventMember		     $ 0.50us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
/ us-gaap_SubsequentEventTypeAxis
= us-gaap_SubsequentEventMember
Description of Plaintiff compensation      
The Plaintiff seeks monetary damages, including (i) two (2) times of the alleged owed compensation to him, together with interest as well as litigation costs, expert witness fees and reasonable attorneys’ fees; (ii) damages for the alleged breach of the Employment Agreement by the Company, estimated to be at least $2 million, plus interest and attorney’s fees; (iii) an unspecified amount for his alleged libel claim; and (iv) damages for the alleged tortious interference with contract, including punitive damages of at least $2 million. The Plaintiff is also seeking a declaratory judgment, claiming that he was not terminated as a director and should continue to hold a seat on the Company’s Board of Directors.
    
Warrants to purchase common stock           200,000us-gaap_ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
/ us-gaap_SubsequentEventTypeAxis
= us-gaap_SubsequentEventMember
XML 27 R13.htm IDEA: XBRL DOCUMENT v2.4.1.9
Equity (Details) (USD $)
 3 Months Ended
Mar. 31, 2015
Equity (Textual)  
Sale of common shares, shares 86,000us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction
Sale of stock, per share price $ 1.00us-gaap_SaleOfStockPricePerShare
Sale of common shares, Value $ 86,000us-gaap_SaleOfStockConsiderationReceivedPerTransaction
Sale of stock and warrant, description Each unit consisted of one common share and one warrant.
Warrant exercisable period 5 years
Warrants exercisable price per share $ 1.00invest_InvestmentWarrantsExercisePrice
XML 28 R14.htm IDEA: XBRL DOCUMENT v2.4.1.9
Stock Options and Warrants (Details) (USD $)
 0 Months Ended 3 Months Ended
Dec. 19, 2014
Mar. 31, 2015
Stock options and warrants (Textual)    
Number of options to purchase common stock   2,000,000us-gaap_StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
Exercise price of options/warrants   $ 0.50us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingPeriodIncreaseDecreaseWeightedAverageExercisePrice
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures   $ 324,825us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures   649,650us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation
Warrants issued for conversion of notes   666,667us-gaap_DebtConversionConvertedInstrumentWarrantsOrOptionsIssued1
Conversion of debt instrument, Value   700,000us-gaap_DebtConversionConvertedInstrumentAmount1
Term of warrants 5 years 5 years
Exercise price of warrants $ 1us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1 $ 1us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
Sale of common shares, shares   86,000us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction
Sale of stock, per share price   $ 1.00us-gaap_SaleOfStockPricePerShare
Sale of common shares, Value   $ 86,000us-gaap_SaleOfStockConsiderationReceivedPerTransaction
Sale of stock and warrant, description   Each unit consisted of one common share and one warrant.
Warrant exercisable period   5 years
Warrants exercisable price per share   $ 1.00invest_InvestmentWarrantsExercisePrice
Stock options cancelled during the period   47,000us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
XML 29 R5.htm IDEA: XBRL DOCUMENT v2.4.1.9
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
 3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (1,460,567)us-gaap_NetIncomeLoss $ (1,696,377)us-gaap_NetIncomeLoss
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 1,405us-gaap_Depreciation 633us-gaap_Depreciation
Amortization of debt discounts 74,013us-gaap_AmortizationOfDebtDiscountPremium   
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 2,352us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets (1,960)us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
Accounts payable 785,187us-gaap_IncreaseDecreaseInAccountsPayable 875,949us-gaap_IncreaseDecreaseInAccountsPayable
Accounts payable-related party (44,379)us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties   
Accrued expenses (249,547)us-gaap_IncreaseDecreaseInAccruedLiabilities (87,046)us-gaap_IncreaseDecreaseInAccruedLiabilities
Net cash used in operating activities (891,536)us-gaap_NetCashProvidedByUsedInOperatingActivities (908,801)us-gaap_NetCashProvidedByUsedInOperatingActivities
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of fixed assets    (794)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
Net cash used in investing activities    (794)us-gaap_NetCashProvidedByUsedInInvestingActivities
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from exercise of warrants 324,824us-gaap_ProceedsFromIssuanceOfWarrants   
Proceeds from sale of common shares and warrants 86,000opvs_ProceedsFromIssuanceOfCommonStockAndWarrants 623,000opvs_ProceedsFromIssuanceOfCommonStockAndWarrants
Advances received from related party 51,850opvs_AdvancesReceivedFromRelatedParty  
Advances repaid to related party (265,000)opvs_AdvancesRepaidToRelatedParty  
Borrowings on related party debt    150,000us-gaap_ProceedsFromRelatedPartyDebt
Borrowings on convertible debt 700,000opvs_ProceedsFromRelatedPartyConvertibleDebt   
Net cash provided by financing activities 897,674us-gaap_NetCashProvidedByUsedInFinancingActivities 773,000us-gaap_NetCashProvidedByUsedInFinancingActivities
NET INCREASE (DECREASE) IN CASH 6,138us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease (136,595)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash, beginning of the period 168us-gaap_CashAndCashEquivalentsAtCarryingValue 197,004us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash, end of the period 6,306us-gaap_CashAndCashEquivalentsAtCarryingValue 60,409us-gaap_CashAndCashEquivalentsAtCarryingValue
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid for interest      
Cash paid for income taxes      
NON-CASH INVESTING AND FINANCING ACTIVITIES    
Discount on beneficial conversion feature and warrants $ 225,426us-gaap_DebtInstrumentConvertibleBeneficialConversionFeature   
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Subsequent Events
 3 Months Ended
Mar. 31, 2015
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

5. SUBSEQUENT EVENTS

 

On April 15, 2015, the Company offered to reduce the exercise price of certain warrants of the Company to $0.50 as an incentive to the holders to exercise such warrants (“April 2015 Warrant Price Reduction”). Thus far warrant holders have sent notices to exercise their warrants for a total of 789,583 shares of our Common Stock, which have yet to be issued, for proceeds received in the amount of $394,792.  The April 2015 Warrant Price Reduction is ongoing and will continue until May 15, 2015.  As a result of the decrease in the warrant price, the exercise price of certain of the Company’s outstanding warrants will be permanently reduced to $0.50 per share pursuant to their terms and certain of those warrants have a provision which will cause them to increase in number by an multiplying the number by a fraction equal to the original warrant exercise price divided by the new warrant exercise price.  The Company determined that this transaction does not constitute a modification under ASC 718-10 or ASC 505-50 as it met the scope exceptions for a transaction with an investor or lender.  Accordingly, no expense was recognized in connection with these transactions.

 

On April 17, 2015, the Company amended the Engagement Agreement originally dated October 1, 2013, between the Company and Tobin Tao. This amendment grants Tobin Tao warrants to purchase 200,000 shares of the Company’s common stock at $0.50 per share.

 

On March 18, 2015, the Company received correspondence from Mr. Kuhns’ counsel alleging that Mr. Kuhns has “Good Reason” to terminate his Employment Agreement for an alleged failure to pay his salary in full. On March 30, 2015, Mr. Kuhns advised that if the alleged breaches of the Employment Agreement were not cured there was a possibility that he would pursue litigation

 

As of March 30, 2015, shareholders holding approximately 67.26% of the total shares of common stock of NanoFlex Power Corporation (the “Company,” “we,” “our” or “us”) that are entitled to vote on all Company matters approved by written consent the removal of John D. Kuhns from his position as a member of the Company’s Board of Directors. Mr. Kuhns’ removal was for “Cause” as defined under his Employment Agreement as amended and dated as of October 1, 2013 (the “Employment Agreement”). The removal arose as a result of his documented conduct and statements, which breached his fiduciary duties to the Company in order to advance personal monetary and other interests, and thereby threatened serious financial injury to the Company, its shareholders and its debtholders.

 

On March 31, 2015, the Board of Directors terminated the Employment Agreement with Mr. Kuhns for Cause and removed him from his positions as Co-CEO, and from all other officer positions he held with the Company and its subsidiaries and affiliates, and all director positions with the Company’s subsidiaries and affiliates.

 

On April 24, 2015, the Company received a letter from Mr. Kuhns’ counsel (the “Response Letter”) stating that Mr. Kuhns disagreed with statements in the Initial Filing regarding the circumstances of his removal as a director and officer.

 

The Response Letter was accompanied by a copy of a complaint (the “Complaint”) filed by John D, Kuhns (the “Plaintiff”) in the United States District Court Southern District of New York against the Company, Mr. Dean L. Ledger, our current CEO, CFO and member of our Board of Directors, Mr. Robert J. Fasnacht, our current Executive Vice President and member of our Board of Directors and Mr. Ronald B. Foster, a shareholder of the Company (each, a “Defendant,” collectively, the “Defendants”). The Complaint alleges, among other things, that the Plaintiff was terminated by the Company in violation of Section 922 of the Dodd-Frank Act, that the Company wrongfully terminated the Employment Agreement, that the Defendants made false statements to shareholders regarding the Plaintiff, that the Defendants (other than the Company) tortuously interfered with the Plaintiff’s Employment Agreement, and that Mr. Ledger and Mr. Fasnacht breached their fiduciary duties to the Company and its shareholders.

 

The Plaintiff seeks monetary damages, including (i) two (2) times of the alleged owed compensation to him, together with interest as well as litigation costs, expert witness fees and reasonable attorneys’ fees; (ii) damages for the alleged breach of the Employment Agreement by the Company, estimated to be at least $2 million, plus interest and attorney’s fees; (iii) an unspecified amount for his alleged libel claim; and (iv) damages for the alleged tortious interference with contract, including punitive damages of at least $2 million. The Plaintiff is also seeking a declaratory judgment, claiming that he was not terminated as a director and should continue to hold a seat on the Company’s Board of Directors. The Company believes that the allegations in the Complaint to be without any merit and will vigorously defend against the claims.
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Columns in Cash Flows statement 'Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)' have maximum duration 89 days and at least 23 values. Shorter duration columns must have at least one fourth (5) as many values. Column '2/7/1994' is shorter (-727965 days) and has only 0 values, so it is being removed. Columns in Cash Flows statement 'Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)' have maximum duration 89 days and at least 23 values. Shorter duration columns must have at least one fourth (5) as many values. Column '12/31/2012' is shorter (-734867 days) and has only 2 values, so it is being removed. Columns in Cash Flows statement 'Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)' have maximum duration 89 days and at least 23 values. Shorter duration columns must have at least one fourth (5) as many values. Column '6/30/2013' is shorter (-735048 days) and has only 2 values, so it is being removed. Columns in Cash Flows statement 'Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)' have maximum duration 89 days and at least 23 values. Shorter duration columns must have at least one fourth (5) as many values. Column '9/30/2013' is shorter (-735140 days) and has only 2 values, so it is being removed. 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