DERIVATIVE LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2014

Derivative Financial Instruments, Liabilities [Member]

DERIVATIVE LIABILITY [Line Items]

Schedule of Derivative Liabilities at Fair Value [Table Text Block]

The following are the key assumptions used in connection with the valuation of the conversion option on the date of issuance and at December 31, 2014:

  

Number of shares convertible into		750,000
Fair market value of stock	$	0.51
Conversion Price	$	0.57
Volatility		131	%
Risk-free interest rate		0.13	%
Expected dividend yield		0	%
Life of Convertible Preferred Stock (year)		1

Preferred Stock [Member]

DERIVATIVE LIABILITY [Line Items]

Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The table below sets forth a summary of changes in the fair value of the Company’s Level 3 derivative liabilities for the year ended December 31, 2014:

Balance at beginning of year	$	-
Additions to conversion option derivative liability at December 30, 2014		150,000
Additions to warrant derivative liability at December 30, 2014		120,000
Change in fair market value of the derivative liabilities		-
Balance at end of year	$	270,000

Warrant [Member]

DERIVATIVE LIABILITY [Line Items]

Schedule of Derivative Liabilities at Fair Value [Table Text Block]

Number of shares underlying the Warrants		375,000
Fair market value of stock	$	0.51
Exercise Price	$	2.00
Volatility		112.9	%
Risk-free interest rate		0.96	%
Expected dividend yield		0	%
Warrant life (years)		5