WARRANTS (Tables)

6 Months Ended

Jun. 30, 2015

Warrants Tables

Warrants assumptions utilized by the Company

A summary of warrant activity for the six months ended June 30, 2015 is as follows:

Warrants	Shares			Weighted-Average Exercise Price
Outstanding warrants at January 1, 2015		1,847,066		$	10.04
Granted		1,999,999		$	3.00
Forfeited		(37,638	)	$	22.50
Outstanding warrants at June 30, 2015		3,809,427		$	3.81

Outstanding Warrants

At June 30, 2015, the Company had the following outstanding warrants:

Type of Warrant/ Range of Exercise Prices		Expirations	Number Outstanding		Weighted- Average Remaining Contractual Life (years)		Weighted- Average Exercise Price		Number Exercisable
Derivative:
$	7.50	8/31/17 to 11/6/17		700,000		2.23	$	7.50		700,000
Equity:
$	2.75 - $3.00	12/10/18 to 03/09/20		3,109,427		4.59	$	2.98		3,109,427
Total outstanding				3,809,427						3,809,427

Warrant Activity

Risk-free interest rate	.70 %
Expected dividend yield	—
Expected term - years (contractual term)	2.5
Forfeiture rate	—
Expected volatility	92 %