Innoveren Scientific (IVRN) 10-K 14 Apr 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Apr. 12, 2016	Jun. 30, 2015
Document And Entity Information
Entity Registrant Name	MEDOVEX CORP.
Entity Central Index Key	1,591,165
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	Yes
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		11,256,175
Entity Public Float			$ 44,687,015
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,015

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Current Assets
Cash	$ 1,570,167	$ 6,684,576
Accounts receivable, Net	33,045	0
Prepaid expenses	169,839	156,730
Inventory	1,878	0
Total Current Assets	1,774,929	6,841,306
Property and Equipment, net of accumulated depreciation	24,838	24,450
Deposits	2,751	0
Developed Technology, net	2,678,571	0
Trademark, net	595,000	0
Goodwill	6,455,645	0
Total Assets	11,531,734	6,865,756
Current Liabilities
Accounts payable	278,309	0
Accrued liabilities	100,317	140,678
Interest payable	76,712	219,429
Notes payable	134,540	0
Total Current Liabilities	589,878	360,107
Long-Term Liabilities
Convertible debt, net of debt discount	753,914	0
Notes payable, net of current portion	164,726	0
Deferred Rent	491	0
Total Long-Term Liabilities	919,131	0
Total Liabilities	1,509,009	360,107
Stockholders' Equity
Preferred stock - $.001 par value: 500,000 shares authorized, no shares outstanding	0	0
Common stock - $.001 par value: 49,500,000 shares authorized, 11,256,175 and 9,172,480 shares issued at December 31, 2015 and December 31, 2014, respectively, 11,048,203 and 9,172,480 shares outstanding at December 31, 2015 and December 31, 2014, respectively	11,256	9,173
Additional paid-in capital	20,144,911	10,106,841
Accumulated deficit	(10,133,442)	(3,610,365)
Total Stockholders' Equity	10,022,725	6,505,649
Total Liabilities and Stockholders' Equity	$ 11,531,734	$ 6,865,756

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Stockholders' Equity
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	500,000	500,000
Preferred stock, shares outstanding	0	0
Common stock, par value	$ .001	$ .001
Common stock, shares authorized	49,500,000	49,500,000
Common stock, shares issued	11,256,175	9,172,480
Common stock, shares outstanding	11,048,203	9,172,480

UNAUDITED CONSOLIDATED STATEMEN

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Unaudited Consolidated Statements Of Operations
Revenues	$ 33,045	$ 0
Cost of Goods Sold	(25,383)	0
Gross Profit	7,662	0
Operating Expenses
General and administrative	5,000,727	1,913,648
Sales & Marketing	102,436	0
Research and development	940,179	1,020,703
Depreciation and amortization	433,398	2,681
Total Operating Expenses	6,476,440	2,937,032
Operating Loss	(6,468,778)	(2,937,032)
Other Expenses
Interest expense	54,299	0
Total Other Expenses	54,299	0
Net Loss	$ (6,523,077)	$ (2,937,032)
Basic and diluted net loss per common share	$ (0.60)	$ (0.37)
Shares used in computing basic and diluted net loss per share	10,943,675	7,897,117

UNAUDITED CONSOLIDATED STATEME5

UNAUDITED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($)	Common Stock	Common Stock Subscriptions	Additional Paid-In Capital	Accumulated Deficit	Total
Beginning Balance, Shares at Dec. 31, 2013	7,781,175
Beginning Balance, Amount at Dec. 31, 2013	$ 7,782	$ (100,000)	$ 3,341,991	$ (673,333)	$ 2,576,440
Collection of subscription receivable		100,000			100,000
Issuance of common stock in public offering at $5.75 per unit, completed on December 19,2014, net offering costs, Shares	1,391,305
Issuance of common stock in public offering at $5.75 per unit, completed on December 19,2014, net offering costs, Amount	$ 1,391		6,730,878		6,732,269
Stock based compensation			33,972		33,972
Net loss				(2,937,032)	(2,937,032)
Ending Balance, Shares at Dec. 31, 2014	9,172,480
Ending Balance, Amount at Dec. 31, 2014	$ 9,173	0	10,106,841	$ (3,610,365)	6,505,649
Issuance of common stock in public offering at $5.75 per unit, completed on December 19,2014, net offering costs, Amount					0
Issuance of common stock to underwriters, Shares	208,695
Issuance of common stock to underwriters, Amount	$ 208		1,083,928		1,084,136
Value of common stock to acquire Streamline on date of closing, at $4.50 per share, Shares	1,875,000
Value of common stock to acquire Streamline on date of closing, at $4.50 per share, Amount	$ 1,875		8,435,625		8,437,500
Stock based compensation			253,659		253,659
Issuance of warranty to Steve Gorlin on November 9, 2015			284,858		284,858
Due from shareholder for issuance of convertible debt			(20,000)		(2,000)
Net loss				$ (5,623,077)	(6,523,077)
Ending Balance, Shares at Dec. 31, 2015	11,256,175
Ending Balance, Amount at Dec. 31, 2015	$ 11,256	$ 0	$ 20,144,911	$ (10,133,442)	$ 10,022,725

UNAUDITED CONSOLIDATED STATEME6

UNAUDITED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical)	Dec. 31, 2015$ / shares
Statement of Stockholders' Equity [Abstract]
Issuance of common stock in public offering at $5.75 per unit, completed on December 19,2014, net offering costs	$ 5.75
Value of common stock to acquire Streamline on date of closing, at $4.50 per share, Shares	$ 4.50

UNAUDITED CONSOLIDATED STATEME7

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Cash Flows from Operating Activities
Net loss	$ (6,523,077)	$ (2,937,032)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	6,669	2,681
Amortization of intangibles	426,429	0
Amortization of debt discount	38,770	0
Stock based compensation	253,659	33,972
Straight-line rent adjustment	491	0
Changes in operating assets and liabilities, net of effects of acquisition:
Deposits	(2,751)
Accounts receivable	(33,045)	0
Prepaid expenses	63,473	(157,478)
Interest payable	76,712	0
Accounts payable	(164,144)	104,553
Accrued liabilities	(125,130)	189,429
Net Cash Used in Operating Activities	(5,981,944)	(2,759,875)
Cash Flows from Investing Activities
Acquisition of Streamline, Inc., net of cash received	(1,152,291)	0
Expenditures for property and equipment	(7,059)	(23,668)
Net Cash Used in Investing Activities	(1,159,350)	(23,668)
Cash Flows from Financing Activities
Principal payments under note payable obligation	(37,251)	0
Deferred initial public offering costs	0	29,775
Collection of subscription receivable	0	100,000
Proceeds from issuance of warrant	284,858	0
Proceeds from issuance of convertible debt	695,142	0
Proceeds from issuance of common stock from underwriters' overallotment	1,084,136	0
Proceeds from issuance of common stock in public offering	0	6,732,269
Net Cash Provided by Financing Activities	2,026,885	6,862,044
Net Increase/(Decrease) in Cash	(5,114,409)	4,078,501
Cash - Beginning of period	6,684,576	2,606,075
Cash - End of period	1,570,167	6,684,576
Non-cash investing and financing activities
Financing agreement for insurance policy	76,581	0
Due from shareholder for issuance of convertible debt	20,000
Issuance of common stock for acquisition of Streamline	8,437,500	0
Net Non-Cash Investing and Financing Activities	$ 8,534,081	$ 0

ORGANIZATION AND SIGNIFICANT AC

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES	Description of Business Medovex Corp. (the “Company” or “Medovex”), was incorporated in Nevada on July 30, 2013 as SpineZ Corp. (“SpineZ”) and changed its name to Medovex Corp. on March 20, 2014. Medovex is the parent company of Debride Inc. (“Debride”), which was incorporated under the laws of the State of Florida on October 1, 2012. On September 3, 2013, Debride entered into an Agreement and Plan of Merger with SpineZ, a privately owned company with no operations (the “SpineZ Merger”). The SpineZ Merger was effectuated as a share exchange transaction in which the former stockholders of Debride exchanged each share that they owned of Debride for 1.936 shares of SpineZ. As a result of the SpineZ Merger, the former owners of Debride became 53% majority owners of SpineZ. The Company accounted for this transaction as a reverse merger and recapitalization of Debride into SpineZ. The Company is a development stage enterprise that has acquired a patent, patent applications and other intellectual property rights relating to the use, development, and commercialization of the DenerveX™ System which consists of the DenerveX Device and the DenerveX Pro-40 power generator (“DenerveX”). DenerveX is a device that is intended to be used in the treatment of conditions resulting from the degeneration of joints in the spine that cause back pain. In March 2014, SpineZ changed its legal name to Medovex Corp. and effectuated a 1 for 2 reverse stock split. All share related amounts in the accompanying consolidated financial statements and notes thereto have been retroactively adjusted to reflect this reverse split. On March 9, 2015, the Board of Directors of MedoveX and Streamline, Inc., a Minnesota corporation (“Streamline”), approved an Agreement and Plan of Merger (the “Merger Agreement”). On March 24, 2015, Streamline shareholders approved the Merger Agreement and the transaction closed immediately thereafter. Under the Merger Agreement, STML Merger Sub, Inc. a wholly-owned subsidiary of MedoveX, merged with Streamline, and thus Streamline became a wholly-owned subsidiary of MedoveX. Streamline is in the business of designing, developing, manufacturing and marketing 510(k) and 510(k) exempt products for use in the medical field.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Basis of Presentation and Principles of Consolidation The accompanying financial statements include the accounts of Medovex Corp. and its wholly-owned subsidiary, Streamline. All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates In preparing the financial statements, generally accepted accounting principles in the United States (“U.S. GAAP”) requires disclosure regarding estimates and assumptions used by management that affect the amounts reported in financial statements and accompanying notes. The Company’s significant estimates currently include the fair value, useful life and carrying amount of its patented technology, the deferred income tax asset and the related valuation allowance, and the fair value of its share based payment arrangements. For those estimates that are sensitive to the outcome of future events, actual results could differ from those estimates. Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consist solely of cash. At times throughout the year, the Company may maintain certain bank account balances in excess of FDIC insured limits. At December 31, 2015 and 2014, the Company had cash deposits that exceeded federally insured deposit limits. The Company believes that its funds are deposited in high credit quality financial institutions. The Company has not experienced any losses in such accounts to date and believes it is not exposed to any significant credit risk associated with its cash deposits. Cash The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The Company’s cash balances at December 31, 2015 and 2014 consists of funds deposited in checking accounts with commercial banks. Accounts Receivable & Allowance for Doubtful Accounts Accounts receivable represent amounts due from customers for which revenue has been recognized. Generally, the Company does not require collateral or any other security to support its receivables. The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. This allowance is regularly evaluated by the Company for adequacy by taking into consideration factors such as past experience, credit quality of the customer base, age of the receivable balances, both individually and in the aggregate, and current economic conditions that may affect a customer’s ability to pay. Accounts receivable over 60 days past due are considered past due. The Company does not accrue interest on past due accounts receivable. Receivables are written off only after all collection attempts have failed and are based on individual credit evaluation and the specific circumstances of the customer. The Company did not have any bad debt expense for the years ended December 31, 2015 and 2014. Inventory Goodwill And Purchased Intangible Assets Goodwill is reviewed for impairment annually on December 31st or more frequently if changes in circumstances or the occurrence of events suggest impairment exists using a two-step process. In step 1, the fair value of each reporting unit is compared to its carrying value, including goodwill. If the fair value exceeds the carrying value, no further work is required and no impairment loss is recognized. If the carrying value exceeds the fair value, the goodwill of the reporting unit is potentially impaired and the Company would then complete step 2 in order to measure the impairment loss. In step 2, the Company would calculate the implied fair value of goodwill by deducting the fair value of all tangible and intangible net assets (including unrecognized intangible assets) of the reporting unit from the fair value of the reporting unit. If the implied fair value of goodwill is less than the carrying value of goodwill, the Company would recognize an impairment loss, in the period identified, equal to the difference. The Company has concluded that no impairment of goodwill existed as of December 31, 2015, the year of acquisition, and thus did not conduct an impairment analysis as of that date. The Company will commence impairment testing of goodwill in 2016. Other intangible assets consist of developed technology and a trademark. The Company reviewed intangible assets for impairment as changes in circumstances or the occurrence of events suggested the remaining value was not recoverable. Amortization on the intangibles is provided on a straight-line basis over the estimated useful lives of the assets as follows: Trademark 5 years Developed technology 7 years Fair Value Measurements We measure certain non-financial assets at fair value on a non-recurring basis. These non-recurring valuations include evaluating assets such as non-amortizing intangible assets for impairment; allocating value to assets in an acquired asset group; and applying accounting for business combinations. We use the fair value measurement framework to value these assets and report the fair values in the periods in which they are recorded or written down. The fair value measurement framework includes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair values in their broad levels. These levels from highest to lowest priority are as follows: • Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities; • Level 2: Quoted prices in active markets for similar assets or liabilities or observable prices that are based on inputs not quoted on active markets, but corroborated by market data; and • Level 3: Unobservable inputs or valuation techniques that are used when little or no market data is available. The determination of fair value and the assessment of a measurement’s placement within the hierarchy requires judgment. Level 3 valuations often involve a higher degree of judgment and complexity. Level 3 valuations may require the use of various cost, market, or income valuation methodologies applied to unobservable management estimates and assumptions. Management’s assumptions could vary depending on the asset or liability valued and the valuation method used. Such assumptions could include: estimates of prices, earnings, costs, actions of market participants, market factors, or the weighting of various valuation methods. We may also engage external advisors to assist us in determining fair value, as appropriate. Although we believe that the recorded fair value of our is appropriate , these fair values may not be indicative or reflective of future fair values. Property and Equipment Property and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the related assets, generally three to five years. Repairs and maintenance are expensed as incurred. Improvements and betterments, which extend the lives of the assets, are capitalized. Leases The Company recognizes rent expense on a straight-line basis over the lease term. The lease term commences on the date that the Company takes possession of or controls the physical use of the property. Deferred rent is included in non-current liabilities on the consolidated balance sheet. Revenue Recognition We recognize revenue in accordance with generally accepted accounting principles as outlined in the Financial Accounting Standard Board’s (“FASB”) Accounting Standards Codification (“ASC”) 605-10-S99, Revenue Recognition, which requires that four basic criteria be met before revenue can be recognized: (i) persuasive evidence of an arrangement exists; (ii) the price is fixed or determinable; (iii) collectability is reasonably assured; and (iv) product delivery has occurred or services have been rendered. The Company sells its products primarily through direct sales. The Company recognizes revenue when title to the goods and risk of loss transfers to customers, provided there are no material remaining performance obligations required of the Company or any matters of customer acceptance. The Company records estimated sales returns, discounts and allowances as a reduction of net sales in the same period revenue is recognized. Research and Development Research and development costs are expensed as incurred. Advertising The Company expenses all advertising costs as incurred. For the years ended December 31, 2015 and 2014, advertising costs were approximately $83,000 and $0, respectively. Income Taxes The Company accounts for income taxes under ASC 740, Income Taxes (“ASC 740”), which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the asset will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The standard addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the tax authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. ASC 740 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. As of December 31, 2015, the Company does not have a liability for unrecognized tax uncertainties. The Company’s policy is to record interest and penalties on uncertain tax positions as a component of income tax expense. As of December 31, 2015, the Company has not incurred any interest or penalties relating to uncertain tax positions. The Company’s evaluation was performed for the tax years ending December 31, 2015, 2014 and 2013, which remain subject to examination by major tax jurisdictions as of December 31, 2015. The Company does not have any tax years that are no longer subject to U.S. federal, state, and local, or non-US income tax examinations. Stock-Based Compensation The Company accounts for stock-based compensation in accordance with the ASC 718, stock compensation. ASC 718 addresses all forms of share-based payment (“SBP”) awards including shares issued under employee stock purchase plans and stock incentive shares. Under ASC 718, awards result in a cost that is measured at fair value on the awards’ grant date, based on the estimated number of awards that are expected to vest and will result in a charge to operations. Loss per Share Basic loss per share is computed on the basis of the weighted average number of shares outstanding for the reporting period. Diluted loss per share is computed on the basis of the weighted average number of common shares plus dilutive potential common shares outstanding using the treasury stock method. Any potentially dilutive securities are anti- Business combinations The Company completed an acquisition on March 25, 2015. This transaction was recorded using guidelines provided by ASC 805, Business Combinations Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board issued ASU 2014-09, “Revenue Recognition - Revenue from Contracts with Customers” (ASU 2014-09) that requires companies to recognize revenue when a customer obtains control rather than when companies have transferred substantially all risks and rewards of a good or service. This update is effective for annual reporting periods beginning on or after December 15, 2017 and interim periods therein and requires expanded disclosures. The Company is currently assessing the impact the adoption of ASU 2014-09 will have on its consolidated financial statements. In June 2014, FASB issued Accounting Standards Update, (“ASU”), No. 2014-10, Development Stage Entities Development Stage Entities to-date the In August 2014, the FASB issued ASU No. 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” which requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date of the financial statements are issued and provides guidance on determining when and how to disclose going concern uncertainties in the financial statements. Certain disclosures will be required if conditions give rise to substantial doubt about an entity’s ability to continue as a going concern. This update is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. In August 2014, the FASB issued ASU No. 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” which requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date of the financial statements are issued and provides guidance on determining when and how to disclose going concern uncertainties in the financial statements. Certain disclosures will be required if conditions give rise to substantial doubt about an entity’s ability to continue as a going concern. This update is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. In November 2015, FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes. ASU 2015-17 simplifies the presentation of deferred taxes by requiring deferred tax assets and liabilities be classified as noncurrent on the balance sheet. ASU 2015-17 is effective for public companies for annual reporting periods beginning after December 15, 2016, and interim periods within those fiscal years. The guidance may be adopted prospectively or retrospectively and early adoption is permitted. The Company is currently assessing the impact the adoption of ASU 2015-17 will have on its consolidated financial statements. In February 2016, FASB issued ASU No. 2016-02, Leases (Topic 842). The core principle of Topic 842 is that a lessee should recognize the assets and liabilities that arise from leases. ASU 2016-02 is effective for public companies for annual reporting periods beginning after December 15, 2018, and interim periods within those fiscal years. The guidance may be adopted prospectively or retrospectively and early adoption is permitted. The Company is currently assessing the impact the adoption of ASU 2016-02 will have on its consolidated financial statements.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
PROPERTY AND EQUIPMENT	Property and equipment consists of the following: Useful Life December 31, 2015 December 31, 2014 Furniture and fixtures 5 years $18,385 $16,016 Computers and software 3 years 16,275 11,587 34,660 27,603 Less accumulated depreciation (9,822) (3,153 Total $ 24,838 $24,450 Depreciation expense amounted to $6,669 for the year ended December 31, 2015 and $2,681 for the year ended December 31, 2014.

PATENT ASSIGNMENT AND CONTRIBUT

PATENT ASSIGNMENT AND CONTRIBUTION AND ROYALTY AGREEMENTS	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
PATENT ASSIGNMENT AND CONTRIBUTION AND ROYALTY AGREEMENTS	On February 1, 2013, the Company issued 750,108 shares of common stock to Scott Haufe, M.D. (“Dr. Haufe”) pursuant to the terms of a Contribution and Royalty Agreement dated January 31, 2013 between the Company and Dr. Haufe. This agreement provides for the Company to pay Dr. Haufe royalties equal to 1% of revenues earned from sales of any and all products derived from the use of the DenerveX technology. Royalties are payable to Dr. Haufe within 30 days after the close of each calendar quarter based on actual cash collected from sales of applicable products. The royalty period expires on September 6, 2030. The Company executed a co-development agreement for the DenerveX technology with royalty provisions with James R. Andrews, M.D., as more fully described in Note 7.

ACQUISITIONS

ACQUISITIONS	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
ACQUISITIONS	On March 25, 2015, the Company acquired Streamline Inc. pursuant to an Agreement and Plan of Merger dated March 9, 2015. As a result of this transaction, Streamline, Inc. is now a wholly owned subsidiary of the Company. Under the terms of the Agreement and Plan of Merger, the Company paid $1,397,466 cash and 1,875,000 shares of common stock. The Company incurred approximately $344,000 in acquisition related legal fees. Per the approved Agreement and Plan of Merger with Streamline, the Company was to issue an aggregate of 1,875,000 shares of Medovex common stock upon receipt of a transmittal letter from each Streamline shareholder. As of December 31, 2015, the Company had received transmittal letters and issued shares for Streamline shareholders representing 1,667,028 shares of Medovex common stock. While the assumption is the remaining shareholders will return a letter, the agreement states that if a shareholder does not return a letter, no shares are issued. Additionally, 200,000 shares of Medovex common stock are being held in escrow until September 25, 2016 to secure Streamline’s indemnification obligations under the Merger Agreement. The terms of the Merger Agreement also require a commitment by Medovex to supply a minimum of $750,000 in working capital to the Streamline subsidiary, to fund the operations and product development of Streamline as needed. Of the $750,000 working capital commitment, approximately $521,000 has been funded during the year ended December 31, 2015. The closing price of the common stock on March 25, 2015 was $4.50 per share. Based on this price and cash consideration, the acquisition of Streamline was valued at $9,834,966. The following is a summary of the allocation of the fair value of Streamline. Assets acquired Cash $ 245,174 Inventory 1,878 Other assets 165 Developed technology 3,000,000 Trademark 700,000 Goodwill 6,455,645 Total assets acquired 10,402,862 Liabilities assumed Accounts payable 301,940 Accrued liabilities 6,018 Notes Payable 259,938 Total 567,896 Net assets acquired $ 9,834,966 The results of operations of Streamline are included in the consolidated statements of operations beginning from the acquisition date. The following unaudited condensed pro forma financial information presents the results of operations as if the acquisition had taken place on January 1, 2014. The unaudited condensed pro forma financial information was prepared for comparative purposes only and is not necessarily indicative of what would have occurred had the acquisition been made at that time or of results which may occur in the future. For the year ended December 31, 2015 For the year ended December 31, 2014 Pro Forma Revenues $ 33,045 $ 19,250 Pro Forma Net Loss $ (6,896,189) $ (3,818,501) Loss per Share $ (0.63) $ (0.39)

EQUITY TRANSACTIONS

EQUITY TRANSACTIONS	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
EQUITY TRANSACTIONS	Private Placements Founders’ Shares On February 1, 2013, the Company issued an aggregate of 2,624,892 shares of common stock to its founders in exchange for a contribution of $0.01 cent per share. Aggregate proceeds from this transaction amounted to $27,120. The Company concurrently issued 750,108 additional shares to another founding stockholder in exchange for $7,750 of cash and the transfer of patented technology to the Company pursuant to the terms of the Contribution and Royalty Agreement described in Note 4. On August 28, 2013, the Company issued 3,050,000 shares of common stock to the initial SpineZ stockholders in exchange for a contribution of $0.04 cents per share. Aggregate proceeds from this transaction amounted to $122,000, which became available to the Company for its use as general working capital upon the completion of the SpineZ Merger. Private Placement On September 16, 2013, the Company commenced a private placement of its common stock at an offering price of $2.50 per share. This financing transaction was completed in December 2013 with an aggregate of 1,346,175 shares issued for proceeds amounting to $3,056,651, net of issuance costs of $208,786, and a $100,000 subscription receivable that was paid on January 24, 2014. The Company also issued 10,000 shares of common stock as a partial fee paid to the placement agent who represented the Company in this financing transaction. The shares sold in this private placement were issued with certain rights that provide for such shares to be registered by the Company under the Securities Act of 1933 in the event that the Company files a registration statement with the Securities and Exchange Commission (“SEC”). Public Placements On December 19, 2014, the Company completed its Initial Public Offering (“IPO”) of common stock by selling 1,391,305 units pursuant to SEC rule 424(b)(4). Each unit consists of one share of common stock and one warrant. The unit sold for $5.75, and the exercise price of the warrant is $6.90 per share. The units traded on the NASDAQ exchange under the ticker symbol MDVXU. On February 2, 2015, the unit ceased trading and the common stock (MDVX) and warrant (MDVXW) began trading separately. Net of transaction costs, the Company raised approximately $6,732,000 in the IPO. On January 16, 2015, the underwriter exercised its entire 15% overallotment of shares, resulting in the issuance of an additional 208,695 shares of common stock and proceeds of $1,084,136, net of transaction costs. Stock-Based Compensation Plan 2013 Stock Option Incentive Plan On October 14, 2013, the Medovex Corp. Board of Directors approved the Medovex Corp. 2013 Stock Incentive Plan (the “Plan”). The Company may grant incentive stock options to employees and non-statutory stock options to employees, consultants, and directors for up to 1,150,000 shares of common stock. The stock options are exercisable at a price equal to the market value on the date of the grant. The Plan gives full authority for granting options, determining the type of options granted, and determining the fair market value of the options to the Plan Administrator. The Company has the right, but not obligation, to repurchase any shares obtained through exercise of an option from terminated Plan participants. The Company has 90 days from the date of termination to exercise it’s repurchase right. The Company must pay the Fair Market Value (“FMV”) of the shares if the termination was for any reason other than for cause, or the option price (if less than FMV of the shares) if the termination is for cause. The FMV is determined by the Plan Administrator on the date of termination. During 2015, the Company granted options to purchase 320,000 shares of common stock to certain employees and consultants. The stock options vest as follows: 25% on date of grant and 25% on each of the next three anniversaries. The options granted were at the market value of the common stock on the date of the grant. For the years ended December 31, 2015 and 2014, the Company recognized $253,659 and $33,972, respectively, as compensation expense with respect to option grants. Stock Option Activity The following is a summary of stock option activity for 2014 and 2 015: Shares Weighted Weighted Aggregate Outstanding at 12/31/2013 60,000 $ 2.50 9.8 $ — Exercisable at 12/31/2013 15,000 $ 2.50 9.8 $ — Granted — — — $ — Exercised — — — — Cancelled — — — — Outstanding at 12/31/2014 60,000 $ 2.50 8.8 $ — Exercisable at 12/31/2014 30,000 $ 2.50 8.8 $ — Granted 320,000 $ 4.22 9.3 $ — Exercised — — — — Cancelled — — — — Outstanding at 12/31/2015 380,000 $ 3.95 9.1 $ — Exercisable at 12/31/2015 125,000 $ 3.95 9.1 $ — As of December 31, 2015, there were 255,000 shares of time-based, non-ve

COMMITMENTS

COMMITMENTS	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
COMMITMENTS	Operating Leases Office Space The Company pays TAG Aviation, a company owned by its Chief Executive Officer, Jarrett Gorlin (“Mr. Gorlin”) for office space that is currently being used as the Company’s principal business location plus utilities cost (see “Related Party Transactions”) on a monthly basis. Payments under this arrangement are $1,800 per month. Rent expense and utilities cost paid to TAG Aviation amounted to approximately $28,400 and $29,000 for the years ended December 31, 2015 and 2014, respectively. On July 8, 2015, the Company entered into a commercial building lease agreement with Sugar Oak Kimball Royal, LLC. The thirty-six month lease, having commenced on August 1, 2015, provides for the lease by the Company of approximately 2,358 square feet of space in Alpharetta, GA. Base annual rent is initially set at approximately $2,750 per month. Total lease expense for the year ended December 31, 2015 was approximately $14,000 related to this lease. Future minimum lease payments under this rental agreement are approximately as follows: For the year ended December 31, 2016 $ 34,000 December 31, 2017 35,000 December 31, 2018 21,000 $ 90,000 Equipment The Company entered into a non-cancelable 36 month operating lease agreement for equipment on April 22, 2015. The agreement is renewable at the end of the term and requires the Company to maintain comprehensive liability insurance. Total lease expense for the year ended December 31, 2015 was approximately $1,800. Future minimum lease payments under this operating lease agreement are approximately as follows: For the year ended : December 31, 2016 $ 2,600 December 31, 2017 2,600 December 31, 2018 800 $ 6,000 Purchase Orders For the years ended December 31, 2015 and 2014, the Company had approximately $484,000 and $61,000, respectively, in outstanding purchase order obligations related to the build of the DenerveX device to Nortech and Bovie Inc. Consulting Agreements On December 2, 2013, the Company engaged one of its founding stockholders, Lifeline Industries Inc., to provide business development consulting services over a one-year period at a fee of $10,000 per month. Effective January 1, 2015, this fee was increased to $35,000 per month. Either party can cancel this agreement upon 30 days’ notice. On March 31, 2015, the Company engaged Laidlaw & Company Ltd. to provide financial advisory services over a one-year period at a fee of $125,000. The fee is payable in quarterly installments of $31,250 beginning at the start of the advisory period and every three months thereafter. The engagement terminates on March 31, 2016 per the terms of the agreement. All amounts due were paid at December 31, 2015. On July 1, 2015, the Company engaged a sales manager in Europe to provide sales, marketing, and distribution consulting services over a six-month period for $55,000. The fee is payable in monthly installments of $9,167 per month. Employment Agreements The Company entered into Employment Agreements with each of its four executive officers for aggregate compensation amounting to approximately $834,000 per annum, plus customary benefits. These employment agreements are for terms of three years and provide for the Company to pay six months of severance in the event of (i) the Company’s termination of an executive’s employment without cause, (ii) the resignation by an executive for good reason, (iii) a change in control of the Company, (iv) a material reduction in an executive’s duties, or (v) a requirement that an executive move their primary work location more than 50 miles. ComDel Manufacturing, Development and Services Contract On July 8, 2015, the Company entered into a manufacturing agreement with ComDel Innovation, Inc. (“ComDel”). The terms of the service contract state ComDel is to manufacture, assemble and test the Company’s Streamline IV Suspension System (“IV Poles”), the patented product acquired in the Streamline acquisition, and to develop future product line extensions of the IV Suspension System. Co-Development Agreement In September 2013, the Company executed a Co-Development Agreement with James R. Andrews, M.D. (“Dr. Andrews”) to further evaluate, test and advise on the development of products incorporating the use of the patented technology. In exchange for these services the Company is obligated to pay Dr. Andrews a royalty of 2% of revenues earned from applicable product sales over a period of 5 years. If Dr. Andrews is listed as inventor of any Improvement Patent on the DenerveX device during the 5 year term, he would continue to receive a 1% royalty after the 2% royalty expires for the duration of the effectiveness of the Improvement Patent. Generator development agreement In November 2014, the Company executed an agreement with Bovie, Inc. to develop an electrocautery generator that would be used exclusively with the DenerveX System. The Company is obligated to reimburse Bovie up to $295,000 under this agreement for development of the generator. For the years ended December 31, 2015 and 2014, the Company paid approximately $181,200 and $105,000, respectively, under this agreement.

LONG TERM LIABILITIES

LONG TERM LIABILITIES	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
LONG TERM LIABILITIES	Finance Agreement The Company entered into a commercial insurance premium finance and security agreement in December 2015. The agreement finances the Company’s annual D&O insurance premium. Payments are due in quarterly installments of approximately $26,033 and carry an annual percentage interest rate of 4.65%. The Company had an outstanding balance of approximately $76,000 at December 31, 2015 related to the agreement. Promissory Notes In conjunction with the consummation of the Streamline acquisition on March 25, 2015, the Company assumed two promissory notes for approximately $135,000 and $125,000 to the Bank of North Dakota New Venture Capital Program and North Dakota Development Fund, both outside non-related parties. Payments on both of the notes are due in aggregate monthly installments of approximately $5,700 and carry an interest rate of 5%. Both of the notes have a maturity date of August 1, Expected future payments related to the promissory notes as of December 31, 2015, are approximately as follows: For the year ended 2016 $ 2017 68,000 2018 68,000 2019 19,000 $ The Company paid interest expense related to the promissory notes for the year ended December 31, 2015 in the amount of approximately $8,000. The Company had unpaid accrued interest in the amount of approximately $69,000 at December 31, 2015 related to the promissory notes. Convertible Debt On November 9, 2015, the Company issued a convertible promissory note to Steve Gorlin, a director and the father of Jarrett Gorlin, the Company’s CEO, for the principal amount of up to $2,000,000. The loan principal was to be advanced in two installments of $1,000,000 each, the first installment being made upon execution of the promissory note and the second installment to be made by March 1, 2016. The Convertible Note provided that the principal and accrued but unpaid interest could be converted into common stock at $2 per share. The outstanding principal was to earn interest at a rate of 5.5% per annum and was to be paid quarterly. The Company also issued a 3 year warrant to Mr. Steve Gorlin to purchase 500,000 shares of common stock at $2.20 per share, On January 25, 2016, the Company entered into a modification agreement (the “Modification Agreement”) with Mr. Steve Gorlin. Mr. Steve Gorlin agreed to immediately convert the first advance of $1,000,000 into an aggregate of 571,429 shares of its Common Stock, thus eliminating the Company’s $1,000,000 debt obligation. Mr. Gorlin had no obligation to convert the promissory note. On February 16, 2016, the Company and Mr. Steve Gorlin entered into an amendment to the Modification Agreement, reducing the number of shares of Common Stock that Mr. Steve Gorlin received upon the conversion of the $1,000,000 from 571,429 shares to 552,041 shares. The amendment in the amount of shares to be received was made to satisfy NASDAQ requirements. As consideration for the reduction in the amount of shares to be received, the exercise price of the warrant was reduced to $1.825 share. On March 15 th The Company recorded both the convertible debt and the accompanying warrant on a relative fair value basis of approximately $715,000 and $285,000, respectively. The closing price of the Company’s stock on the day prior to entering into the amendment to the Modification Agreement was $1.75 per share. See Note 13 for the inputs used to value the warrant as of the respective issue date. Steve Gorlin was also granted piggyback registration rights with respect to the shares of common stock issuable upon conversion of the Note and upon exercise of the warrants. The Company believes that such terms on the Note are no less favorable than it would receive from a third, unrelated party. The Company did not pay any interest expense related to the convertible debt for the year ended December 31, 2015. The Company had unpaid accrued interest in the amount of approximately $7,500 at December 31, 2015 related to the convertible debt.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
INCOME TAXES	For the years ended December 31, 2015 and 2014, the Company has incurred net losses and, therefore, has no current income tax liability. The net deferred tax asset generated by these losses, which principally consist of start-up costs deferred for income tax purposes, is fully reserved as of December 31, 2015, since it currently more likely than not that the benefit will not be realized in future periods. The provision for Federal income tax consists of the following at December 31,: Current Income Tax Expense: 2015 2014 Federal $ — $ — State — — Total Current Income Tax Expense — — Deferred Income Tax Benefit Federal 2,426,744 1,223,108 State 280,164 141,206 Total Deferred Tax Benefit 2,706,908 1,364,314 Valuation Allowance (2706,908 ) (1,364,314 ) Total $ — $ — A reconciliation of the statutory federal income tax expense (benefit) to the effective tax is as follows: Statutory rate - federal 34.0 % State taxes, net of federal benefit 4.0 Income tax benefit 38.0 % Less valuation allowance (38.0 ) Total 0.0 % Deferred tax assets and liabilities consist of the following at December 31,: 2015 2014 Deferred Tax Assets: Start-up costs $ 3,528,944 $ 1,336,486 Share-based compensation 122,834 26,633 Total Deferred Tax Assets 3,651,778 1,363,119 Valuation Allowance (3,651,778 ) (1,363,119 ) Net Deferred Tax Asset $ — $ — The Company is required to file federal income tax returns and state income tax returns in the states of Florida, Georgia and Minnesota. There are no uncertain tax positions at December 31, 2015. The Company has not undergone any tax examinations since inception and is therefore not subject to examination by any applicable tax authorities.

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
RELATED-PARTY TRANSACTIONS	Aviation Expense Periodically the Company may charter general aviation aircraft from TAG Aviation LLC (“TAG”), a company owned by Jarrett Gorlin. The total amount of general aviation expense paid to TAG amounted to approximately $25,500 and $33,000 during the years ended December 31, 2015 and 2014, respectively. Operating Lease As described in Note 7, the Company pay TAG Aviation, a company owned by Jarrett Gorlin, for month to month rental of office space at Dekalb-Peachtree Airport in Atlanta Georgia plus cost of utilities. Payments under this arrangement are $1,800 per month. Rent expense and utilities cost paid to TAG Aviation amounted to approximately $28,400 and $29,000 for the years ended December 31, 2015 and 2014, respectively. Consulting Expense On December 2, 2013, the Company engaged Lifeline Industries Inc., a founding stockholder who owns 375,000 shares of its common stock, to provide the Company with business development advisory services. Fees under this arrangement include a $45,000 up-front payment that is non-refundable and $10,000 per month for each month of services provided to the Company under this arrangement. Effective January 1, 2015, this fee was increased to $35,000 per month. This arrangement is cancelable by either party upon 30 days’ notice. The Company paid $420,000 and $120,000 of fees for the years ended December 31, 2015 and 2014, respectively, under this arrangement. Convertible Debt As more fully described in Note 8, on November 9, 2015, the Company issued a convertible promissory note to Steve Gorlin, a related party, for the principal amount of up to $2,000,000.

RESEARCH AND DEVELOPMENT

RESEARCH AND DEVELOPMENT	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
RESEARCH AND DEVELOPMENT	Devicix Prototype Manufacturing Agreement In November 2013, the Company accepted a proposal from Devicix, a Minneapolis Minnesota based FDA registered contract medical device designer and developer, to develop a commercially viable prototype of its product that could be used to receive regulatory approval from the FDA and other international agencies for use on humans to relieve pain associated with Facet Joint Syndrome. Through December 31, 2015, we have paid approximately $1,066,000 to Devicix. The development work commenced in December 2013. The total estimated cost of this work was initially established at $960,000; however, the terms of the proposal allow either the Company or the manufacturer to cancel the development work with 10 days’ notice. During 2015, the Company incurred approximately $399,000 of expense under this agreement, with approximately $22,000 of the amount in payables at December 31, 2015. During 2014, the Company incurred approximately $586,000 in expenses under the agreement, of which approximately $37,000 was included in accounts payable at December 31, 2014. DenerveX Generator Manufacturing Agreement The DenerveX device requires a custom electrocautery generator for power. As described in Note 7, In November 2014, the Company contracted with Bovie International to customize one of their existing electrocautery generators for use with DenerveX Device, and then manufacture that unit on a commercial basis once regulatory approval for the DenerveX was obtained. The Bovie agreement requires a base $295,000 development fee to customize the unit, plus additional amounts if further customization is necessary beyond predetermined estimates. Through December 31, 2015, we have paid approximately $287,000 to Bovie towards the $295,000 total. Nortech Manufacturing Agreement In November 2014, we selected Nortech Systems Inc. (“Nortech”), a Minneapolis, Minnesota based FDA registered contract manufacturer, to produce 315 DenerveX devices from the prototype supplied by Devicix for use in final development and clinical trials. The agreement with Nortech includes agreed upon per unit prices for delivery of the devices. Actual work on development of the final units began in November 2014. During 2015, the Company incurred approximately $273,000 of expense under this agreement, with approximately $52,000 of the amount in payables at December 31, 2015. Through December 2015, we have paid approximately $289,000 to Nortech. For 2014, the Company incurred approximately $16,000 in expenses under the agreement, of which approximately $1,000 was included in accounts payable at December 31, 2014.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2015
Intangible Assets
INTANGIBLE ASSETS	Intangible assets are summarized as follows: 2015 2014 Amortized Amortization Lives Cost Cost Developed Technology 7 $ 3,000,000 $ -- Trademark 5 700,000 -- Total 3,700,000 -- Less Accumulated Amortization (426,429) -- Net 3,273,571 -- Non Amortized Goodwill 6,455,645 -- Total $9,729,216 -- Amortization expense related to intangible assets for the years ended December 31, 2015 and 2014 was $426,429 and $0, respectively. Expected future amortization of intangible assets as of December 31, 2015, is as follows: Year ending December 31, Estimated Amortization Expense 2016 $ 569,000 2017 569,000 2018 569,000 2019 569,000 2020 464,000 Thereafter 534,000 $ 3,274,000

COMMON STOCK WARRANT

COMMON STOCK WARRANT	12 Months Ended
	Dec. 31, 2015
Common Stock Warrant
COMMON STOCK WARRANT	As described in Note 8, on November 9, 2015, the Company issued a warrant to Steve Gorlin to purchase 500,000 shares of common stock at an exercise price of $2.20 as additional incentive for making the loan. The warrant is exercisable for up to three years from the date of issuance. The fair value of the warrant was determined to be approximately $398,000 using the Black-Scholes-Merton valuation technique and, based on the relative fair value of both the convertible debt and the warrant, was recorded at approximately $715,000 and $285,000, respectively. Fair value measurement valuation techniques, to the extent possible, should maximize the use of observable inputs and minimize the use of unobservable inputs. The Company’s fair value measurements of the warrant are designated as Level 1 since all of the significant inputs were observable, and quoted prices were available for the four comparitive companies in an active market. The inputs used to value the warrant as of the respective issue date are as follows: · The market price of the Company’s stock on November 9, 2015 of $1.7075 · Exercise price of the warrant: $2.20 · Life of the warrant: 3 years · Risk free return rate: 1.27% · Annualized volatility rate of four comparative companies: 81% The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

LIQUIDITY, GOING CONCERN AND MA

LIQUIDITY, GOING CONCERN AND MANAGEMENT'S PLANS	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
LIQUIDITY, GOING CONCERN AND MANAGEMENT'S PLANS	The Company incurred net losses of approximately $6,525,000 and $2,937,000 for the years ended December 31, 2015 and 2014, respectively. The Company will continue to incur losses until such time as it can bring a sufficient number of approved products to market and sell them with margins sufficient to offset expenses. To date, the Company’s sole source of funds has been from the issuance of debt and equity. The Company was founded in February 2013 with an approximately $35,000 investment from founding shareholders in exchange for common stock. In August 2013, the Company merged with Spinez. The Spinez founders invested an additional $122,000 into the Company for common stock. In December 2013, a private placement of common stock was closed, netting approximately $3,157,000 for the Company. In December 2014, the Company raised approximately $6,732,000 net of expenses in a public offering of its common stock. In January 2015, the underwriter for the public offering exercised the overallotment of shares pursuant to the initial public offering, netting another $1,084,000. As discussed in Note 8, the Company issued a promissory note for $2,000,000 of convertible debt on November 9, 2015 to Steve Gorlin, a director and father of Jarrett Gorlin, the Company’s CEO. The Company received $970,000 in cash and the elimination of $30,000 of directors fees upon execution of the agreement. A second installment of $1,000,000 is to be made by Mr. Steve Gorlin by November 1, 2016., The Company is exploring other fundraising options for 2016. However, if the Company is unable to raise sufficient financing, it could be required to undertake initiatives to conserve its capital resources, including delaying or suspending the development of its technology. These matters raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments to the carrying amounts of its assets or liabilities that might be necessary should the Company be unable to continue as a going concern.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
SUBSEQUENT EVENTS	On January 1, 2016, the consulting agreement with Lifeline Industries Inc., the related party owning 375,000 shares of common stock, as discussed in Note 8, was modified to decrease the monthly On January 1, 2016, the consulting agreement with the European sales manager, as discussed in Note 7, was modified to decrease the monthly On January 6, 2016, the Company granted an aggregate of 214,900 stock options to purchase common stock at $0.95 to certain employees and On January 6, 2016, the Board of Directors authorized a reduction in the exercise price of the Company’s 1,391,305 outstanding public warrants, traded under the symbol “MDXW”, from $6.90 per share to $3.00 per share for the life of the public warrants. On January 25, 2016, the Company and Mr. Steve Gorlin agreed to amend the conversion price of the promissory note discussed in Note 8 from $2.00 per share to $1.75 per share. In turn, Mr. Gorlin agreed to immediately convert the promissory note into an aggregate of 571,429 shares of its Common Stock, eliminating the Company’s debt obligation. Additionally, Mr. Gorlin also agreed to acquire 571,429 additional shares of Common Stock at a price of $1.75 per share for a total purchase price of $1,000,000 within two months from the date of the agreement. The modification agreement also amended the exercise price of the warrant issued to Mr. Gorlin on November 9, 2015 from $2.20 per share to $2.00 per share. On February 16, 2016, the Company and Steve Gorlin entered into an Amendment to the Modification Agreement in order to reduce the amount of shares of Common Stock that Mr. Gorlin was to receive upon the conversion of the $1,000,000 promissory note from 571,429 shares to 552,041 shares. In consideration for reducing the amount of shares of common stock that he was to receive, the Company agreed to reduce the exercise price of Steven Gorlin’s 500,000 share Warrant from $2.00 per share to $1.825 per share. Additionally, certain anti-dilution provisions in the Warrant that may have allowed for the issuance of additional warrants were eliminated and an absolute floor of $1.70 per share was added. This amendment to the Modification Agreement was made to address certain concerns of the NASDAQ Stock Market. Effective March 1 st

SUMMARY OF SIGNIFICANT ACCOUN23

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2015
Summary Of Significant Accounting Policies Policies
BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION	The accompanying financial statements include the accounts of Medovex Corp. and its wholly-owned subsidiary, Streamline. All intercompany accounts and transactions have been eliminated in consolidation.
USE OF ESTIMATES	In preparing the financial statements, generally accepted accounting principles in the United States (“U.S. GAAP”) requires disclosure regarding estimates and assumptions used by management that affect the amounts reported in financial statements and accompanying notes. The Company’s significant estimates currently include the fair value, useful life and carrying amount of its patented technology, the deferred income tax asset and the related valuation allowance, and the fair value of its share based payment arrangements. For those estimates that are sensitive to the outcome of future events, actual results could differ from those estimates.
CONCENTRATION OF CREDIT RISK	Financial instruments, which potentially subject the Company to concentrations of credit risk, consist solely of cash. At times throughout the year, the Company may maintain certain bank account balances in excess of FDIC insured limits. At December 31, 2015 and 2014, the Company had cash deposits that exceeded federally insured deposit limits. The Company believes that its funds are deposited in high credit quality financial institutions. The Company has not experienced any losses in such accounts to date and believes it is not exposed to any significant credit risk associated with its cash deposits.
CASH	The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The Company’s cash balances at December 31, 2015 and 2014 consists of funds deposited in checking accounts with commercial banks.
ACCOUNTS RECEIVABLE & ALLOWANCE FOR DOUBTFUL ACCOUNTS	Accounts receivable represent amounts due from customers for which revenue has been recognized. Generally, the Company does not require collateral or any other security to support its receivables. The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. This allowance is regularly evaluated by the Company for adequacy by taking into consideration factors such as past experience, credit quality of the customer base, age of the receivable balances, both individually and in the aggregate, and current economic conditions that may affect a customer’s ability to pay. Accounts receivable over 60 days past due are considered past due. The Company does not accrue interest on past due accounts receivable. Receivables are written off only after all collection attempts have failed and are based on individual credit evaluation and the specific circumstances of the customer. At December 31, 2015 and 2014, the allowance for doubtful accounts was $661 and $0, respectively. Receivables are written off only after all collection attempts have failed and are based on individual credit evaluation and the specific circumstances of the customer. The Company did not have any bad debt expense for the years ended December 31, 2015 and 2014.
INVENTORY	Inventory consists of a finished goods unit of the Streamline IV Suspension System (IV Poles). Inventory is valued at the lower of cost or market, using the first–in, first-out (FIFO) method. The Company does not believe any inventory reserve is required as of December 31, 2015.
GOODWILL AND PURCHASED INTANGIBLE ASSETS	Goodwill is reviewed for impairment annually on December 31st or more frequently if changes in circumstances or the occurrence of events suggest impairment exists using a two-step process. In step 1, the fair value of each reporting unit is compared to its carrying value, including goodwill. If the fair value exceeds the carrying value, no further work is required and no impairment loss is recognized. If the carrying value exceeds the fair value, the goodwill of the reporting unit is potentially impaired and the Company would then complete step 2 in order to measure the impairment loss. In step 2, the Company would calculate the implied fair value of goodwill by deducting the fair value of all tangible and intangible net assets (including unrecognized intangible assets) of the reporting unit from the fair value of the reporting unit. If the implied fair value of goodwill is less than the carrying value of goodwill, the Company would recognize an impairment loss, in the period identified, equal to the difference. The Company has concluded that no impairment of goodwill existed as of December 31, 2015 , the year of acquisition, and thus did not conduct an impairment analysis as of that date. The Company will commence impairment testing of goodwill in 2016. Other intangible assets consist of developed technology and a trademark. The Company reviewed intangible assets for impairment as changes in circumstances or the occurrence of events suggested the remaining value was not recoverable. Amortization on the intangibles is provided on a straight-line basis over the estimated useful lives of the assets as follows: Trademark 5 years Developed technology 7 years
FAIR VALUE MEASUREMENTS	We measure certain non-financial assets at fair value on a non-recurring basis. These non-recurring valuations include evaluating assets such as non-amortizing intangible assets for impairment; allocating value to assets in an acquired asset group; and applying accounting for business combinations. We use the fair value measurement framework to value these assets and report the fair values in the periods in which they are recorded or written down. The fair value measurement framework includes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair values in their broad levels. These levels from highest to lowest priority are as follows: • Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities; • Level 2: Quoted prices in active markets for similar assets or liabilities or observable prices that are based on inputs not quoted on active markets, but corroborated by market data; and • Level 3: Unobservable inputs or valuation techniques that are used when little or no market data is available. The determination of fair value and the assessment of a measurement’s placement within the hierarchy requires judgment. Level 3 valuations often involve a higher degree of judgment and complexity. Level 3 valuations may require the use of various cost, market, or income valuation methodologies applied to unobservable management estimates and assumptions. Management’s assumptions could vary depending on the asset or liability valued and the valuation method used. Such assumptions could include: estimates of prices, earnings, costs, actions of market participants, market factors, or the weighting of various valuation methods. We may also engage external advisors to assist us in determining fair value, as appropriate. Although we believe that the recorded fair value of our is appropriate , these fair values may not be indicative or reflective of future fair values.
PROPERTY AND EQUIPMENT	Property and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the related assets, generally three to five years. Repairs and maintenance are expensed as incurred. Improvements and betterments, which extend the lives of the assets, are capitalized.
LEASES	The Company recognizes rent expense on a straight-line basis over the lease term. The lease term commences on the date that the Company takes possession of or controls the physical use of the property. Deferred rent is included in non-current liabilities on the consolidated balance sheet.
REVENUE RECOGNITION	We recognize revenue in accordance with generally accepted accounting principles as outlined in the Financial Accounting Standard Board’s (“FASB”) Accounting Standards Codification (“ASC”) 605-10-S99, Revenue Recognition, which requires that four basic criteria be met before revenue can be recognized: (i) persuasive evidence of an arrangement exists; (ii) the price is fixed or determinable; (iii) collectability is reasonably assured; and (iv) product delivery has occurred or services have been rendered. The Company sells its products primarily through direct sales. The Company recognizes revenue when title to the goods and risk of loss transfers to customers, provided there are no material remaining performance obligations required of the Company or any matters of customer acceptance. The Company records estimated sales returns, discounts and allowances as a reduction of net sales in the same period revenue is recognized.
RESEARCH AND DEVELOPMENT	Research and development costs are expensed as incurred.
ADVERTISING	The Company expenses all advertising costs as incurred. For the years ended December 31, 2015 and 2014, advertising costs were approximately $83,000 and $0, respectively.
INCOME TAXES	The Company accounts for income taxes under ASC 740, Income Taxes (“ASC 740”), which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the asset will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The standard addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the tax authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. ASC 740 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. As of December 31, 2015, the Company does not have a liability for unrecognized tax uncertainties. The Company’s policy is to record interest and penalties on uncertain tax positions as a component of income tax expense. As of December 31, 2015, the Company has not incurred any interest or penalties relating to uncertain tax positions. The Company’s evaluation was performed for the tax years ending December 31, 2015, 2014 and 2013, which remain subject to examination by major tax jurisdictions as of December 31, 2015. The Company does not have any tax years that are no longer subject to U.S. federal, state, and local, or non-US income tax examinations.
STOCK-BASED COMPENSATION	The Company accounts for stock-based compensation in accordance with the ASC 718, stock compensation. ASC 718 addresses all forms of share-based payment (“SBP”) awards including shares issued under employee stock purchase plans and stock incentive shares. Under ASC 718, awards result in a cost that is measured at fair value on the awards’ grant date, based on the estimated number of awards that are expected to vest and will result in a charge to operations.
LOSS PER SHARE	Basic loss per share is computed on the basis of the weighted average number of shares outstanding for the reporting period. Diluted loss per share is computed on the basis of the weighted average number of common shares plus dilutive potential common shares outstanding using the treasury stock method. Any potentially dilutive securities are anti-
BUSINESS COMBINATIONS	The Company completed an acquisition on March 25, 2015. This transaction was recorded using guidelines provided by ASC 805, Business Combinations
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	In May 2014, the Financial Accounting Standards Board issued ASU 2014-09, “Revenue Recognition - Revenue from Contracts with Customers” (ASU 2014-09) that requires companies to recognize revenue when a customer obtains control rather than when companies have transferred substantially all risks and rewards of a good or service. This update is effective for annual reporting periods beginning on or after December 15, 2017 and interim periods therein and requires expanded disclosures. The Company is currently assessing the impact the adoption of ASU 2014-09 will have on its consolidated financial statements. In June 2014, FASB issued Accounting Standards Update, (“ASU”), No. 2014-10, Development Stage Entities Development Stage Entities to-date the In November 2015, FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes. ASU 2015-17 simplifies the presentation of deferred taxes by requiring deferred tax assets and liabilities be classified as noncurrent on the balance sheet. ASU 2015-17 is effective for public companies for annual reporting periods beginning after December 15, 2016, and interim periods within those fiscal years. The guidance may be adopted prospectively or retrospectively and early adoption is permitted. The Company is currently assessing the impact the adoption of ASU 2015-17 will have on its consolidated financial statements. In February 2016, FASB issued ASU No. 2016-02, Leases (Topic 842). The core principle of Topic 842 is that a lessee should recognize the assets and liabilities that arise from leases. ASU 2016-02 is effective for public companies for annual reporting periods beginning after December 15, 2018, and interim periods within those fiscal years. The guidance may be adopted prospectively or retrospectively and early adoption is permitted. The Company is currently assessing the impact the adoption of ASU 2016-02 will have on its consolidated financial statements.

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2015
Property And Equipment Tables
Property and equipment, net	Useful Life December 31, 2015 December 31, 2014 Furniture and fixtures 5 years $18,385 $16,016 Computers and software 3 years 16,275 11,587 34,660 27,603 Less accumulated depreciation (9,822) (3,153 Total $ 24,838 $24,450

EQUITY TRANSACTIONS (Tables)

EQUITY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2015
Equity Transactions Tables
Stock Option Activity	The following is a summary of stock option activity for 2014 and 2015: Shares Weighted Weighted Aggregate Outstanding at 12/31/2013 60,000 $ 2.50 9.8 $ — Exercisable at 12/31/2013 15,000 $ 2.50 9.8 $ — Granted — — — $ — Exercised — — — — Cancelled — — — — Outstanding at 12/31/2014 60,000 $ 2.50 8.8 $ — Exercisable at 12/31/2014 30,000 $ 2.50 8.8 $ — Granted 320,000 $ 4.22 9.3 $ — Exercised — — — — Cancelled — — — — Outstanding at 12/31/2015 380,000 $ 3.95 9.1 $ — Exercisable at 12/31/2015 125,000 $ 3.95 9.1 $ —

LONG TERM LIABILITIES (Tables)

LONG TERM LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2015
Long Term Liabilities Tables
Future payments related to the promissory notes	2016 $ 2017 68,000 2018 68,000 2019 19,000 $

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2015
Income Taxes Tables
Schedule of Components of Income Tax Expense (Benefit)	Current Income Tax Expense: 2015 2014 Federal $ — $ — State — — Total Current Income Tax Expense — — Deferred Income Tax Benefit Federal 2,426,744 1,223,108 State 280,164 141,206 Total Deferred Tax Benefit 2,706,908 1,364,314 Valuation Allowance (2706,908 ) (1,364,314 ) Total $ — $ —
Schedule of Effective Income Tax Rate Reconciliation	Statutory rate - federal 34.0% State taxes, net of federal benefit 4.0 Income tax benefit 38.0% Less valuation allowance (38.0 Total 0.0
Schedule of Deferred Tax Assets and Liabilities	2015 2014 Deferred Tax Assets: Start-up costs $3,528,944 $1,336,486 Share-based compensation 122,834 26,633 Total Deferred Tax Assets 3,651,778 1,363,119 Valuation Allowance (3,651,778) (1,363,119) Net Deferred Tax Asset $ -- $ --

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Assets and liabilities assumed	Assets acquired Cash $ 245,174 Inventory 1,878 Other assets 165 Developed technology 3,000,000 Trademark 700,000 Goodwill 6,455,645 Total assets acquired 10,402,862 Liabilities assumed Accounts payable 301,940 Accrued liabilities 6,018 Notes Payable 259,938 Total 567,896 Net assets acquired $ 9,834,966
Pro forma effect	For the year ended December 31, 2015 For the year ended December 31, 2014 Pro Forma Revenues $ 33,045 $ 19,250 Pro Forma Net Loss $ (6,896,189) $ (3,818,501) Loss per Share $ (0.63) $ (0.39)

COMMITMENTS (Tables)

COMMITMENTS (Tables)	12 Months Ended
	Dec. 31, 2015
Commitments Tables
Operating leases	December 31, 2016 $ 34,000 December 31, 2017 35,000 December 31, 2018 21,000 $ 90,000
Equipment leases	December 31, 2016 $ 2,600 December 31, 2017 2,600 December 31, 2018 800 $ 6,000

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2015
Intangible Assets Tables
Schedule of intangible assets	2015 2014 Amortized Amortization Lives Cost Cost Developed Technology 7 $ 3,000,000 $ -- Trademark 5 700,000 -- Total 3,700,000 -- Less Accumulated Amortization (426,429) -- Net 3,273,571 -- Non Amortized Goodwill 6,455,645 -- Total $9,729,216 --
Future amortization of intangible assets	Year ending December 31, Estimated Amortization Expense 2016 $ 569,000 2017 569,000 2018 569,000 2019 569,000 2020 464,000 Thereafter 534,000 $ 3,274,000

ORGANIZATION AND SIGNIFICANT 31

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)	12 Months Ended
	Dec. 31, 2015
State of incorporation	Nevada
Date of incorporation	Jul. 30, 2013
Debride [Member]
State of incorporation	Florida
Date of incorporation	Oct. 1, 2012

SUMMARY OF SIGNIFICANT ACCOUN32

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Allowance for doubtful accounts	$ 661	$ 0
Advertising costs	$ 83,000	$ 0
Common stock options outstanding	380,000	60,000	60,000
Trademarks [Member]
Useful Life	5 years
DevelopedTechnology
Useful Life	7 years

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Property and equipment	$ 34,660	$ 27,603
Less accumulated depreciation	(9,822)	(3,153)
Property and Equipment, net	24,838	24,450
Software Development [Member]
Property and equipment	$ 16,275	11,587
Useful Life	3 years
Furniture and Fixtures [Member]
Property and equipment	$ 18,385	$ 16,016
Useful Life	5 years

PROPERTY AND EQUIPMENT (Detai34

PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Property And Equipment Details Narrative
Depreciation expense	$ 6,669	$ 2,681

ACQUISITIONS (Details)

ACQUISITIONS (Details)	Mar. 25, 2015USD ($)
Assets acquired
Cash	$ 245,174
Inventory	1,878
Other assets	165
Developed Technology	3,000,000
Trademark	700,000
Goodwill	6,455,645
Total assets acquired	402,862
Liabilities assumed
Accounts payable	301,940
Accrued liabilities	6,018
Notes Payable	259,938
Total	567,896
Net assets assumed	$ 9,834,966

ACQUISITIONS (Details 1)

ACQUISITIONS (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Pro Forma
Pro Forma Revenues	$ 33,045	$ 19,250
Pro Forma Net Loss	$ (6,896,189)	$ (3,818,501)
Loss per Share	$ (.63)	$ (.39)

EQUITY TRANSACTIONS (Details)

EQUITY TRANSACTIONS (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Equity Transactions Details
Number of Options Outstanding, Beginning	60,000	60,000
Number of Options Granted	320,000	0
Number of Options Exercised	0	0
Number of Options cancelled	0	0
Number of Options Outstanding, Ending	380,000	60,000	60,000
Number of Options Outstanding, Exercisable	125,000	30,000	15,000
Weighted Average Exercise Price Outstanding, Beginning	$ 2.50	$ 2.50
Weighted Average Exercise Price Granted	4.22
Weighted Average Exercise Price Outstanding, Ending	3.95	2.50	$ 2.50
Weighted Average Exercise Price Outstanding, Exercisable	$ 3.95	$ 2.50	$ 2.50
Weighted Average Remaining Term, Outstanding	8 years 9 months 18 days	9 years 9 months 18 days
Weighted Average Remaining Term, Granted	9 years 3 months 18 days
Weighted Average Remaining Term, Outstanding	9 years 1 month 6 days	8 years 9 months 18 days
Weighted Average Remaining Term, Exercisable	9 years 1 month 6 days	8 years 9 months 18 days	9 years 9 months 18 days
Aggregate Intrinsic Value Outstanding, Beginning	$ 0	$ 0
Aggregate Intrinsic Value Granted	$ 0	$ 0
Aggregate Intrinsic Value Exercised	$ 0	$ 0
Aggregate Intrinsic Value Options expired or cancelled	0	0
Aggregate Intrinsic Value Forfeited	$ 0	$ 0
Aggregate Intrinsic Value Outstanding, Ending	$ 0	$ 0	$ 0
Aggregate Intrinsic Value Outstanding, Exercisable	$ 0	$ 0	$ 0

EQUITY TRANSACTIONS (Details Na

EQUITY TRANSACTIONS (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Equity Transactions Details Narrative
Compensation expense	$ 253,659	$ 33,972
Nonvested restricted stock	255,000
Unrecognized stock-based compensation	$ 679,468
Weighted average period	2 years 8 months 16 days
Unrecognized restricted stock expense	$ 800,000

COMMITMENTS (Details)

COMMITMENTS (Details)	Dec. 31, 2015USD ($)
Future minimum office lease payments
December 31, 2016	$ 34,000
December 31, 2017	35,000
December 31, 2018	21,000
Total	$ 90,000

COMMITMENTS (Details 1)

COMMITMENTS (Details 1)	Dec. 31, 2015USD ($)
Future minimum equipment lease payments
December 31, 2016	$ 2,600
December 31, 2017	2,600
December 31, 2018	800
Total	$ 6,000

COMMITMENTS (Details Narrative)

COMMITMENTS (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Purchase order	$ 484,000	$ 61,000
MinimumMember
Consulting fee	125,000
Employment compensation agreement	834,000
Laidlaw & Company Ltd. [Member]
Advisory services fee	125,000
Marketing [Member]
Consulting fee	55,000
Equipment [Member]
Rent/Lease expense	1,800
Office Space [Member]
Rent/Lease expense	14,000
TAG Aviation [Member]
Rent/Lease expense	$ 28,400	$ 29,000
Andrews [Member]
Royalty rate	25.00%

LONG TERM LIABILITIES (Details)

LONG TERM LIABILITIES (Details)	Dec. 31, 2015USD ($)
Long Term Liabilities Details
2,016	$ 68,000
2,017	68,000
2,018	68,000
2,019	19,000
Total	$ 223,000

LONG TERM LIABILITIES (Details

LONG TERM LIABILITIES (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Long term notes	$ 164,726	$ 0
Payment of interest	8,000	$ 0
Note $125K [Member]
Long term note issued	125,000
Periodic payment	$ 5,700
Interest rate	5.00%
Note $135K [Member]
Long term note issued	$ 135,000
Periodic payment	$ 5,700
Interest rate	5.00%
Convertible Debt
Long term note issued	$ 2,000,000
Interest rate	5.50%
Payment of interest	$ 0

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Current:
Federal	$ 0	$ 0
State	0	0
Total Current	0	0
Deferred:
Federal	2,426,744	995,402
State	280,164	114,918
Total Deferred	2,706,908	1,110,320
Valuation Allowance	(2,706,908)	(1,110,320)
Total provision (benefit) for income taxes	$ 0	$ 0

INCOME TAXES (Details 1)

INCOME TAXES (Details 1)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Taxes Details 1
Federal statutory tax rate	34.00%	34.00%
State tax rate	4.00%	4.00%
Income tax benefit	38.00%	38.00%
Change in valuation allowance	(38.00%)	(38.00%)
Total	0.00%	0.00%

INCOME TAXES (Details 2)

INCOME TAXES (Details 2) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Deferred Tax Assets:
Start-up costs	$ 3,528,944	$ 1,336,486
Share-based compensation	122,834	26,633
Total Deferred Tax Assets	3,651,778	1,363,119
Valuation Allowance	(3,651,778)	(1,363,119)
Net Deferred Tax Asset	$ 0	$ 0

RELATED-PARTY TRANSACTIONS (Det

RELATED-PARTY TRANSACTIONS (Details Narrative) - Affiliated Entity [Member] - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Aviation expense	$ 25,500	$ 33,000
Rent expense	28,400	29,000
Consulting expense	420,000	120,000
Advisory services fee	$ 35,000	$ 45,000

RESEARCH AND DEVELOPMENT (Detai

RESEARCH AND DEVELOPMENT (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Research and Development expenses	$ 940,179	$ 1,020,703
NORTECH MANUFACTURING AGREEMENT [Member]
Research and Development expenses	273,000	16,000
Accounts payable	52,000	1,000
DEVICIX PROTOTYPE MANUFACTURING AGREEMENT [Member]
Research and Development expenses	399,000	586,000
Accounts payable	22,000	$ 37,000
DEVICIX GENERATOR MANUFACTURING AGREEMENT [Member]
Research and Development expenses	$ 287,700

INTANGIBLE ASSETS (Details)

INTANGIBLE ASSETS (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Intangible asset	$ 9,729,216	$ 0
Accumulated depreciation	(426,429)	0
Amortizable intangibles	3,700,000
Intangible asset, net	$ 3,273,571	0
Amortization life	2 years 8 months 16 days
DevelopedTechnology
Intangible asset	$ 3,000,000	0
Amortization life	7 years
Trademarks [Member]
Intangible asset	$ 7,000,000	0
Amortization life	5 years
Goodwill [Member]
Intangible asset	$ 6,455,645	$ 0

INTANGIBLE ASSETS (Details 1)

INTANGIBLE ASSETS (Details 1)	Dec. 31, 2015USD ($)
Intangible Assets Details 1
2,016	$ 569,000
2,017	569,000
2,018	569,000
2,019	569,000
2,020	464,000
Thereafter	534,000
Total	$ 3,274,000

COMMON STOCK WARRANT (Details N

COMMON STOCK WARRANT (Details Narrative) - Warrant	12 Months Ended
	Dec. 31, 2015$ / shares
The market price of the Company's stock on November 9, 2015	$ 1.7075
Exercise price of the warrant	$ 2.20
Life of Warrant	3 years
Risk free return rate	1.27%
Annualized volatility rate of three comparative companies	81.00%

LIQUIDITY, GOING CONCERN AND 52

LIQUIDITY, GOING CONCERN AND MANAGEMENT'S PLANS (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Liquidity Going Concern And Managements Plans Details Narrative
Net loss	$ (6,523,077)	$ (2,937,032)

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - Steve Gorlin	1 Months Ended
	Jan. 25, 2016USD ($)$ / sharesshares
Promisory note coverted to common shares	571,429
Purchase of common stock	571,429
Exercise price | $ / shares	$ 1.75
Extinguishment of debt | $	$ 1,000,000