CONVERTIBLE NOTES (Tables)

6 Months Ended

Jun. 30, 2017

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, a former 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 four 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 three 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

Interest Income and Interest Expense Disclosure [Table Text Block]

The Company recorded interest expense and discount accretion as set forth below:

	For the three months ended				For the six months ended
	June 30, 2017		June 30, 2016		June 30, 2017		June 30, 2016

2012 Notes	$	3,737	$	3,738	$	7,435	$	7,476

March 2013 Notes		14,024		14,024		27,894		28,048

July 2013 Notes		4,571		4,571		9,093		9,142

September 2013 Notes		17,340		17,340		34,490		34,680

January 2014 Notes		3,428		3,428		6,818		6,856

Total	$	43,100	$	43,101	$	85,730	$	86,202

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

The fair value of the derivative liability is as follows:

	June 30, 2017		December 31, 2016

March 2013 Notes	$	787,500	$	975,000

July 2013 Notes		350,000		433,334

September 2013 Notes		1,123,500		1,391,000

January 2014 Notes		201,670		247,503

Warrant liability		710,000		990,000

Rights liability		50,000		190,000
Total fair value of derivative liability	$	3,222,670	$	4,226,837

Schedule Of Change In Fair Value Of The Derivative Liability [Table Text Block]

The change in fair value of derivative liability is as follows:

	For the three months ended				For the six months ended
	June 30, 2017		June 30, 2016		June 30, 2017		June 30, 2016

March 2013 Notes	$	(75,000)	$	(900,000)	$	(187,500)	$	-

July 2013 Notes		(33,334)		(416,667)		(83,333)		-

September 2013 Notes		(107,000)		(1,337,500)		(267,500)		-

January 2014 Notes		(9,166)		(210,833)		(45,834)		18,334

Warrant liability		(90,000)		-		(280,000)		-

Rights liability		(150,000)		-		(140,000)		-

Total change in fair value of derivative	$	(464,500)	$	(2,865,000)	$	(1,004,167)	$	18,334