Echo Therapeutics (ECTE) 10-Q 15 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	8-May-15
Document And Entity Information
Entity Registrant Name	Echo Therapeutics, Inc.
Entity Central Index Key	1031927
Document Type	10-Q
Document Period End Date	31-Mar-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		11,128,275
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2015

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
Current Assets:
Cash and cash equivalents	$469,493	$1,278,941
Prepaid and other	447,386	490,824
Total current assets	916,879	1,769,765
Property and equipment, net	930,570	1,138,593
Other Assets:
Intangibles, net	9,625,000	9,625,000
Other	129,705	62,478
Total other assets	9,754,705	9,687,478
Total assets	11,602,154	12,595,836
Current Liabilities:
Accounts payable	1,368,775	1,801,469
Accrued and other	365,282	968,392
Premium financing payable	212,829
Derivative liabilities	3,309,000	208,155
Total current liabilities	5,255,886	2,978,016
Deferred revenue, net	95,535	95,535
Total liabilities	5,351,421	3,073,551
Convertible Preferred Stock: Preferred Stock, $0.01 par value; 40,000,000 shares authorized:
C - 10,000 shares authorized; issued and outstanding 1,000 shares	10	10
D - 3,600,000 shares authorized; issued and outstanding 1,000,000 shares	10,000	10,000
E - 1,748,613 shares authorized, issued and outstanding	17,486	17,486
F - 5,000,000 shares authorized; issued and outstanding 3,555,180 and 840,336 shares, respectively	35,552	8,403
Common Stock, $0.01 par value, authorized 150,000,000 shares, issued and outstanding 11,128,275 and 12,629,695 shares, respectively	111,281	126,295
Additional paid-in capital	142,312,182	137,292,157
Accumulated deficit	-136,235,778	-127,932,066
Total stockholders' equity	6,250,733	9,522,285
Total liabilities and stockholders' equity	$11,602,154	$12,595,836

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Stockholders' Equity:
Common stock, par value	$0.01	$0.01
Common stock, authorized	150,000,000	150,000,000
Common stock, outstanding	11,128,275	12,629,695
Common stock, Share Issued	11,128,275	12,629,695
Series C Preferred Stock [Member]
Stockholders' Equity:
Convertible Preferred Stock, par value	$0.01	$0.01
Convertible Preferred Stock, authorized	10,000	10,000
Convertible Preferred Stock, outstanding	1,000	1,000
Convertible Preferred Stock, Share Issued	1,000	1,000
Series D Preferred Stock [Member]
Stockholders' Equity:
Convertible Preferred Stock, par value	$0.01	$0.01
Convertible Preferred Stock, authorized	3,600,000	3,600,000
Convertible Preferred Stock, outstanding	1,000,000	1,000,000
Convertible Preferred Stock, Share Issued	1,000,000	1,000,000
Series E Preferred Stock [Member]
Stockholders' Equity:
Convertible Preferred Stock, par value	$0.01	$0.01
Convertible Preferred Stock, authorized	1,748,613	1,748,613
Convertible Preferred Stock, outstanding	1,748,613	1,748,613
Convertible Preferred Stock, Share Issued	1,748,613	1,748,613
Series F Preferred Stock [Member]
Stockholders' Equity:
Convertible Preferred Stock, par value	$0.01	$0.01
Convertible Preferred Stock, authorized	5,000,000	5,000,000
Convertible Preferred Stock, outstanding	3,555,180	840,336
Convertible Preferred Stock, Share Issued	3,555,180	840,336

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Income Statement [Abstract]
Licensing revenue		$19,107
Total revenues		19,107
Operating Expenses:
Research and development	831,333	1,266,202
Selling, general and administrative	1,482,265	1,323,162
Loss on disposal of property and equipment	108,840
Depreciation and amortization	86,704	99,900
Total operating expenses	2,509,142	2,689,264
Loss from operations	-2,509,142	-2,670,157
Other Income (Expense):
Gain (loss) on revaluation of derivative warrant liability	-257,845	140,000
Financing expense	-5,534,000
Interest expense	-2,725	-242,884
Other expense, net	-5,794,570	-102,884
Net loss	($8,303,712)	($2,773,041)
Net loss per common share, basic and diluted	($0.72)	($0.23)
Basic and diluted weighted average common shares outstanding	11,548,590	11,858,894

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) (USD $)	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Beginning Balance, Amount at Dec. 31, 2014	$35,899	$126,295	$137,292,157	($127,932,066)	$9,522,285
Beginning Balance, Shares at Dec. 31, 2014	3,589,949	12,629,695
Exchange - Common Stock for Series F, Shares	1,500,000	-1,500,000
Exchange - Common Stock for Series F, Amount	15,000	-15,000
Proceeds from issuance of Series F and warrants, Shares	666,667
Proceeds from issuance of Series F and warrants, Amount	6,667		2,760,333		2,767,000
Capital contribution			59,325		59,325
Issuance of Series F pursuant to Reimbursement Agreement, Shares	548,177
Issuance of Series F pursuant to Reimbursement Agreement, Amount	5,482		1,796,518		1,802,000
Share-based compensation, net of restricted stock cancellations, Shares		-1,420
Share-based compensation, net of restricted stock cancellations, Amount		-14	403,849		403,835
Net loss				-8,303,712	-8,303,712
Ending balance, Amount at Mar. 31, 2015	$63,048	$111,281	$142,312,182	($136,235,778)	$6,250,733
Ending Balance, Shares at Mar. 31, 2015	6,304,793	11,128,275

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash Flows From Operating Activities:
Net loss	($8,303,712)	($2,773,041)
Depreciation and amortization	86,704	99,900
Share-based compensation, net	403,835	345,637
Fair value of common stock issued for services		8,404
(Gain) loss on revaluation of derivative warrant liability	257,845	-140,000
Warrant repricing charged to legal expense	328,000
Loss on disposal of assets	108,840
Financing expense	5,534,000
Amortization of deferred financing costs		242,001
Prepaid and other	43,860	-68,981
Accounts payable	-150,754	-332,080
Deferred revenue from licensing arrangements		-19,107
Accrued and other	-53,110	-586,395
Net cash used in operating activities	-1,744,492	-3,223,662
Cash Flows from Investing Activities:
Purchase of property and equipment	-5,171
Proceeds from sales of property and equipment	17,651
Decrease (increase) in restricted cash	-76,968	250,000
Net cash (used in) provided by investing activities	-64,488	250,000
Cash Flows From Financing Activities:
Proceeds from equity issuances	1,000,000	500,000
Proceeds from common stock subscription		1,500,000
Capital contribution	59,325
Principal payments on capitalized lease obligations		-672
Principal payments on premium financing	-59,793
Net cash provided by financing activities	999,532	1,999,328
Net decrease in cash and cash equivalents	-809,448	-974,334
Cash and cash equivalents, beginning of period	1,278,941	8,055,385
Cash and cash equivalents, end of period	469,493	7,081,051
Supplemental disclosure of cash flow information:
Cash paid for interest	2,725	1,239
Cash paid for Income taxes	456
Supplemental disclosure of non-cash financing transactions:
Prepaid insurance financed	272,623
Director's fees payable offset against prepaid insurance	272,200
Accrued legal fees settled with stock	550,000
Security deposit offset against accounts payable	9,740
Conversion of convertible preferred stock into Common Stock at par value	$15,000

ORGANIZATION_AND_BASIS_OF_PRES

ORGANIZATION AND BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2015
Organization And Basis Of Presentation
Note 1. ORGANIZATION AND BASIS OF PRESENTATION	Echo Therapeutics, Inc. (the "Company") is a medical device company with expertise in advanced skin permeation technology. The Company is developing its non-invasive, wireless continuous glucose monitoring (CGM) system with potential use in the wearable-health consumer market and the diabetes outpatient market. A significant longer-term opportunity may also exist in the hospital setting. Echo has also developed its needle-free skin preparation device as a platform technology that allows for enhanced skin permeation enabling extraction of analytes, such as glucose, enhanced delivery of topical pharmaceuticals and other applications.
	The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Sontra Medical, Inc., a Delaware corporation. All significant intercompany balances and transactions have been eliminated in consolidation. These financial statements have been prepared in conformity with generally accepted accounting principles (“GAAP”) in the United States consistent with those applied in, and should be read in conjunction with, the Company’s audited consolidated financial statements and related footnotes for the year ended December 31, 2014 included in the Company’s Annual Report on Form 10-K as filed with the United States Securities and Exchange Commission (“SEC”) on April 15, 2015. Certain amounts in prior periods have been reclassified to conform to the current presentation. These financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the Company’s financial position as of March 31, 2015 and its results of operations and cash flows for the interim periods presented and are not necessarily indicative of results for subsequent interim periods or for the full year. These interim financial statements do not include all of the information and footnotes required by GAAP for complete financial statements as allowed by the relevant SEC rules and regulations; however, the Company believes that its disclosures are adequate to ensure that the information presented is not misleading.

LIQUIDITY_AND_MANAGEMENTS_PLAN

LIQUIDITY AND MANAGEMENT'S PLANS	3 Months Ended
	Mar. 31, 2015
Liquidity And Managements Plans
Note 2. LIQUIDITY AND MANAGEMENT'S PLANS	The accompanying financial statements have been prepared on a basis that assumes that the Company will continue as a going concern and that contemplates the continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the normal course of business. As of March 31, 2015, the Company had cash of approximately $469,000, working capital deficit of approximately $4,339,000, and an accumulated deficit of approximately $136,000,000. The Company continues to incur recurring losses from operations. The Company will need to obtain proceeds under its current financing arrangement and secure additional capital to fund its product development, research, manufacturing and clinical programs in accordance with its current planned operations. The Company has funded its operations in the past primarily through debt and equity issuances. Management intends to utilize its current financing arrangement and will continue to pursue additional financing to fund its operations. Management believes that it will be successful in obtaining proceeds from their current financing arrangement and raising additional capital. No assurances can be given that additional capital will be available on terms acceptable to the Company. The accompanying financial statements do not include any adjustments that might result from the outcome of the uncertainty.
	Subsequent to March 31, 2015, the Company received cash proceeds of $500,000 from a $4,000,000 Equity financing it arranged in December 2014 ($2,000,000 was previously received).

PROPERTY_AND_EQUIPMENT

PROPERTY AND EQUIPMENT	3 Months Ended
	Mar. 31, 2015
Property And Equipment
Note 3. PROPERTY AND EQUIPMENT	The principal categories and estimated useful lives of property and equipment were:
		2015	2014	Estimated Useful Lives
	Computer equipment	$336,258	$334,865	3
	Office and laboratory equipment	740,177	740,177	5-Mar
	Furniture and fixtures	596,936	755,444	7
	Manufacturing equipment	111,980	111,980	5
	Leasehold improvements	769,147	825,589	7-Mar
	Total property and equipment	2,554,498	2,768,055
	Less accumulated depreciation and amortization	1,623,928	1,629,462
	Property and equipment, net	$930,570	$1,138,593
	The Company recorded a loss on disposal of $108,840 in connection with its relocation from its Philadelphia office to Iselin, New Jersey in the first quarter. See Note 4.

OPERATING_LEASE_COMMITMENTS

OPERATING LEASE COMMITMENTS	3 Months Ended
	Mar. 31, 2015
Operating Lease Commitments
Note 4. OPERATING LEASE COMMITMENTS	The Company leased approximately 7,900 square feet of corporate office space in a multi-story building located in Philadelphia, Pennsylvania under a lease expiring May 31, 2017. The company terminated this lease early and moved to Iselin, New Jersey on January 15, 2015 where the Company has leased 2,800 square feet of office space for 38 months at a monthly rental of approximately $7,700. The Company posted a $77,000 Letter of Credit to secure the lease which is reduced to $38,500 after nineteen months of occupancy, assuming no defaults, as defined.
	The Company leases approximately 37,000 square feet of manufacturing, laboratory and office space in a single-story building located in Franklin, Massachusetts under a lease expiring October 31, 2017. On May 5, 2015, the Company signed a lease for approximately 10,000 square feet for a research and development facility in Littleton, Massachusetts. The lease is for 65 months. Effective base monthly rent over the lease term will be $11,470. The Company secured the property with a Letter of Credit for $150,000. The Letter of Credit is expected to be reduced to $50,000 after 24 months of timely lease payments. The Company expects to move to the new facility from its Franklin, Massachusetts research and development facility on or about July 1, 2015. The Company agreed to post a $50,000 Letter of Credit until July 1, 2015 while the Littleton facility was being improved. The Company will terminate its Franklin lease about 28 months early and may be expected to incur certain undetermined termination fees as a result.

DERIVATIVE_LIABILITY

DERIVATIVE LIABILITY	3 Months Ended
	Mar. 31, 2015
Derivative Liability
Note 5. DERIVATIVE LIABILITY	Derivative warrant liability:
	As a result of having warrants which are outstanding, issued in connection with a 2012 Credit Facility (which was terminated in October 2014), we are required to record the changes in the value of these derivative warrants through their expirations in November 2017. The table below presents the changes in the derivative warrant liability, which is measured at fair value on a recurring basis and classified as Level 3 in fair value hierarchy:
		2015	2014
	Derivative warrant liability as of January 1	$208,155	$1,119,155
	Gain (loss) on revaluation	(257,845)	911,000
	Derivative warrant liability as of March 31	$466,000	$208,155
	None of the derivative warrants were exercised in 2015 or 2014 pursuant to cashless exercise provisions.
	Derivative financing liability:
	In December 2014, the Company reached agreement with investors to provide $4,000,000 of installment financing in exchange for Series F Preferred Stock and warrants. The deal was priced at $1.50 per share, or the stock price in effect, if lower. At March 31, 2015, installments totaling $2,000,000 still remained to be paid by investors, potentially representing 1,333,333 shares of Series F Preferred to be issued in the future with warrants to purchase the same number of common shares at the agreed exercise price of $3.00. Our closing market price at March 31, 2015 of $2.13 per share, was $0.63 above the deal price of $1.50. As a result of the market price being higher than the stated deal price, the Company was required to record a charge to financing expense and a corresponding credit to derivative liability representing the potential value to be provided in excess of the potential cash proceeds calculated as follows:
	Excess of Market share price over deal share price ($2.13 vs. $1.50)	$             0.63
	Potential future share issuance	1,333,333
		$       840,000
	Fair value of warrants utilizing Black-Scholes model	2,003,000
		$    2,843,000
	As the Company receives subsequent cash installments, the derivative liability will increase or decrease depending on the fair value of the shares and warrants on the date the installments are made. Prior installments were issued at the fair market of Common Stock which was below the contractual price of $1.50 and therefore such liability had a nominal value. Subsequent to March 31, 2015 we collected $500,000 of the remaining $2,000,000 when our stock price was $2.18. This will result in an additional financing charge in the second quarter for that installment since it was above the value of $2.13 per share of our Common Stock at March 31, 2015.

EQUITY_TRANSACTIONS

EQUITY TRANSACTIONS	3 Months Ended
	Mar. 31, 2015
Equity Transactions
Note 6. EQUITY TRANSACTIONS	Restart of Operations and related option grants
	On January 2, 2015, in conjunction with restarting the operations of the Company, stock option grants to purchase 400,000 shares of Common Stock at an exercise price of $1.35 were issued to various employees primarily at our Franklin, Massachusetts research and development facility. On January 5, 2015, an additional stock option grant was made to purchase 50,000 shares of our Common stock at an exercise price of $1.48 to our new Manager of Business Development in Iselin, New Jersey. On March 2, 2015, we issued another stock option grant to purchase 20,000 shares of our Common Stock at $2.34 to a senior technician hired for our Franklin facility. All grants vest over a three years with 1/3 vesting immediately and the balance vesting equally at each of the two respective anniversary periods. All grants were made pursuant to the 2008 Plan.
	Board Matters
	On January 7, 2015, the Board realigned annual compensation at $30,000 per annum per director. Each director, other than our CEO whose employment agreement precluded him from receiving director compensation the first year, received a stock option to purchase 150,000 shares of our Common Stock at an exercise price of $1.62 vesting 25% immediately and then 25% at the beginning of each quarter thereafter. These options contain a condition where they are only exercisable after the average closing price of the Company’s common stock for the ten (10) days prior to exercise, equals or exceeds $7.50 per share. Such amount was valued using a binomial lattice model and included in share-based compensation expense.
	Exchange of Common Stock for Series F Preferred Stock
	On January 9, 2015 and again on March 31, 2015, Platinum Partners Value Arbitrage Fund, L.P. and Platinum Partners Liquid Opportunity Fund, L.P. exchanged 843,526 and 208,884 and 356,474 and 91,116, respectively of their common shares held for Series F Preferred Stock. Based on the terms of the Series F (e.g. conversion ratio of 1:1 and no liquidation preference) the Company determined that the value of the Series F is equivalent to the common shares.
	Capital Contribution
	Late in the third quarter of 2014 the research and development operations of the Company were suspended and key personnel were laid off. In October 2014, two of our directors received a non-recourse loan for $500,000 from PPVA. The purpose of this contribution was to provide the directors monies to advance their plan for the Company and attempt to maintain its viability during the suspension of operations. $440,675 was expended in the fourth quarter of 2014 by these directors primarily for salaries of key employees and targeted technology efforts focused on the wearable technology sector. The Company considered this expenditure by two of its directors a capital contribution since the funds were spent on matters specifically related to the operations of the Company. In February 2015, the $440,675 capital contribution together with the balance of monies received in 2015 of $59,325, equivalent to the original $500,000 the two directors had received, was settled in Series F Shares by the Company to PPVA. See discussion below.
	Settlement of Amounts Owed for Series F Preferred Stock and Warrants
	On September 23, 2014, the Company announced that, as it believed that its current liquidity was insufficient to fund its needs beyond September 30, 2014, it was suspending its product development, research, manufacturing and clinical programs and operations to conserve its liquidity and capital resources. The workforce reduction due to the suspension of operations comprised approximately 70% of Echo’s workforce, leaving only administrative personnel.  Affected employees were notified on September 23, 2014. The employees whose employment was terminated as part of the workforce reduction were not offered severance pay. The Company indicated that they could possibly incur additional costs not currently contemplated due to events that may occur as a result of, or that were associated with, the workforce reduction.
	At the time of the work force reduction announcement, Platinum Management (NY) LLC, together with its affiliates, a significant stockholder of the Company (“Platinum”), was in the process of engaging in a proxy contest with the Company pursuant to which it sought to ultimately remove three of the then-current directors of the Company. In conjunction therewith, Platinum provided $500,000 on a non-recourse basis to two of the Company’s directors whose removal Platinum was not seeking, namely Michael Goldberg and Shepard Goldberg, which was recorded as a capital contribution (“Contribution”) in 2014. Proceeds of the Contribution were utilized for retaining certain key employees and for research and technology initiatives, all for the benefit of the Company. A small portion of the monies was not disbursed, which was transferred to the Company. At the time of the Contribution, Shepard Goldberg and Michael Goldberg agreed that, should the Contribution ultimately benefit the Company, they would use their best efforts to cause the Company to issue equity to Platinum as consideration for making the Contribution.
	In December 2014, as part of a negotiated settlement agreement, the three directors, whom Platinum sought to remove, resigned as directors and Platinum agreed to make a direct investment in the Company.  In connection with the proxy contest, Platinum expended $550,000 on legal representation and related expenses (the “Expenses”). In its proxy statement, Platinum advised stockholders that it would pay all the costs associated with the solicitation of proxies, but would seek reimbursement from the Company, and not submit such reimbursement to a vote of stockholders.
	On February 12, 2015, the Company agreed to reimburse Platinum for its Contribution and the Expenses it incurred in the proxy fight. In this regard, the Board of Directors of the Company determined that both the Contribution and Expenses together resulted in the Company being able to continue operations and put into place a strong management team.  Pursuant to a Reimbursement Agreement, dated February 12, 2015 (the “Reimbursement Agreement”), Platinum received 548,177 shares of Series F Convertible Preferred Stock (consisting of 333,333 shares of Series F for the $500,000 capital contribution and 214,844 shares of Series F for the $550,000 of legal expenses they incurred, for a Series F share total of 548,177) and Warrants to purchase 333,333 shares of common stock of the Company.  These Warrants expire in five years and have a $3.00 per share exercise price. Additionally, the Company agreed to re-price 700,000 warrants, originally disbursed to Platinum in connection with its August 31, 2012 Loan Agreement, and referred to as the Derivative Warrants, currently priced in the $20.00 to $22.70 range per share, to $7.50 per share. The Company recorded a charge to legal expense for $328,000 representing the cost of re-pricing the Derivative Warrants. The Company also recorded a non-cash charge of $257,845 related to the change in the value of the derivative liability.  Additionally, the Company recorded a charge to financing expense of $924,000 representing the additional value given to the investors as a result of the closing market price of $2.56 being above the deal price of $1.50 used for the reimbursement of the $500,000 capital contribution. The shares issued for the legal expenses were done at the market close of the Company’s Common Stock on the date of the Reimbursement Agreement.
	Equity Raise
	In the first quarter of 2015, the Company received the second installment, or $1,000,000, of its $4,000,000 December 2014 financing and issued 666,667 shares of Series F Preferred Stock and warrants to purchase the same number of shares of Common Stock at an exercise price of $3.00 were issued to investors.. The Company recorded financing expense of $1,767,000 with a corresponding credit to additional paid in capital since the average market price on the dates the financing was received of $2.49 was above the deal price of $1.50, representing the excess value provided to the investors.

EQUITY_COMPENSATION_PLANS

EQUITY COMPENSATION PLANS	3 Months Ended
	Mar. 31, 2015
Equity Compensation Plans
Note 7. EQUITY COMPENSATION PLANS	In March 2003, the Company’s shareholders approved its 2003 Stock Option and Incentive Plan (the “2003 Plan”). Pursuant to the 2003 Plan, the Company’s Board of Directors (or its committees and/or executive officers delegated by the Board of Directors) may grant incentive and nonqualified stock options, restricted stock, and other stock-based awards to the Company’s employees, officers, directors, consultants and advisors. As of March 31, 2015, there were 5,000 restricted shares of Common Stock issued and options to purchase an aggregate of 26,500 shares of Common Stock outstanding under the 2003 Plan and no shares are available for future grants due to the 2003 Plan’s expiration.
	In May 2008, the Company’s shareholders approved the 2008 Equity Compensation Plan, as amended (the “2008 Plan”). The 2008 Plan provides for grants of incentive stock options to employees and nonqualified stock options and restricted stock to employees, consultants and non-employee directors of the Company. The maximum number of shares available under the 2008 Plan is 10,000,000 shares. As of March 31, 2015, there were 27,391 restricted shares of Common Stock issued and options to purchase 1,516,233 shares of Common Stock outstanding under the 2008 Plan and 8,443,376 shares available for future grants.
	The following table shows the remaining shares available for future grants for each plan and outstanding shares:
		Equity Compensation Plans		Not Pursuant to a Plan
		2003 Plan	2008 Plan
	Shares Available For Issuance
	Total reserved for stock options and restricted stock	160,000	10,000,000
	Net restricted stock issued net of cancellations	-5,000	-27,391
	Stock options granted	-154,449	-2,945,883
	Add back options cancelled before exercise	92,349	1,416,650
	Less shares no longer available due to Plan expiration	-92,900	—
	Remaining shares available for future grants at March 31, 2015	—	8,443,376
	Stock options granted	154,449	2,945,883	310,000
	Less: Stock options cancelled	-92,349	-1,416,650	-193,333
	Stock options exercised	-35,600	-13,000	-66,667
	Net shares outstanding before restricted stock	26,500	1,516,233	50,000
	Net restricted stock issued net of cancellations	5,000	27,391	6,485
	Outstanding shares at March 31, 2015	31,500	1,543,624	56,485

STOCK_OPTIONS

STOCK OPTIONS	3 Months Ended
	Mar. 31, 2015
Stock Options
Note 8. STOCK OPTIONS	The fair value of each stock option award is estimated on the date of grant using the Black-Scholes option pricing model with certain assumptions noted below. Expected volatilities are based on historical volatility of the Common Stock using historical periods consistent with the expected term of the options. The Company uses historical data, as well as subsequent events occurring prior to the issuance of the financial statements, to estimate option exercise and employee termination and forfeitures within the valuation model. The expected term of stock options granted under the Company’s stock plans is based on the average of the contractual term (generally 10 years) and the vesting period (generally 24 to 42 months). The risk-free rate is based on the yield of a U.S. Treasury security with a term consistent with the option.
	For options issued and outstanding during the three month periods ended March 31, 2015, and 2014, the Company recorded additional paid-in capital and non-cash compensation expense of $383,000 and $158,000, respectively, each net of estimated forfeitures.
	The assumptions used principally for stock options granted to employees and members of the Company’s Board of Directors in the three months ended March 31, 2015 and 2014 were as follows:
		2015	2014
	Risk-free interest rate	1.52% – 1.61%	1.99% – 2.71%
	Expected dividend yield	—	—
	Expected term	5 years	6.5 years
	Forfeiture rate (excluding fully vested stock options)	15%	15%
	Expected volatility	90%	141%
	A summary of stock option activity as of and for the three months ended March 31, 2015 is as follows:
				Weighted-
			Weighted-	Average
			Average	Remaining	Aggregate
			Exercise	Contractual	Intrinsic
	Stock Options	Shares	Price	Term	Value
	Outstanding options at January 1, 2015	1,039,900	$3.00
	Granted	770,000	$1.49
	Exercised	—	$ —
	Forfeited or expired	-217,167	$3.69
	Outstanding options at March 31, 2015	1,592,733	$2.18	9.23 years	$ —
	Exercisable options at March 31, 2015	531,000	$3.06	8.52 years	$ —
	The weighted-average grant-date fair value of stock options granted during the three months ended March 31, 2015 was $1.49 per share. As of March 31, 2015, there was approximately $1,068,000 of total unrecognized compensation expense related to non-vested share-based option compensation arrangements. With the exception of the unrecognized share-based compensation related to certain restricted stock grants to officers and employees that contain performance conditions related to FDA approval for Symphony or the sale of substantially all of the stock or assets of the Company, unrecognized compensation is expected to be recognized over the next four years.

RESTRICTED_STOCK

RESTRICTED STOCK	3 Months Ended
	Mar. 31, 2015
Restricted Stock
Note 9. RESTRICTED STOCK	For restricted stock issued and outstanding during the three month period ended March 31, 2015 and 2014, the Company incurred non-cash compensation expense of approximately $21,000 and $161,000, respectively, each net of estimated forfeitures.
	During the three months ended March 31, 2015, the Company did not grant restricted shares of Common Stock to certain officers, employees, directors and consultants of the Company.
	A summary of non-vested restricted stock activity as of and for the three months ended March 31, 2015 is as follows:
	Restricted Stock			Weighted-
				Average
				Grant-Date
			Shares	Fair Value
	Non-vested shares at January 1, 2015		47,958	$9.74
	Granted		—	$ —
	Vested		-8,000	$3.56
	Forfeited		-1,082	$6.83
	Non-vested shares at March 31, 2015		38,876	$11.09
	Among the 38,876 shares of non-vested restricted stock, the various vesting criteria include the following:
		·	14,185 shares of restricted stock vest upon the FDA approval of our CGM system or the sale of the Company;
		·	21,066 shares of restricted stock vest over 4 years, at each of the anniversary dates of the grants; and
		·	3,625 shares of restricted stock vest over 1 year, at each of the anniversary dates of the grants.
	As of March 31, 2015, there was approximately $97,000 of total unrecognized compensation expense related to non-vested share-based restricted stock arrangements granted pursuant to the Company’s equity compensation plans that vest over time in the foreseeable future. As of March 31, 2015, the Company cannot estimate the timing of completion of performance vesting requirements required by certain of these restricted stock grant arrangements. Compensation expense related to these restricted share grants will be recognized when the Company concludes that achievement of the performance vesting conditions is probable.

WARRANTS

WARRANTS	3 Months Ended
	Mar. 31, 2015
Warrants
Note 10. WARRANTS	In the three months ended March 31, 2015, the Company issued warrants to purchase 666,667 shares of our common stock connection with a partial closing related to the private placement of the Company’s Common Stock as well as the 333,333 shares of our common stock in connection with a Reimbursement Agreement. See Notes 5 and 6.
	The Derivative Warrants to purchase 700,000 shares of our Common Stock, at exercise prices ranging from $20.00 to $22.70 and expiring in 2017, are included in the outstanding warrants at December 31, 2014 and 2013. On February 12, 2015, these warrants were re-priced to $7.50 to compensate PPVA in connection with the Reimbursement Agreement reached between the Company and PPVA. See Notes 5 and 6.
	A summary of warrant activity for the three months ended March 31, 2015 is as follows:
				Weighted-
				Average
				Exercise
	Warrants	Shares		Price
	Outstanding warrants at January 1, 2015	1,847,066		$10.04
	Granted	1,000,000		$3.00
	Forfeited	(37,638)		$  22.50
	Outstanding warrants at March 31, 2015	2,809,428		$4.10
	At March 31, 2015, the Company had the following outstanding warrants:
						Weighted- Average Remaining Contractual Life (years)
							Weighted- Average Exercise Price
	Type of Warrant/ Range of
	Exercise Prices				Number Outstanding			Number Exercisable
			Expirations
	Derivative:
	$7.50		8/31/17 to 11/6/17		700,000	2.48	$7.50	700,000
	Equity:
	$2.75 - $3.00		12/10/18 to 03/09/20		2,109,428	4.7	$2.97	2,109,428
	Total outstanding				2,809,428			2,809,428
	The Company uses valuation methods and assumptions that consider among other factors the fair value of the underlying stock, risk-free interest rate, volatility, expected life and dividend rates in estimating fair value for the warrants considered to be derivative instruments. The following assumptions were utilized by the Company:
	Risk-free interest rate	0.70%
	Expected dividend yield	—
	Expected term (contractual term)	2.5  years
	Forfeiture rate	—
	Expected volatility	102%
	Expected volatilities are based on historical volatility of the Common Stock using historical periods consistent with the expected term of the warrant. The risk-free rate is based on the yield of a U.S. Treasury security with a term consistent with the warrant.

LITIGATION_OTHER_SIGNIFICANT_M

LITIGATION & OTHER SIGNIFICANT MATTERS	3 Months Ended
	Mar. 31, 2015
Litigation Other Significant Matters
NOTE 11. LITIGATION & OTHER SIGNIFICANT MATTERS	From time to time, in addition to those identified below, we are subject to legal proceedings, claims, investigations, and proceedings in the ordinary course of business. In accordance with generally accepted accounting principles, we make a provision for a liability when it is both probable that a liability has been incurred and the amount of the loss or range of loss can be reasonably estimated. These provisions, if any, are reviewed at least quarterly and adjusted to reflect the impacts of negotiations, settlements, rulings, advice of legal counsel, and other information and events pertaining to a particular case. Litigation is inherently unpredictable. We believe that we have valid defenses with respect to the legal matters pending against us and are vigorously defending these matters. Given the uncertainty surrounding litigation and our inability to assess the likelihood of a favorable or unfavorable outcome in the above noted matters and our inability to reasonably estimate the amount of loss or range of loss, it is possible that the resolution of one or more of these matters could have a material adverse effect on our consolidated financial position, cash flows or results of operations. At March 31, 2015, no litigation loss is deemed probable or reasonably estimated.
	In February 2014, Patrick T. Mooney, M.D., our former President and Chief Executive Officer, and his wife, Elizabeth Mooney, filed a complaint against the Company and certain of its directors and officers in the Court of Common Pleas in Philadelphia County.  The complaint, which alleges (i) that Dr. Mooney’s termination was without cause so that he is entitled to certain severance benefits under his employment agreement and associated statutory remedies; (ii) that certain legally required disclosures by us and our General Counsel defamed Dr. Mooney; and (iii) that Dr. Mooney’s wife is entitled to damages under a theory of loss of consortium, seeks in excess of $20 million in damages. The Company has denied the allegations of the complaint and asserted counterclaims against Dr. Mooney based upon the same conduct which provided the cause for his termination.  Thereafter, the Company restructured the counterclaims and affirmative defenses.  The Company believes that it has strong defenses to the claims asserted and intends to defend them vigorously. At March 31, 2015, no litigation loss is deemed probable or reasonably estimated.
	In July 2014, Dr. and Mrs. Mooney filed another complaint in the Court of Common Pleas in Philadelphia County against the Company, certain of its directors and Officers and a former Director and officer alleging (i) wrongful use of civil proceedings and (ii) abuse of process in the original filing of the counterclaims withdrawn in the earlier action.  Mrs. Mooney also asserted another claim for loss of consortium.  This complaint seeks in excess of $30 million in damages.  The Company has denied the allegations.  The Company believes that this action is without merit, that it acted lawfully and in good faith, and that it has strong defenses to the claims asserted.  Accordingly, the Company intends to vigorously defend against this lawsuit. At March 31, 2015, no litigation loss is deemed probable or reasonably estimated.
	In August 2014, Dr. Mooney filed a complaint in Delaware Chancery Court against the Company for advancement of defense costs related to his February 2014 complaint, many of which the Company had paid to date and the remainder of which were subject to a good faith dispute that counsel for the Company and Dr. Mooney had been attempting to amicably resolve.  Dr. Mooney also demanded that the Company pay for his attorneys fees related to his July 2014 complaint against the Company, amongst other matters.  The Company filed a Motion to Dismiss. A hearing on the merits was held on January 15, 2015 and the Company is awaiting the Courts ruling. At March 31, 2015, no litigation loss is deemed probable or reasonably estimated.
	NASDAQ Compliance
	On January 30, 2015, the Company received a letter from NASDAQ, indicating that the Company no longer complies with NASDAQ’s audit committee requirements set forth in NASDAQ Listing Rule 5605.  Such rule requires that the Audit Committee of the Company have a minimum of three members and be composed only of independent directors.  On December 31, 2014, Vincent P. Enright, William F. Grieco and James F. Smith resigned from the Board of Directors of the Company, as well as its Audit Committee. As a result, the Audit Committee had no members as of Decembers 31, 2014.  On January 5, 2015, the Board of Directors appointed Shepard Goldberg and Michael Goldberg to the Audit Committee, both of whom are independent directors.
	NASDAQ provided to the Company a cure period in order to regain compliance as follows:
	●	until the earlier of the Company’s next annual shareholders’ meeting or December 31, 2015; or
	●	if the next annual shareholders’ meeting is held before June 29, 2015, then the Company must evidence compliance no later than June 29, 2015.
	The Company intends to add at least one additional independent member to the Audit Committee by the date required by Nasdaq Listing Rule 5605.

PROPERTY_AND_EQUIPMENT_Tables

PROPERTY AND EQUIPMENT (Tables)	3 Months Ended
	Mar. 31, 2015
Property And Equipment Tables
PROPERTY AND EQUIPMENT		2015	2014	Estimated Useful Lives
	Computer equipment	$336,258	$334,865	3
	Office and laboratory equipment	740,177	740,177	5-Mar
	Furniture and fixtures	596,936	755,444	7
	Manufacturing equipment	111,980	111,980	5
	Leasehold improvements	769,147	825,589	7-Mar
	Total property and equipment	2,554,498	2,768,055
	Less accumulated depreciation and amortization	1,623,928	1,629,462
	Property and equipment, net	$930,570	$1,138,593

DERIVATIVE_LIABILITIES_Tables

DERIVATIVE LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2015
Derivative Liabilities Tables
Derivative warrant liability		2015	2014
	Derivative warrant liability as of January 1	$208,155	$1,119,155
	Gain (loss) on revaluation	(257,845)	911,000
	Derivative warrant liability as of March 31	$466,000	$208,155
Derivative financing liability	Excess of Market share price over deal share price ($2.13 vs. $1.50)	$             0.63
	Potential future share issuance	1,333,333
		$       840,000
	Relative fair value of warrants utilizing Black-Scholes model	2,003,000
		$    2,843,000

EQUITY_COMPENSATION_PLANS_Tabl

EQUITY COMPENSATION PLANS (Tables)	3 Months Ended
	Mar. 31, 2015
Equity Compensation Plans Tables
EQUITY COMPENSATION PLANS		Equity Compensation Plans		Not Pursuant to a Plan
		2003 Plan	2008 Plan
	Shares Available For Issuance
	Total reserved for stock options and restricted stock	160,000	10,000,000
	Net restricted stock issued net of cancellations	-5,000	-27,391
	Stock options granted	-154,449	-2,945,883
	Add back options cancelled before exercise	92,349	1,416,650
	Less shares no longer available due to Plan expiration	-92,900	—
	Remaining shares available for future grants at March 31, 2015	—	8,443,376
	Stock options granted	154,449	2,945,883	310,000
	Less: Stock options cancelled	-92,349	-1,416,650	-193,333
	Stock options exercised	-35,600	-13,000	-66,667
	Net shares outstanding before restricted stock	26,500	1,516,233	50,000
	Net restricted stock issued net of cancellations	5,000	27,391	6,485
	Outstanding shares at March 31, 2015	31,500	1,543,624	56,485

STOCK_OPTIONS_Tables

STOCK OPTIONS (Tables)	3 Months Ended
	Mar. 31, 2015
Stock Options Tables
Assumption used for stock option granted		2015	2014
	Risk-free interest rate	1.52% – 1.61%	1.99% – 2.71%
	Expected dividend yield	—	—
	Expected term	5 years	6.5 years
	Forfeiture rate (excluding fully vested stock options)	15%	15%
	Expected volatility	90%	141%
Stock option activity				Weighted-
			Weighted-	Average
			Average	Remaining	Aggregate
			Exercise	Contractual	Intrinsic
	Stock Options	Shares	Price	Term	Value
	Outstanding options at January 1, 2015	1,039,900	$3.00
	Granted	770,000	$1.49
	Exercised	—	$ —
	Forfeited or expired	-217,167	$3.69
	Outstanding options at March 31, 2015	1,592,733	$2.18	9.23 years	$ —
	Exercisable options at March 31, 2015	531,000	$3.06	8.52 years	$ —

RESTRICTED_STOCK_Tables

RESTRICTED STOCK (Tables)	3 Months Ended
	Mar. 31, 2015
Notes to Financial Statements
Nonvested restricted stock activity	Restricted Stock		Weighted-
			Average
			Grant-Date
		Shares	Fair Value
	Non-vested shares at January 1, 2015	47,958	$9.74
	Granted	—	$ —
	Vested	-8,000	$3.56
	Forfeited	-1,082	$6.83
	Non-vested shares at March 31, 2015	38,876	$11.09

WARRANTS_Tables

WARRANTS (Tables)	3 Months Ended
	Mar. 31, 2015
Warrants Tables
Warrants assumptions utilized by the Company				Weighted-
				Average
				Exercise
	Warrants	Shares		Price
	Outstanding warrants at January 1, 2015	1,847,066		$10.04
	Granted	1,000,000		$3.00
	Forfeited	(37,638)		$  22.50
	Outstanding warrants at March 31, 2015	2,809,428		$4.10
Outstanding Warrants						Weighted- Average Remaining Contractual Life (years)
							Weighted- Average Exercise Price
	Type of Warrant/ Range of
	Exercise Prices				Number Outstanding			Number Exercisable
			Expirations
	Derivative:
	$7.50		8/31/17 to 11/6/17		700,000	2.48	$7.50	700,000
	Equity:
	$2.75 - $3.00		12/10/18 to 03/09/20		2,109,428	4.7	$2.97	2,109,428
	Total outstanding				2,809,428			2,809,428
Warrant Activity	Risk-free interest rate	0.70%
	Expected dividend yield	—
	Expected term (contractual term)	2.5  years
	Forfeiture rate	—
	Expected volatility	102%

LIQUIDITY_AND_MANAGEMENTS_PLAN1

LIQUIDITY AND MANAGEMENT'S PLANS (Details Narrative) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Liquidity And Managements Plans Details Narrative
Cash	$469,000
Working capital deficit	4,339,000
Accumulated deficit	-136,000,000
Net cash proceeds from financing	500,000
First stage financing amount	$4,000,000	$2,000,000

PROPERTY_AND_EQUIPMENT_Details

PROPERTY AND EQUIPMENT (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Useful lives of property and equipment	$2,554,498	$2,768,055
Computer Equipment [Member]
Useful lives of property and equipment	336,258	334,865
Estimated Useful Lives	3 years
Office and laboratory equipment [Member]
Useful lives of property and equipment	740,177	740,177
Office and laboratory equipment [Member] | Minimum [Member]
Estimated Useful Lives	3 years
Office and laboratory equipment [Member] | Maximum [Member]
Estimated Useful Lives	5 years
Furniture and fixtures [Member]
Useful lives of property and equipment	596,936	755,444
Estimated Useful Lives	7 years
Manufacturing equipment [Member]
Useful lives of property and equipment	111,980	111,980
Estimated Useful Lives	5 years
Leasehold improvements [Member]
Useful lives of property and equipment	769,147	825,589
Leasehold improvements [Member] | Minimum [Member]
Estimated Useful Lives	3 years
Leasehold improvements [Member] | Maximum [Member]
Estimated Useful Lives	7 years
Less accumulated depreciation and amortization [Member]
Useful lives of property and equipment	1,623,928	1,629,462
Property and equipment, net [Member]
Useful lives of property and equipment	$930,570	$1,138,593

DERIVATIVE_LIABILITIES_Details

DERIVATIVE LIABILITIES (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Derivative Liabilities Details
Derivative warrant liability as of January 1	$208,155	$1,119,155
Gain (loss) on revaluation	-257,845	911,000
Derivative warrant liability as of March 31	$466,000	$208,155

DERIVATIVE_LIABILITIES_Details1

DERIVATIVE LIABILITIES (Details1) (USD $)	3 Months Ended
	Mar. 31, 2015
Derivative Liabilities Details1
Excess of Market share price over deal share price ($2.13 vs. $1.50)	$0.63
Future share issuance	1,333,333
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Issuances	$840,000
Relative fair value of warrants utilizing	2,003,000
Excess value represented by the future issuance	$2,843,000

DERIVATIVE_LIABILITIES_Details2

DERIVATIVE LIABILITIES (Details Narrative) (USD $)	Mar. 31, 2015
Derivative Liabilities Details Narrative
Investors paid	$2,000,000
Future share issuance	1,333,333
Common shares at the agreed exercise price	$3
Excess of Market share price over deal share price ($2.13 vs. $1.50)	$0.63
Subsequent collected	$500,000

EQUITY_COMPENSATION_PLANS_Deta

EQUITY COMPENSATION PLANS (Details) (USD $)	3 Months Ended
	Mar. 31, 2015
Shares Available For Issuance
Add back options cancelled before exercise	-217,167
Outstanding Options and Restricted Stock
Options exercised
Ending Balance	2,809,428
Plan2003Member
Shares Available For Issuance
Total reserved for stock options and restricted stock	160,000
Net restricted stock issued net of cancellations	-5,000
Stock options granted	-154,449
Add back options cancelled before exercise	92,349
Options cancelled by plan vote	-92,900
Remaining shares available for future grants
Outstanding Options and Restricted Stock
Total granted	154,449
Options cancelled	-92,349
Options exercised	-35,600
Net shares outstanding before restricted stock	26,500
Net restricted stock issued net of cancellations	5,000
Ending Balance	31,500
Plan2008Member
Shares Available For Issuance
Total reserved for stock options and restricted stock	10,000,000
Net restricted stock issued net of cancellations	-27,391
Stock options granted	-2,945,883
Add back options cancelled before exercise	1,416,650
Options cancelled by plan vote
Remaining shares available for future grants	8,443,376
Outstanding Options and Restricted Stock
Total granted	2,945,883
Options cancelled	-1,416,650
Options exercised	-13,000
Net shares outstanding before restricted stock	1,516,233
Net restricted stock issued net of cancellations	27,391
Ending Balance	1,543,624
Not Pursuant to a Plan [Member]
Outstanding Options and Restricted Stock
Total granted	310,000
Options cancelled	-193,333
Options exercised	-66,667
Net shares outstanding before restricted stock	50,000
Net restricted stock issued net of cancellations	6,485
Ending Balance	56,485

EQUITY_COMPENSATION_PLANS_Deta1

EQUITY COMPENSATION PLANS (Details Narrative)	Mar. 31, 2015
Plan2003Member
Restricted shares of Common Stock issued	5,000
Options to purchase an aggregate of shares	26,500
Plan2008Member
Restricted shares of Common Stock issued	27,391
Options to purchase an aggregate of shares	8,443,376

STOCK_OPTIONS_Details

STOCK OPTIONS (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
STOCK OPTIONS AND RESTRICTED STOCK
Risk-free interest rate minimum	$1.52	$1.99
Risk-free interest rate maximum	$1.61	$2.71
Expected dividend yield
Expected term	5 years	6 years 6 months
Forfeiture rate (excluding fully vested stock options)	$15	$15
Expected volatility	$90	$141

STOCK_OPTIONS_Details1

STOCK OPTIONS (Details1) (USD $)	3 Months Ended
	Mar. 31, 2015
Shares
Beginning Balance	1,039,900
Granted	770,000
Exercised
Forfeited or expired	-217,167
Ending Balance	1,592,733
Exercisable at March 31, 2014	531,000
Weighted-Average Exercise Price
Beginning Balance	$3
Granted	$1.49
Exercised
Forfeited or expired	$3.69
Ending Balance	$2.18
Exercisable at March 31, 2014	$3.06
Weighted-Average Remaining Contractual Term
Beginning Balance	9 years 2 months 23 days
Ending Balance	8 years 6 months 7 days
Aggregate Intrinsic Value
Beginning Balance
Ending Balance

STOCK_OPTIONS_Details_Narrativ

STOCK OPTIONS (Details Narrative) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Stock Options Details Narrative
Additional paid-in capital	$383,000	$158,000
Weighted-average stock options granted	$1.49
Unrecognized compensation expense related to non	1,068,000

RESTRICTED_STOCK_Details

RESTRICTED STOCK (Details) (USD $)	3 Months Ended
	Mar. 31, 2015
Shares
Nonvested at January 1, 2014	47,958
Granted
Vested	-8,000
Forfeited	-1,082
Nonvested at June 30, 2014	38,876
Weighted- Average Grant-DateFair Value
Nonvested at January 1, 2014	$9.74
Granted
Vested	$3.56
Forfeited	$6.83
Nonvested at June 30, 2014	$11.09

RESTRICTED_STOCK_Details_Narra

RESTRICTED STOCK (Details Narrative) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Restricted Stock Details Narrative
Stock issued and outstanding compensation expense	21,000	161,000
Unrecognized compensation expense related	$97,000

WARRANTS_Details

WARRANTS (Details) (USD $)	3 Months Ended
	Mar. 31, 2015
Shares
Beginning Balance	1,847,066
Granted	1,000,000
Forfeited	-37,638
Ending Balance	2,809,428
Weighted-Average Exercise Price
Beginning Balance	$10.04
Granted	$3
Forfeited	$22.50
Ending Balance	$4.10

WARRANTS_Details_1

WARRANTS (Details 1) (USD $)	3 Months Ended
	Mar. 31, 2015
Warrants
Number Outstanding	2,809,428
Number Exercisable	2,809,428
Derivative: $7.50 [Member]
Warrants
Expirations	8/31/17 to 11/6/17
Weighted- Average Remaining Contractual Life (years)	2 years 5 months 23 days
Equity: $2.75 - $3.00 [Member]
Warrants
Expirations	12/10/18 to 03/09/20
Weighted- Average Remaining Contractual Life (years)	4 years 8 months 12 days
Derivative: $7.50 [Member]
Warrants
Number Outstanding	700,000
Weighted- Average Exercise Pric	7.5
Number Exercisable	700,000
Equity: $2.75 - $3.00 [Member]
Warrants
Number Outstanding	2,109,428
Weighted- Average Exercise Pric	2.97
Number Exercisable	2,109,428

WARRANTS_Details_2

WARRANTS (Details 2)	3 Months Ended
	Mar. 31, 2015
Warrants
Risk-free interest rate	0.70%
Expected dividend yield	0.00%
Expected term (contractual term)	2 years 6 months
Forfeiture rate	0.00%
Expected volatility	102.00%

WARRANTS_Details_Narrative

WARRANTS (Details Narrative)	3 Months Ended
	Mar. 31, 2015
Warrants Details Narrative
Warrants issued in connection with private placement	666,667