CorMedix (CRMD) 10-Q/A 19 Nov 13 2013 Q2 Quarterly report (amended) Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 30, 2013	Aug. 06, 2013
Document And Entity Information	'	'
Entity Registrant Name	'CorMedix Inc.	'
Entity Central Index Key	'0001410098	'
Document Type	'10-Q	'
Document Period End Date	30-Jun-13	'
Amendment Flag	'true	'
Amendment description	'This amendment is being filed to comply with regulations	'
Current Fiscal Year End Date	'--12-31	'
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	'	14,354,564
Document Fiscal Period Focus	'Q2	'
Document Fiscal Year Focus	'2013	'

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Jun. 30, 2013	Dec. 31, 2012
Current assets	'	'
Cash	$158,405	$835,471
Prepaid research and development expenses	700	11,221
Deferred financing costs	204,056	257,886
Other prepaid expenses and current assets	15,000	30,677
Total current assets	378,161	1,135,255
Property and equipment, net	3,582	4,668
Security deposit	13,342	13,342
TOTAL ASSETS	395,085	1,153,265
Current liabilities	'	'
Accounts payable	1,489,143	1,023,553
Accrued expenses	378,501	306,983
Accrued interest, related parties	15,077	16,175
Senior convertible notes, net of debt discount of $40,534 at June 30, 2013 and $647,939 at December 31, 2012	166,466	16,061
Senior convertible notes - related parties, net of debt discount of $130,080 at June 30, 2013 and $406,316 at December 31, 2012	529,920	253,684
Total current liabilities	2,579,107	1,616,456
Deferred rent	9,721	12,185
TOTAL LIABILITIES	2,588,828	1,628,641
COMMITMENTS AND CONTINGENCIES	'	'
STOCKHOLDERS' DEFICIT	'	'
Preferred stock - $0.001 par value: 2,000,000 shares authorized, 287,324 and 0 shares issued and outstanding at June 30, 2013 and December 31, 2012, respectively	287	0
Common stock - $0.001 par value: 80,000,000 shares authorized, 13,518,186 and 11,408,274 shares issued and outstanding at June 30, 2013 and December 31, 2012, respectively	13,518	11,408
Deferred stock issuances	-146	-146
Additional paid-in capital	47,693,699	45,886,596
Deficit accumulated during the development stage	-49,901,101	-46,373,234
TOTAL STOCKHOLDERS' DEFICIT	-2,193,743	-475,376
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$395,085	$1,153,265

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Jun. 30, 2013	Dec. 31, 2012
Statement of Financial Position [Abstract]	'	'
Senior convertible note debt discount	$40,534	$647,939
Senior convertible note debt discount, related parties	$130,080	$406,316
Preferred stock, par value	$0.00	$0.00
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, shares issued	287,324	0
Preferred stock, shares outstanding	287,324	0
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	80,000,000	80,000,000
Common stock, shares issued	13,518,186	11,408,274
Common stock, shares outstanding	13,518,186	11,408,274

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended		6 Months Ended		83 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013
OPERATING EXPENSES	'	'	'	'	'
Research and development	$390,174	$248,190	$655,209	$623,046	$23,998,514
General and administrative	908,736	376,617	1,460,478	912,871	14,236,512
Total Operating Expenses	1,298,910	624,807	2,115,687	1,535,917	38,235,026
LOSS FROM OPERATIONS	-1,298,910	-624,807	-2,115,687	-1,535,917	-38,235,026
OTHER INCOME (EXPENSE)	'	'	'	'	'
Other income, net	0	0	0	0	420,987
Interest income	105	592	233	1,541	126,540
Foreign currency loss	-904	0	-904	0	-904
Interest expense, including amortization and write-off of deferred financing costs and debt discounts	-661,162	0	-1,101,565	0	-12,677,529
LOSS BEFORE INCOME TAXES	-1,960,871	-624,215	-3,217,923	-1,534,376	-50,365,932
State income tax benefit	0	0	0	0	774,775
NET LOSS	-1,960,871	-624,215	-3,217,923	-1,534,376	-49,591,157
Deemed dividend - beneficial conversion feature	0	0	-309,944	0	-309,944
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS	($1,960,871)	($624,215)	($3,527,867)	($1,534,376)	($49,901,101)
NET LOSS PER SHARE - BASIC AND DILUTED	($0.15)	($0.05)	($0.29)	($0.13)	'
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC AND DILUTED	13,048,815	11,408,274	12,329,993	11,408,274	'

Condensed_Consolidated_Shareho

Condensed Consolidated Shareholders Equity (Unaudited) (USD $)	Common Stock	Preferred Stock	Deferred Stock Issuances	Additional Paid-In Capital	Accumulated Deficit During Development Stage	Total
Beginning balance at Dec. 31, 2012	$11,408	$0	($146)	$45,886,596	($46,373,234)	($475,376)
Beginning balance (in shares) at Dec. 31, 2012	11,408,274	0	'	'	'	'
Non-voting preferred stock issued in February 2013 private placement at $0.70 per share, net (in shares)	'	761,429	'	'	'	'
Non-voting preferred stock issued in February 2013 private placement at $0.70 per share, net	'	761	'	506,372	'	507,133
Conversion of Series A non-voting preferred stock to common stock (in shares)	474,105	-474,105	'	'	'	'
Conversion of Series A non-voting preferred stock to common stock	474	-474	'	'	'	0
Deemed dividend related to beneficial conversion feature of Series A non-voting preferred stock	'	'	'	309,944	-309,944	0
Repurchase of outstanding warrants	'	'	'	-33,000	'	-33,000
Stock-based compensation	'	'	'	431,849	'	431,849
Warrants issued in connection with license agreement	'	'	'	76,574	'	76,574
Stock issued in connection with senior convertible note conversion at $0.35 per share, Share	1,305,716	'	'	'	'	'
Stock issued in connection with senior convertible note conversion at $0.35 per share, Amount	1,306	'	'	455,694	'	457,000
Stock issued in connection with warrants exercised, Shares	330,091	'	'	'	'	'
Stock issued in connection with warrants exercised, Amount	330	'	'	59,670	'	60,000
Net loss	'	'	'	'	-3,217,923	-3,217,923
Ending balance at Jun. 30, 2013	$13,518	$287	($146)	$47,693,699	($49,901,101)	($2,193,743)
Ending balance (in shares) at Jun. 30, 2013	13,518,186	287,324	'	'	'	'

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	6 Months Ended		83 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'	'
Net loss	($3,217,923)	($1,534,376)	($49,591,157)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'	'
Stock-based compensation	431,849	154,365	3,031,087
Stock issued in connection with license agreements	0	0	6,613,718
Stock issued in connection with consulting agreement	0	0	158,262
Amortization of deferred financing costs	166,122	0	2,290,635
Amortization of debt discount	883,641	0	6,142,154
Warrants issued in connection with license agreement	76,574	0	76,574
Non-cash charge for beneficial conversion feature	0	0	1,137,762
Non-cash interest expense	0	0	3,007,018
Expenses paid on behalf of the Company satisfied through the issuance of notes	0	0	51,253
Depreciation	1,086	3,511	58,128
Changes in operating assets and liabilities:	'	'	'
Prepaid expenses and other current assets	26,198	439,763	-15,700
Security deposits	0	0	-13,342
Accounts payable	387,430	-14,726	1,380,180
Accrued expenses and accrued interest	70,420	-123,791	393,578
Deferred rent	-2,463	-1,144	9,722
Net cash used in operating activities	-1,177,066	-1,076,398	-25,270,128
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'	'
Purchase of equipment	0	0	-61,709
Net cash used in investing activities	0	0	-61,709
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'	'
Proceeds from notes payable to related parties	0	0	3,063,484
Proceeds from senior convertible notes	0	0	13,963,838
Proceeds from Galenica, Ltd. promissory note	0	0	1,000,000
Proceeds from exercise of warrants	60,000	0	60,000
Payments for deferred financing costs	-60,000	-15,000	-1,577,603
Repayment of amounts loaned under related party notes	0	0	-1,981,574
Proceeds from sale of equity securities	533,000	'	10,990,270
Repurchase of outstanding warrants	-33,000	0	-33,000
Proceeds from receipt of stock subscriptions and issuances of common stock	0	0	4,827
Net cash provided by (used in) financing activities	500,000	-15,000	25,490,242
NET INCREASE (DECREASE) IN CASH	-677,066	-1,091,398	158,405
CASH - BEGINNING OF PERIOD	835,471	1,985,334	'
CASH - END OF PERIOD	158,405	893,936	158,405
Cash paid for interest	56,728	0	75,153
Supplemental Disclosure of Non-Cash Financing Activities:	'	'	'
Conversion of notes payable and accrued interest to common stock	457,000	0	19,354,167
Reclassification of deferred financing fees to additional paid-in capital	0	0	148,014
Stock issued to technology finders and licensors	0	0	155
Warrants issued to placement agent	0	0	854,608
Debt discount on senior convertible notes	0	0	6,312,768
Deemed dividend - beneficial conversion feature	309,944	0	309,944
Accrued deferred financing costs	52,292	0	83,095
Accrued private placement expenses	$25,867	$0	$25,867

1_Organization_Business_and_Ba

1. Organization, Business and Basis of Presentation	6 Months Ended
	Jun. 30, 2013
Organization Business And Basis Of Presentation	'
Organization, Business and Basis of Presentation	'
	Note 1 — Organization, Business and Basis of Presentation:
	Organization and Business:
	CorMedix Inc., incorporated in July 2006 under the laws of the State of Delaware (referred to herein as “we,” “us,” “our” and the “Company”), is a development stage pharmaceutical and medical device company that seeks to in-license, develop and commercialize therapeutic products for the treatment of cardiac and renal dysfunction, specifically in the dialysis and non-dialysis areas.
	Basis of Presentation:
	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X.  Accordingly, the unaudited condensed consolidated financial statements do not include all information and footnotes required by GAAP for complete annual financial statements.  In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of such interim results.  Interim operating results are not necessarily indicative of results that may be expected for the full year ending December 31, 2013 or for any subsequent period.  These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto of the Company which are included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 27, 2013.  The accompanying condensed balance sheet as of December 31, 2012 has been derived from the audited financial statements included in such Form 10-K.
	The Company’s primary activities since incorporation have been organizational activities, including recruiting personnel, acquiring licenses for its pharmaceutical compound pipeline, performing business and financial planning, performing research and development, establishing office facilities, and raising funds through the issuance of debt and common stock.  The Company has not generated any revenues from its product candidates and, accordingly, the Company is considered to be in the development stage.
	The Company’s unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments through the normal course of business.  The unaudited condensed consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities.  The Company has sustained losses since its inception and expects that such losses will continue atleast through 2014 depending on revenue levels and potential strategic partnerships.  Management believes that the Company’s recent decision to focus the majority of the Company’s resources, including the Company’s research and development efforts, primarily on the CE Mark approval and commercialization of Neutrolin® (CRMD003) in Europe, combined with the Company’s receipt of convertible debt financing funds in July 2013 (see Note 7), will result in the currently available capital resources of the Company being sufficient to meet the Company’s operating needs through the fourth quarter of 2013.  The Company intends to raise additional funds through various potential sources, such as equity and/or debt financings, strategic relationships, or out-licensing of its products, however, the Company can provide no assurances that such financing will be available on acceptable terms, or at all.  If adequate financing is not available, the Company may be required to terminate or significantly curtail or cease its operations, or enter into arrangements with collaborative partners or others that may require the Company to relinquish rights to certain of its technologies, or potential markets that the Company would not otherwise relinquish.
	These matters, among others, raise substantial doubt about the Company’s ability to continue as a going concern.  The accompanying condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.
	For the six months ended June 30, 2013 and the period from July 28, 2006 (inception) to June 30, 2013, the Company incurred net losses of $3,217,923 and $49,591,157, respectively.

2_Summary_of_Significant_Accou

2. Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2013
Accounting Policies [Abstract]	'
Summary of Significant Accounting Policies	'
	Note 2 — Summary of Significant Accounting Policies:
	Use of Estimates:
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting period.  Actual results could differ from those estimates.
	Basis of Consolidation:
	The consolidated financial statements include the accounts of CorMedix Europe GmbH, a wholly owned subsidiary.  All significant intercompany accounts and transactions have been eliminated in consolidation.
	Loss per common share:
	Basic earnings (loss) per common share excludes any potential dilution and is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period.  Diluted earnings per common share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity.  However, since their effect is anti-dilutive, the Company has excluded potentially dilutive shares.  The following potentially dilutive shares have been excluded from the calculation of diluted net loss per share as their effect would be anti-dilutive.
		Six Months Ended
		June 30,		June 30,
		2013		2012
	Convertible notes		2,477,141		-
	Series A non-voting preferred stock		287,324		-
	Shares underlying outstanding warrants		8,127,665		4,807,534
	Shares underlying outstanding stock options		3,179,630		1,353,292
	Total		14,071,760		6,160,826
	Stock-Based Compensation:
	Awards granted to employees, officers and directors are measured at the grant date, based on the estimated fair value of the award, and stock-based compensation cost, net of expected forfeitures, is recognized as expense over the requisite service period on a straight-line basis.
	The Company accounts for stock options granted to non-employees on a fair value basis using the Black-Scholes option pricing method.  The non-cash charge to operations for non-employee options with service vesting is revalued at the end of each reporting period based upon the change in the fair value of the options and amortized to consulting expense over the related vesting period.  For stock options granted to non-employees with vesting contingent upon various performance metrics, the Company used the guidelines in accordance with FASB ASC No. 505-50, “Equity-Based Payments to Non-Employees.” For options having performance conditions that are outside of the control of the non-employee, the cost to be recognized is the lowest aggregate fair value prior to the achievement of the performance condition, even if the Company believes it is probable that the performance condition will be achieved.
	During the six months ended June 30, 2013 and 2012, options to purchase an aggregate of 1,400,000 and 380,000 shares of common stock, respectively, were granted to the Company’s employees, officers, directors and consultants.

3_Convertible_Notes

3. Convertible Notes	6 Months Ended
	Jun. 30, 2013
Debt Disclosure [Abstract]	'
Convertible Notes	'
	Note 3 — Convertible Notes:
	During the year ended December 31, 2012, the Company completed a private placement of an aggregate of 1,324 Units, each Unit consisting of (i) a one-year $1,000 aggregate principal amount 9% Senior Convertible Note (the "Notes"), convertible into shares (the "Conversion Shares") of common stock, at a conversion price of $0.35 per share, and (ii) a five-year redeemable Warrant (the "Warrants") to purchase 2,500 shares of common stock (the "Warrant Shares"), to certain accredited investors (the "Purchasers") pursuant to Subscription Agreements dated September 20, 2012 and November 13, 2012 (the “Subscription Agreements”).  The Company received aggregate gross proceeds of $1,324,000. The total net proceeds (net of placement agent and legal fees) of the private placement to the Company were $1,095,600.  The Company paid the placement agent for the private placement a total of $109,900 in fees and issued it warrants to purchase an aggregate of 331,000 shares of its common stock.  The placement agent warrants have the same terms as those issued to the investors.  The Notes issued have maturity dates of September 20, 2013 and November 13, 2013.  During the quarter ended June 30, 2013, $457,000 of these notes were converted resulting in the issuance of 1,305,716 shares of the Company’s common stock.
	The Notes bear interest at 9% per annum payable quarterly in arrears. The Company has the right to prepay, in certain instances, all (but not less than all, subject to certain share ownership limitations) of the then outstanding Notes by paying 120% of the principal and accrued but unpaid interest through and including the date each Note is repaid.
	The Purchasers were issued Warrants to purchase the Company's common stock, exercisable for a period of five years at an initial exercise price of $0.40, subject to adjustment. The Warrants provide for customary adjustments to the exercise price in the event of stock splits, stock dividends and other similar corporate events and may be exercised on a cashless basis. The Warrants do not confer any voting rights or any other rights as a shareholder.
	The Company, upon thirty-day notice to holders of outstanding Warrants, has the right, subject to certain limitations, to redeem all or any portion of the Warrants then outstanding for consideration of $0.001 per Warrant if (i) either (a) there is an effective registration statement for resale of all of the Conversion Shares, or (b) all of the Conversion Shares may be resold pursuant to Rule 144 without any restrictions or limitations, and (ii) for the ten consecutive trading days prior to the date that the Company notifies such holders of such redemption, (a) the daily volume-weight adjusted market price of the Common Stock is equal to or greater than 140% of the then exercise price, and (b) the average daily value of the trading volume is not less than $100,000.
	The Company accounted for the beneficial conversion feature (“BCF”) and warrant in accordance with FASB ASC 470-20, Debt with Conversion and Other Options.  The Company recorded a BCF related to the issuance of convertible debt that had conversion features at fixed rates that were “in-the-money” when issued and the fair value of warrants issued in connection with those instruments.  The BCF for the convertible instruments is recognized and measured by allocating a portion of the proceeds to warrants, based on their relative fair value, and as a reduction to the carrying amount of the convertible debt equal to the intrinsic value of the conversion feature.  The discount recorded in connection with the BCF and warrant valuation is amortized over the terms of the convertible notes and is recognized as non-cash interest expense.  The Company recorded an aggregate of $1,333,307 for the calculated fair value of the warrants and BCF, in conjunction with the convertible notes issued on September 20, 2012 and November 13, 2012.
	The Company valued the warrants using the fair value method, at the date the warrants were issued, using the Black-Scholes valuation model and the following assumptions:
		September 20,			November 13,
		2012			2012
	Contractual Term	5 years			5 years
	Volatility		117.57	%		119.15	%
	Dividend yield		0	%		0	%
	Risk-free interest rate		0.7	%		0.63	%
	Senior convertible notes consist of the following at June 30, 2013:
	9% Senior convertible notes	$	207,000
	Debt discount/beneficial conversion feature		(40,534	)
	Balance	$	166,466
	Accrued interest	$	6,934
	9% Senior convertible notes, related parties	$	660,000
	Debt discount/beneficial conversion feature		(130,080	)
	Balance	$	529,920
	Accrued interest, related parties	$	15,077

4_Stockholders_Equity

4. Stockholders' Equity	6 Months Ended
	Jun. 30, 2013
STOCKHOLDERS' DEFICIT	'
Stockholders' Equity	'
	Note 4 — Stockholders’ Equity:
	Common Stock
	During the quarter ended June 30, 2013, senior convertible notes in the aggregate principal amount of $457,000 were converted at a conversion price of $0.35 per share resulting in the issuance of an aggregate 1,305,716 shares of the Company’s common stock.
	During the quarter ended June 30, 2013, warrants to purchase 150,000 shares of the Company’s common stock were exercised resulting in gross proceeds of $60,000 to the Company.
	During the quarter ended June 30, 2013, warrants to purchase 333,000 shares of the Company’s common stock were exercised on a cashless basis resulting in the issuance of 180,091 shares of common stock.
	Preferred Stock
	On February 19, 2013, the Company sold 761,429 shares of its newly created Series A Non-Voting Convertible preferred stock and a warrant to purchase up to 400,000 shares of the Company’s common stock for gross proceeds of $533,000. The Series A shares and the warrant were sold together at a price of $0.70 per share for each share of Series A stock.  Each share of Series A Stock is convertible into one share of the Company’s common stock at any time at the holder’s option.   However, the holder will be prohibited from converting Series A Stock into shares of common stock if, as a result of such conversion, the holder, together with its affiliates, would own more than 3.99% of the total number of shares of the Company’s common stock then issued and outstanding.  In the event of the Company’s liquidation, dissolution, or winding up, holders of the Series A Stock will receive a payment equal to $0.001 per share of Series A Stock before any proceeds are distributed to the holders of common stock.  Shares of the Series A Stock will not be entitled to receive any dividends, unless and until specifically declared by the Company’s board of directors, and will rank:
	●	senior to all common stock;
	●	senior to any class or series of capital stock hereafter created specifically by its terms junior to the Series A Stock;
	●	on parity with our Series A Preferred Stock and any class or series of capital stock hereafter created specifically ranking by its terms on parity with the Series A Stock; and
	●	junior to any class or series of capital stock hereafter created specifically ranking by its terms senior to the Series A Stock;
	in each case, as to distributions of assets upon our liquidation, dissolution or winding up whether voluntarily or involuntarily.
	The warrant is exercisable immediately upon issuance and has an exercise price of $1.50 per share and a term of five years. However, the holder will be prohibited from exercising the warrant if, as a result of such exercise, the holder, together with its affiliates, would own more than 3.99% of the total number of shares of the Company’s common stock then issued and outstanding.
	On February 22, 2013, an aggregate of 474,105 shares of the Series A non-voting convertible preferred stock was converted into 474,105 shares of common stock.
	During the six months ended June 30, 2013, because the Series A non-voting preferred stock is immediately convertible at the option of the holder, we recorded a deemed dividend of $309,944 from the beneficial conversion feature associated with the issuance of the Series A non-voting convertible preferred stock and the warrant.
	Stock Options
	On March 20, 2013, the Company’s board of directors approved the 2013 Stock Incentive Plan (the “2013 Plan”).  The 2013 Plan provides for the issuance of equity grants in the form of options, restricted stock, stock awards and other forms of equity compensation.  Awards may be made to directors, officers, employees and consultants under the 2013 Plan.  An aggregate of 5,000,000 shares of the Company’s common stock is reserved for issuance under the 2013 Plan.  The 2013 Plan was approved by the shareholders on July 30, 2013.
	During the six months ended June 30, 2013, the Company granted to its officers and directors ten-year non-qualified stock options under the 2013 Plan, covering an aggregate of 1,020,000 shares of the Company’s common stock with an exercise price of $0.90 per share.  The 310,000 options granted to four directors vest quarterly over two years.  The remaining 710,000 options vest upon specified milestones.  The Company recorded the pro rata expense during the six months ended June 30, 2013.
	During the six months ended June 30, 2013, the Company granted to various non-officer consultants ten-year non-statutory stock options under the 2013 Plan, covering an aggregate of 380,000 shares of the Company’s common stock with an exercise price of $0.90 per share.  Of these options, 260,000 vest upon specified performance milestones, and 120,000 options vest in three years.  During the second quarter ended June 30, 2013, 85,000 of these performance options were achieved and therefore the Company recorded the value of the options on the date the performance was achieved.  Additionally, the Company recorded the pro rata expense for the 120,000 options during the six months ended June 30, 2013.  No expense was recognized for the options subject to performance milestones that were not achieved as of June 30, 2013.
	In March 2013, the Company’s board of directors amended the vesting schedule of the options granted on December 5, 2012.  Given the anticipated final approval for the CE Mark certification for Neutrolin® during the second quarter of 2013, 50% of such options were amended to vest on the date of issuance of the CE Mark certification for Neutrolin® in Europe, if the CE Mark approval is obtained on or before June 30, 2013 (as opposed to March 31, 2013 as previously provided by our Board).  In June 2013, the vesting of these options was further modified on the date of issuance of the CE Mark if received on or before July 14, 2013 (as opposed to June 30, 2013).  During the quarter ended June 30, 2013, the Company reversed the expense recorded related to the previous value of the options and recorded the pro rata expense related to the modified value of these options.  The remaining expense will be amortized through July 5, 2013, the date the CE Mark certification was received.
	During the six months ended June 30, 2013, an aggregate of 237,333 unvested stock options granted to its former Chief Medical Officer under the Amended and Restated 2006 Stock Incentive Plan (the “2006 Plan”) were forfeited as a result of his departure from the Company.  The Company reversed the recorded expense related to the forfeited stock options during the six months ended June 30, 2013.
	During the six months ended June 30, 2013, total compensation expense for stock options issued to employees, directors, officers and consultants was $431,849 and for the six months ended June 30, 2012 and the period from July 28, 2006 (inception) to June 30, 2013, compensation expense recorded was $154,365 and $3,031,087, respectively.
	The Company records compensation expense associated with stock options and other forms of equity compensation using the Black-Scholes option-pricing model and the following assumptions:
			Six Months Ended			Six Months Ended
			June 30,			June 30,
			2013			2012
	Expected Term		5 years			5 years
	Volatility			118% - 131	%		98% - 115	%
	Dividend yield			0	%		0	%
	Risk-free interest rate			0.81% - 2.52	%		0.27% - 2.11	%
	The Company estimated the expected term of the stock options granted based on anticipated exercises in future periods.  The expected term of the stock options granted to consultants is based upon the contractual terms established within agreements with the Company.  Given the Company’s short period of publicly-traded stock history, management’s estimate of expected volatility is based on the average volatilities of a sampling of five companies with similar attributes to the Company, including: industry, stage of life cycle, size and financial leverage.  The Company will continue to analyze the expected stock price volatility and expected term assumptions as more historical data for the Company’s common stock becomes available.  The expected dividend yield of 0.0% reflects the Company’s current and expected future policy for dividends on the Company’s common stock.  To determine the risk-free interest rate, the Company utilized the U.S. Treasury yield curve in effect at the time of grant with a term consistent with the expected term of the Company’s awards.  The Company has experienced forfeitures of stock options issued to its former officers, board member and employees.  Consistent with its historical forfeiture experience, the Company has applied a forfeiture rate of 39% and 55% to calculate stock option expense for the six month periods ended June 30, 2013 and 2012, respectively.  The Company will continue to evaluate the estimated forfeiture rate derived from previous forfeitures of officers, directors and employees and may adjust the forfeiture rate based upon actual forfeitures that may occur in the future.
	A summary of the Company’s stock options activity and related information is as follows:
			Six Months Ended							Six Months Ended
			30-Jun-13							30-Jun-12
			Shares			Weighted				Shares			Weighted
						Average							Average
						Exercise							Exercise
						Price							Price
	Outstanding at beginning of period			2,135,630		$	1.26				1,236,342		$	2.47
	Forfeited/cancelled			(356,000	)	$	1.61				(263,050	)	$	1.71
	Granted			1,400,000		$	0.9				380,000		$	0.4
	Outstanding at end of period			3,179,630		$	1.06				1,353,292		$	2.1
	Expected to vest			1,394,613		$	0.78				286,400		$	2.1
	Options exercisable			893,380		$	1.79				875,958		$	2.6
	Weighted-average fair value of options granted during the period					$	0.77						$	0.32
	At June 30, 2013, the weighted average remaining contractual life of stock options outstanding and expected to vest is 8.1 years and the weighted average remaining contractual life of stock options exercisable is 5 years.  The aggregate outstanding stock options intrinsic value of $565,200 is calculated as the difference between the exercise prices of all underlying outstanding stock options and the quoted closing price of the common stock of the Company as of June 30, 2013 for those outstanding options that have an exercise price below the quoted closing price.
	As of June 30, 2013, the total compensation expense related to non-vested options not yet recognized totaled $1,143,206.  The weighted-average vesting period over which the total compensation expense related to non-vested options not yet recognized at June 30, 2013 was approximately 0.65 years.
	Warrants
	In February 2013, the Company repurchased outstanding warrants to purchase an aggregate of 220,000 shares of the Company’s common stock at a purchase price of $0.15 per share underlying the warrant.  The warrants were issued in the Company’s initial public offering and had an exercise price of $3.4375. The repurchased warrants were cancelled.
	The following table is the summary of warrants outstanding at June 30, 2013:
			Number of Warrants			Exercise Price			Expiration Date
	Issued to co-placement agents in connection with previous convertible note financings			18,250		$	7.84		10/29/14
	Issued in connection with 2009 private placement			503,034			3.4375		10/29/14
	Issued in connection with IPO			4,043,569			3.4375		3/24/15
	Issued to IPO underwriters that, if exercised, would result in the issuance of an additional 4,812 shares of common stock and warrants to purchase an additional 2,406 shares of common stock			4,812			3.9		3/24/15
	Issued in connection with September 20, 2012 private placement of convertible notes			2,125,000			0.4		9/20/17
	Issued to placement agent in connection with September 20, 2012 private placement of convertible notes			209,500			0.4		9/20/17
	Issued in connection with November 13, 2012 private placement of convertible notes			705,000			0.4		11/13/17
	Issued to placement agent in connection with November 13, 2012 private placement of convertible notes			118,500			0.4		11/13/17
	Issued in connection with February 2013 private placement			400,000			1.5		2/19/18
	Total warrants outstanding at June 30, 2013			8,127,665

5_Commitments_and_Contingencie

5. Commitments and Contingencies	6 Months Ended
	Jun. 30, 2013
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	Note 5 — Commitments and Contingencies:
	In April 2013, the Company entered into an amendment to the License and Assignment Agreement, dated January 30, 2008, between the Company and ND Partners, LLC (“ND Partners”).  Under Article 6 of the License Agreement, the Company is obligated to make a milestone payment of $500,000 to ND Partners upon the first issuance of a CE Mark certification for a licensed product, which payment is payable to ND Partners within 30 days after such issuance.  Pursuant to the terms of the amendment, the Company and ND Partners agreed to delay such milestone payment to a time, to be chosen by the Company, anytime within 12 months after the achievement of such issuance.  As consideration for the amendment, the Company issued ND Partners a warrant to purchase 125,000 shares of its common stock at an exercise price of $1.50 per share.  The warrant is exercisable immediately upon issuance and has a term of five years.  The warrant contains a cashless exercise feature and standard adjustment features in the event of a stock split, stock dividend, recapitalization or similar events. The Company recognized $76,574 expense for the value of the warrants issued as a result of this amendment.
	In February 2007, Geistlich Söhne AG für Chemische Industrie, Switzerland, or Geistlich, brought an action against the Sodemann patent covering the Company’s Neutrolin® product candidate which is owned by ND Partners, LLC and licensed to the Company pursuant to the License and Assignment Agreement between the Company and ND Partners LLC.  The action that was brought against the Sodemann patent in Germany at the Board of the European Patent Office opposition division was for lack of inventiveness in the use of citric acid and a pH value in the range of 4.5 to 6.5 with having the aim to provide an alternative lock solution through having improved anticoagulant characteristics compared to the lock solutions described in the Lehner patent.  The Board of the European Patent Office opposition division rejected the opposition by Geistlich.  On August 27, 2008, Geistlich appealed the court's ruling, alleging the same arguments as presented during the opposition proceedings.  The Company filed a response to the appeal of Geistlich on March 25, 2009 where the Company requested a dismissal of the appeal and to maintain the patent as granted.  To date, no further petitions have been filed by ND Partners or Geistlich.  On October 10, 2012, the Company became aware that the Board of Appeals of the European Patent Office issued on September 4, 2012, a summons for oral proceedings.  On November 28, 2012, the Board of Appeals of the European Patent Office held oral proceedings and verbally upheld the Sodemann patent covering Neutrolin®, but remanded the proceeding to the lower court to consider restricting certain of the Sodemann patent claims.  The Company received the Appeals Board final written decision on March 28, 2013 which was consistent with the oral proceedings.  The Company intends to continue to vigorously defend the patent.  However, the Company can provide no assurances regarding the outcome of this matter.
	Navinta LLC, a U.S.-based Active Pharmaceutical Ingredient (“API”) developer, provides API manufacturing (manufactured in India at an FDA-compliant facility) and a Drug Master File for CRMD003, pursuant to a supply agreement dated December 7, 2009 (the “Navinta Agreement”). The Navinta Agreement provides that Navinta will supply taurolidine (the API for CRMD003) to the Company on an exclusive worldwide basis in the field of the prevention and treatment of human infection and/or dialysis so long as the Company purchased a minimum of $350,000 of product from Navinta by December 30, 2010, which the Company achieved, and following the Company’s first commercial sale of a product incorporating taurolidine, purchase a minimum of $2,250,000 of product on an annual basis for five years. The Company is also required to make certain cash payments to Navinta upon the achievement of certain sales-based milestones. The maximum aggregate amount of such payments, assuming achievement of all milestones, is $1,975,000. The Navinta Agreement has a term of five years, but may be terminated by either party upon 30 days written notice.

6_Fair_Value_Measurements

6. Fair Value Measurements	6 Months Ended
	Jun. 30, 2013
Fair Value Measurements	'
Fair Value Measurements	'
	Note 6 — Fair Value Measurements:
	The fair value of the Company’s cash, convertible notes, and accounts payable at June 30, 2013 are estimated to approximate their carrying values due to the relative liquidity and short-term nature of these instruments.

7_Subsequent_Events

7. Subsequent Events	6 Months Ended
	Jun. 30, 2013
Subsequent Events [Abstract]	'
Subsequent Events	'
	Note 7 — Subsequent Events:
	On July 5, 2013, the Company received gross proceeds of $1,425,000 upon approval of a CE Mark certification.  The Company had entered into an agreement with existing stockholders in May 2013 for an aggregate principal amount of $1,500,000 of senior secured convertible notes and warrants to purchase up to an aggregate of 1,000,000 shares of its common stock. The receipt of gross proceeds of $1,425,000 was dependent upon awarding of a CE Mark certification, which occurred on July 5, 2013.  The notes bear interest at the rate of 8.0% per annum and will be subject to a “make-whole” upon any conversion of the notes into common stock, as if the notes being converted were outstanding to April 1, 2014.  Interest is first payable on September 3, 2013 and on the first trading day of each month thereafter.  The notes mature on April 1, 2016 unless redeemed prior to that date, subject to amortization, discussed below.  A noteholder may elect to have any interest due prior to April 1, 2014 added to the principal amount of a note; thereafter, interest will be paid in cash only.  The warrants are exercisable one year after issuance, have an exercise price of $1.10 per share, subject to adjustment, and a term of five years from the date they are first exercisable.  The holders of the notes and warrants will be prohibited from converting the notes into or exercising the warrants for shares of common stock if, as a result of such conversion or exercise, the holder, together with its affiliates, would own more than 4.99% or 9.99%, at the initial holder’s election, of the total number of shares of the Company’s common stock then issued and outstanding.  The Company will record this transaction in the third quarter of 2013 upon receipt of the funds.
	In July 2013, senior convertible notes in the principal amount of $7,000 were converted at a conversion price of $0.35 per share resulting in the issuance of 20,000 shares of the Company’s common stock.
	In July 2013, warrants to purchase 471,588 shares of the Company’s common stock were exercised on a cashless basis resulting in the issuance of 300,808 shares of common stock.
	In July 2013, an aggregate of 287,324 shares of the Series A non-voting convertible preferred stock were converted into 287,324 shares of common stock.
	In July 2013, a senior convertible note in the principal amount of $100,000 was converted at a conversion price of $1.10 per share. This conversion, plus payment of accrued interest in shares, resulted in the issuance of 96,969 shares of the Company’s common stock.
	In July 2013, a senior convertible note in the principal amount of $93,750 was converted at a conversion price of $0.82 per share. This conversion, plus payment of accrued interest in shares, resulted in the issuance of 131,277 shares of the Company’s common stock.
	In July 2013, the Company received notice from the NYSE MKT that it granted the Company an extension until October 20, 2013 to regain compliance with continued listing standards of Section 1003(a)(iv) of the NYSE MKT, during which time the NYSE MKT will continue its listing.  The NYSE MKT previously notified the Company on April 20, 2012 that the Company was not in compliance with Section 1003(a)(iv) of the NYSE MKT Company Guide in that the Company had sustained losses which are so substantial in relation to its overall operations or its existing financial resources, or its financial condition had become so impaired that it appeared questionable, in the opinion of the NYSE MKT, as to whether the Company will be able to continue operations and/or meet its obligations as they mature.  The Company was afforded an opportunity to submit a plan of compliance to the NYSE MKT and, on May 17, 2012, a plan was presented to the NYSE MKT.  On June 27, 2012, the NYSE MKT accepted the Company’s plan to regain compliance with its continued listing standards and granted an extension until August 22, 2012.  On September 21, 2012, the NYSE MKT notified the Company that it granted the Company another extension to January 31, 2013 and on February 1, 2013, NYSE MKT notified that the Company was further granted extension until April 15, 2013 to regain compliance with the continued listing standards of the NYSE MKT, which was further extended to June 30, 2013 and then to October 20, 2013.
	Separately, the NYSE MKT notified the Company on April 5, 2013, that, based on its Form 10-K for the fiscal year ended December 31, 2012, filed on March 27, 2013, the Company did not meet an additional continued listing standard of the NYSE MKT as set forth in Part 10 of the NYSE MKT Company Guide, or the Company Guide.  Specifically, the Company is not in compliance with Section 1003(a)(i) of the Company Guide because it reported stockholders’ equity of less than $2 million as of December 31, 2012, and losses from continuing operations and/or net losses in two of its three most recent fiscal years viewed prospectively from the date of its initial listing.  As a result, the Company again became subject to the procedures and requirements of Section 1009 of the Company Guide.  The Company had to submit to the NYSE MKT no later than May 6, 2013, which the Company did, a plan of compliance to address how it intends to regain compliance with Section 1003(a)(i) of the Company Guide by October 20, 2013.  On May 29, 2013, the NYSE MKT notified the Company that its plan had been accepted and that the Company has until October 20, 2103 to regain compliance with Section 1003(a)(i).
	The Company remains subject to the conditions set forth in the NYSE MKT’s letters dated April 20, 2012 and April 5, 2013.  If the Company is not in compliance with all of the NYSE MKT’s continued listing standards of both Section 1003(a)(i) and Section 1003(a)(iv) by October 20, 2013, the NYSE MKT will initiate delisting proceedings. The Company is not eligible for any extension after October 20, 2013.
	On July 30, 2013, the Company sold 454,546 shares of its newly created Series B Non-Voting Convertible preferred stock and a warrant to purchase up to 227,273 shares of the Company’s common stock, for gross proceeds of $500,000. The Series B shares and the warrant were sold together at a price of $1.10 per share for each share of Series B stock. Each share of Series B Stock is convertible into one share of the Company’s common stock at any time at the holder’s option. However, the holder will be prohibited from converting Series B Stock into shares of common stock if, as a result of such conversion, the holder, together with its affiliates, would own more than 3.99% of the total number of shares of the Company’s common stock then issued and outstanding. In the event of the Company’s liquidation, dissolution, or winding up, holders of the Series B Stock will receive a payment equal to $0.001 per share of Series B Stock before any proceeds are distributed to the holders of common stock. Shares of the Series B Stock will not be entitled to receive any dividends, unless and until specifically declared by the Company’s board of directors, and will rank:
		●	senior to all common stock;
		●	senior to any class or series of capital stock hereafter created specifically by its terms junior to the Series B Stock;
		●	on parity with our Series B Preferred Stock and any class or series of capital stock hereafter created specifically ranking by its terms on parity with the Series B Stock; and
		●	junior to any class or series of capital stock hereafter created specifically ranking by its terms senior to the Series B Stock;
	in each case, as to distributions of assets upon our liquidation, dissolution or winding up whether voluntarily or involuntarily.
	The warrant is exercisable immediately upon issuance and has an exercise price of $1.50 per share and a term of five years. However, the holder will be prohibited from exercising the warrant if, as a result of such exercise, the holder, together with its affiliates, would own more than 3.99% of the total number of shares of the Company’s common stock then issued and outstanding.

8_Restatement_of_Condensed_Con

8. Restatement of Condensed Consolidated Financial Statements	6 Months Ended
	Jun. 30, 2013
Notes to Financial Statements	'
8. Restatement of Condensed Consolidated Financial Statements	'
	The Company has identified an error resulting in the understatement of the non-cash deemed dividend – beneficial conversion feature in the amount of $129,442 for the six months ended June 30, 2013 and the cumulative period from July 28, 2006 (Inception) to June 30, 2013.  The following table illustrates the effect on each line item as of and for the six months ended June 30, 2013 and the cumulative period from July 28, 2006 (Inception) to June 30, 2013:
		As Previously
		Reported			As Restated
		($)			($)
	Condensed Consolidated Balance Sheets as of June 30, 2013 (Unaudited)
	Additional paid-in capital		47,564,257			47,693,699
	Deficit accumulated during the development stage		(49,771,659	)		(49,901,101	)
	Condensed Consolidated Statements of Operations for the Six Months Ended June 30, 2013 (Unaudited)
	Deemed dividend – beneficial conversion feature		(180,502	)		(309,944	)
	Net loss attributable to common shareholders		(3,398,425	)		(3,527,867	)
	Net loss per share – basic and diluted		(0.28	)		(0.29	)
	Condensed Consolidated Statements of Operations Cumulative Period from July 28, 2006 (Inception) through June 30, 2013 (Unaudited)
	Deemed dividend – beneficial conversion feature		(180,502	)		(309,944	)
	Net loss attributable to common shareholders		(49,771,659	)		(49,901,101	)
	Condensed Consolidated Statement of Changes in Stockholders’ Deficit for the Six Months Ended June 30, 2013 (Unaudited)
	Additional Paid-in Capital
	Deemed dividend related to beneficial conversion feature of Series A non-voting preferred stock		180,502			309,944
	Balance at June 30, 2013		47,564,257			47,693,699
	Condensed Consolidated Statement of Changes in Stockholders’ Deficit for the Six Months Ended June 30, 2013 (Unaudited)
	Deficit Accumulated During the Development Stage
	Deemed dividend related to beneficial conversion feature of Series A non-voting preferred stock		(180,502	)		(309,944	)
	Balance at June 30, 2013		(49,771,659	)		(49,901,101	)
	Condensed Consolidated Statement of Cash Flows For the Six Months Ended June 30, 2013 (Unaudited)
	Supplemental Disclosure of Non-Cash Financing Activities
	Deemed dividend – beneficial conversion feature		180,502			309,944
	Condensed Consolidated Statement of Cash Flows For the Cumulative Period from July 28, 2006 (Inception) through June 30, 2013 (Unaudited)
	Supplemental Disclosure of Non-Cash Financing Activities
	Deemed dividend – beneficial conversion feature		180,502			309,944

2_Summary_of_Significant_Accou1

2. Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2013
Accounting Policies [Abstract]	'
Use of Estimates	'
	Use of Estimates:
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting period.  Actual results could differ from those estimates.
Basis of Consolidation	'
	Basis of Consolidation:
	The consolidated financial statements include the accounts of CorMedix Europe GmbH, a wholly owned subsidiary.  All significant intercompany accounts and transactions have been eliminated in consolidation.
Loss per common share	'
	Loss per common share:
	Basic earnings (loss) per common share excludes any potential dilution and is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period.  Diluted earnings per common share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity.  However, since their effect is anti-dilutive, the Company has excluded potentially dilutive shares.  The following potentially dilutive shares have been excluded from the calculation of diluted net loss per share as their effect would be anti-dilutive.
		Six Months Ended
		June 30,		June 30,
		2013		2012
	Convertible notes		2,477,141		-
	Series A non-voting preferred stock		287,324		-
	Shares underlying outstanding warrants		8,127,665		4,807,534
	Shares underlying outstanding stock options		3,179,630		1,353,292
	Total		14,071,760		6,160,826
Stock-Based Compensation	'
	Stock-Based Compensation:
	Awards granted to employees, officers and directors are measured at the grant date, based on the estimated fair value of the award, and stock-based compensation cost, net of expected forfeitures, is recognized as expense over the requisite service period on a straight-line basis.
	The Company accounts for stock options granted to non-employees on a fair value basis using the Black-Scholes option pricing method.  The non-cash charge to operations for non-employee options with service vesting is revalued at the end of each reporting period based upon the change in the fair value of the options and amortized to consulting expense over the related vesting period.  For stock options granted to non-employees with vesting contingent upon various performance metrics, the Company used the guidelines in accordance with FASB ASC No. 505-50, “Equity-Based Payments to Non-Employees.” For options having performance conditions that are outside of the control of the non-employee, the cost to be recognized is the lowest aggregate fair value prior to the achievement of the performance condition, even if the Company believes it is probable that the performance condition will be achieved.
	During the six months ended June 30, 2013 and 2012, options to purchase an aggregate of 1,400,000 and 380,000 shares of common stock, respectively, were granted to the Company’s employees, officers, directors and consultants.

2_Summary_of_Significant_Accou2

2. Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2013
Accounting Policies [Abstract]	'
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	'
		Six Months Ended
		June 30,		June 30,
		2013		2012
	Convertible notes		2,477,141		-
	Series A non-voting preferred stock		287,324		-
	Shares underlying outstanding warrants		8,127,665		4,807,534
	Shares underlying outstanding stock options		3,179,630		1,353,292
	Total		14,071,760		6,160,826

3_Convertible_Notes_Tables

3. Convertible Notes (Tables)	6 Months Ended
	Jun. 30, 2013
Convertible Notes Payable [Abstract]	'
Fair Value Assumption of Warrant Issued	'
		September 20,			November 13,
		2012			2012
	Contractual Term	5 years			5 years
	Volatility		117.57	%		119.15	%
	Dividend yield		0	%		0	%
	Risk-free interest rate		0.7	%		0.63	%
Senior Convertible Notes and Warrants Additional Information	'
	9% Senior convertible notes	$	207,000
	Debt discount/beneficial conversion feature		(40,534	)
	Balance	$	166,466
	Accrued interest	$	6,934
	9% Senior convertible notes, related parties	$	660,000
	Debt discount/beneficial conversion feature		(130,080	)
	Balance	$	529,920
	Accrued interest, related parties	$	15,077

4_Stockholders_Equity_Tables

4. Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2013
STOCKHOLDERS' DEFICIT	'
Assumptions Used in Black-Scholes Option-Pricing Model	'
		Six Months Ended			Six Months Ended
		June 30,			June 30,
		2013			2012
	Expected Term	5 years			5 years
	Volatility		118% - 131	%		98% - 115	%
	Dividend yield		0	%		0	%
	Risk-free interest rate		0.81% - 2.52	%		0.27% - 2.11	%
Summary of Option Activity under Plan and Related Information	'
		Six Months Ended							Six Months Ended
		30-Jun-13							30-Jun-12
		Shares			Weighted				Shares			Weighted
					Average							Average
					Exercise							Exercise
					Price							Price
	Outstanding at beginning of period		2,135,630		$	1.26				1,236,342		$	2.47
	Forfeited/cancelled		(356,000	)	$	1.61				(263,050	)	$	1.71
	Granted		1,400,000		$	0.9				380,000		$	0.4
	Outstanding at end of period		3,179,630		$	1.06				1,353,292		$	2.1
	Expected to vest		1,394,613		$	0.78				286,400		$	2.1
	Options exercisable		893,380		$	1.79				875,958		$	2.6
	Weighted-average fair value of options granted during the period				$	0.77						$	0.32
Summary of warrants outstanding	'
		Number of Warrants			Exercise Price			Expiration Date
	Issued to co-placement agents in connection with previous convertible note financings		18,250		$	7.84		10/29/14
	Issued in connection with 2009 private placement		503,034			3.4375		10/29/14
	Issued in connection with IPO		4,043,569			3.4375		3/24/15
	Issued to IPO underwriters that, if exercised, would result in the issuance of an additional 4,812 shares of common stock and warrants to purchase an additional 2,406 shares of common stock		4,812			3.9		3/24/15
	Issued in connection with September 20, 2012 private placement of convertible notes		2,125,000			0.4		9/20/17
	Issued to placement agent in connection with September 20, 2012 private placement of convertible notes		209,500			0.4		9/20/17
	Issued in connection with November 13, 2012 private placement of convertible notes		705,000			0.4		11/13/17
	Issued to placement agent in connection with November 13, 2012 private placement of convertible notes		118,500			0.4		11/13/17
	Issued in connection with February 2013 private placement		400,000			1.5		2/19/18
	Total warrants outstanding at June 30, 2013		8,127,665

8_Restatement_of_Condensed_Con1

8. Restatement of Condensed Consolidated Financial Statements (Tables)	6 Months Ended
	Jun. 30, 2013
Notes to Financial Statements	'
Restatement of Condensed Consolidated Financial Statements	'
		As Previously
		Reported			As Restated
		($)			($)
	Condensed Consolidated Balance Sheets as of June 30, 2013 (Unaudited)
	Additional paid-in capital		47,564,257			47,693,699
	Deficit accumulated during the development stage		(49,771,659	)		(49,901,101	)
	Condensed Consolidated Statements of Operations for the Six Months Ended June 30, 2013 (Unaudited)
	Deemed dividend – beneficial conversion feature		(180,502	)		(309,944	)
	Net loss attributable to common shareholders		(3,398,425	)		(3,527,867	)
	Net loss per share – basic and diluted		(0.28	)		(0.29	)
	Condensed Consolidated Statements of Operations Cumulative Period from July 28, 2006 (Inception) through June 30, 2013 (Unaudited)
	Deemed dividend – beneficial conversion feature		(180,502	)		(309,944	)
	Net loss attributable to common shareholders		(49,771,659	)		(49,901,101	)
	Condensed Consolidated Statement of Changes in Stockholders’ Deficit for the Six Months Ended June 30, 2013 (Unaudited)
	Additional Paid-in Capital
	Deemed dividend related to beneficial conversion feature of Series A non-voting preferred stock		180,502			309,944
	Balance at June 30, 2013		47,564,257			47,693,699
	Condensed Consolidated Statement of Changes in Stockholders’ Deficit for the Six Months Ended June 30, 2013 (Unaudited)
	Deficit Accumulated During the Development Stage
	Deemed dividend related to beneficial conversion feature of Series A non-voting preferred stock		(180,502	)		(309,944	)
	Balance at June 30, 2013		(49,771,659	)		(49,901,101	)
	Condensed Consolidated Statement of Cash Flows For the Six Months Ended June 30, 2013 (Unaudited)
	Supplemental Disclosure of Non-Cash Financing Activities
	Deemed dividend – beneficial conversion feature		180,502			309,944
	Condensed Consolidated Statement of Cash Flows For the Cumulative Period from July 28, 2006 (Inception) through June 30, 2013 (Unaudited)
	Supplemental Disclosure of Non-Cash Financing Activities
	Deemed dividend – beneficial conversion feature		180,502			309,944

1_Organization_Business_and_Ba1

1. Organization, Business and Basis of Presentation (Details Narrative) (USD $)	3 Months Ended		6 Months Ended		83 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013
Organization Business And Basis Of Presentation Details Narrative	'	'	'	'	'
Net loss	$1,960,871	$624,215	$3,217,923	$1,534,376	$49,591,157

2_Summary_of_Significant_Accou3

2. Summary of Significant Accounting Policies (Details)	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Antidilutive Shares	14,071,760	6,160,826
Convertible notes	'	'
Antidilutive Shares	2,477,141	0
Series A non-voting preferred stock	'	'
Antidilutive Shares	287,324	0
Shares underlying outstanding warrants	'	'
Antidilutive Shares	8,127,665	4,807,534
Shares underlying outstanding stock options	'	'
Antidilutive Shares	3,179,630	1,353,292

3_Convertible_Notes_Details

3. Convertible Notes (Details)	6 Months Ended
	Jun. 30, 2013
Convertible Notes issued September 20, 2012	'
Contractual Term	'5 years
Volatility	117.57%
Dividend yield	0.00%
Risk-free interest rate	0.00%
Convertible Notes issued November, 2012	'
Contractual Term	'5 years
Volatility	119.15%
Dividend yield	0.00%
Risk-free interest rate	0.00%

3_Convertible_Notes_Details_1

3. Convertible Notes (Details 1) (USD $)	Jun. 30, 2013	Dec. 31, 2012
Convertible Notes Details 1	'	'
9% Senior convertible notes	$207,000	'
Debt discount/beneficial conversion feature	-40,534	-647,939
Balance	166,466	16,061
Accrued interest	6,934	'
9% Senior convertible notes, related parties	660,000	'
Debt discount/beneficial conversion feature	-130,080	-406,316
Balance	529,920	253,684
Accrued interest, related parties	$15,077	$16,175

4_Stockholders_Equity_Details

4. Stockholders' Equity (Details)	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Stockholders Equity Details	'	'
Expected Term	'5 years	'5 years
Volatility, minimum	118.00%	98.00%
Volatility, maximum	131.00%	115.00%
Dividend yield	0.00%	0.00%
Risk-free interest rate, minimum	0.81%	0.27%
Risk-free interest rate, maximum	2.52%	2.11%

4_Stockholders_Equity_Details_

4. Stockholders' Equity (Details 1) (USD $)	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Number of Options	'	'
Number of Options Outstanding, Beginning	2,135,630	1,236,342
Number of Options Forfeited/Cancelled	-356,000	-263,050
Number of Options Granted	1,400,000	380,000
Number of Options Outstanding, Ending	3,179,630	1,353,292
Vested and expected to vest	1,394,613	286,400
Exercisable	893,380	875,958
Weighted Average Exercise Price	'	'
Weighted Average Exercise Price Outstanding, Beginning	$1.26	$2.47
Weighted Average Exercise Price Forfeited/Cancelled	$1.61	$1.71
Weighted Average Exercise Price Granted	$0.90	$0.40
Weighted Average Exercise Price Outstanding, Ending	$1.06	$2.10
Weighted Average Exercise Price vest	$0.78	$2.10
Weighted Average Exercise Price Exercisable	$1.79	$2.60
Weighted-average fair value of options granted during the period	$0.77	$0.32

4_Stockholders_Equity_Details_1

4. Stockholders' Equity (Details 2) (USD $)	Jun. 30, 2013
Class of warrant or right, outstanding	8,127,665
Issued to co-placement agents in connection with previous convertible note financings	'
Class of warrant or right, outstanding	18,250
Class of warrant or right, exercise price of warrants or rights	7.84
Class of warrant or right, Expiration date	29-Oct-14
Issued in connection with 2009 private placement	'
Class of warrant or right, outstanding	503,034
Class of warrant or right, exercise price of warrants or rights	3.4375
Class of warrant or right, Expiration date	29-Oct-14
Issued in connection with IPO	'
Class of warrant or right, outstanding	4,043,569
Class of warrant or right, exercise price of warrants or rights	3.4375
Class of warrant or right, Expiration date	24-Mar-15
Issued to IPO underwriters that, if exercised, would result in the issuance of an additional 4,812 shares of common stock and warrants to purchase an additional 2,406 shares of common stock	'
Class of warrant or right, outstanding	4,812
Class of warrant or right, exercise price of warrants or rights	3.9
Class of warrant or right, Expiration date	24-Mar-15
Issued in connection with September 20, 2012 private placement of convertible notes	'
Class of warrant or right, outstanding	2,125,000
Class of warrant or right, exercise price of warrants or rights	0.4
Class of warrant or right, Expiration date	20-Sep-17
Issued to placement agent in connection with September 20, 2012 private placement of convertible notes	'
Class of warrant or right, outstanding	209,500
Class of warrant or right, exercise price of warrants or rights	0.4
Class of warrant or right, Expiration date	20-Sep-17
Issued in connection with November 13, 2012 private placement of convertible notes	'
Class of warrant or right, outstanding	705,000
Class of warrant or right, exercise price of warrants or rights	0.4
Class of warrant or right, Expiration date	13-Nov-17
Issued to placement agent in connection with November 13, 2012 private placement of convertible notes	'
Class of warrant or right, outstanding	118,500
Class of warrant or right, exercise price of warrants or rights	0.4
Class of warrant or right, Expiration date	13-Nov-17
Issued in connection with February 2013 private placement	'
Class of warrant or right, outstanding	400,000
Class of warrant or right, exercise price of warrants or rights	1.5
Class of warrant or right, Expiration date	19-Feb-18

4_Stockholders_Equity_Details_2

4. Stockholders' Equity (Details Narrative)	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Stockholders Equity Details Narrative	'	'
Forfeiture rate	39.00%	55.00%

Restatement_of_Condensed_Conso

Restatement of Condensed Consolidated Financial Statements (Details) (USD $)	3 Months Ended		6 Months Ended		83 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Dec. 31, 2012
Condensed Consolidated Balance Sheets	'	'	'	'	'	'
Deficit accumulated during the development stage	$49,901,101	'	$49,901,101	'	$49,901,101	$46,373,234
Condensed Consolidated Statements of Operations	'	'	'	'	'	'
Net loss attributable to common shareholders	-1,960,871	-624,215	-3,527,867	-1,534,376	-49,901,101	'
Net loss per share b basic and diluted	($0.15)	($0.05)	($0.29)	($0.13)	'	'
Condensed Consolidated Statement of Changes in Stockholdersb Deficit	'	'	'	'	'	'
Deficit accumulated during the development stage	49,901,101	'	49,901,101	'	49,901,101	46,373,234
As Previously Reported	'	'	'	'	'	'
Condensed Consolidated Balance Sheets	'	'	'	'	'	'
Additional paid-in capital	47,564,257	'	47,564,257	'	47,564,257	'
Deficit accumulated during the development stage	-49,771,659	'	-49,771,659	'	-49,771,659	'
Condensed Consolidated Statements of Operations	'	'	'	'	'	'
Deemed dividend b beneficial conversion feature	'	'	-180,502	'	-180,502	'
Net loss attributable to common shareholders	'	'	-3,398,425	'	-49,771,659	'
Net loss per share b basic and diluted	'	'	($0.28)	'	'	'
Condensed Consolidated Statement of Changes in Stockholdersb Deficit	'	'	'	'	'	'
Deemed dividend related to beneficial conversion feature of Series A non-voting preferred stock Impact on Additional Paid in Capital	'	'	180,502	'	'	'
Additional paid-in capital	47,564,257	'	47,564,257	'	47,564,257	'
Deemed dividend related to beneficial conversion feature of Series A non-voting preferred stock Impact on Deficit Accumulated During the Development Stage	'	'	-180,502	'	'	'
Deficit accumulated during the development stage	-49,771,659	'	-49,771,659	'	-49,771,659	'
Condensed Consolidated Statement of Cash Flows	'	'	'	'	'	'
Deemed dividend b beneficial conversion feature	'	'	180,502	'	180,502	'
As Restated	'	'	'	'	'	'
Condensed Consolidated Balance Sheets	'	'	'	'	'	'
Additional paid-in capital	47,693,699	'	47,693,699	'	47,693,699	'
Deficit accumulated during the development stage	-49,901,101	'	-49,901,101	'	-49,901,101	'
Condensed Consolidated Statements of Operations	'	'	'	'	'	'
Deemed dividend b beneficial conversion feature	'	'	-309,944	'	-309,944	'
Net loss attributable to common shareholders	'	'	-3,527,867	'	-49,901,101	'
Net loss per share b basic and diluted	'	'	($0.29)	'	'	'
Condensed Consolidated Statement of Changes in Stockholdersb Deficit	'	'	'	'	'	'
Deemed dividend related to beneficial conversion feature of Series A non-voting preferred stock Impact on Additional Paid in Capital	'	'	309,944	'	'	'
Additional paid-in capital	47,693,699	'	47,693,699	'	47,693,699	'
Deemed dividend related to beneficial conversion feature of Series A non-voting preferred stock Impact on Deficit Accumulated During the Development Stage	'	'	-309,944	'	'	'
Deficit accumulated during the development stage	-49,901,101	'	-49,901,101	'	-49,901,101	'
Condensed Consolidated Statement of Cash Flows	'	'	'	'	'	'
Deemed dividend b beneficial conversion feature	'	'	$309,944	'	$309,944	'