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SUBSEQUENT EVENTS
3 Months Ended
Mar. 31, 2015
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

15.           SUBSEQUENT EVENTS

 

From April 1, 2015 to October 13, 2015 the Company obtained additional funding, including $290,000 of equity funding and $600,000 of hybrid debt funding. From April 1, 2015 to October 13, 2015, the Company did a series of private offerings of its common stock and warrants, for consideration of $290,000. 1,450,000 shares of common stock were issued at a per share price of $0.20. The common stock holders were also issued warrants to purchase 725,000 shares of common stock. The warrants have an exercise price of $0.60 and a 3-year term. From April 1, 2015 to October 13, 2015, the Company did a private offering of convertible notes and warrants, under which it issued $706,000 of convertible promissory notes for consideration of $600,000, the difference between the proceeds from the notes and principal amount consists of $106,000 of original issue discount. The notes are convertible at a conversion price of $0.25 per share. The note holder was also issued market-related warrants for 1,412,000 in shares of common stock. The warrants have an exercise price of $0.60 and a 1-year term.