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LIQUIDITY AND MANAGEMENTS' PLANS
12 Months Ended
Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
LIQUIDITY AND MANAGEMENTS' PLANS

The accompanying financial statements have been prepared on a basis that assumes that the Company will continue as a going concern and that contemplates the continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the normal course of business.  As of December 31, 2014, the Company had cash of approximately $1,300,000, working capital deficit of approximately $1,156,000, and an accumulated deficit of approximately $128,000,000.  The Company continues to incur recurring losses from operations.  The Company will need to obtain proceeds under its current financing arrangement and secure additional capital to fund its product development, research, manufacturing and clinical programs in accordance with its current planned operations.  The Company has funded its operations in the past primarily through debt and equity issuances.  Management intends to utilize its current financing arrangement and will continue to pursue additional financing to fund its operations.  Management believes that it will be successful in obtaining proceeds from their current financing arrangement and raising additional capital.  No assurances can be given that additional capital will be available on terms acceptable to the Company.  The accompanying financial statements do not include any adjustments that might result from the outcome of the uncertainty.

 

Subsequent to December 31, 2014, the Company received cash proceeds of $1,500,000 from a $4,000,000 Equity financing it arranged in December 2014 ($1,000,000 was received in December 2014). See Note 8.