SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2017

Subsequent Events [Abstract]

Subsequent Events [Text Block]

NOTE 6 – SUBSEQUENT EVENTS

On July 24, 2017, the Company entered into a note purchase agreement with certain institutional investors relating to the private issuance and sale by the Company of $10 million aggregate principal amount of its 7.5% convertible notes due 2021.

Concurrently with the consummation of the purchase described above, the Company entered into a privately negotiated exchange agreement with certain of its existing note holders holding the Company’s 4.5% convertible note due 2018 to exchange $9 million aggregate principal amount of the Company’s 4.5% convertible notes due 2018 for $8.55 million aggregate principal amount of 4.5% senior convertible notes due 2022.

Interest payments on both the 4.5% senior convertible notes due 2022 and 7.5% convertible notes due 2021 are payable on a semiannual basis, and the initial conversion rate for the both sets of notes is approximately 1,176 shares of Common Stock per $1,000 principal amount, which is equivalent to an initial conversion price of approximately $0.85 per share of Common Stock, and is subject to adjustment in certain circumstances.