VerifyMe (VRME) 10-Q 18 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 18, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Trading Symbol	VRME
Entity Registrant Name	VerifyMe, Inc.
Entity Central Index Key	1,104,038
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		7,312,211

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Mar. 31, 2016	Dec. 31, 2015
CURRENT ASSETS
Cash and cash equivalents	$ 608,891	$ 4,152
Inventory	48,807	$ 28,687
Employee advances	36,083
TOTAL CURRENT ASSETS	693,781	$ 32,839
PROPERTY AND EQUIPMENT
Capital equipment, net of accumulated depreciation of $231,430 and $230,621 as of March 31, 2016 and December 31, 2015	$ 7,029	7,838
OTHER ASSETS
Deposits		37,197
Patents and Trademark, net of accumulated amortization of $173,729 and $166,894 as of March 31, 2016 and December 31, 2015	$ 252,459	259,294
TOTAL OTHER ASSETS	252,459	296,491
TOTAL ASSETS	953,269	337,168
CURRENT LIABILITIES
Accounts payable and accrued expenses	514,471	652,973
Note payable	50,000	$ 50,000
Embedded derivative liability	1,698,000
Warrant liability	1,839,018	$ 1,802,375
TOTAL CURRENT LIABILITIES	$ 4,101,489	$ 2,505,348
LONG-TERM LIABILITIES
CONTINGENCIES
STOCKHOLDERS' DEFICIT
Common stock, $ .001 par value; 675,000,000 shares authorized; 6,937,250 and 6,327,570 shares issued, 6,586,710 and 5,977,030 shares outstanding at March 31, 2016 and December 31, 2015	$ 6,586	$ 5,977
Additional paid in capital	40,027,210	39,779,414
Treasury stock, at cost (350,540 shares at March 31, 2016 and December 31, 2015)	(113,389)	(113,389)
Deferred compensation	(1,557,518)	(1,842,334)
Accumulated deficit	(41,514,624)	(39,998,290)
STOCKHOLDERS' DEFICIT	(3,148,220)	(2,168,180)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	953,269	337,168
Series A Convertible Preferred Stock [Member]
STOCKHOLDERS' DEFICIT
Convertible Preferred Stock	427	442
STOCKHOLDERS' DEFICIT	$ 427	$ 442
Series B Convertible Preferred Stock [Member]
STOCKHOLDERS' DEFICIT
Convertible Preferred Stock
STOCKHOLDERS' DEFICIT
Series C Convertible Preferred Stock [Member]
STOCKHOLDERS' DEFICIT
Convertible Preferred Stock	$ 3,088
STOCKHOLDERS' DEFICIT	$ 3,088

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Accumulated depreciation on capital equipment	$ 231,430	$ 230,621
Accumulated amortization, patent and trademarks	$ 173,729	$ 166,894
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	675,000,000	675,000,000
Common stock, shares issued	6,937,250	6,327,570
Common stock, shares outstanding	6,586,710	5,977,030
Treasury stock, shares	350,540	350,540
Series A Convertible Preferred Stock [Member]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	37,564,767	75,000,000
Preferred stock, shares issued	427,218	441,938
Preferred stock, shares outstanding	427,218	441,938
Series B Convertible Preferred Stock [Member]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	85	85
Preferred stock, shares issued	0.97	1
Preferred stock, shares outstanding	0.97	1
Series C Preferred Stock [Member]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	7,500,000	7,500,000
Preferred stock, shares issued	3,087,500	0
Preferred stock, shares outstanding	3,087,500	0

Condensed Statements of Operati

Condensed Statements of Operations - USD ($)		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
NET REVENUES
Sales
Royalties			$ 6,250
TOTAL NET REVENUE			$ 6,250
COST OF SALES
GROSS PROFIT			$ 6,250
OPERATING EXPENSES
General and administrative		$ 117,758	83,901
Legal and accounting		115,345	11,113
Payroll expenses	[1]	627,923	170,904
Research and development		89,335	120,386
Sales and marketing	[2]	65,331	22,808
Total operating expenses		1,015,692	409,112
LOSS BEFORE OTHER INCOME		(1,015,692)	(402,862)
OTHER INCOME (EXPENSE)
Interest expense		(1,000)	(30,250)
Change in fair value of warrants		1,730,933	$ 169,476
Change in fair value of embedded derivative liability		(463,000)
Fair value of warrants in excess of consideration for convertible preferred stock		(1,767,575)
TOTAL OTHER INCOME (EXPENSE)		(500,642)	$ 139,226
NET LOSS		$ (1,516,334)	$ (263,636)
LOSS PER SHARE
BASIC		$ (0.25)	$ (0.07)
DILUTED		$ (0.25)	$ (0.07)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
BASIC		6,139,460	3,618,566
DILUTED		6,139,460	3,618,566
[1]	includes share-based compensation of $495,763 and $(54,834) for the three months ended March 31, 2016 and 2015
[2]	includes share-based compensation of $21,688 and $0 for the three months ended March 31, 2016 and 2015

Condensed Statements of Operat5

Condensed Statements of Operations (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Payroll expenses [Member]
Share based compensation	$ 495,763	$ (54,834)
Sales and Marketing Expenses [Member]
Share based compensation	$ 21,688	$ 0

Condensed Statement of Changes

Condensed Statement of Changes in Stockholders' Deficit - 3 months ended Mar. 31, 2016 - USD ($)	Total	Series A Convertible Preferred Stock [Member]	Series B Convertible Preferred Stock [Member]	Series C Preferred Stock [Member]	Common Stock [Member]	Common Stock [Member]Series A Convertible Preferred Stock [Member]	Common Stock [Member]Series B Convertible Preferred Stock [Member]	Common Stock [Member]Series C Preferred Stock [Member]	Additional Paid-In Capital [Member]	Additional Paid-In Capital [Member]Series A Convertible Preferred Stock [Member]	Additional Paid-In Capital [Member]Series B Convertible Preferred Stock [Member]	Additional Paid-In Capital [Member]Series C Preferred Stock [Member]	Treasury Stock [Member]	Treasury Stock [Member]Series A Convertible Preferred Stock [Member]	Treasury Stock [Member]Series B Convertible Preferred Stock [Member]	Treasury Stock [Member]Series C Preferred Stock [Member]	Deferred Compensation [Member]	Deferred Compensation [Member]Series A Convertible Preferred Stock [Member]	Deferred Compensation [Member]Series B Convertible Preferred Stock [Member]	Deferred Compensation [Member]Series C Preferred Stock [Member]	Accumulated Deficit [Member]	Accumulated Deficit [Member]Series A Convertible Preferred Stock [Member]	Accumulated Deficit [Member]Series B Convertible Preferred Stock [Member]	Accumulated Deficit [Member]Series C Preferred Stock [Member]
Balance at Dec. 31, 2015	$ (2,168,180)	$ 442			$ 5,977				$ 39,779,414				$ (113,389)				$ (1,842,334)				$ (39,998,290)
Balance (in shares) at Dec. 31, 2015		441,938	1		5,977,030
Conversion of Convertible Preferred Stock		$ (15)				$ 294	$ 292			$ (279)	$ (292)
Conversion of Convertible Preferred Stock (in shares)		(14,720)	(0.03)			294,400	291,780
Sale of Series C Convertible Preferred Stock	1,235,000			$ 3,088								$ 1,231,912
Sale of Series C Convertible Preferred Stock (in shares)				3,087,500
Stock issuance costs	(17,500)								(17,500)
Deemed dividend distribution	(1,235,000)								(1,235,000)
Issuance of stock for services	15,275				$ 23				15,252
Issuance of stock for services (in shares)					23,500
Fair value of stock options	$ 335,828								335,828
Decrease in fair value of restricted stock units									(82,125)								$ 82,125
Amortization of deferred compensation	$ 202,691																$ 202,691
Net loss	(1,516,334)																				$ (1,516,334)
Balance at Mar. 31, 2016	$ (3,148,220)	$ 427		$ 3,088	$ 6,586				$ 40,027,210				$ (113,389)				$ (1,557,518)				$ (41,514,624)
Balance (in shares) at Mar. 31, 2016		427,218	0.97	3,087,500	6,586,710

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (1,516,334)	$ (263,636)
Adjustments to reconcile net loss to net cash used in operating activities
Fair value of options issued in exchange for services	335,828	$ (54,834)
Common stock issued for services	$ 15,275
Accretion of discount on notes payable		$ 10,447
Change in fair value of warrant liability	$ 36,643	$ (169,476)
Change in fair value of embedded derivative liability	463,000
Amortization and depreciation	7,644	$ 21,426
Amortization of deferred compensation	202,691
(Increase) decrease in assets
Inventory	$ (20,120)	$ (12,000)
Prepaid expenses		2,632
Increase (decrease) in liabilities
Accounts payable and accrued expenses	$ (101,305)	346,205
Deferred revenue		(6,250)
Net cash used in operating activities	$ (576,678)	$ (125,486)
CASH FLOWS FROM INVESTING ACTIVITIES
Employee advances	(36,083)
Net cash used in investing activities	$ (36,083)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of notes payable		$ 136,102
Proceeds from sale of Series C Convertible Preferred Stock	$ 1,235,000
Stock issuance costs	(17,500)
Net cash provided by financing activities	1,217,500	$ 136,102
NET INCREASE IN CASH AND CASH EQUIVALENTS	604,739	10,616
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD	4,152	63,956
CASH AND CASH EQUIVALENTS - END OF PERIOD	$ 608,891	$ 74,572
Cash paid during the year for:
Interest
Income taxes
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Security deposit offset against accounts payable	$ 37,197
Accretion of discount on preferred stock as deemed dividend distribution	1,235,000
Revaluation of restricted stock units between additional paid in capital and deferred compensation	$ 82,125
Series A Convertible Preferred Stock [Member]
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss
Convertible Preferred Stock converted to common stock	$ 294
Series B Convertible Preferred Stock [Member]
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss
Convertible Preferred Stock converted to common stock	$ 292

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2016
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of the Business On July 14, 2015, LaserLock Technologies, Inc. changed its name to VerifyMe, Inc., effective July 23, 2015. The Company was incorporated in the State of Nevada on November 10, 1999. The Company is based in New York, New York and its common stock, par value $ 0.001 The Company is a technology pioneer in the anti-counterfeiting industry. This broad market encompasses counterfeiting of physical and material goods and products, as well as counterfeiting of identity in digital transactions. The Company delivers security solutions for identification and authentication of people, products and packaging in a variety of applications in the security field for both digital and physical transactions. The products can be used to manage and issue secure credentials, including national IDs, passports, driver licenses and access control credentials, as well as comprehensive authentication security software to secure physical and logical access to facilities, computer networks, internet sites and mobile applications. The Company's activities are subject to significant risks and uncertainties, including the need to secure additional funding to operationalize the Company's current technology. Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The accompanying unaudited financial statements should be read in conjunction with the financial statements and notes included in the Company's Annual Report on form 10-K for the year ended December 31, 2015 as filed with the SEC. Operating results for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. Recently Adopted Accounting Pronouncements Effective January 1, 2016, the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2014-16, Derivatives and Hedging (Topic 815) Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share is More Akin to Debt or to Equity. Recently Issued Accounting Pronouncements Not Yet Adopted As of March 31, 2016, there are no recently issued accounting standards not yet adopted which would have a material effect on the Company's financial statements through 2017.

MANAGEMENT PLANS

MANAGEMENT PLANS	3 Months Ended
	Mar. 31, 2016
MANAGEMENT PLANS [Abstract]
MANAGEMENT PLANS	NOTE 2 – MANAGEMENT PLANS The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company has incurred significant losses and experienced negative cash flow from operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Company does not believe that its existing cash resources will be sufficient to sustain operations during the next twelve months. The Company currently needs to generate revenue in order to sustain its operations. In the event that the Company cannot generate sufficient revenue to sustain its operations, the Company will need to reduce expenses or obtain financing through the sale of debt and/or equity securities. The issuance of additional equity would result in dilution to existing stockholders. If the Company is unable to obtain additional funds when they are needed or if such funds cannot be obtained on terms acceptable to the Company, the Company may be unable to execute upon the business plan or pay costs and expenses as they are incurred, which could have a material adverse effect on the business, financial condition and results of operations. If sufficient revenues are not generated to sustain operations or additional funding cannot be obtained in the short term, the Company will need to reduce monthly expenditures to a level that will enable the Company to continue until such funds can be obtained. Successful completion of the Company's development program, and the attainment of profitable operations are dependent upon future events, including obtaining adequate financing to fulfill its development activities and achieving a level of sales adequate to support the Company's cost structure. However, there can be no assurances that the Company will be able to secure additional equity investment or achieve an adequate sales level.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2016
INCOME TAXES [Abstract]
INCOME TAXES	NOTE 3 – INCOME TAXES Income tax expense was $ 0 As of January 1, 2016, the Company had no unrecognized tax benefits, and accordingly, the Company did not recognize interest or penalties during 2015 related to unrecognized tax benefits. There has been no change in unrecognized tax benefits during the three months ended March 31, 2016, and there was no accrual for uncertain tax positions as of March 31, 2016. Tax years from 2012 through 2015 remain subject to examination by major tax jurisdictions. There is no income tax benefit for the losses for the three months ended March 31, 2016 and 2015, since management has determined that the realization of the net tax deferred asset is not assured and has created a valuation allowance for the entire amount of such benefits.

EMBEDDED DERIVATIVE LIABILITY

EMBEDDED DERIVATIVE LIABILITY	3 Months Ended
	Mar. 31, 2016
EMBEDDED DERIVATIVE LIABILITY [Abstract]
EMBEDDED DERIVATIVE LIABILITY	NOTE 4 – EMBEDDED DERIVATIVE LIABILITY The conversion feature of the 0% Series C Convertible Preferred Stock (“Series C”) is an embedded derivative, which due to anti-dilution adjustments is classified as a liability in accordance with Financial Accounting Standards Board FASB Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging and ASU 2014-16, and was valued in accordance with ASC 470 as a beneficial conversion feature at a combined fair market value of $ 1,235,000 1,235,000 In addition, the embedded derivative liability must be valued every reporting period and adjusted to market with the increase or decrease being adjusted through earnings. As of March 31, 2016, the fair value of the embedded derivative liability was $ 1,698,000

WARRANT LIABILITY

WARRANT LIABILITY	3 Months Ended
	Mar. 31, 2016
WARRANT LIABILITY [Abstract]
WARRANT LIABILITY	NOTE 5 – WARRANT LIABILITY On December 31, 2012, the Company entered into an Investment Agreement, a Technology and Service Agreement, a Patent and Technology License Agreement and an Asset Purchase Agreement with VerifyMe, Inc. – Texas (“VFM”) on the same date entered into a Technology and Service Agreement with Zaah Technologies, Inc. (collectively with the VFM agreements, the “Agreements”). Contemplated by those Agreements were warrant issuances by the Company for the purchase of common stock. Warrants exercisable for 627,451 2.4 177,750 1,020,632 The 392,157 2,995,791 107,686 626,317 On January 1, 2014, the Company issued warrants to purchase 74,697 0.10 444,000 25,830 147,524 Warrants to purchase 3,529 1,539 7,902 In conjunction with the issuance of Series C, the Company issued warrants to purchase 3,087,500 1,767,576 1,526,213

CONVERTIBLE PREFERRED STOCK

CONVERTIBLE PREFERRED STOCK	3 Months Ended
	Mar. 31, 2016
CONVERTIBLE PREFERRED STOCK [Abstract]
Convertible Preferred Stock	NOTE 6 – CONVERTIBLE PREFERRED STOCK Subscription Agreement The Company entered into a Subscription Agreement with VFM on January 31, 2013 (the “Subscription Agreement”). Under the terms of the Subscription Agreement, VFM subscribed to purchase 392,157 392,157 10.20 1 Series A Convertible Preferred Stock On March 10, 2016, 14,720 294,400 Series B Convertible Preferred Stock On March 17, 2016, 0.03 291,780 Series C Convertible Preferred Stock On February 9, 2016, the Company issued 2,587,500 0.001 0.40 1,035,000 2,587,500 0.40 500,000 0.40 200,000 500,000 0.40 one In addition, the Company incurred stock issuance costs of $ 17,500 The Company entered into a Registration Rights Agreement with each of the purchasers of the Series C (the “Registration Rights Agreement”), pursuant to which the Company agreed to file a registration statement with the SEC covering the resale of the common stock underlying the Series C, as well as the shares of common stock that are issuable upon exercise of the warrants. The registration statement was filed in April 2016 and declared effective on April 29, 2016.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2016
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 7 – FAIR VALUE OF FINANCIAL INSTRUMENTS Derivative Liabilities For purposes of determining whether certain instruments are derivatives for accounting treatment, the Company follows the accounting standard that provides guidance for determining whether an equity-linked financial instrument, or embedded feature, is indexed to an entity's own stock. The standard applies to any freestanding financial instruments or embedded features that have the characteristics of a derivative, and to any freestanding financial instruments that are potentially settled in an entity's own common stock. Liabilities measured at fair value on a recurring basis are summarized as follows: Level 1 Level 2 Level 3 Total Embedded derivative liability related to beneficial conversion option $ - $ - $ 1,698,000 $ 1,698,000 Derivative liability related to fair value of warrants - - 1,839,018 1,839,018 Total $ - $ - $ 3,537,018 $ 3,537,018 The following table details the approximate fair value measurements within the fair value hierarchy of the Company's derivative liabilities using Level 3 inputs: Total Balance at January 1, 2016 $ 1,802,375 Series C embedded derivative fair value, February, 2016 1,235,000 Series C warrant liability fair value, February, 2016 1,767,576 Change in fair value of derivative liabilities (1,267,933 ) Balance at March, 31, 2016 $ 3,537,018 The Company has no assets that are measured at fair value on a recurring basis. There were no assets or liabilities measured at fair value on a non-recurring basis during the three months ended March 31, 2016. As of March 31, 2016, the beneficial conversion feature of Series C is treated as an embedded derivative liability and changes in the fair value were recognized in earnings. Because the fair value of the warrants issued in conjunction with Series C, were in excess of the proceeds of Series C, the effective conversion price of the Series C is $ 0 Closing trade price of common stock $ 0.55 Effective Series A Preferred Stock Conversion price - Intrinsic value of conversion option per share $ 0.55 As of March 31, 2016, the Company's outstanding warrants were treated as derivative liabilities and changes in the fair value were recognized in earnings. These Common Stock purchase warrants did not trade in an active securities market, and as such, the Company estimated the fair value of these warrants using Black-Scholes and the following assumptions: March 31, 2016 Annual Dividend Yield 0.0 % Expected Life (Years) 2.0 3.0 Risk-Free Interest Rate 0.73 0.87 % Expected Volatility 183.4 208.4 % Expected volatility was based primarily on historical volatility. Historical volatility was computed using daily pricing observations for recent periods. The Company believes this method produced an estimate that was representative of the Company's expectations of future volatility over the expected term of these warrants. The Company had no reason to believe future volatility over the expected remaining life of these warrants was likely to differ materially from historical volatility. The expected life was based on the remaining contractual term of the warrants. The risk-free rate was based on the U.S. Treasury rate that corresponded to the expected term of the warrants.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2016
STOCKHOLDERS' EQUITY [Abstract]
STOCKHOLDERS' EQUITY	NOTE 8 – STOCKHOLDERS' EQUITY On February 8, 2016, the Company issued 23,500 15,275 0.65 On October 1, 2015, the Company agreed to issue 100,000 60,000 20,000 20,000 195,000 34,750 On October 7, 2015, the Company agreed to pay $ 15,000 35,000 30,000 165,000 (13,063 2 5 In accordance with FASB ASC 505-50, “Equity – Equity-Based Payments to Non-Employees,” restricted stock with performance conditions should be revalued based on the modification accounting methodology described in FASB ASC 718-20, “Compensation—Stock Compensation—Awards Classified as Equity.” As such the Company has revalued certain restricted stock with consultants and determined that there was an aggregate decrease in fair value of $ 82,125

STOCK OPTIONS

STOCK OPTIONS	3 Months Ended
	Mar. 31, 2016
STOCK OPTIONS [Abstract]
STOCK OPTIONS	NOTE 9 – STOCK OPTIONS During 1999, the Board of Directors (“Board”) of the Company adopted, with the approval of the stockholders, a stock option plan. In 2000, the Board superseded that plan and created a new stock option plan, pursuant to which it is authorized to grant options to purchase up to 1.5 18,000,000 298,530 4,067,631 During 2013, our Board adopted a new omnibus incentive compensation plan that was ratified by the shareholders at the 2013 annual meeting, (the “2013 Plan”) which will serve as the successor incentive compensation plan to the 2003 Plan. Under the 2013 Plan, the Company is authorized to grant awards of stock options, restricted stock, restricted stock units and other stock-based awards of up to an aggregate of 20,000,000 700,000 19,300,000 The 2013 Plan is administered by a committee of the Board (“Compensation Committee”) which determines the persons to whom awards will be granted, the number of awards to be granted and the specific terms of each grant, including the vesting thereof, subject to the provisions of the plan. In connection with Incentive Stock Options, the exercise price of each option may not be less than 100% of the fair market value of the common stock on the date of the grant (or 110% of the fair market value in the case of a grantee holding more than 10% of the outstanding stock of the Company). The aggregate fair market value (determined at the time of the grant) of stock for which an employee may exercise. Incentive Stock Options under all plans of the company shall not exceed $1,000,000 per calendar year. If any employee shall have the right to exercise any options in excess of $100,000 during any calendar year, the options in excess of $100,000 shall be deemed to be Non-Statutory Stock Options, including prices, duration, transferability and limitations on exercise. The Company issued Non-Statutory Stock Options pursuant to contractual agreements with non-employees. Options granted under the agreements are expensed when the related service or product is provided. Determining the appropriate fair value of stock-based awards requires the input of subjective assumptions. The Company uses the Black-Scholes option pricing model to value its stock option awards. The assumptions used in calculating the fair value represent management's best estimates and involve inherent uncertainties and judgments. On February 29, 2016, the Company issued options to purchase an aggregate of 100,000 0.57 five 53,731 202.9 1.22 five On March 10, 2016, the Company issued options to purchase 150,000 0.56 five 82,113 202.9 1.45 five On March 24, 2016, the Company issued options to purchase 50,000 0.43 five 21,068 203.1 1.39 five For the three months ended March 31, 2016 and 2015, the Company expensed $ 335,827 ($54,834 The following table summarizes the activities for our stock options for the three months ended March 31, 2016: Options Outstanding Weighted - Average Remaining Aggregate Weighted- Contractual Intrinsic Number of Average Term Value Shares Exercise Price in years) (in 000's) (1) Balance December 31, 2015 2,157,353 $ 1.80 5.0 Granted 300,000 $ 0.55 5.0 Balance March 31, 2016 2,457,353 $ 1.64 4.8 $ 6 Exercisable at March 31, 2016 867,770 $ 2.14 5.5 $ 6 Exercisable at March 31, 2016 and expected to vest thereafter 2,457,353 $ 1.64 4.8 $ 6 (1) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the closing stock price of $ 0.55 During the three months ended March 31, 2016 and 2015, the weighted average fair value of stock options granted during the period was $ 62,478 0 For the three months ended March 31, 2016 and 2015, the Company expensed $ 52,453 0 As of March 31, 2016 there was $ 2,674,621 2.4 The following table summarizes the activities for our warrants for the three months ended March 31, 2016: Warrants Outstanding Weighted - Average Remaining Aggregate Weighted- Contractual Intrinsic Number of Average Term Value Shares Exercise Price in years) (in 000's) (1) Balance December 31, 2015 1,414,893 $ 9.67 4.8 Expired (2,941 ) $ 0.85 Granted 3,087,500 $ 0.40 3.0 Balance March 31, 2016 4,499,452 $ 3.31 3.4 $ 463 Exercisable at March 31, 2016 4,499,452 $ 3.31 3.4 $ 463 Exercisable at March 31, 2016 and expected to vest thereafter 4,499,452 $ 3.31 3.4 $ 463 (1) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying warrants and the closing stock price of $ 0.55 All warrants were vested on the date of grant.

OPERATING LEASES

OPERATING LEASES	3 Months Ended
	Mar. 31, 2016
OPERATING LEASES [Abstract]
OPERATING LEASES	NOTE 10 – OPERATING LEASES For the three months ended March 31, 2016 and 2015, total rent expense under leases amounted to $ 10,335 19,369

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2016
SUBSEQUENT EVENTS [Abstract]
SUBSEQUENT EVENTS	NOTE 11 – SUBSEQUENT EVENTS On April 14, 2016, the Company filed a Form S-1 registration statement with the SEC which registered 6,175,000 On April 29, 2016, Paul Donfried resigned as Chief Executive Officer and President of the Company as well as his position as a director on the Board of Directors of the Company. In connection with his resignation the Company entered in a Separation Agreement with Mr. Donfried whereby he will receive $ 50,000 16,667 On May 1, 2016, the Company appointed a new Chief Executive Officer (“CEO”) and President and in connection therewith entered into a consulting arrangement with the CEO beginning May 1, 2016 and ending December 31, 2017. In consideration for this arrangement, the CEO will receive a monthly fee of $ 12,500 100,000 0.01 five From May 1, 2016 through May 18, 2016, 965,500 965,500

SUMMARY OF SIGNIFICANT ACCOUN19

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policy)	3 Months Ended
	Mar. 31, 2016
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Nature of the Business	Nature of the Business On July 14, 2015, LaserLock Technologies, Inc. changed its name to VerifyMe, Inc., effective July 23, 2015. The Company was incorporated in the State of Nevada on November 10, 1999. The Company is based in New York, New York and its common stock, par value $ 0.001 The Company is a technology pioneer in the anti-counterfeiting industry. This broad market encompasses counterfeiting of physical and material goods and products, as well as counterfeiting of identity in digital transactions. The Company delivers security solutions for identification and authentication of people, products and packaging in a variety of applications in the security field for both digital and physical transactions. The products can be used to manage and issue secure credentials, including national IDs, passports, driver licenses and access control credentials, as well as comprehensive authentication security software to secure physical and logical access to facilities, computer networks, internet sites and mobile applications. The Company's activities are subject to significant risks and uncertainties, including the need to secure additional funding to operationalize the Company's current technology.
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The accompanying unaudited financial statements should be read in conjunction with the financial statements and notes included in the Company's Annual Report on form 10-K for the year ended December 31, 2015 as filed with the SEC. Operating results for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements Effective January 1, 2016, the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2014-16, Derivatives and Hedging (Topic 815) Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share is More Akin to Debt or to Equity.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted As of March 31, 2016, there are no recently issued accounting standards not yet adopted which would have a material effect on the Company's financial statements through 2017.

FAIR VALUE OF FINANCIAL INSTR20

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2016
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]
Schedule of Liabilities Measured at Fair Value on a Recurring Basis	Level 1 Level 2 Level 3 Total Embedded derivative liability related to beneficial conversion option $ - $ - $ 1,698,000 $ 1,698,000 Derivative liability related to fair value of warrants - - 1,839,018 1,839,018 Total $ - $ - $ 3,537,018 $ 3,537,018
Fair Value Measurements within Fair Value Hierarchy of Derivative Liabilities Using Level 3 Inputs	Total Balance at January 1, 2016 $ 1,802,375 Series C embedded derivative fair value, February, 2016 1,235,000 Series C warrant liability fair value, February, 2016 1,767,576 Change in fair value of derivative liabilities (1,267,933 ) Balance at March, 31, 2016 $ 3,537,018
Schedule of market based inputs used in valuation of embedded derivative liability	Closing trade price of common stock $ 0.55 Effective Series A Preferred Stock Conversion price - Intrinsic value of conversion option per share $ 0.55
Schedule of Common Stock Purchase Warrants Valuation Assumptions	March 31, 2016 Annual Dividend Yield 0.0 % Expected Life (Years) 2.0 3.0 Risk-Free Interest Rate 0.73 0.87 % Expected Volatility 183.4 208.4 %

STOCK OPTIONS (Tables)

STOCK OPTIONS (Tables)	3 Months Ended
	Mar. 31, 2016
STOCK OPTIONS [Abstract]
Summary of the activities for stock options	Options Outstanding Weighted - Average Remaining Aggregate Weighted- Contractual Intrinsic Number of Average Term Value Shares Exercise Price in years) (in 000's) (1) Balance December 31, 2015 2,157,353 $ 1.80 5.0 Granted 300,000 $ 0.55 5.0 Balance March 31, 2016 2,457,353 $ 1.64 4.8 $ 6 Exercisable at March 31, 2016 867,770 $ 2.14 5.5 $ 6 Exercisable at March 31, 2016 and expected to vest thereafter 2,457,353 $ 1.64 4.8 $ 6
Summary of the activities for warrants	Warrants Outstanding Weighted - Average Remaining Aggregate Weighted- Contractual Intrinsic Number of Average Term Value Shares Exercise Price in years) (in 000's) (1) Balance December 31, 2015 1,414,893 $ 9.67 4.8 Expired (2,941 ) $ 0.85 Granted 3,087,500 $ 0.40 3.0 Balance March 31, 2016 4,499,452 $ 3.31 3.4 $ 463 Exercisable at March 31, 2016 4,499,452 $ 3.31 3.4 $ 463 Exercisable at March 31, 2016 and expected to vest thereafter 4,499,452 $ 3.31 3.4 $ 463

SUMMARY OF SIGNIFICANT ACCOUN22

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Additional Information) (Details) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Schedule Of Significant Accounting Policies [Line Items]
Common stock, par value	$ 0.001	$ 0.001

INCOME TAXES (Additional Inform

INCOME TAXES (Additional Information) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
INCOME TAXES [Abstract]
Income Tax Expense (Benefit)	$ 0	$ 0
Unrecognized tax benefits	0
Interest or penalties related to unrecognized tax benefits	0
Change in unrecognized tax benefits	0
Accrual for uncertain tax positions	$ 0

EMBEDDED DERIVATIVE LIABILITY (

EMBEDDED DERIVATIVE LIABILITY (Additional Information) (Details) - USD ($)	1 Months Ended	3 Months Ended
	Feb. 29, 2016	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
EMBEDDED DERIVATIVE LIABILITY [Abstract]
Beneficial conversion feature at a combined fair market value	$ 1,235,000
Deemed dividend distribution		$ 1,235,000
Fair value of the embedded derivative liability		$ 1,698,000

WARRANT LIABILITY (Additional I

WARRANT LIABILITY (Additional Information) (Details) - USD ($)	1 Months Ended	3 Months Ended
	Jan. 31, 2014	Mar. 31, 2016	Feb. 29, 2016	Feb. 09, 2016	Dec. 31, 2015	Aug. 05, 2014	Jan. 01, 2014	Jan. 31, 2013	Dec. 31, 2012
Notes Payable [Member] | August 5, 2014 [Member]
Major Agreements [Line Items]
Number of common stock shares purchased under warrants (in shares)						3,529
Fair value of warrant liability		$ 1,539			$ 7,902
Series A Preferred Stock [Member]
Major Agreements [Line Items]
Number of common stock shares purchased under warrants (in shares)								392,157
Fair value of warrant liability		$ 107,686			626,317			$ 2,995,791
Series C Convertible Preferred Stock [Member]
Major Agreements [Line Items]
Number of common stock shares purchased under warrants (in shares)		3,087,500	500,000	2,587,500
Fair value of warrant liability		$ 1,526,213
Initial fair value of warrant expensed		1,767,576
Exercise price			$ 0.40	$ 0.40
Verify Me [Member] | Warrants issued on January 1, 2014 [Member]
Major Agreements [Line Items]
Fair value of warrant liability		$ 25,830			147,524
Number of warrants issued							74,697
Exercise price							$ 0.10
Agreements [Member] | Zaah Technologies [Member]
Major Agreements [Line Items]
Warrant liability									$ 2,400,000
Number of common stock shares purchased under warrants (in shares)		627,451
Fair value of warrant liability		$ 177,750			$ 1,020,632
Agreements [Member] | Verify Me [Member] | Research and Development Expense [Member]
Major Agreements [Line Items]
Initial fair value of warrant expensed	$ 444,000

CONVERTIBLE PREFERRED STOCK (Ad

CONVERTIBLE PREFERRED STOCK (Additional Information) (Details) - USD ($)	Mar. 17, 2016	Mar. 10, 2016	Feb. 29, 2016	Feb. 09, 2016	Jan. 31, 2013	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Class of Stock [Line Items]
Proceeds from sale of Series C Convertible Preferred Stock						$ 1,235,000
Stock issuance costs						$ 17,500
Series A Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Conversion of Stock, Shares Converted		14,720
Conversion of shares of preferred stock to common stock, shares		294,400				(14,720)
Preferred stock, par value						$ 0.001		$ 0.001
Number of common stock called by warrants (in shares)					392,157
Series B Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Conversion of Stock, Shares Converted	0.03
Conversion of shares of preferred stock to common stock, shares	291,780					(0.03)
Preferred stock, par value						$ 0.001		0.001
Series C Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Shares of convertible preferred stock issued			500,000	2,587,500		3,087,500
Preferred stock, par value				$ 0.001		$ 0.001		$ 0.001
Proceeds from sale of Series C Convertible Preferred Stock			$ 200,000	$ 1,035,000
Number of common stock called by warrants (in shares)			500,000	2,587,500		3,087,500
Purchase price (in dollars per share)			$ 0.40	$ 0.40
Exercise price			$ 0.40	$ 0.40
Conversion of stock, description			one
Common Stock [Member] | Series A Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Conversion of shares of preferred stock to common stock, shares						294,400
Common Stock [Member] | Series B Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Conversion of shares of preferred stock to common stock, shares						291,780
Common Stock [Member] | Series C Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Shares of convertible preferred stock issued
Subscription Agreement [Member] | Convertible Preferred Stock [Member] | Pre Reverse Stock Split [Member] | Verify Me [Member]
Class of Stock [Line Items]
Number of preferred stock purchased					392,157
Subscription Agreement [Member] | Common Stock [Member] | Verify Me [Member]
Class of Stock [Line Items]
Exercise price					$ 10.20
Value of shares issued					$ 1,000,000
Subscription Agreement [Member] | Common Stock [Member] | Pre Reverse Stock Split [Member] | Verify Me [Member]
Class of Stock [Line Items]
Number of common stock called by warrants (in shares)					392,157

FAIR VALUE OF FINANCIAL INSTR27

FAIR VALUE OF FINANCIAL INSTRUMENTS (Schedule of Liabilities Measured at Fair Value on a Recurring Basis) (Details) - Fair value on a recurring basis [Member]	Mar. 31, 2016USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Embedded derivative liability related to beneficial conversion option	$ 1,698,000
Derivative liability related to fair value of warrants	1,839,018
Total	$ 3,537,018
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Embedded derivative liability related to beneficial conversion option
Derivative liability related to fair value of warrants
Total
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Embedded derivative liability related to beneficial conversion option
Derivative liability related to fair value of warrants
Total
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Embedded derivative liability related to beneficial conversion option	$ 1,698,000
Derivative liability related to fair value of warrants	1,839,018
Total	$ 3,537,018

FAIR VALUE OF FINANCIAL INSTR28

FAIR VALUE OF FINANCIAL INSTRUMENTS (Fair Value Measurements within Fair Value Hierarchy of Derivative Liabilities Using Level 3 Inputs) (Details)	3 Months Ended
	Mar. 31, 2016USD ($)
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]
Beginning balance	$ 1,802,375
Series C embedded derivative fair value, February, 2016	1,235,000
Series C warrant liability fair value, February, 2016	1,767,576
Change in fair value of derivative liabilities	(1,267,933)
Ending balance	$ 3,537,018

FAIR VALUE OF FINANCIAL INSTR29

FAIR VALUE OF FINANCIAL INSTRUMENTS (Additional Information) (Details)	Mar. 31, 2016USD ($)$ / shares
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]
Assets measured at fair value on recurring basis	$ 0
Assets or liabilities measured at fair value on non-recurring basis	$ 0
Effective conversion price of the Series C | $ / shares

FAIR VALUE OF FINANCIAL INSTR30

FAIR VALUE OF FINANCIAL INSTRUMENTS (Schedule of Market Based Inputs used in Valuation of Embedded Derivative Liability) (Details) - $ / shares	Mar. 31, 2016	Feb. 08, 2016
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]
Closing trade price of common stock	$ 0.55	$ 0.65
Effective Series A Preferred Stock Conversion price
Intrinsic value of conversion option per share	$ 0.55

FAIR VALUE OF FINANCIAL INSTR31

FAIR VALUE OF FINANCIAL INSTRUMENTS (Schedule of Common Stock Purchase Warrants Valuation Assumptions) (Details) - Warrant [Member]	3 Months Ended
	Mar. 31, 2016
Fair Value, Option, Quantitative Disclosures [Line Items]
Annual Dividend Yield	0.00%
Minimum [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Expected Life (Years)	2 years
Risk-Free Interest Rate	0.73%
Expected Volatility	183.40%
Maximum [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Expected Life (Years)	3 years
Risk-Free Interest Rate	0.87%
Expected Volatility	208.40%

STOCKHOLDERS' EQUITY (Additiona

STOCKHOLDERS' EQUITY (Additional Information) (Details) - USD ($)		Aug. 01, 2016	Feb. 08, 2016	Oct. 07, 2015	Oct. 01, 2015	Mar. 31, 2016
Stockholders Equity Note [Line Items]
Issuance of shares for services (in shares)			23,500
Worth of common stock to be paid			$ 15,275			$ 15,275
Closing stock price per share			$ 0.65			$ 0.55
Restricted stock units fair value	[1]					$ 463,000
Award, compensation payment				$ 15,000
Award, additional compensation payment				$ 35,000
Decrease in fair value						$ 82,125
Minimum [Member]
Stockholders Equity Note [Line Items]
Commission on sales, percentage						2.00%
Maximum [Member]
Stockholders Equity Note [Line Items]
Commission on sales, percentage						5.00%
Restricted Stock Units [Member]
Stockholders Equity Note [Line Items]
Restricted stock units issued		30,000
Restricted stock units, Expense						$ (13,063)
Restricted stock units issued, value		$ 165,000
Restricted Stock Units [Member] | Consultant [Member]
Stockholders Equity Note [Line Items]
Restricted stock units issued					100,000
Restricted stock units fair value					$ 195,000
Restricted stock units, Expense						$ 34,750
Restricted Stock Units [Member] | Consultant [Member] | Shares issued upon execution of the agreement [Member]
Stockholders Equity Note [Line Items]
Restricted stock units issued					60,000
Restricted Stock Units [Member] | Consultant [Member] | Shares to be issued on January 1, 2016 [Member]
Stockholders Equity Note [Line Items]
Restricted stock units issued					20,000
Restricted Stock Units [Member] | Consultant [Member] | Shares to be issued on April 1, 2016 [Member]
Stockholders Equity Note [Line Items]
Restricted stock units issued					20,000
[1]	The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying warrants and the closing stock price of $0.55 for our common stock on March 31, 2016.

STOCK OPTIONS (Additional infor

STOCK OPTIONS (Additional information) (Details) - USD ($)	Mar. 24, 2016	Mar. 10, 2016	Feb. 29, 2016	Mar. 31, 2016	Mar. 31, 2015	Feb. 08, 2016	Dec. 31, 2013	Dec. 17, 2003	Dec. 31, 2000
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option, expense				$ 335,827	$ (54,834)
Closing stock price per share				$ 0.55		$ 0.65
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price, description				In connection with Incentive Stock Options, the exercise price of each option may not be less than 100% of the fair market value of the common stock on the date of the grant (or 110% of the fair market value in the case of a grantee holding more than 10% of the outstanding stock of the Company). The aggregate fair market value (determined at the time of the grant) of stock for which an employee may exercise. Incentive Stock Options under all plans of the company shall not exceed $1,000,000 per calendar year. If any employee shall have the right to exercise any options in excess of $100,000 during any calendar year, the options in excess of $100,000 shall be deemed to be Non-Statutory Stock Options, including prices, duration, transferability and limitations on exercise.
Number of options issued				300,000
Exercise price of options issued				$ 0.55
Option, expense				$ 52,453	0
Weighted average fair value of stock options granted				62,478	$ 0
Unrecognized compensation cost related to outstanding stock options				$ 2,674,621
Unrecognized compensation cost related to stock options, period of recognition				2 years 4 months 24 days
Stock Options [Member] | Chairman of the Board of Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options issued			100,000
Exercise price of options issued			$ 0.57
Expected option life (in years)			5 years
Fair value of option issued expensed immediately			$ 53,731
Dividend yield			0.00%
Expected volatility			202.90%
Risk free interest rate			1.22%
Expected Life (Years)			5 years
Stock Options [Member] | Consultant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options issued	50,000
Exercise price of options issued	$ 0.43
Expected option life (in years)	5 years
Fair value of option issued expensed immediately	$ 21,068
Dividend yield	0.00%
Expected volatility	203.10%
Risk free interest rate	1.39%
Expected Life (Years)	5 years
Stock Options [Member] | Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options issued		150,000
Exercise price of options issued		$ 0.56
Expected option life (in years)		5 years
Fair value of option issued expensed immediately		$ 82,113
Dividend yield		0.00%
Expected volatility		202.90%
Risk free interest rate		1.45%
Expected Life (Years)		5 years
Stock Options [Member] | Stock Option 2000 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized to be granted under plan									1,500,000
Stock Options [Member] | Stock Option 2003 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized to be granted under plan								18,000,000
Stock Options [Member] | Stock Option 2008 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized to be granted under plan				4,067,631
Number of common shares that can be purchased through equity awards that have been issued, unvested or unexercised				298,530
Stock Options, Restricted Stock and Units, and Other Stock-based Awards [Member] | Stock Option 2013 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized to be granted under plan							20,000,000
Number of common shares that can be purchased through equity awards that have been issued, unvested or unexercised				700,000
Number of options available to be issued				19,300,000

STOCK OPTIONS (Summary of Activ

STOCK OPTIONS (Summary of Activities for Stock Options) (Details) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2016	Dec. 31, 2015
Number of Shares
Balance, beginning		2,157,353
Granted		300,000
Balance, ending		2,457,353	2,157,353
Exercisable at March 31, 2016		867,770
Exercisable at March 31, 2016 and expected to vest thereafter		2,457,353
Weighted Average Exercise Price
Balance, beginning		$ 1.80
Granted		0.55
Balance, ending		1.64	$ 1.80
Exercisable at March 31, 2016		2.14
Exercisable at March 31, 2016 and expected to vest thereafter		$ 1.64
Weighted Average Remaining Contractual Term
Balance, beginning		4 years 9 months 18 days	5 years
Granted		5 years
Balance, ending		4 years 9 months 18 days	5 years
Exercisable at March 31, 2016		5 years 6 months
Exercisable at March 31, 2016 and expected to vest thereafter		4 years 9 months 18 days
Aggregate Intrinsic Value
Balance March 31, 2016	[1]	$ 6
Exercisable at March 31, 2016	[1]	6
Exercisable at March 31, 2016 and expected to vest thereafter	[1]	$ 6
[1]	The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the closing stock price of $0.55 for our common stock on March 31, 2016.

STOCK OPTIONS (Summary of Act35

STOCK OPTIONS (Summary of Activities for Warrants) (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2016	Dec. 31, 2015
Number of Shares
Balance, beginning		1,414,893
Expired		(2,941)
Granted		3,087,500
Balance, ending		4,499,452	1,414,893
Exercisable at March 31, 2016		4,499,452
Exercisable at March 31, 2016 and expected to vest thereafter		4,499,452
Weighted Average Exercise Price
Balance, beginning		$ 9.67
Expired		0.85
Granted		0.40
Balance, ending		3.31	$ 9.67
Exercisable at March 31, 2016		3.31
Exercisable at March 31, 2016 and expected to vest thereafter		$ 3.31
Weighted- Average Remaining Contractual Term
Balance, beginning		3 years 4 months 24 days	4 years 9 months 18 days
Granted		3 years
Balance, ending		3 years 4 months 24 days	4 years 9 months 18 days
Exercisable at March 31, 2016		3 years 4 months 24 days
Exercisable at March 31, 2016 and expected to vest thereafter		3 years 4 months 24 days
Aggregate Intrinsic Value
Balance March 31, 2016	[1]	$ 463
Exercisable at March 31, 2016	[1]	463
Exercisable at March 31, 2016 and expected to vest thereafter	[1]	$ 463
[1]	The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying warrants and the closing stock price of $0.55 for our common stock on March 31, 2016.

OPERATING LEASES (Additional In

OPERATING LEASES (Additional Information) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating Leased Assets [Line Items]
Total rent expense under leases	$ 10,335	$ 19,369

SUBSEQUENT EVENTS (Additional I

SUBSEQUENT EVENTS (Additional Information) (Details) - USD ($)	May. 01, 2016	Apr. 29, 2016	May. 18, 2016	Apr. 14, 2016	Feb. 29, 2016	Feb. 09, 2016
Series C Convertible Preferred Stock [Member]
Subsequent Event [Line Items]
Warrants exercise price					$ 0.40	$ 0.40
Subsequent Event [Member]
Subsequent Event [Line Items]
Registered shares of the common stock				6,175,000
Subsequent Event [Member] | New Chief Executive Officer ("CEO") and President [Member]
Subsequent Event [Line Items]
Monthly fee	$ 12,500
Number of common shares that can be purchased through warrants	100,000
Warrants exercise price	$ 0.01
Warrants expiration period	5 years
Subsequent Event [Member] | Chief Executive Officer and President [Member]
Subsequent Event [Line Items]
Severance payment		$ 50,000
Amount paid for separation		$ 16,667
Subsequent Event [Member] | Series C Convertible Preferred Stock [Member]
Subsequent Event [Line Items]
Preferred stock converted in to common stock			965,500
Conversion of shares of preferred stock to common stock, shares			965,500