Sensus Healthcare (SRTS) 10-Q 15 Aug 16 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 31, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Entity Registrant Name	Sensus Healthcare, Inc.
Entity Central Index Key	1,494,891
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	SRTS
Entity Common Stock, Shares Outstanding		13,546,170

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Current Assets
Cash and cash equivalents	$ 15,755,549	$ 5,065,068
Accounts receivable, net	2,540,814	2,071,572
Inventories	1,038,775	998,861
Deferred offering costs and other prepaids	38,164	432,787
Total Current Assets	19,373,302	8,568,288
Property and Equipment, Net	512,395	320,699
Patent Rights, Net	674,702	722,895
Deposits	24,272	24,272
Total Assets	20,584,671	9,636,154
Current Liabilities
Accounts payable and accrued expenses	2,040,935	2,307,465
Dividends payable	2,674,197	0
Product warranties	87,813	48,363
Revolving credit facility	0	422,702
Deferred revenue, current portion	843,856	890,234
Total Current Liabilities	5,646,801	3,668,764
Deferred Revenue, Net of Current Portion	11,993	45,786
Total Liabilities	5,658,794	3,714,550
Commitments and Contingencies
Stockholders' Equity
Preferred stock, 5,000,000 shares authorized and none issued and outstanding at December 31, 2015 and June 30, 2016	0	0
Common stock, $0.01 par value - 50,000,000 authorized and 10,367,883 and 13,523,032 issued and outstanding at December 31, 2015 and June 30, 2016, respectively.	135,230	103,678
Additional paid-in capital	22,585,674	13,263,735
Accumulated deficit	(7,795,027)	(7,445,809)
Total Stockholders' Equity	14,925,877	5,921,604
Total Liabilities and Stockholders' Equity	$ 20,584,671	$ 9,636,154

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Preferred Stock, Shares Authorized	5,000,000	5,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	50,000,000	50,000,000
Common Stock, Shares, Issued	13,523,032	10,367,883
Common Stock, Shares, Outstanding	13,523,032	10,367,883

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues	$ 3,570,943	$ 2,395,384	$ 6,606,147	$ 4,325,033
Cost of Sales	1,250,776	847,645	2,353,146	1,571,824
Gross Profit	2,320,167	1,547,739	4,253,001	2,753,209
Operating Expenses
Selling and marketing	1,184,489	931,896	2,128,612	1,848,244
General and administrative	1,070,825	369,430	1,756,545	699,176
Research and development	413,626	334,124	707,030	773,927
Total Operating Expenses	2,668,940	1,635,450	4,592,187	3,321,347
Loss from Operations	(348,773)	(87,711)	(339,186)	(568,138)
Other Income (Expense)
Interest expense	(6,227)	(1,472)	(15,852)	(6,592)
Interest income	3,065	434	5,820	721
Other Expense, net	(3,162)	(1,038)	(10,032)	(5,871)
Loss Before Income Taxes	(351,935)	(88,749)	(349,218)	(574,009)
Provision for income taxes	(636)	0	0	0
Net Loss	(351,299)	(88,749)	(349,218)	(574,009)
Preferential distribution	0	(128,333)	0	(256,666)
Net Loss Attributable to Common Stockholders	$ (351,299)	$ (217,082)	$ (349,218)	$ (830,675)
Net Loss Attributable to Common Stockholders per share - basic and diluted	$ (0.03)	$ (0.02)	$ (0.03)	$ (0.08)
Weighted average number of shares used in computing net loss per share - basic and diluted	11,196,173	9,880,028	10,182,028	9,880,028

CONDENSED STATEMENTS OF STOCKHO

CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY - 6 months ended Jun. 30, 2016 - USD ($)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]
Balance begining at Dec. 31, 2015	$ 5,921,604	$ 103,678	$ 13,263,735	$ (7,445,809)
Balance begining (in shares) at Dec. 31, 2015		10,367,883
Stock based compensation	502,341	$ 3,077	499,264	0
Stock based compensation (in shares)		307,666
Initial public offering of units, net of offering costs	10,392,809	$ 23,000	10,369,809	0
Initial public offering of units, net of offering costs (in shares)		2,300,000
Exercise of warrants and options	1,132,538	$ 5,475	1,127,063	0
Exercise of warrants and options (in Shares)		547,483
Preferred dividend	(2,674,197)	$ 0	(2,674,197)	0
Net loss	(349,218)	0	0	(349,218)
Balance end at Jun. 30, 2016	$ 14,925,877	$ 135,230	$ 22,585,674	$ (7,795,027)
Balance end (in shares) at Jun. 30, 2016	10,367,883	13,523,032

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash Flows From Operating Activities
Net loss	$ (349,218)	$ (574,009)
Adjustments to reconcile net income (loss) to net cash and cash equivalents used in operating activities:
Depreciation and amortization	168,937	167,836
Provision for product warranties	50,496	30,000
Stock based compensation	502,341	3,239
(Increase) decrease in:
Accounts receivable	(469,242)	(734,803)
Inventories	(107,822)	(6,470)
Deferred offering costs and other prepaids	84,944	29,588
Increase (decrease) in:
Accounts payable and accrued expenses	(87,483)	668,726
Deferred revenue	(80,170)	41,486
Product warranties	(11,046)	(2,303)
Net Cash Used In Operating Activities	(298,263)	(376,710)
Cash Flows from Investing Activities
Acquisition of property and equipment	(244,532)	(57,293)
Net Cash Used In Investing Activities	(244,532)	(57,293)
Cash Flows from Financing Activities
Initial public offering of units	12,650,000	0
Repayment of revolving credit facility, net	(422,702)	(225,000)
Exercise of warrants	1,132,538	0
Initial public offering costs	(2,126,560)	0
Net Cash Provided By (Used In) Financing Activities	11,233,276	(225,000)
Net Increase (Decrease) in Cash and Cash Equivalents	10,690,481	(659,003)
Cash and Cash Equivalents - Beginning	5,065,068	4,538,713
Cash and Cash Equivalents - Ending	15,755,549	3,879,710
Supplemental Disclosure of Cash Flow Information
Interest Paid	16,633	7,661
Non Cash Investing and Financing Activities
Reclassification of Prepaid Offering Costs to APIC	130,629	0
Transfer of inventory unit to property and equipment	$ 67,908	$ 0

ORGANIZATION AND SUMMARY OF SIG

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	Summary of Significant Accounting Policies Description of the Business Sensus Healthcare, Inc. (the “Company”) is a manufacturer of superficial radiation therapy devices and has established a distribution and marketing network to sell the devices to healthcare providers globally. The Company was organized on May 7, 2010 as a limited liability corporation. On January 1, 2016, the Company completed a corporate conversion pursuant to which Sensus Healthcare, Inc. succeeded to the business of Sensus Healthcare, LLC. The Company operates as one segment from its corporate headquarters located in Boca Raton, Florida. Initial Public Offering In June 2016, the Company issued 2,300,000 5.50 5.25 0.25 10,393,000 886,000 1,371,000 10,367,883 241.95 The accompanying unaudited condensed financial statements in this Quarterly Report on Form 10-Q have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, and the rules and regulations of the U.S. Securities and Exchange Commission, or SEC. Accordingly, they do not include certain footnotes and financial presentations normally required under accounting principles generally accepted in the United States of America for complete financial statements. The interim financial information is unaudited, but reflects all normal adjustments and accruals which are, in the opinion of management, considered necessary to provide a fair presentation for the interim periods presented. The accompanying condensed financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended December 31, 2015 included in the Company’s final prospectus dated June 2, 2016, filed pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended, relating to the Company’s Registration Statement on Form S-1 (File No. 333-209451), filed with the SEC. The results for the three and six months ended June 30, 2016 are not necessarily indicative of results to be expected for the year ending December 31, 2016, any other interim periods, or any future year or period. The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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 the reported amounts of revenues and expenses during the reporting period. Significant estimates to which it is reasonably possible that a change could occur in the near term include, revenue recognition, inventory reserves, receivable allowances, recoverability of long lived assets and estimation of the Company’s product warranties. Actual results could differ from those estimates. The Company’s sales primarily relate to sales of the Company’s devices. The Company recognizes product revenue upon shipment provided that there is persuasive evidence of an arrangement, there are no uncertainties regarding customer acceptance, the sales price is fixed and determinable, and collection of the resulting receivable is reasonably assured. The Company does not provide a right of return related to product sales. Revenues for service contracts are recognized over the service contract period on a straight-line basis. Revenue for rentals of equipment is recognized over the lease term on a straight-line basis. The Company sells products and services under multiple-element arrangements with separate units of accounting; in these situations, total consideration is allocated to the identified units of accounting based on their relative selling prices and revenue is then recognized for each unit based on its specific characteristics. A deliverable in an arrangement qualifies as a separate unit of accounting if the delivered item has value to the customer on a stand-alone basis. The principal deliverables in our multiple deliverable arrangements that qualify as separate units of accounting consist of (i) sales of medical devices and accessories and (ii) service contracts. Performance obligations, including installation and customer training, are considered inconsequential and are combined with the product as one unit of accounting. Selling prices are established using vendor-specific objective evidence (VSOE). If VSOE does not exist, the Company uses its best estimate of the selling prices for the deliverables. The Company operates in a highly regulated environment and is continually entering into new markets in which regulatory approval is sometimes required prior to the customer being able to use the product. In these cases, where regulatory approval is pending, revenue is deferred until such time as regulatory approval is obtained and customer acceptance becomes certain. Deferred revenue consists of payments from customers for long term separately priced service contracts, sales pending regulatory approval and deposits on products. As of December 31, As of June 30, 2015 2016 (unaudited) Service contracts $ 669,717 $ 663,339 Sales pending regulatory approval 155,517 155,517 Deposits on products 65,000 25,000 Total deferred revenue, current portion $ 890,234 $ 843,856 Service contracts, net of current portion 45,786 11,993 Total deferred revenue $ 936,020 $ 855,849 The Company provides warranties, generally one year, in conjunction with the sale of its product. These warranties are short term in nature and entitle the customer to repair, replacement, or modification of the defective product subject to the terms of the respective warranty. The Company records an estimate of future warranty claims at the time the Company recognizes revenue from the sale of the product based upon management’s estimate of the future claims rate. Shipping and handling costs are expensed as incurred and are included in cost of sales. The Company’s revenue is generated primarily from customers in the United States, which represented approximately 82 74 84 61 18 24 13 22 2 14 0 The Company maintains its cash and cash equivalents with financial institutions which balances exceed the federally insured limits. Federally insured limits are $ 250,000 4,835,000 16,041,000 For purposes of the statement of cash flows, the Company considers all highly liquid financial instruments with a maturity of three months or less when purchased to be a cash equivalent. The Company does business and extends credit based on an evaluation of each customer’s financial condition, generally without requiring collateral. Exposure to losses on receivables is expected to vary by customer due to the financial condition of each customer. The Company monitors exposure to credit losses and maintains allowances for anticipated losses considered necessary under the circumstances. The allowance for doubtful accounts was approximately $ 27,000 27,000 Property and equipment are stated at cost. Depreciation on property and equipment is calculated on the straight-line basis over the estimated useful lives of the assets. Maintenance and repairs are expensed as incurred; expenditures that enhance the value of property or extend their useful lives are capitalized. When assets are sold or returned, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss is included in income. Inventory units designated for customer demonstrations, as part of the sales process, are reclassified to property and equipment and the depreciation is recorded to selling and marketing expense. The inventory used for demonstrations that was reclassified to property and equipment for the six months ended June 30, 2015 and 2016 was approximately $ 0 68,000 Inventory units designated for customer rental agreements are reclassified to property and equipment and the depreciation is recorded to cost of sales. No inventory was reclassified for the six months ended June 30, 2015 and 2016. Intangible assets are comprised of the Company’s patent rights and are amortized over the patents’ estimated useful life of approximately 13 84 The Company evaluates its long-lived assets, including intangible assets, for possible impairment whenever circumstances indicate that the carrying amount of the asset, or related group of assets, may not be recoverable from estimated future cash flows in accordance with accounting guidance. If circumstances suggest the recorded amounts cannot be recovered, based upon estimated future undiscounted cash flows, the carrying values of such assets are reduced to fair value. No impairment charges were recorded for long-lived assets for the six months ended June 30, 2015 and 2016 Basic net income (loss) per share attributable to common stockholders is calculated by dividing the net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding for the period using the treasury stock method for options and warrants. The diluted net income per share attributable to common stockholders is computed by giving effect to all potential dilutive common share equivalents outstanding for the period. In periods when the Company has incurred a net loss, options and warrants to purchase common shares are considered common share equivalents but have been excluded from the calculation of diluted net loss per share attributable to common stockholders as their effect is antidilutive. For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2016 2015 2016 Warrants 288,474 23,443 288,474 23,443 Shares - 54,205 — 54,205 Options 950 - 950 - Advertising and promotion expenses are charged to expense as incurred. Advertising and promotion expense included in selling expense in the accompanying statements of operations amounted to approximately $ 148,000 287,000 383,000 519,000 Deferred offering costs, which consist of direct incremental legal, accounting and other fees relating to the IPO, are capitalized. The deferred offering costs were offset against IPO proceeds upon the consummation of the offering. As of December 31, 2015 approximately $ 310,000

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	6 Months Ended
	Jun. 30, 2016
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment Disclosure [Text Block]	Note 2 — Property and Equipment As to December 31, As of June 30, Estimated 2015 2016 Useful Lives (unaudited) Operations and rental equipment $ 504,786 $ 608,451 3 years Tradeshow and demo equipment 397,325 572,704 3 years Computer equipment 88,451 115,618 3 years 990,562 1,296,773 Less accumulated depreciation (669,863) (784,378) Property and Equipment, Net $ 320,699 $ 512,395 Depreciation expense was approximately $ 71,000 60,000 120,000 121,000

PATENT RIGHTS

PATENT RIGHTS	6 Months Ended
	Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets Disclosure [Text Block]	As to December 31, As of June 30, 2015 2016 (unaudited) Gross carrying amount $ 1,253,018 $ 1,253,018 Less accumulated amortization (530,123) (578,316) Net carrying amount 722,895 674,702 Amortization expense was approximately $ 24,000 48,000 For the Year Ending December 31, As of December 31, 2015 As of June 30, 2016 2016 $ 96,386 96,386 2017 96,386 96,386 2018 96,386 96,386 2019 96,386 96,386 2020 96,386 96,386 Thereafter 240,965 192,772 Total $ 722,895 $ 674,702

REVOLVING CREDIT FACILITY

REVOLVING CREDIT FACILITY	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	Note 4 — Revolving Credit Facility On March 12, 2013, the Company entered into a 2 3 1,500,000 80 Interest, at Prime plus 1.75 5.25 423,000 0 0.25

PRODUCT WARRANTIES

PRODUCT WARRANTIES	6 Months Ended
	Jun. 30, 2016
Product Warranties Disclosures [Abstract]
Product Warranty Disclosure [Text Block]	Note 5 — Product Warranties As of June 30, 2016 (unaudited) Balance, beginning of period $ 48,363 Warranties accrued during the period 50,496 Payments on warranty claims (11,046) Balance, end of period 87,813

COMMITMENT AND CONTINGENCIES

COMMITMENT AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	Note 6 — Commitment and Contingencies Operating Lease Agreements The Company maintains a lease requiring monthly payments to an unrelated third party to lease approximately 4,500 July 31, 2017 3 Year As of 2016 $ 50,000 2017 60,000 $ 110,000 Rental expense for the three months ended June 30, 2015 and 2015 was approximately $ 24,000 25,000 49,000 49,000 Manufacturing Agreement In July 2010, the Company entered into a three-year contract manufacturing agreement with an unrelated third party for the production and manufacture of the Company’s main product in accordance with the Company’s product specifications. The Company continues to do business with the contract manufacturer in accordance with the agreement. The Company or the manufacturer has the option to terminate the agreement with 90 days written notice. Any change in the relationship with the manufacturer could have an adverse effect on the Company’s business. Purchases from this manufacturer totaled approximately $ 954,000 1,393,000 966,000 2,573,000 283,000 221,000 Legal contingencies The Company is party to certain legal proceedings in the ordinary course of business. The Company assesses, in conjunction with its legal counsel, the need to record a liability for litigation and related contingencies. The Company has accrued $ 112,500

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	Note 7 — Stockholders’ Equity The Company has authorized 50,000,000 10,367,883 13,523,032 Stock Issuances On January 1, 2016, Sensus Healthcare, LLC converted into a Delaware corporation pursuant to a statutory conversion and changed its name to Sensus Healthcare, Inc. As a result of the corporate conversion, the holders of the different classes of units of Sensus Healthcare, LLC became holders of common stock of Sensus Healthcare, Inc. Holders of warrants and options, respectively, to purchase membership interests of Sensus Healthcare, LLC became holders of warrants and options to purchase common stock of Sensus Healthcare, Inc., respectively. Each membership interest converted to one share of common stock. During 2011, the Company offered to a limited number of investors (the “investor members”) preferred membership interests (the “interests”) consisting of (i) cumulative, non-compounded, 8 6.4 6.0 2,674,000 0.87 During 2014, the Company granted a 1 465,000 21 4.42 465,000 Warrants In March 2011, the closing date of the preferred offering, the Company’s placement agent was granted investor rights to five year warrants to purchase preferred units, which following the conversion were exercisable into 544,387 2.08 In April 2013, the closing date of the second common offering, the placement agent received investor rights to 5 86,376 4.55 110 In June 2016, from the IPO, the investors received three-year warrants to purchase 2,300,000 6.75 June 2, 2019 0.01 In addition, the underwriter’s representatives received four-year warrants to purchase up to 138,000 June 2, 2017 June 2, 2021 6.75 All warrants reflect the 241,05-for-one forward stock split and were fully vested as of December 31, 2015 and June 30, 2016. Preferred Warrants Common Stock Warrants Number Weighted Weighted Number Weighted Weighted Outstanding – December 31, 2015 544,387 $ 2.08 0.17 86,376 $ 4.55 2.26 Granted — — — 2,438,000 6.75 3.06 Exercised (544,387) (2.08) — — — — Cancelled (forfeited) — — — — — — Outstanding – June 30, 2016 — — — 2,524,376 $ 6.67 3.01 Exercisable – June 30, 2016 — — — 2,524,376 $ 6.67 3.01 The intrinsic value of the vested and non-vested common stock warrants was approximately $ 0 146,000 2013 Option Plan The Company’s 2013 option plan (the “Plan”) permitted the grant of 90,731 On November 1, 2013, the Company granted two employees, options to purchase 7,258 4.13 10 The fair value of each option was estimated on the date of grant using the Black-Scholes Option Pricing Model (“Black-Scholes Model). Upon the closing of the IPO, all options issued under the Plan were automatically exercised using a cashless exercise feature and converted to 3,096 Number of Options Weighted Average Weighted Average Outstanding – December 31, 2015 14,516 $ 4.13 7.83 Granted — — — Exercised (14,516) $ 4.13 — Cancelled (forfeited) — — — Outstanding – June 30, 2016 - $ - - Exercisable – June 30, 2016 - $ - - The Company recognized approximately $ 2,000 3,000 2016 equity incentive Plan In February 2016, with stockholder approval, the Company adopted the Sensus Healthcare, Inc. 2016 Equity Incentive Plan (the “2016 Plan”). Pursuant to the 2016 Plan, our directors, officers and other key employees who have been selected as participants are eligible to receive awards of various forms of equity-based incentive compensation, including incentive and nonqualified stock options, stock appreciation rights, restricted stock awards, performance shares and phantom stock, and awards consisting of combinations of such incentives. The 2016 Plan is administered by the Compensation Committee of the Board of Directors. Under the 2016 Plan, the Compensation Committee has the authority to establish, adopt, revise or rescind such rules and regulations and to make all such determinations relating to the 2016 Plan as it may deem necessary or advisable for the administration of the 2016 Plan. Subject to the provisions of the 2016 Plan, the Compensation Committee has sole discretionary authority to interpret the 2016 Plan and to determine the type of awards to grant, when, if, and to whom awards are granted, the number of shares covered by each award and the terms and conditions of the award. The term of the 2016 Plan is 10 The Company has limited the aggregate number of shares of common stock to be awarded under the 2016 Plan to 397,473 On June 2, 2016, 307,666 5.25 25 four vesting 34,000 1,582,000

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	Note 8 — Income Taxes Through December 31, 2015, the Company was not subject to income taxes in any jurisdiction because it was a limited liability company taxed as a partnership. Each member of the Company was responsible for the tax liability, if any, related to their proportionate share of the Company’s taxable income. Effective January 1, 2016, the Company converted to a C-corporation and is subject to corporate income taxes. The Company did not recognize income tax expense for the three and six months ended June 30, 2016 since it does not expect to have taxable income in 2016. There are no uncertain tax positions that would require recognition in the financial statements. If the Company incurs an income tax liability in the future, interest on any income tax liability would be reported as interest expense and penalties on any income tax liability would be reported as income taxes. The Company’s conclusions regarding uncertain tax positions may be subject to review and adjustment at a later date based upon ongoing analyses of tax laws, regulations and interpretations thereof as well as other factors. The Company accounts for income taxes in accordance with ASC 740, Income Taxes, which prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim period, disclosure and transition. As of June 30, 2016, the tax years 2013, 2014 and 2015 were subject to examination.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 9 — Subsequent Events The Company evaluates subsequent events and transactions that occur after the balance sheet date up to the date that the financial statements were issued for potential recognition or disclosure. Other than as described below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. On July 7, 2016, the Company entered into a commercial lease for its headquarters office which, effective September 1, 2016, will expand the office space currently being occupied. The lease expires in September 2022. On July 15, 2016, the Company paid the accrued dividends in the amount of approximately $2,553,000 representing the amount for which former holders of membership units with a preferred return elected to receive dividends in cash. In addition, 23,138 On July 25, 2016, the common stock and warrants included in the units issued in the IPO commenced trading separately under the symbols “SRTS” and “SRTSW,” respectively, and trading of the units under the symbol “SRTSU” was suspended.

ORGANIZATION AND SUMMARY OF S16

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The accompanying unaudited condensed financial statements in this Quarterly Report on Form 10-Q have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, and the rules and regulations of the U.S. Securities and Exchange Commission, or SEC. Accordingly, they do not include certain footnotes and financial presentations normally required under accounting principles generally accepted in the United States of America for complete financial statements. The interim financial information is unaudited, but reflects all normal adjustments and accruals which are, in the opinion of management, considered necessary to provide a fair presentation for the interim periods presented. The accompanying condensed financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended December 31, 2015 included in the Company’s final prospectus dated June 2, 2016, filed pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended, relating to the Company’s Registration Statement on Form S-1 (File No. 333-209451), filed with the SEC. The results for the three and six months ended June 30, 2016 are not necessarily indicative of results to be expected for the year ending December 31, 2016, any other interim periods, or any future year or period.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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 the reported amounts of revenues and expenses during the reporting period. Significant estimates to which it is reasonably possible that a change could occur in the near term include, revenue recognition, inventory reserves, receivable allowances, recoverability of long lived assets and estimation of the Company’s product warranties. Actual results could differ from those estimates.
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition The Company’s sales primarily relate to sales of the Company’s devices. The Company recognizes product revenue upon shipment provided that there is persuasive evidence of an arrangement, there are no uncertainties regarding customer acceptance, the sales price is fixed and determinable, and collection of the resulting receivable is reasonably assured. The Company does not provide a right of return related to product sales. Revenues for service contracts are recognized over the service contract period on a straight-line basis. Revenue for rentals of equipment is recognized over the lease term on a straight-line basis. The Company sells products and services under multiple-element arrangements with separate units of accounting; in these situations, total consideration is allocated to the identified units of accounting based on their relative selling prices and revenue is then recognized for each unit based on its specific characteristics. A deliverable in an arrangement qualifies as a separate unit of accounting if the delivered item has value to the customer on a stand-alone basis. The principal deliverables in our multiple deliverable arrangements that qualify as separate units of accounting consist of (i) sales of medical devices and accessories and (ii) service contracts. Performance obligations, including installation and customer training, are considered inconsequential and are combined with the product as one unit of accounting. Selling prices are established using vendor-specific objective evidence (VSOE). If VSOE does not exist, the Company uses its best estimate of the selling prices for the deliverables. The Company operates in a highly regulated environment and is continually entering into new markets in which regulatory approval is sometimes required prior to the customer being able to use the product. In these cases, where regulatory approval is pending, revenue is deferred until such time as regulatory approval is obtained and customer acceptance becomes certain. Deferred revenue consists of payments from customers for long term separately priced service contracts, sales pending regulatory approval and deposits on products. As of December 31, As of June 30, 2015 2016 (unaudited) Service contracts $ 669,717 $ 663,339 Sales pending regulatory approval 155,517 155,517 Deposits on products 65,000 25,000 Total deferred revenue, current portion $ 890,234 $ 843,856 Service contracts, net of current portion 45,786 11,993 Total deferred revenue $ 936,020 $ 855,849 The Company provides warranties, generally one year, in conjunction with the sale of its product. These warranties are short term in nature and entitle the customer to repair, replacement, or modification of the defective product subject to the terms of the respective warranty. The Company records an estimate of future warranty claims at the time the Company recognizes revenue from the sale of the product based upon management’s estimate of the future claims rate. Shipping and handling costs are expensed as incurred and are included in cost of sales.
Segment Reporting, Policy [Policy Text Block]	Segment and Geographical Information The Company’s revenue is generated primarily from customers in the United States, which represented approximately 82 74 84 61 18 24 13 22 2 14 0
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents The Company maintains its cash and cash equivalents with financial institutions which balances exceed the federally insured limits. Federally insured limits are $ 250,000 4,835,000 16,041,000 For purposes of the statement of cash flows, the Company considers all highly liquid financial instruments with a maturity of three months or less when purchased to be a cash equivalent.
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block]	Accounts Receivable The Company does business and extends credit based on an evaluation of each customer’s financial condition, generally without requiring collateral. Exposure to losses on receivables is expected to vary by customer due to the financial condition of each customer. The Company monitors exposure to credit losses and maintains allowances for anticipated losses considered necessary under the circumstances. The allowance for doubtful accounts was approximately $ 27,000 27,000
Property, Plant and Equipment, Policy [Policy Text Block]	Property and Equipment Property and equipment are stated at cost. Depreciation on property and equipment is calculated on the straight-line basis over the estimated useful lives of the assets. Maintenance and repairs are expensed as incurred; expenditures that enhance the value of property or extend their useful lives are capitalized. When assets are sold or returned, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss is included in income. Inventory units designated for customer demonstrations, as part of the sales process, are reclassified to property and equipment and the depreciation is recorded to selling and marketing expense. The inventory used for demonstrations that was reclassified to property and equipment for the six months ended June 30, 2015 and 2016 was approximately $ 0 68,000 Inventory units designated for customer rental agreements are reclassified to property and equipment and the depreciation is recorded to cost of sales. No inventory was reclassified for the six months ended June 30, 2015 and 2016.
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block]	Intangible Assets Intangible assets are comprised of the Company’s patent rights and are amortized over the patents’ estimated useful life of approximately 13 84
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block]	Long-Lived Assets The Company evaluates its long-lived assets, including intangible assets, for possible impairment whenever circumstances indicate that the carrying amount of the asset, or related group of assets, may not be recoverable from estimated future cash flows in accordance with accounting guidance. If circumstances suggest the recorded amounts cannot be recovered, based upon estimated future undiscounted cash flows, the carrying values of such assets are reduced to fair value. No impairment charges were recorded for long-lived assets for the six months ended June 30, 2015 and 2016
Earnings Per Share, Policy [Policy Text Block]	Earnings Per Share Basic net income (loss) per share attributable to common stockholders is calculated by dividing the net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding for the period using the treasury stock method for options and warrants. The diluted net income per share attributable to common stockholders is computed by giving effect to all potential dilutive common share equivalents outstanding for the period. In periods when the Company has incurred a net loss, options and warrants to purchase common shares are considered common share equivalents but have been excluded from the calculation of diluted net loss per share attributable to common stockholders as their effect is antidilutive. For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2016 2015 2016 Warrants 288,474 23,443 288,474 23,443 Shares - 54,205 — 54,205 Options 950 - 950 -
Advertising Costs, Policy [Policy Text Block]	Advertising Costs Advertising and promotion expenses are charged to expense as incurred. Advertising and promotion expense included in selling expense in the accompanying statements of operations amounted to approximately $ 148,000 287,000 383,000 519,000
Deferred Charges, Policy [Policy Text Block]	Deferred offering costs, which consist of direct incremental legal, accounting and other fees relating to the IPO, are capitalized. The deferred offering costs were offset against IPO proceeds upon the consummation of the offering. As of December 31, 2015 approximately $ 310,000

ORGANIZATION AND SUMMARY OF S17

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Deferred Revenue, by Arrangement, Disclosure [Table Text Block]	Deferred revenue as of December 31, 2015 and June 31, 2016 was as follows: As of December 31, As of June 30, 2015 2016 (unaudited) Service contracts $ 669,717 $ 663,339 Sales pending regulatory approval 155,517 155,517 Deposits on products 65,000 25,000 Total deferred revenue, current portion $ 890,234 $ 843,856 Service contracts, net of current portion 45,786 11,993 Total deferred revenue $ 936,020 $ 855,849
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Shares excluded were computed under the treasury stock method as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2016 2015 2016 Warrants 288,474 23,443 288,474 23,443 Shares - 54,205 — 54,205 Options 950 - 950 -

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	6 Months Ended
	Jun. 30, 2016
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment [Table Text Block]	As to December 31, As of June 30, Estimated 2015 2016 Useful Lives (unaudited) Operations and rental equipment $ 504,786 $ 608,451 3 years Tradeshow and demo equipment 397,325 572,704 3 years Computer equipment 88,451 115,618 3 years 990,562 1,296,773 Less accumulated depreciation (669,863) (784,378) Property and Equipment, Net $ 320,699 $ 512,395

PATENT RIGHTS (Tables)

PATENT RIGHTS (Tables)	6 Months Ended
	Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets [Table Text Block]	As to December 31, As of June 30, 2015 2016 (unaudited) Gross carrying amount $ 1,253,018 $ 1,253,018 Less accumulated amortization (530,123) (578,316) Net carrying amount 722,895 674,702
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	As of December 31, 2015 and June 30, 2016, future remaining amortization expense is as follows: For the Year Ending December 31, As of December 31, 2015 As of June 30, 2016 2016 $ 96,386 96,386 2017 96,386 96,386 2018 96,386 96,386 2019 96,386 96,386 2020 96,386 96,386 Thereafter 240,965 192,772 Total $ 722,895 $ 674,702

PRODUCT WARRANTIES (Tables)

PRODUCT WARRANTIES (Tables)	6 Months Ended
	Jun. 30, 2016
Product Warranties Disclosures [Abstract]
Schedule of Product Warranty Liability [Table Text Block]	Changes in product warranty liability were as follows for the six-month period ended June 30, 2016. As of June 30, 2016 (unaudited) Balance, beginning of period $ 48,363 Warranties accrued during the period 50,496 Payments on warranty claims (11,046) Balance, end of period 87,813

COMMITMENT AND CONTINGENCIES (T

COMMITMENT AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	Future minimum payments as of December 31, 2015 and June 30, 2016 are as follows: Year As of 2016 $ 50,000 2017 60,000 $ 110,000

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Schedule of Warrants Activity [Table Text Block]	The following table summarizes the Company’s warrant activity: Preferred Warrants Common Stock Warrants Number Weighted Weighted Number Weighted Weighted Outstanding – December 31, 2015 544,387 $ 2.08 0.17 86,376 $ 4.55 2.26 Granted — — — 2,438,000 6.75 3.06 Exercised (544,387) (2.08) — — — — Cancelled (forfeited) — — — — — — Outstanding – June 30, 2016 — — — 2,524,376 $ 6.67 3.01 Exercisable – June 30, 2016 — — — 2,524,376 $ 6.67 3.01
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	All options amounts reflect the 241.05-for-one forward stock split. A summary of option activity under the Plan is as follows: Number of Options Weighted Average Weighted Average Outstanding – December 31, 2015 14,516 $ 4.13 7.83 Granted — — — Exercised (14,516) $ 4.13 — Cancelled (forfeited) — — — Outstanding – June 30, 2016 - $ - - Exercisable – June 30, 2016 - $ - -

ORGANIZATION AND SUMMARY OF S23

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Deferred Revenue Arrangement [Line Items]
Deferred Revenue, Current	$ 843,856	$ 890,234
Service contracts, net of current portion	11,993	45,786
Total deferred revenue	855,849	936,020
Service Contracts [Member]
Deferred Revenue Arrangement [Line Items]
Deferred Revenue, Current	663,339	669,717
Sales Pending Regulatory Approval [Member]
Deferred Revenue Arrangement [Line Items]
Deferred Revenue, Current	155,517	155,517
Deposits on Products [Member]
Deferred Revenue Arrangement [Line Items]
Deferred Revenue, Current	$ 25,000	$ 65,000

ORGANIZATION AND SUMMARY OF S24

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	23,443	288,474	23,443	288,474
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	54,205	0	54,205	0
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	950	0	950

ORGANIZATION AND SUMMARY OF S25

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual)	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)$ / sharesshares	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)$ / sharesshares	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock Issued During Period, Value, New Issues			$ 10,392,809
Shares, Outstanding | shares	10,367,883		10,367,883
Stockholders' Equity Note, Stock Split, Conversion Ratio			241.95
Cash, FDIC Insured Amount	$ 250,000		$ 250,000
Cash, Uninsured Amount	16,041,000		16,041,000		$ 4,835,000
Allowance for Doubtful Accounts Receivable, Current	27,000		27,000		27,000
Transfer of Inventory Unit to Property and Equipment			67,908	$ 0
Transfer Of Rental Inventory Unit To Property And Equipment			0	0
Advertising Expense	$ 287,000	$ 148,000	$ 519,000	$ 383,000
Deferred Offering Costs					$ 310,000
Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock Issued During Period, Shares, New Issues | shares			2,300,000
Stock Issued During Period, Value, New Issues			$ 23,000
Shares, Outstanding | shares	13,523,032		13,523,032		10,367,883
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares	$ 5.25		$ 5.25
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares Issued, Price Per Share | $ / shares	$ 0.25		$ 0.25
Patents [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Finite-Lived Intangible Asset, Useful Life			13 years
Finite-Lived Intangible Assets, Remaining Amortization Period			84 months
UNITED STATES
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Concentration Risk, Percentage	74.00%	82.00%	61.00%	84.00%
CHINA
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Concentration Risk, Percentage	24.00%	18.00%	22.00%	13.00%
COSTA RICA
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Concentration Risk, Percentage	2.00%	0.00%	14.00%	0.00%
IPO [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock Issued During Period, Shares, New Issues | shares			2,300,000
Shares Issued, Price Per Share | $ / shares	$ 5.50		$ 5.50
Stock Issued During Period, Value, New Issues			$ 10,393,000
Stock Issued Underwriting Discounts and Commissions Incurred			886,000
Stock Issued Other Expenses Incurred			$ 1,371,000
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | shares	1		1

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($)	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 1,296,773	$ 990,562
Less accumulated depreciation	(784,378)	(669,863)
Property and Equipment, Net	512,395	320,699
Operations and Rental Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 608,451	504,786
Property, Plant and Equipment, Useful Life	3 years
Tradeshow and Demo Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 572,704	397,325
Property, Plant and Equipment, Useful Life	3 years
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 115,618	$ 88,451
Property, Plant and Equipment, Useful Life	3 years

PROPERTY AND EQUIPMENT (Detai27

PROPERTY AND EQUIPMENT (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Property, Plant and Equipment [Line Items]
Depreciation	$ 60,000	$ 71,000	$ 121,000	$ 120,000

PATENT RIGHTS (Details)

PATENT RIGHTS (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 1,253,018	$ 1,253,018
Less accumulated amortization	(578,316)	(530,123)
Net carrying amount	$ 674,702	$ 722,895

PATENT RIGHTS (Details 1)

PATENT RIGHTS (Details 1) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
2,016	$ 96,386	$ 96,386
2,017	96,386	96,386
2,018	96,386	96,386
2,019	96,386	96,386
2,020	96,386	96,386
Thereafter	192,772	240,965
Total	$ 674,702	$ 722,895

PATENT RIGHTS (Details Textual)

PATENT RIGHTS (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	$ 24,000	$ 24,000	$ 48,000	$ 48,000

REVOLVING CREDIT FACILITY (Deta

REVOLVING CREDIT FACILITY (Details Textual) - USD ($)	Mar. 12, 2013	Jun. 30, 2016	Dec. 31, 2015	Mar. 12, 2015
Line of Credit Facility [Line Items]
Debt Instrument, Term	2 years
Line of Credit Facility, Maximum Borrowing Capacity	$ 3,000,000			$ 1,500,000
Line Of Credit Percentage Of Borrowing Base To Accounts Receivables	80.00%
Debt Instrument, Basis Spread on Variable Rate		1.75%
Debt Instrument, Interest Rate, Effective Percentage		5.25%
Line of Credit, Current		$ 0	$ 422,702
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.25%

PRODUCT WARRANTIES (Details)

PRODUCT WARRANTIES (Details)	6 Months Ended
	Jun. 30, 2016USD ($)
Product Warranty Liability [Line Items]
Balance, beginning of period	$ 48,363
Warranties accrued during the period	50,496
Payments on warranty claims	(11,046)
Balance, end of period	$ 87,813

COMMITMENT AND CONTINGENCIES (D

COMMITMENT AND CONTINGENCIES (Details)	Jun. 30, 2016USD ($)
Commitment and Contingencies [Line Items]
2,016	$ 50,000
2,017	60,000
Operating Leases, Total	$ 110,000

COMMITMENT AND CONTINGENCIES 34

COMMITMENT AND CONTINGENCIES (Details Textual)	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)ft²	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)ft²	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Commitment and Contingencies [Line Items]
Payments to Suppliers	$ 1,393,000	$ 954,000	$ 2,573,000	$ 966,000
Accounts Payable, Trade, Current	221,000		221,000		$ 283,000
Estimated Litigation Liability	$ 112,500		$ 112,500
Area of Real Estate Property | ft²	4,500		4,500
Lease Expiration Date			Jul. 31, 2017
Operating Lease, Percentage of Increase in Lease payments			3.00%
Operating Leases, Rent Expense, Net	$ 25,000	$ 24,000	$ 49,000	$ 49,000

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Preferred Warrants [Member]
Number of Warrants outstanding, Beginning	544,387
Number of Warrants, Granted	0
Number of Warrants, Exercised	(544,387)
Number of Warrants, Cancelled (forfeited)	0
Number of Warrants outstanding, Ending	0	544,387
Number of Warrants, Exercisable	0
Weighted Average Exercise Price, Beginning	$ 2.08
Weighted Average Exercise Price, Granted	0
Weighted Average Exercise Price, Exercised	(2.08)
Weighted Average Exercise Price, Cancelled (forfeited)	0
Weighted Average Exercise Price, Exercisable	0
Weighted Average Exercise Price, Ending	$ 0	$ 2.08
Outstanding Weighted Average Remaining Contract Term (In Years)	0 years	2 months 1 day
Exercisable Weighted Average Remaining Contract Term (In Years)	0 years
Common Stock Warrants [Member]
Number of Warrants outstanding, Beginning	86,376
Number of Warrants, Granted	2,438,000
Number of Warrants, Exercised	0
Number of Warrants, Cancelled (forfeited)	0
Number of Warrants outstanding, Ending	2,524,376	86,376
Number of Warrants, Exercisable	2,524,376
Weighted Average Exercise Price, Beginning	$ 4.55
Weighted Average Exercise Price, Granted	6.75
Weighted Average Exercise Price, Exercised	0
Weighted Average Exercise Price, Cancelled (forfeited)	0
Weighted Average Exercise Price, Exercisable	6.67
Weighted Average Exercise Price, Ending	$ 6.67	$ 4.55
Outstanding Weighted Average Remaining Contract Term (In Years)	3 years 4 days	2 years 3 months 4 days
Granted, Weighted Average Remaining Contract Term (In Years)	3 years 22 days
Exercisable Weighted Average Remaining Contract Term (In Years)	3 years 4 days

STOCKHOLDERS' EQUITY (Details 1

STOCKHOLDERS' EQUITY (Details 1) - Employee Stock Option [Member] - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Number of Options outstanding, Beginning	14,516
Number of Options, Granted	0
Number of Options, Exercised	(14,516)
Number of Options, Cancelled (forfeited)	0
Number of Options outstanding, Ending	0	14,516
Number of Options, Exercisable	0
Weighted Average Exercise Price, Beginning	$ 4.13
Weighted Average Exercise Price, Granted	0
Weighted Average Exercise Price, Exercised	4.13
Weighted Average Exercise Price, Cancelled (forfeited)	0
Weighted Average Exercise Price, Ending	0	$ 4.13
Weighted Average Exercise Price, Exercisable	$ 0
Weighted Average Remaining Contract Term (In Years), Outstanding	0 years	7 years 9 months 29 days
Weighted Average Remaining Contract Term (In Years), Exercisable	0 years

STOCKHOLDERS' EQUITY (Details T

STOCKHOLDERS' EQUITY (Details Textual) - USD ($)	Jun. 02, 2016	Jun. 30, 2016	Nov. 01, 2013	Apr. 30, 2013	Mar. 31, 2011	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2014	Dec. 31, 2011	Dec. 31, 2015
Common Stock, Shares Authorized		50,000,000				50,000,000		50,000,000				50,000,000
Common Stock, Shares, Issued		13,523,032				13,523,032		13,523,032				10,367,883
Common Stock, Shares, Outstanding		13,523,032				13,523,032		13,523,032				10,367,883
Preferred Stock, Dividend Rate, Percentage								8.00%
Proceeds from Issuance of Preferred Stock and Preference Stock											$ 6,400,000
Proceeds from Issuance of Preferred Stock Net											$ 6,000,000
Dividends Payable												$ 2,674,000
Dividends Payable, Amount Per Share												$ 0.87
Share-based Compensation								$ 502,341	$ 3,239
Stock or Unit Option Plan Expense						$ 2,000	$ 2,000	3,000	$ 3,000
Restricted Stock or Unit Expense						34,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options		$ 1,582,000				1,582,000		$ 1,582,000
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Purchase Date								21.00%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value								$ 4.42
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value								$ 465,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested		$ 146,000				$ 146,000		$ 146,000				$ 0
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		4 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 5.25
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		25.00%
Option Plan 2013 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized		90,731				90,731		90,731
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			7,258
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price			$ 4.13
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period			10 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			5 years					5 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period								3,096
Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized		397,473				397,473		397,473
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period								10 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period								4 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	307,666
Placement Agent [Member]
Class Of Warrant Or Right Expiration Term				5 years	5 years
Class of Warrant or Right, Number of Securities Called by Warrants or Rights				86,376	544,387
Class of Warrant or Right, Exercise Price of Warrants or Rights				$ 4.55	$ 2.08
Class of Warrant Or Right Exercise Price Percentage				110.00%
Investor [Member]
Class Of Warrant Or Right Expiration Term		3 years
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		2,300,000				2,300,000		2,300,000
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 6.75				$ 6.75		$ 6.75
Class of Warrant or Right, Date from which Warrants or Rights Exercisable		Jun. 2, 2019
Class of Warrant or Right Redemption Price		$ 0.01
Underwriter's Representatives [Member]
Class Of Warrant Or Right Expiration Term		4 years
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		138,000				138,000		138,000
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 6.75				$ 6.75		$ 6.75
Underwriter's Representatives [Member] | Maximum [Member]
Class of Warrant or Right, Date from which Warrants or Rights Exercisable		Jun. 2, 2021
Underwriter's Representatives [Member] | Minimum [Member]
Class of Warrant or Right, Date from which Warrants or Rights Exercisable		Jun. 2, 2017
Executive Officer [Member]
Share Based Compensation Percentage Of Common Stock Granted										1.00%
Share-based Compensation						$ 465,000

SUBSEQUENT EVENTS (Details Text

SUBSEQUENT EVENTS (Details Textual) - Subsequent Event [Member]	Jul. 15, 2016USD ($)shares
Subsequent Event [Line Items]
Payments of Dividends | $	$ 2,553,000
Preferred Stock Dividends, Shares | shares	23,138