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CONVERTIBLE NOTES (Tables)
12 Months Ended
Dec. 31, 2015
Debt Disclosure [Abstract]  
Convertible Debt [Table Text Block]
The Investors, and the principal amount of their respective 2012 Notes and number of shares of common stock issuable upon exercise of their respective warrants, are as set forth below:
 
Investor
 
Note Principal
 
Warrants
 
Sinaf S.A.
 
$
200,000
 
 
266,667
 
Joseph C. McNay
 
$
50,000
 
 
66,667
 
Allan L. Goldstein
 
$
35,000
 
 
46,666
 
J.J. Finkelstein
 
$
15,000
 
 
20,000
 
 
The investors in the offering included two directors of the Company, Dr. Goldstein and Joseph C. McNay, an outside director. The principal amounts of their respective March 2013 Notes are as set forth below:
 
Investor
 
Note Principal
 
Joseph C. McNay
 
$
50,000
 
Allan L. Goldstein
 
$
25,000
 
 
The investors in the offering included four directors of the Company, Mr. Finkelstein, Dr. Goldstein, Mr. McNay and L. Thompson Bowles, previously an outside director. The principal amounts of their respective July 2013 Notes are as set forth below:
 
Investor
 
Note Principal
 
Joseph C. McNay
 
$
50,000
 
Allan L. Goldstein
 
$
10,000
 
J.J. Finkelstein
 
$
5,000
 
L. Thompson Bowles
 
$
5,000
 
 
The investors in the offering included an affiliate and three current and one prior directors of the Company. The principal amounts of the affiliate and directors respective September 2013 Notes are as set forth below:
 
Investor
 
Note Principal
 
SINAF S.A.
 
$
150,000
 
Joseph C. McNay
 
$
100,000
 
Allan L. Goldstein
 
$
11,000
 
L. Thompson Bowles
 
$
5,000
 
R. Don Elsey
 
$
5,000
 
 
The Investors in the offering included two current and one prior directors of the Company. The principal amounts of their respective Notes are as set forth below:
 
Investor
 
Note Principal
 
Joseph C. McNay
 
$
25,000
 
Allan L. Goldstein
 
$
10,000
 
L. Thompson Bowles
 
$
5,000
 
Schedule of Derivative Liabilities at Fair Value [Table Text Block]
The outstanding balance of the derivative liability is as follows:
 
 
 
December 31, 2015
 
December 31, 2014
 
 
 
 
 
 
 
 
 
March 2013 Notes
 
$
1,500,000
 
$
412,500
 
 
 
 
 
 
 
 
 
July 2013 Notes
 
 
666,667
 
 
183,334
 
 
 
 
 
 
 
 
 
September 2013 Notes
 
 
2,140,000
 
 
588,500
 
 
 
 
 
 
 
 
 
January 2014 notes
 
 
366,669
 
 
100,836
 
 
 
 
 
 
 
 
 
Total Fair value of derivative liability
 
$
4,673,336
 
$
1,285,170
 
Schedule Of Change In Fair Value Of The Derivative Liability [Table Text Block]
The change in fair value of the derivative liability is as follows:
 
 
 
For the twelve months ended
 
 
 
December 31, 2015
 
December 31, 2014
 
 
 
 
 
 
 
 
 
March 2013 Notes
 
$
1,087,500
 
$
337,500
 
 
 
 
 
 
 
 
 
July 2013 Notes
 
 
483,333
 
 
150,000
 
 
 
 
 
 
 
 
 
September 2013 Notes
 
 
1,551,500
 
 
481,500
 
 
 
 
 
 
 
 
 
January 2014 notes
 
 
265,833
 
 
45,836
 
 
 
 
 
 
 
 
 
Total change in fair value of derivative
 
$
3,388,166
 
$
1,014,836
 
Interest Income and Interest Expense Disclosure [Table Text Block]
The company record interest expense and discount accretion as set forth below:
 
 
 
For the twelve months ended
 
 
 
December 31, 2015
 
December 31, 2014
 
 
 
 
 
 
 
 
 
2012 Notes
 
$
15,000
 
$
25,854
 
 
 
 
 
 
 
 
 
March 2013 Notes
 
 
56,250
 
 
56,250
 
 
 
 
 
 
 
 
 
July 2013 Notes
 
 
18,333
 
 
18,333
 
 
 
 
 
 
 
 
 
September 2013 Notes
 
 
69,550
 
 
69,550
 
 
 
 
 
 
 
 
 
January 2014 notes
 
 
13,750
 
 
13,486
 
 
 
 
 
 
 
 
 
Total interest expense
 
$
172,883
 
$
183,473