0001615774-15-003551.txt : 20151202 0001615774-15-003551.hdr.sgml : 20151202 20151202143413 ACCESSION NUMBER: 0001615774-15-003551 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20150630 FILED AS OF DATE: 20151202 DATE AS OF CHANGE: 20151202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CALMARE THERAPEUTICS Inc CENTRAL INDEX KEY: 0000102198 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 362664428 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-08696 FILM NUMBER: 151264389 BUSINESS ADDRESS: STREET 1: 1375 KINGS HIGHWAY EAST CITY: FAIRFIELD STATE: CT ZIP: 06824 BUSINESS PHONE: (203) 368-6044 MAIL ADDRESS: STREET 1: 1375 KINGS HIGHWAY EAST CITY: FAIRFIELD STATE: CT ZIP: 06824 FORMER COMPANY: FORMER CONFORMED NAME: COMPETITIVE TECHNOLOGIES INC DATE OF NAME CHANGE: 19941227 FORMER COMPANY: FORMER CONFORMED NAME: UNIVERSITY PATENTS INC DATE OF NAME CHANGE: 19920703 10-Q 1 s102183_10q.htm 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2015

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-08696

CALMARE THERAPEUTICS INCORPORATED
(Exact name of registrant as specified in its charter) www.calmaretherapeutics.com
Delaware	36-2664428
(State or other jurisdiction of incorporation or organization)	(I. R. S. Employer Identification No.)

1375 Kings Highway East, Suite 400 Fairfield, Connecticut	06824
(Address of principal executive offices)	(Zip Code)

(203) 368-6044

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☐ No ☒

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months.

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definition of “accelerated filer, large accelerated filer and smaller reporting company” as defined in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☐ (Do not check if a smaller reporting company)	Smaller reporting company ☒

Indicate by check mark whether the registrant is a shell company (as defined in rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

The number of shares of the registrant’s common stock outstanding as of November 30, 2015 was 28,395,888 shares.

CALMARE THERAPEUTICS INCORPORATED

INDEX TO QUARTERLY REPORT ON FORM 10-Q


		Page No.

PART I.	FINANCIAL INFORMATION

Item 1.	Condensed Consolidated Interim Financial Statements (unaudited)	3

	Condensed Consolidated Balance Sheets at June 30, 2015 (unaudited) and December 31, 2014	3

	Condensed Consolidated Statements of Operations (unaudited) for the three and six months ended June 30, 2015 and June 30, 2014	4-5

	Condensed Consolidated Statement of Changes in Shareholders’ Deficit for the six months ended June 30, 2015 (unaudited)	6

	Condensed Consolidated Statements of Cash Flows (unaudited) for the six months ended June 30, 2015 and June 30, 2014	7

	Notes to Condensed Consolidated Interim Financial Statements (unaudited)	8-21

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22-31

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	31

Item 4.	Controls and Procedures	31

PART II.	OTHER INFORMATION

Item 1.	Legal Proceedings	32

Item 1A.	Risk factors	32

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	32

Item 3.	Defaults Upon Senior Securities	32

Item 4.	Mine Safety Disclosures	32

Item 5.	Other Information	33

Item 6.	Exhibits	33

	Signatures	34

PART I. FINANCIAL INFORMATION

Item 1. Condensed Consolidated Interim Financial Statements

CALMARE THERAPEUTICS INCORPORATED AND SUBSIDIARY

Condensed Consolidated Balance Sheets

	June 30, 2015			December 31, 2014
	(Unaudited)
Assets
Current Assets:
Cash	$	75,148		$	5,745
Receivables, net of allowance of $317,659 at June 30, 2015 and December 31, 2014		1,048			2,319
Inventory		4,098,220			4,118,220
Prepaid expenses and other current assets		100,660			253,102
Total current assets		4,275,076			4,379,386

Property and equipment, net		27,277			35,640
Security deposits		15,000			15,000
TOTAL ASSETS	$	4,317,353		$	4,430,026

Liabilities and Shareholders’ Deficit
Current Liabilities:
Accounts payable	$	1,718,733		$	1,346,138
Liabilities under claims purchase agreement		1,995,320			1,995,320
Accounts payable, GEOMC		4,182,380			4,182,380
Accrued expenses and other liabilities		1,979,869			1,590,182
Notes payable		2,800,878			2,536,830
Deferred revenue		13,781			19,686
Series C convertible preferred stock derivative liability		77,080			66,177
Series C convertible preferred stock liability		375,000			375,000
Total current liabilities		13,143,041			12,111,713

Note payable – long-term		62,289			56,659

Commitments and Contingencies
Shareholders’ deficit:
5% preferred stock, $25 par value, 35,920 shares authorized, 2,427 shares issued and outstanding		60,675			60,675
Series B preferred stock, $0.001 par value, 20,000 shares authorized, no shares issued and outstanding		—			—
Series C convertible preferred stock, $1,000 par value, 750 shares authorized, 375 shares issued and outstanding		—			—
Common stock, $.01 par value, 40,000,000 shares authorized, 28,366,478 shares issued and outstanding at June 30, 2015 and 25,908,978 shares issued and outstanding at December 31, 2014		283,664			259,089
Capital in excess of par value		48,243,662			47,634,857
Accumulated deficit		(57,475,978	)		(55,692,967	)
Total shareholders’ deficit		(8,887,977	)		(7,738,346	)

TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT	$	4,317,353		$	4,430,026

See accompanying notes

PART I. FINANCIAL INFORMATION (Continued)

CALMARE THERAPEUTICS INCORPORATED AND SUBSIDIARY

Condensed Consolidated Statements of Operations

(Unaudited)

	Three months ended			Three months ended
	June 30, 2015			June 30, 2014
Revenue
Product sales	$	200,000		$	316,000
Cost of product sales		45,943			98,148
Gross profit from product sales		154,057			217,852

Other Revenue
Retained royalties		2,256			2,348
Other income		17,026			13,653
Total other revenue		19,282			16,001

Operating expenses
Selling expenses		43,104			66,032
Personnel and consulting expenses		366,901			424,121
General and administrative expenses		326,522			317,305
Total operating expenses		736,527			807,458

Operating loss		(563,188	)		(573,605	)

Other expense
Interest expense		204,669			112,895
Interest expense – accelerated upon conversion of OID notes		—			35,109
Loss on conversion of notes		—			43,288
Unrealized loss on derivative instruments		10,903			25,952
Total other expense		215,572			217,244

Loss before income taxes		(778,760	)		(790,849	)
Provision (benefit) for income taxes		—			—

Net loss	$	(778,760	)	$	(790,849	)

Basic and diluted loss per share	$	(0.03	)	$	(0.03	)

Basic and diluted weighted average number of common shares outstanding:		27,862,908			23,082,699

See accompanying notes

CALMARE THERAPEUTICS INCORPORATED AND SUBSIDIARY

Condensed Consolidated Statements of Operations

(Unaudited)

	Six months ended			Six months ended
	June 30, 2015			June 30, 2014
Revenue
Product sales	$	207,950		$	537,080
Cost of product sales		48,240			168,366
Gross profit from product sales		159,710			368,714

Other Revenue
Retained royalties		4,648			4,952
Other income		25,533			17,474
Total other revenue		30,181			22,426

Operating expenses
Selling expenses		44,340			138,026
Personnel and consulting expenses		874,379			819,144
General and administrative expenses		650,161			511,026
Total operating expenses		1,568,880			1,468,196

Operating loss		(1,378,989	)		(1,077,056	)

Other expense
Interest expense		390,531			217,681
Interest expense – accelerated upon conversion of OID notes		—			35,109
Loss on settlement of note and warrant		—			132,301
Loss on conversion of notes		2,588			43,288
Unrealized loss on derivative instruments		10,903			11,720
Total other expense		404,022			440,099

Loss before income taxes		(1,783,011	)		(1,517,155	)
Provision (benefit) for income taxes		—			—

Net loss	$	(1,783,011	)	$	(1,517,155	)

Basic and diluted loss per share	$	(0.07	)	$	(0.07	)

Basic and diluted weighted average number of common shares outstanding:		27,318,467			21,567,885

See accompanying notes

PART I. FINANCIAL INFORMATION (Continued)

CALMARE THERAPEUTICS INCORPORATED AND SUBSIDIARY

Condensed Consolidated Statement of Changes in Shareholders’ Deficit

For the Six Months Ended June 30, 2015

(Unaudited)

	Preferred Stock				Common Stock				Capital					Total
	Shares outstanding		Amount		Shares outstanding		Amount		in excess of par value		Accumulated deficit			shareholders’ deficit

Balance January 1, 2015		2,427	$	60,675		25,908,978	$	259,089	$	47,634,857	$	(55,692,967	)	$	(7,738,346	)

Net loss		—		—		—		—		—		(1,783,011	)		(1,783,011	)
Common stock issued to directors		—		—		12,500		125		2,000		—			2,125
Stock option compensation expense		—		—		—		—		24,175		—			24,175
Common stock issued for consulting services		—		—		620,000		6,200		101,400		—			107,600
Warrants issued for consulting services		—		—		—		—		75,000		—			75,000
Private offering of common stock and warrants		—		—		1,825,000		18,250		346,750		—			365,000
Warrant and beneficial conversion feature on notes payable		—		—		—		—		59,480		—			59,480

Balance June 30, 2015		2,427	$	60,675		28,366,478	$	283,664	$	48,243,662	$	(57,475,978	)	$	(8,887,977	)

See accompanying notes

PART I. FINANCIAL INFORMATION (Continued)

CALMARE THERAPEUTICS INCORPORATED AND SUBSIDIARY

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Six months ended			Six months ended
	June 30, 2015			June 30, 2014
Cash flows from operating activities:

Net loss	$	(1,783,011	)	$	(1,517,155	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		8,363			6,346
Stock option compensation expense		24,175			41,123
Share-based compensation – common stock		2,125			4,038
Common stock and warrants issued to consultants		182,600			—
Debt discount amortization		112,069			169,436
Noncash finance charges		—			18,434
Unrealized loss on derivative instruments		10,903			11,720
Loss on conversion of notes		2,588			43,288
Loss on settlement of note and warrant		—			132,301
Changes in assets and liabilities:
Receivables		1,271			211
Prepaid expenses and other current assets		152,442			7,859
Inventory		20,000			70,000
Accounts payable, accrued expenses and other liabilities		762,283			456,927
Deferred revenue		(5,905	)		13,287
Net cash used in operating activities		(510,097	)		(542,185	)

Cash flows from investing activities:
Purchase of property and equipment		—			(46,424	)
Cash used in investing activities		—			(46,424	)

Cash flows from financing activities:
Proceeds from notes payable		257,000			120,000
Repayment of note and warrant settlement		(42,500	)		(242,000	)
Proceeds from common stock and warrants		365,000			670,000
Net cash provided by financing activities		579,500			548,000

Net increase (decrease) in cash		69,403			(40,609	)

Cash at beginning of period		5,745			57,009

Cash at end of period	$	75,148		$	16,400

Supplemental disclosure of non-cash transactions:

During the quarter ended March 31, 2015, the Company issued 500,000 shares with a fair value of $80,000 to an advisory firm for consulting services. The Company is amortizing the $80,000 over the service period and recorded $20,000 and $40,000 of expense in the quarter and six months ended June 30, 2015, respectively.

During the quarter ended March 31, 2015, the Company issued 120,000 shares to an advisory firm for consulting services. The shares vested in two tranches, with 60,000 shares vesting in the quarter ended December 31, 2014 and remaining 60,000 shares vesting in the quarter ended March 31, 2015. The Company recorded consulting expenses of $10,800 in the quarter ended December 31, 2014 and $27,600 of consulting expenses in the quarter ended March 31, 2015. In each instance, the expense was based on the fair value on the vesting date.

During the quarter ended March 31, 2015, the Company issued 333,333 stock warrants for consulting services performed and recorded consulting expense of $75,000 for the fair value of the warrants.

During the quarter ended March 31, 2015, the Company allocated $59,480 of convertible note proceeds for the fair value of warrants and beneficial conversion feature to additional paid-in capital.

In June 2014, the Company issued 798,825 shares of common stock upon conversion of OID notes (see Note 11).

In September 2013 the Company issued 1,618,235 shares of the Company’s common stock to ASC Recap. During September and October 2013, ASC Recap sold the Company’s common stock and during the three months ended March 31, 2014 paid creditors approximately $80,000 from the proceeds and retained a service fee of approximately $27,000 (see Note 10).

See accompanying notes

PART I. FINANCIAL INFORMATION (Continued)

CALMARE THERAPEUTICS INCORPORATED AND SUBSIDIARY

Notes to Condensed Consolidated Interim Financial Statements

(Unaudited)

1. BASIS OF PRESENTATION

The interim condensed consolidated financial information presented in the accompanying condensed consolidated financial statements and notes hereto is unaudited.

Effective August 20, 2014, Competitive Technologies, Inc. changed its name to Calmare Therapeutics Incorporated.

Calmare Therapeutics Incorporated (“CTI”) and its majority-owned (56.1%) subsidiary, Vector Vision, Inc. (“VVI”), (collectively, the “Company”, “we” or “us”) is a biotechnology company developing and commercializing innovative products and technologies. CTI is the licensed distributor of the non-invasive Calmare^® pain therapy device (the “Calmare Device”), which was developed to treat neuropathic and cancer-derived pain.

These consolidated financial statements include the accounts of CTI and VVI. Inter-company accounts and transactions have been eliminated in consolidation.

We believe we have made all adjustments necessary, consisting only of normal recurring adjustments, to present the unaudited condensed consolidated financial statements in conformity with accounting principles generally accepted in the U.S. The results for the three and six months ended June 30, 2015 are not necessarily indicative of the results that can be expected for the full year ending December 31, 2015.

The interim unaudited condensed consolidated financial statements and notes thereto, should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2014 filed with the Securities and Exchange Commission (“SEC”) on June 24, 2015.

During the three and six months ended June 30, 2015, we had a significant concentration of revenues from the Calmare^®Device. The percentages of gross revenue attributed to sales and rentals of Calmare Devices, in the three and six months ended June 30, 2015, were 94% and 92%, respectively; and 98% in both the three and six months ended June 30, 2014. Additionally, the percentage of gross revenue attributed to other Calmare Device related sales of equipment and training, in the three and six months ended June 30, 2015, was 5% and 6%, respectively; and 1%, in both the three and six months ended June 30, 2014. We continue to attempt to expand our sales activities for the Calmare Device and expect the majority of our revenues to come from this technology.

The Company has incurred operating losses since fiscal 2006 and has a working capital and shareholders’ deficiency at June 30, 2015. The Company has taken steps to reduce its operating expenses as well as increase revenue from sales of Calmare Devices and related sales. However, even at the reduced spending levels, should the anticipated increase in revenue from sales of Calmare Devices and related sales not occur the Company may not have sufficient cash flow to fund operations through 2015 and into 2016. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include adjustments to reflect the possible future effect of the recoverability and classification of assets or amounts and classifications of liabilities that may result from the outcome of this uncertainty.

The Company’s continuation as a going concern is dependent upon its developing recurring revenue streams sufficient to cover operating costs. The Company does not have any significant individual cash or capital requirements in the budget going forward. If necessary, CTI will attempt to meet anticipated operating cash requirements by further reducing costs, issuing debt and/or equity, and/or pursuing sales of certain assets and technologies while we pursue licensing and distribution opportunities for our remaining legacy portfolio of technologies. There can be no assurance that the Company will be successful in such efforts. Failure to develop a recurring revenue stream sufficient to cover operating expenses could negatively affect the Company’s financial position.

PART I. FINANCIAL INFORMATION (Continued)

CALMARE THERAPEUTICS INCORPORATED AND SUBSIDIARY

Our liquidity requirements arise principally from our working capital needs, including funds needed to sell our current technologies and obtain new technologies or products, and protect and enforce our intellectual property rights, if necessary. We fund our liquidity requirements with a combination of cash on hand, debt and equity financing, sales of common stock and cash flows from operations, if any, including royalty legal awards. At June 30, 2015, the Company had outstanding debt in the form of promissory notes with a total principal amount of $3,477,000 and a carrying value of $3,349,000.

The Company acquired the exclusive, worldwide rights to the Scrambler Therapy® technology in 2007. The Company’s original 2007 agreement with Giuseppe Marineo (the “Scrambler Therapy Agreement”), an inventor of Scrambler Therapy technology, and Delta Research and Development (“Delta”), authorized CTI to manufacture and sell worldwide the device developed from the patented Scrambler Therapy technology. The original agreement was amended in 2011 to provide the Company with exclusive rights to the Scrambler Therapy technology through March 31, 2016. In July 2012, the Company attempted to negotiate a five-year extension to the agreement with Marineo and Delta (the “2012 Amendment”). However, the Company believes that the 2012 Amendment is neither valid nor enforceable as it was never duly signed or authorized and subsequently deemed null and void (see Footnote 13. CONTRACTUAL OBLIGATIONS AND CONTINGENCIES, CTI’s Distribution Rights, Marineo and Delta). The Scrambler Therapy technology is patented in Italy and in the U.S. Applications for patents have been filed internationally as well and are pending approval. The Calmare Device has CE Mark certification from the European Union as well as U.S. FDA 510(k) clearance. CTI’s partner, GEOMC Co., Ltd. (“GEOMC”) of Korea, is manufacturing the product commercially under a ten (10) year agreement through 2017. Sales of these devices are expected to provide a significant proportion of the Company’s revenue through the term of the agreement.

2. NET LOSS PER COMMON SHARE

The following sets forth the denominator used in the calculations of basic net loss per share and net loss per share assuming dilution:

Three months
ended

Three months ended

Six months ended

Six months ended

June 30,
2015

June 30,
2014

June 30,
2015

June 30,
2014

Denominator for basic net loss per share, weighted average shares outstanding

27,862,908

23,082,699

27,318,467

21,567,885

Dilutive effect of common stock options

N/A

N/A

N/A

N/A

Dilutive effect of Series C convertible preferred stock, convertible debt and warrants

N/A

N/A

N/A

N/A

Denominator for diluted net loss per share, weighted average shares outstanding

27,862,908

23,082,699

27,318,467

21,567,885

Due to the net loss incurred for the three and six months ended June 30, 2015, and 2014, the denominator used in the calculation of basic net loss per share was the same as that used for net loss per share, assuming dilution, since the effect of any options, convertible preferred shares, convertible debt or warrants would have been anti-dilutive.

Potentially dilutive securities outstanding are summarized as follows:

	June 30, 2015		June 30, 2014
Exercise of common stock options		1,742,500		1,708,500
Exercise of common stock warrants		6,452,248		2,818,890
Conversion of Series C convertible preferred stock		1,329,646		1,297,578
Conversion of convertible debt		6,305,390		4,649,011
Total		15,829,784		10,473,979

PART I. FINANCIAL INFORMATION (Continued)

CALMARE THERAPEUTICS INCORPORATED AND SUBSIDIARY

3. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue From Contracts With Customers, as amended by ASU 2015-14,that outlines a single comprehensive model for entities to use in accounting for revenue recognition and supersedes most current revenue recognition guidance, including industry-specific guidance. The amendments in this accounting standard update are intended to provide a more robust framework for addressing revenue issues, improve comparability of revenue recognition practices, and improve disclosure requirements. The amendments in this accounting standard update are effective for interim and annual reporting periods beginning after December 15, 2017; with early adoption permitted after December 15, 2016. The Company is currently assessing the impact that this standard will have on its consolidated financial statements.

In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements – Going Concern, which provides guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and the related footnote disclosure. For each reporting period, management will be required to evaluate whether there are conditions or events that raise substantial doubt about a company’s ability to continue as a going concern within one year from the date the financials are issued. When management identifies conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern, the ASU also outlines disclosures that are required in the company’s footnotes based on whether or not there are any plans intended to mitigate the relevant conditions or events to alleviate the substantial doubt. The ASU becomes effective for annual periods ending after December 15, 2016, and for any annual and interim periods thereafter. Early application is permitted. The Company is currently assessing the impact that this standard will have on its consolidated financial statements.

In July 2015, the FASB issued ASU No. 2015-11, Inventory – Simplifying the Measurement of Inventory, which requires that inventory be measured at the lower of cost and net realizable value. Prior to the issuance of the new guidance, inventory was measured at the lower of cost or market. Replacing the concept of market with the single measurement of net realizable value is intended to create efficiencies for preparers. Inventory measured using the last-in, first-out (LIFO) method and the retail inventory method are not impacted by the new guidance. The ASU becomes effective for fiscal years beginning after December 15, 2016, including interim periods with those fiscal years. Early application is permitted. We do not expect the adoption to have a material impact on our consolidated financial statements.

4. RECEIVABLES

Receivables consist of the following:

	June 30, 2015		December 31, 2014
Calmare device sales receivable, net of allowance of $209,533 at June 30, 2015 and December 31, 2014	$	—	$	—
Royalties, net of allowance of $101,154 at June 30, 2015 and December 31, 2014		—		—
Other, net of allowance of $6,972 at June 30, 2015 and December 31, 2014		1,048		2,319
Total	$	1,048	$	2,319

5. AVAILABLE-FOR-SALE AND EQUITY SECURITIES

The fair value of the equity securities we held were categorized as available-for-sale securities, which were carried at a fair value of zero, consisted of shares in Security Innovation and Xion Pharmaceutical Corporation (“Xion”). We own 223,317 shares of stock in the privately held Security Innovation, an independent provider of secure software located in Wilmington, MA.

In September 2009 we announced the formation of a joint venture with Xion for the commercialization of our patented melanocortin analogues for treating sexual dysfunction and obesity. CTI currently owns 60 shares of common stock or 30% of the outstanding stock of privately held Xion. The Company has been notified that Xion Pharmaceutical Corporation will be dissolved in 2015 with no financial impact to the Company.

6. FAIR VALUE MEASUREMEMENTS

The Company measures fair value in accordance with Topic 820 of the FASB Accounting Standards Codification (“ASC”), Fair Value Measurement (“ASC 820”), which provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described as follows:

Level 1 -	Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access.

Level 2 -	Inputs to the valuation methodology include:
	·	Quoted prices for similar assets or liabilities in active markets;
	·	Quoted prices for identical or similar assets or liabilities in inactive markets;
	·	Inputs other than quoted prices that are observable for the asset or liability;
	·	Inputs that are derived principally from or corroborated by observable market data by correlation or other means.
	If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.

Level 3 -	Inputs to the valuation methodology are unobservable and significant to the fair value measurement

PART I. FINANCIAL INFORMATION (Continued)

CALMARE THERAPEUTICS INCORPORATED AND SUBSIDIARY

The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

The Company values its derivative liability associated with the variable conversion feature on its Series C Convertible Preferred Stock (Note 12) based on the market price of its common stock. For each reporting period the Company calculates the amount of potential common stock that the Series C Preferred Stock could convert into based on the conversion formula (incorporating market value of our common stock) and multiplies those converted shares by the market price of its common stock on that reporting date. The total converted value is subtracted by the consideration paid to determine the fair value of the derivative liability. The Company classified the derivative liability of approximately $77,000 at June 30, 2015 and $66,000 at December 31, 2014, in Level 2 of the fair value hierarchy.

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation method is appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value could result in a different fair value measurement at the reporting date.

The carrying amounts reported in our Condensed Consolidated Balance Sheet for cash, accounts receivable, notes payable, deferred revenue, and preferred stock liability approximate fair value due to the short-term maturity of those financial instruments.

7. PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets consist of the following:

	June 30, 2015		December 31, 2014
Prepaid insurance	$	16,240	$	71,651
Prepaid consulting services		40,000		37,500
Clinical trial		27,119		109,119
Other		17,301		34,832
Prepaid expenses and other current assets	$	100,660	$	253,102

PART I. FINANCIAL INFORMATION (Continued)

CALMARE THERAPEUTICS INCORPORATED AND SUBSIDIARY

8. PROPERTY AND EQUIPMENT

Property and equipment, net, consist of the following:

	June 30, 2015			December 31, 2014
Property and equipment, gross	$	215,491		$	215,491
Accumulated depreciation and amortization		(188,214	)		(179,851	)
Property and equipment, net	$	27,277		$	35,640

Depreciation and amortization expense was $3,904 and $8,363, respectively, during the three and six months ended June 30, 2015, and $4,522 and $6,346, respectively, for the three and six months ended June 30, 2014.

9. ACCRUED EXPENSES AND OTHER LIABILITIES

Accrued expenses and other liabilities consist of the following:

	June 30, 2015		December 31, 2014
Royalties payable	$	340,139	$	314,787
Accrued compensation		81,271		23,573
Accrued interest payable		1,264,367		987,659
Other		294,092		264,163
Accrued expenses and other liabilities, net	$	1,979,869	$	1,590,182

Excluded above is approximately $217,000 of accrued expenses and other liabilities at June 30, 2015 and December 31, 2014, that fall under the Liability Purchase Agreement (“LPA”) with ASC Recap, LLC (“ASC Recap”), and are expected to be repaid using the process as described in Note 10. Because there can be no assurance that the Company will be successful in completing this process, the Company retains ultimate responsibility for these liabilities, until fully paid down.

10. LIABILITIES ASSIGNED TO LIABILITY PURCHASE AGREEMENT

During 2013, the Company negotiated a LPA with Southridge, Partners II, L.P. (“Southridge”). The LPA takes advantage of a provision in the Securities Act of 1933, Section 3(a)(10), that allows the exchange of claims, securities, or property for stock when the arrangement is approved for fairness by a court proceeding. The process, approved by the court in August 2013, has the potential to eliminate nearly $2.1 million of our financial obligations to existing creditors who agreed to participate and executed claims purchase agreements with Southridge’s affiliate ASC Recap accounting for $2,093,303 of existing payables, accrued expenses and other current liabilities, and notes payable. The process began with the issuance in September 2013 of 1,618,235 shares of the Company’s common stock to ASC Recap. During September and October 2013, ASC Recap sold the Company’s common stock and during the three months ended March 31, 2014 paid creditors approximately $80,000 from the proceeds and retained a service fee of approximately $27,000. During 2014, the Company also made cash payments of $18,000 for accrued expenses previously included in the LPA amount. As of November 30, 2015, no further shares of the Company’s common stock had been issued to ASC Recap to settle creditors’ balances.

There can be no assurance that the Company will be successful in completing this process with Southridge, and the Company retains ultimate responsibility for this debt, until fully paid.

PART I. FINANCIAL INFORMATION (Continued)

CALMARE THERAPEUTICS INCORPORATED AND SUBSIDIARY

11. NOTES PAYABLE

Notes payable consist of the following:

	June 30, 2015			December 31, 2014
90 day Convertible Notes (Chairman of the Board)	$	2,498,980		$	2,498,980
24 month Convertible Notes ($100,000 to Board member)		225,000			225,000
10 day Note (Board member)		—			42,500
Series A3 15% OID Convertible Notes and Warrants		14,353			11,765
Series B OID Convertible Notes and Warrants		62,289			56,659
1 Year 15% OID Convertible Notes and Warrants		548,525			244,565
Notes Payable, gross		3,349,147			3,079,469
Less LPA amount		(485,980	)		(485,980	)
Notes Payable, net	$	2,863,167		$	2,593,489

Details of notes payable as of June 30, 2015 are as follows:


	Principal Amount			Carrying Value			Cash Interest Rate			Common Stock Conversion Price		Maturity Date
90 day Convertible Notes (Chairman of the Board)	$	2,498,980		$	2,498,980			6	%	$	1.05		Various 2014
24 month Convertible Notes ($100,000 to Board member)		225,000			225,000			6	%		1.05		March 2014 – June 2014
Series A3 15% OID Convertible Notes and Warrants		11,765	⁽¹⁾		14,353	⁽¹⁾		None			0.25		January 2015
Series B OID Convertible Notes and Warrants		80,000			62,289			None			0.23		March 2017
1 Year 15% OID Convertible Notes and Warrants		661,177			548,525			None			0.20		Aug. 2015 – Feb. 2016
Notes Payable, gross	$	3,476,922			3,349,147
Less LPA amount					(485,980	)
Notes Payable, net				$	2,863,167

(1) Includes $2,588 of accrued loss on conversion of OID note.

PART I. FINANCIAL INFORMATION (Continued)

CALMARE THERAPEUTICS INCORPORATED AND SUBSIDIARY

90 day Convertible Notes

The Company has issued 90-day notes payable to borrow funds from a director, now the chairman of our Board, as follows:

2013	$	1,188,980
2012		1,210,000
2011		100,000
Total	$	2,498,980

These notes have been extended several times and all bear 6.00% simple interest. A conversion feature was added to the Notes when they were extended, which allows for conversion of the eligible principal amounts to common stock at any time after the six month anniversary of the effective date – the date the funds are received – at a rate of $1.05 per share. Additional terms have been added to all Notes to include additional interest of 1% simple interest per month on all amounts outstanding for all Notes if extended beyond their original maturity dates and to provide the lender with a security interest in unencumbered inventory and intangible assets of the Company other than proceeds relating to the Calmare Device and accounts receivable.

Due to the Board’s February 10, 2014 decision authorizing management to nullify certain actions taken by prior management, the additional terms noted above were not approved and therefore, the additional interest for the extension of the Notes was not recorded. During 2014 and 2015, management has been in negotiations to modify the terms of the Notes. However, until those negotiations are resolved, the Company has agreed to honor the additional terms and as such, the Company recorded additional interest of approximately $188,000 during the six months ended June 30, 2015, and has recorded additional interest in total of $807,000.

A total of $485,980 of the aforementioned notes issued between December 1, 2012 and March 31, 2013 fall under the LPA with ASC Recap, and are expected to be repaid using the process as described in Note 10. Because there can be no assurance that the Company will be successful in completing this process, the Company retains ultimate responsibility for this debt, until fully paid down. As a result, the Company continues to accrue interest on these notes and they remain convertible as described above.

24 month Convertible Notes

In March 2012, the Company issued a 24-month convertible promissory note to borrow $100,000. Additional 24-month convertible promissory notes were issued in April 2012 ($25,000) and in June 2012 ($100,000). All of the notes bear 6.00% simple interest. Conversion of the eligible principal amounts to common stock is allowed at any time at a rate of $1.05 per share.

As of November 30, 2015 the Company has not repaid the principal due on the March 2012 $100,000 note, the April 2012 $25,000 note or the June 2012 $100,000 note and is in default under the terms of the notes. As of June 30, 2015, there is also unpaid interest of $25,000 related to these notes.

10 day Note

In late December 2014, the Company issued a 10 day non-interest bearing note to a Board member in the amount of $42,500. This note was repaid in early January 2015.

PART I. FINANCIAL INFORMATION (Continued)
CALMARE THERAPEUTICS INCORPORATED AND SUBSIDIARY

Series A 15% Original Issue Discount (“OID”) Convertible Notes and Warrants

During the quarter ended March 31, 2014, the Company did a private offering of a third tranche of convertible notes and warrants, under which it issued $64,706 of convertible promissory notes for consideration of $55,000, the difference between the proceeds from the notes and principal amount consists of $9,706 of original issue discount. The notes are convertible at an initial conversion price of $0.25 per share any time after issuance thereby having an embedded beneficial conversion feature.

The note holders were also issued market-related warrants for 129,412 in shares of common stock. The warrants have an exercise price of $0.60 and a term of 2 years. The beneficial conversion feature, if any, and the warrants were recorded to additional paid-in-capital. The Company allocated the proceeds received to the notes, the beneficial conversion feature and the warrants on a relative fair value basis at the time of issuance. The total debt discount is amortized over the life of the notes to interest expense.

The beneficial conversion feature was valued at the intrinsic value on the issuance date. The intrinsic value represents the difference between the conversion price and the fair value of the common stock multiplied by the number of share into which the note is convertible. We estimated the fair value of the warrants on the issue date using a Black-Scholes pricing model with the following assumptions:

	Warrants
Expected term	2 years
Volatility	184.88	%
Risk Free Rate	0.32	%

The proceeds of the Notes issued during the three months ended March 31, 2014 were allocated to the components as follows:

	Proceeds allocated at issue date
Private Offering Notes	$	32,390
Private Offering Warrants		14,845
Beneficial Conversion feature		7,765
Total	$	55,000

During the quarter ended June 30, 2014, certain holders of OID convertible notes and warrants delivered to the Company a notice of conversion related to the OID convertible notes. Due to the timing of receipt of the notices by the Company, certain Note holders (“Noteholders”) received their shares during the quarter ended June 30, 2014, while other Noteholders received or are due to receive their shares after June 30, 2014. Additionally, the Company offered certain Noteholders an inducement to convert their notes to shares. The inducement, when offered, provided Noteholders a conversion price of $0.20. All other original terms, including the warrant terms, remained the same. Upon notice of conversion and irrespective of whether the shares were delivered in the quarter ended June 30, 2014 or subsequent to June 30, 2014 to the Company: (i) accelerated and recognized as interest expense in the current period any remaining discount, and (ii) recognized a loss for the fair value of the additional shares offered as the conversion inducement.

Presented below is summary information related to the conversion:

Statement of Operations
Loss on conversion of notes	$	43,288
Accelerated interest expense	$	35,109

Balance Sheet
Shares issued as of June 30, 2014		798,825
Shares to be issued subsequent to June 30, 2014		529,415
Principal amount of notes converted	$	265,648

During the quarter ended March 31, 2015, a holder of OID convertible notes and warrants delivered to the Company a notice of conversion related to the OID convertible notes. Additionally, the Company offered the Noteholder an inducement to convert his/her notes to shares. The inducement provided the Noteholder a conversion price of $0.20. All other original terms, including the warrant terms, remained the same. Upon notice of conversion, the Company: (i) accelerated and recognized as interest expense in the current period any remaining discount, and (ii) recognized a loss for the fair value of the additional shares offered as the conversion inducement. As of June 30, 2015, the Company had not issued the shares due related to the conversion notice.

PART I. FINANCIAL INFORMATION (Continued)
CALMARE THERAPEUTICS INCORPORATED AND SUBSIDIARY

Presented below is summary information related to the conversion:

Statement of Operations
Loss on conversion of notes	$	2,588
Accelerated interest expense	$	—

Balance Sheet
Shares issued		—

Principal amount of notes converted	$	11,765

Series B Original Issue Discount Convertible Notes and Warrants

During the quarter ended March 31, 2014, the Company did a private offering of convertible notes and warrants, under which it issued $80,000 of convertible promissory notes for consideration of $65,000, the difference between the proceeds from the notes and principal amount consists of $15,000 of original issue discount. The notes are convertible at an initial conversion price of $0.35 per share any time after issuance thereby having an embedded beneficial conversion feature. The note holders were also issued market-related warrants for 185,714 in shares of common stock. The warrants have an exercise price of $0.45 and a 4-year term. The beneficial conversion feature and the warrants were recorded to additional paid-in-capital. The Company allocated the proceeds received to the notes, the beneficial conversion feature and the warrants on a relative fair value basis at the time of issuance. The total debt discount is amortized over the life of the notes to interest expense.

	Warrants March 20, 2014
Expected term		4 years
Volatility		151.52	%
Risk Free Rate		1.32	%

The proceeds of the Notes were allocated to the components as follows:

	Proceeds allocated at issue date
Private Offering Notes	$	34,272
Private Offering Warrants		26,811
Beneficial Conversion feature		3,917
Total	$	65,000

The Series B OID notes include an anti-dilution provision that if the Company issues more than 20 million shares of its common stock, subject to certain exceptions, the conversion price of the notes and the conversion price of the warrants would be subject to an automatic pre-determined price adjustment. During the quarter ended December 31, 2014 the Series B OID noteholder and the Company agreed that this anti-dilution provision had been triggered and the OID note share conversion price was adjusted down to $0.23 per share, which increased the number of shares available upon conversion to 347,826. The anti-dilution provision in the Warrant changed the share purchase price downward to $0.33 per share but did not change the number of shares available under the Warrant.

As a result of the triggering of the above noted one time anti-dilution provision, the Company reallocated the proceeds of the Notes during the quarter ended December 31, 2014 as follows:

	Proceeds allocated at issue date
Private Offering Notes	$	46,222
Private Offering Warrants		18,778
Beneficial Conversion feature		—
Total	$	65,000

1 Year 15% OID Convertible Notes and Warrants

During the quarter ended March 31, 2015, the Company did an additional private offering of convertible notes and warrants, under which it issued $302,353 of convertible promissory notes for consideration of $257,000, the difference between the proceeds from the notes and principal amount consists of $45,353 of original issue discount. The notes are convertible at an initial conversion price of $0.20 per share any time after issuance thereby having an embedded beneficial conversion feature. The note holders were also issued market-related warrants for 755,882 in shares of common stock. The warrants have an exercise price of $0.60 and a 1-year term. The beneficial conversion feature and the warrants were recorded to additional paid-in-capital. The Company allocated the proceeds received to the notes, the beneficial conversion feature and the warrants on a relative fair value basis at the time of issuance. The total debt discount is amortized over the life of the notes to interest expense.

The beneficial conversion feature was valued at the intrinsic value on the issuance date. The intrinsic value represents the difference between the conversion price and the fair value of the common stock multiplied by the number of shares into which the note is convertible. We estimated the fair value of the warrants on the issue date using a Black-Scholes pricing model with the following assumptions:

	Warrants three months ended March 31, 2015
Expected term		1 year
Volatility		180.15-185.71	%
Risk Free Rate		0.18-0.22	%

The proceeds of the Notes were allocated to the components as follows:

	Proceeds allocated at issue date
Private Offering Notes	$	197,521
Private Offering Warrants		46,097
Beneficial Conversion feature		13,382
Total	$	257,000

During the quarter ended June 30, 2015, a holder of OID convertible notes and warrants delivered to the Company a notice of conversion related to the OID convertible notes, with a principal amount of $5,882. As of June 30, 2015, the Company had not issued the shares due related to the conversion notice. The shares were issued in September 2015.

Tonaquint 9% Original Issue Discount Convertible Notes and Warrants

During the quarter ended September 30, 2013, the Company entered into a securities purchase agreement with Tonaquint, Inc., under which it was issued a $112,500 convertible promissory note in consideration for $100,000, the difference between the proceeds from the Note and the principal amount consisted of a $10,000 original issue discount and a carried transaction expense of $2,500. The original issue discount was being amortized over the life of the note. The note was convertible at an initial conversion price of $0.30 per share at any time, and contained a “down-round protection” feature that requires the valuation of a derivative liability associated with the note. The note bore interest at 7% and was due in May 2014. Tonaquint was also issued a market-related warrant for $112,500 in shares of common stock with a “cashless” exercise feature. The warrant had a $0.35 exercise price, a 5-year term and included a “down-round protection” feature that required it to be classified as a liability rather than as equity.

During the first quarter of 2014 the Company executed a debt settlement agreement with Tonaquint related to the note and warrant. The warrant was settled during the first quarter of 2014 for a cash payment of $98,000, resulting in a loss of $98,000. The note was settled during the second quarter of 2014 for cash payments totaling $144,000 ($20,000 paid in the first quarter of 2014 and $124,000 paid in the second quarter of 2014). Because the execution of the debt settlement agreement in the first quarter of 2014 resulted in a significant modification of the original terms of the note agreement, the Company adjusted the carrying value of the note in the first quarter of 2014 and recorded a related loss of approximately $34,000.

Southridge

During 2013, the Company issued a six-month $12,000 convertible note payable to Southridge to cover legal expenses as part of the LPA. The convertible note was convertible into the Company’s common stock at the greater of $0.25 or 85% of the average closing bid price during the five (5) trading days prior to conversion and was due in June 2014.

During the third quarter of 2014, the Company issued to Southridge 50,000 shares in exchange for and in full satisfaction for the note and recorded a $5,500 loss upon conversion of the note.

PART I. FINANCIAL INFORMATION (Continued)
CALMARE THERAPEUTICS INCORPORATED AND SUBSIDIARY

12. SHAREHOLDERS’ DEFICIENCY

Stock Option Plan

On May 2, 2011 the Company adopted and executed the Employees’ Directors’ and Consultants Stock Option Plan (the “Plan”). During the three months ended March 31, 2015, the Company granted 50,000 options to non-employee directors which were fully vested upon issuance. During the three months ended March 31, 2014, the Company granted 42,500 options to non-employee directors which were fully vested upon issuance. No options were granted during the three months ended June 30, 2015. During the three months ended June 30, 2014, the Company granted 320,000 options to employees. 20% of the options vested upon issuance and the remaining options vest ratably over a four (4) year period.

We estimated the fair value of each option on the grant date using a Black-Scholes option-pricing model with the following weighted average assumptions:

	Six-months ended			Six-months ended
	June 30, 2015			June 30, 2014
Dividend yield (1)		0.00	%		0.00	%
Expected volatility (2)		164.5	%		118.5-122.4	%
Risk-free interest rates (3)		1.61	%		1.19-1.72	%
Expected lives (2)		5.0 YEARS			4.0-5.0 YEARS

	(1)	We have not paid cash dividends on our common stock since 1981, and currently do not have plans to pay or declare cash dividends. Consequently, we used an expected dividend rate of zero for the valuations.
	(2)	Estimated based on our historical experience. Volatility was based on historical experience over a period equivalent to the expected life in years.
	(3)	Based on the U.S. Treasury constant maturity interest rate with a term consistent with the expected life of the options granted.

During the six months ended June 30, 2015, the Company recognized expense of $7,963 for stock options issued to directors and recognized expense of $8,106 and $16,212, respectively, for the three and six months ended June 30, 2015, for stock options issued to employees.

During the six months ended June 30, 2014, the Company recognized expense of $11,178 for stock options issued to directors and recognized expense of $26,795 and $29,945, respectively, for the three and six months ended June 30, 2014, for stock options issued to employees.

Preferred Stock

Holders of 5% preferred stock are entitled to receive, if, as, and when declared by the Board of Directors, out of funds legally available therefore, preferential non-cumulative dividends at the rate of $1.25 per share per annum, payable quarterly, before any dividends may be declared or paid upon or other distribution made in respect of any share of common stock. The 5% preferred stock is redeemable, in whole at any time or in part from time to time, on 30 days’ notice, at the option of the Company, at a redemption price of $25. In the event of voluntary or involuntary liquidation, the holders of preferred stock are entitled to $25 per share in cash before any distribution of assets can be made to holders of common stock.

Each share of 5% preferred stock is entitled to one vote. Holders of 5% preferred stock have no preemptive or conversion rights. The preferred stock is not registered to be publicly traded.

PART I. FINANCIAL INFORMATION (Continued)

CALMARE THERAPEUTICS INCORPORATED AND SUBSIDIARY

The rights of the Series C Convertible Preferred Stock are as follows:

Dividend rights – The shares of Series C Convertible Preferred Stock accrue a 5% cumulative dividend on a quarterly basis and is payable on the last day of each fiscal quarter when declared by the Company’s Board. As of June 30, 2015, dividends declared were $93,748, of which $4,675 and $9,298, respectively, were declared during the three and six months ended June 30, 2015 and $75,000 have not been paid and are shown in accrued and other liabilities at June 30, 2015.

Voting rights – Holders of these shares of Series C Convertible Preferred Stock shall have voting rights equivalent to 1,000 votes per $1,000 par value Series C Convertible Preferred share voted together with the shares of Common Stock

Liquidation rights – Upon any liquidation these Series C Convertible Preferred Stock shares shall be treated as equivalent to shares of Common stock to which they are convertible.

Conversion rights – Holder has right to convert each share of Series C Convertible Preferred Stock at any time into shares of the Company’s common stock at a conversion price for each share of common stock equal to 85% of the lower of (a) the closing market price at the date of notice of conversion or (b) the mid-point of the last bid price and the last ask price on the date of the notice of conversion. The variable conversion feature creates an embedded derivative that was bifurcated from the Series C Convertible Preferred Stock on the date of issuance and was recorded at fair value. The derivative liability will be recorded at fair value on each reporting date with any change recorded in the Statement of Operations as an unrealized (gain) loss on derivative instrument.

The Company recorded a convertible preferred stock derivative liability of $77,080 and $66,177, respectively, associated with the 375 shares of Series C Convertible Preferred Stock outstanding at June 30, 2015 and December 31, 2014.

The Company has classified the Series C Convertible Preferred Stock as a liability at June 30, 2015 and December 31, 2014 because the variable conversion feature may require the Company to settle the conversion in a variable number of its common shares.

Common Stock

On October 15, 2015 the shareholders approved an increase in the number of authorized shares of common stock from 40 million to 100 million.

On August 14, 2014 the shareholders approved an amendment to the Company’s certification of incorporation to effect up to a one-for-ten reverse stock split (the “reverse Stock Split” of the Company’s issued and authorized outstanding common stock. The Board of Directors, in its sole discretion, has discretion to implement the Reverse Stock Split. As of November 20, 2015, the Board of Directors has not implemented the Reverse Stock Split.

During the quarter ended March 31, 2015, the Company did a private offering of its common stock and warrants, for consideration of $75,000. 375,000 shares of common stock were issued at a per share price of $0.20. The common stock holders were also issued warrants to purchase 187,500 shares of common stock. The warrants have an exercise price of $0.60 and a 3-year term. The warrants were recorded to additional paid-in-capital.

During the quarter ended June 30, 2015, the Company did an additional private offering of its common stock and warrants, for consideration of $290,000. 1,450,000 shares of common stock were issued at a per share price of $0.20. The common stock holders were also issued warrants to purchase 725,000 shares of common stock. The warrants have an exercise price of $0.60 and a 3-year term. The warrants were recorded to additional paid-in-capital.

During the quarter ended March 31, 2014, the Company did a private offering of its common stock and warrants, for consideration of $500,000. 2,500,000 shares of common stock were issued at a per share price of $0.20. The common stock holders were also issued warrants to purchase 1,250,000 shares of common stock. The warrants have an exercise price of $0.60 and a 3-year term. The warrants were recorded to additional paid-in-capital.

During the quarter ended June 30, 2014, the Company did an additional private offering of its common stock and warrants, for consideration of $170,000. 850,000 shares of common stock were issued at a per share price of $0.20. The common stock holders were also issued warrants to purchase 425,000 shares of common stock. The warrants have an exercise price of $0.60 and a 3-year term. The warrants were recorded to additional paid-in-capital.

During the quarter ended March 31, 2015, the Company issued 500,000 shares with a fair value of $80,000 to an advisory firm for consulting services. The Company is amortizing the $80,000 over the service period and recorded $20,000 of expense in the quarter ended June 30, 2015 and $40,000 of expense in the six months ended June 30, 2015.

During the quarter ended March 31, 2015, the Company issued 333,333 stock warrants for consulting services performed and recorded consulting expense of $75,000 for the fair value of the warrants.

PART I. FINANCIAL INFORMATION (Continued)

CALMARE THERAPEUTICS INCORPORATED AND SUBSIDIARY

During the three months ended March 31, 2015 and 2014, the Company issued 12,500 and 10,625 shares of its common stock to non-employee directors under its Director Compensation Plan. The Company recorded expense of $2,125 and $4,038 for director stock compensation expense in the three months ended March 31, 2015 and 2014. No shares were issued during the three months ended June 30, 2015 and 2014. Additionally, no expense was recorded in the three months ended June 30, 2015 and 2014.

13. CONTRACTUAL OBLIGATIONS AND CONTINGENCIES

As of June 30, 2015, CTI and its majority owned subsidiary, VVI, have remaining obligations, contingent upon receipt of certain revenues, to repay up to $165,788 and $198,334, respectively, in consideration of grant funding received in 1994 and 1995. CTI also is obligated to pay at the rate of 7.5% of its revenues, if any, from transferring rights to certain inventions supported by the grant funds. VVI is obligated to pay at rates of 1.5% of its net sales of supported products or 15% of its revenues from licensing supported products, if any.

Contingencies – Litigation

Tim Conley (case pending) - On August 18, 2014, notice was issued to the Company that on June 23, 2014, Timothy Conley (the “Plaintiff”) filed a complaint against the Company, in the United States District Court for the District of Rhode Island. The complaint alleges that the Company’s former acting interim CEO, Johnnie Johnson, and Plaintiff entered into an agreement whereby the Company agreed to make payments to Plaintiff. Among other allegations, Plaintiff claims that the Company’s nonpayment to Plaintiff constitutes a breach of contract. The Company believes it has meritorious defenses to the allegations and the Company intends to vigorously defend against the litigation.

GEOMC (case pending) - On August 22, 2014, GEOMC filed a complaint against the Company in the United States District Court for the District of Connecticut. The complaint alleges that the Company and GEOMC entered into a security agreement whereby in exchange for GEOMC’s sale and delivery of the Scrambler Therapy devices (the “Devices”), the Company would grant GEOMC a security interest in the Devices. Among other allegations, GEOMC claims that the Company has failed to comply with the terms of the security agreement and seeks an order to the Court to replevy the Devices or collect damages. The Company believes it has meritorious defenses to the allegations and the Company intends to vigorously defend against the litigation.

Summary – We may be a party to other legal actions and proceedings from time to time. We are unable to estimate legal expenses or losses we may incur, if any, or possible damages we may recover, and we have not recorded any potential judgment losses or proceeds in our financial statements to date. We record expenses in connection with these suits as incurred.

An unfavorable resolution of any or all matters, and/or our incurrence of significant legal fees and other costs to defend or prosecute any of these actions and proceedings may, depending on the amount and timing, have a material adverse effect on our consolidated financial position, results of operations or cash flows in a particular period.

PART I. FINANCIAL INFORMATION (Continued)

CALMARE THERAPEUTICS INCORPORATED AND SUBSIDIARY

CTI’s Distribution Rights, Marineo and Delta

On April 8, 2014, Mr. Giuseppe Marineo, an inventor of the Calmare® pain therapy device, and Delta Research and Development (“Delta”), Mr. Marineo’s research company, and Delta International Services and Logistics (“DIS&L”), Delta’s commercial arm in which Mr. Marineo is the sole beneficiary of all proceeds as its founder and sole owner (collectively the “Group”), issued a press release (the “Group’s Press Release”) regarding CTI stating that the Company did not have authority to sell, distribute and manufacture the Calmare Device as an exclusive agent of the Group. CTI issued a corporate response in a press release dated April 11, 2014 stating that the Group’s Press Release was inaccurate and has since been purged by the overseeing body of wire services.

This issue between the Company and the Group is over the validity of a 2012 Amendment to a Sales and Representation Agreement (the “Amendment”) which, if valid and enforceable, may have compromised its rights to sell, distribute and manufacture the Calmare Device as an exclusive agent of the Group in the global marketplace, especially in the European, Middle Eastern and North African (“EMENA”) territory which was responsible for approximately 70% of gross Calmare Device sales in 2011. However, the Company believes that the Amendment is neither valid nor enforceable as it was never duly signed or authorized and subsequently deemed null and void as disclosed on April 16, 2014 in the Form 10-K filing. Therefore, the parties’ rights are determined by an earlier agreement whereby the Company possesses the authority to sell, distribute and manufacture the Calmare Device as a world-wide exclusive agent of the Group.

On April 16, 2014, counsel for the Group (“Group Counsel”) sent a cease and desist letter (“Cease and Desist Letter”) to the Company, requesting a confirmation that the Company would no longer hold itself out as an agent of the Group permitted to sell, distribute and manufacture the Calmare Device world-wide including the EMENA territory.

The Company responded on April 25, 2014 to the Cease and Desist Letter, disputing Group Counsel’s interpretation of the events surrounding the execution of the Amendment. At this time, the Company continues to work to find a reasonable and amicable resolution to the situation.

Unsigned Agreements

The Company uses two unrelated firms to provide marketing and investor relations services, CME Acuity (“CMEA”) and Legend Capital Management (“LCM”), respectively. The LCM and CMEA agreements were not signed due to an inability to come to final terms due to certain nuances in either agreement that included but were not limited to assignment of human capital and allowable performance based bonus(es). However, from the start date until June 30, 2015, the respective firms were compensated for services rendered on a “pay-as-we go” basis (the “Arrangement”). The aforementioned Arrangement is expected to continue for the next few consecutive quarters until such time as their agreements can be consummated.

14. RELATED PARTY TRANSACTIONS

Our board of directors determined that when a director’s services are outside the normal duties of a director, we compensate the director at the rate of $1,000 per day, plus expenses, which is the same amount we pay a director for attending a one-day Board meeting. We classify these amounts as consulting expenses, included in personnel and consulting expenses.

At June 30, 2015, $2,598,980 of the outstanding Notes payable were Notes payable to related parties; $2,498,980 to the chairman of our Board and $100,000 to another director.

15. SUBSEQUENT EVENTS

From July 1, 2015 to November 30, 2015 the Company obtained additional funding, including $600,000 of hybrid debt funding. From July 1, 2015 to November 30, 2015, the Company did a private offering of convertible notes and warrants, under which it issued $706,000 of convertible promissory notes for consideration of $600,000, the difference between the proceeds from the notes and principal amount consists of $106,000 of original issue discount. The notes are convertible at a conversion price of $0.25 per share. The note holder was also issued market-related warrants for 1,412,000 in shares of common stock. The warrants have an exercise price of $0.60 and a 1-year term.

On September 15, 2015, the Company announced the appointment of Stephen J. D’Amato, M.D. as Chief Medical Officer of the Company. During 2010, CALMARx Pain Relief, LLC, purchased 10 Calmare devices from the Company for an aggregate purchase price of $550,000. Additionally, during 2015 and 2014, CALMARx purchased certain supplies from the Company. Dr. D’Amato is one of the owners and managers of CALMARx Pain Relief, LLC.

On October 15, 2015, the Company entered into a consulting agreement with VADM Robert T. Conway, Jr., U.S. Navy, (Ret) (the “Admiral”), a member of the Company’s Board of Directors. The agreement is for one year and includes compensation of a monthly retainer fee of $7,500 and a five year warrant to purchase 167,000 shares of common stock of the Company, fully vested on the date of issuance, at a strike price of $.60 per share with an aggregate estimate fair value of $33,734. As a result of this agreement, the Board of Directors has determined that the Admiral is no longer an independent director of the Company.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

Statements about our future expectations are “forward-looking statements” within the meaning of applicable Federal Securities Laws, and are not guarantees of future performance. When used in herein, the words “may,” “will,” “should,” “anticipate,” “believe,” “intend,” “plan,” “expect,” “estimate,” “approximate,” and similar expressions are intended to identify such forward-looking statements. These statements involve risks and uncertainties inherent in our business, including those set forth in Item 1A under the caption “Risk Factors,” in our most recent Annual Report on Form 10-K for the year ended December 31, 2014, filed with the Securities and Exchange Commission (“SEC”) on June 24, 2015, and other filings with the SEC, and are subject to change at any time. Our actual results could differ materially from these forward-looking statements. We undertake no obligation to update publicly any forward-looking statement.

Overview

Calmare Therapeutics Incorporated (“CTI”) was incorporated in Delaware in 1971, succeeding an Illinois corporation incorporated in 1968. CTI and its majority-owned subsidiary (collectively, “we,” “our,” or “us”), is a biotechnology company developing and commercializing innovative products and technologies. CTI is the licensed distributor of the non-invasive, Calmare pain therapy medical device, which was designed and developed to treat neuropathic and cancer-derived pain.

Effective August 20, 2014, CTI changed its name from Competitive Technologies, Inc. to Calmare Therapeutics Incorporated.

Since 2011, the Company has controlled the sales process for the Calmare Device. We are the primary obligor, responsible for delivering devices as well as training our customers in the proper use of the device. We deal directly with customers, setting pricing and providing training; contribute to the development, new specifications and changes thereto, and to select and contract with manufacturing partners; and retain significant credit risk for amounts billed to customers. Therefore, all product sales are recorded following a gross revenue methodology. We record in product sales, the total funds earned from customers and record the costs of the device as cost of product sales, with gross profit from product sales being the result.

Sales of our Calmare device continue to be the major source of revenue for the Company. The Company’s original 2007 agreement with Giuseppe Marineo (the “Scrambler Therapy Agreement”), an inventor of Scrambler Therapy technology (“ST”), and Delta Research and Development (“Delta”), authorized CTI to manufacture and sell worldwide the device developed from the patented ST. The original agreement was amended in 2011 to provide the Company with exclusive rights to the ST through March 31, 2016. In July 2012, the Company attempted to negotiate a five-year extension to the agreement with Marineo and Delta (the “2012 Amendment”). However, the Company believes that the 2012 Amendment is neither valid nor enforceable as it was never duly signed or authorized and subsequently deemed null and void. The Scrambler Therapy technology is patented in Italy and the U.S. Additional applications for patents have been filed internationally and are pending approval. The Calmare® device has CE Mark certification from the European Union as well as U.S. FDA 510(k) clearance.

CTI’s Distribution Rights, Marineo and Delta

On April 8, 2014, Mr. Giuseppe Marineo, an inventor of the Calmare Device, and Delta Research and Development (“Delta”), Mr. Marineo’s research company, and Delta International Services and Logistics (“DIS&L”), Delta’s commercial arm in which Mr. Marineo is the sole beneficiary of all proceeds as its founder and sole owner (collectively the “Group”), issued a press release (the “Group’s Press Release”) regarding CTI, stating that the Company did not have authority to sell, distribute and manufacture the Calmare Device as an exclusive agent of the Group. CTI issued a corporate response in a press release dated April 11, 2014 stating that the Group’s Press Release was inaccurate and has since been purged by the overseeing body of wire services.

This issue between the Company and the Group is over the validity of a 2012 Amendment to a Sales and Representation Agreement (the “Amendment”) which, if valid and enforceable, may have compromised its rights to sell, distribute and manufacture the Calmare Device as an exclusive agent of the Group in the global marketplace, especially in the European, Middle Eastern and North African (“EMENA”) territory which was responsible for approximately 70% of gross Calmare Device sales in 2011. However, the Company believes that the Amendment is neither valid nor enforceable as it was never duly signed or authorized and subsequently deemed null and void. Therefore, the parties’ rights are determined by an earlier agreement whereby the Company still possesses the authority to sell, distribute and manufacture Calmare Devices as a world-wide exclusive agent of the Group.

On April 16, 2014, counsel for the Group (“Group Counsel”) sent a cease and desist letter (“Cease and Desist Letter”) to the Company, requesting a confirmation that the Company would no longer hold itself out as an agent of the Group permitted to sell, distribute and manufacture Calmare Devices world-wide including the EMENA territory.

Presentation

All amounts in this Item 2 are rounded to the nearest thousand dollars.

The following discussion and analysis provides information that we believe is relevant to an assessment and understanding of our financial condition and results of operations. This discussion and analysis should be read in conjunction with our Consolidated Financial Statements and Notes thereto.

Results of Operations – Three months ended June 30, 2015 vs. three months ended June 30, 2014

Summary of Results

Our net loss, for the quarter ended June 30, 2015, decreased to $779,000 or $0.03 per basic and diluted share as compared with a net loss of $791,000 or $0.03 per basic and diluted share for the comparable quarter of 2014. This net loss decrease is primarily attributable to a $57,000 decrease in personnel and consulting expenses and a $23,000 decrease in selling expenses, partially offset by a $64,000 decrease in gross profit from product sales related to an $116,000 decrease in products sales.

Revenue and Gross Profit from Sales

Revenue from the sale and shipment of Calmare® pain therapy medical devices (the “Devices”), in the three months ended June 30, 2015, decreased $116,000 to $200,000 as compared with $316,000 for the comparable quarter of 2014.

Cost of product sales, in the three months ended June 30, 2015, decreased $52,000 to $46,000 as compared with $98,000 for the comparable quarter of 2014. This decrease in cost of product sold is attributable to the decrease in sales as well as an increase in gross margin.

Device sales, in the three months ended June 30, 2015, decreased with the sale of two (2) Devices as compared with four (4) Device sales for the comparable quarter of 2014. Device sales for the three months ended June 30, 2015 were comprised of two (2) U.S. private sector sales. Device sales for the three months ended June 30, 2014 were comprised of three (3) U.S. private sector and one (1) U.S. military sales.

Due to the relatively long sales cycle for a Device, Device sales and related revenues and expenses can and will vary significantly from quarter to quarter.

Other Revenue

Retained royalties, in the three months ended June 30, 2015 of $2,000, were substantially unchanged compared to $2,000 in the three months ended June 30, 2014.

Other income, for the three months ended June 30, 2015, was $17,000 as compared with $14,000 in the three months ended June 30, 2014. Other income includes:

	Three Months Ended June 30, 2015		Three Months Ended June 30, 2014
Training payments and the sale of supplies i.e., electrodes and cables for use with our Calmare Devices	$	11,000	$	3,000
Rental income from customers who were renting Calmare Devices from CTI	$	6,000	$	11,000

Expenses

Total expenses decreased $73,000 or 7% to $952,000 in the three months ended June 30, 2015 as compared with $1,025,000 in the three months ended June 30, 2014.

Total operating expenses decreased $70,000 or 9% to $737,000 in the three months ended June 30, 2015 as compared with $807,000 in the three months ended June 30, 2014.

Selling expenses decreased 35% or $23,000 to $43,000 in the three months ended June 30, 2015 as compared with $66,000 in the three months ended June 30, 2014 and reflects decreased commissions as a result of decreased Devices sales.

Personnel and consulting expenses, in the three months ended June 30, 2015, decreased 13% or $57,000 to $367,000 as compared with $424,000 in the three months ended June 30, 2014. This decrease is primarily attributable to a decrease in consulting costs related to sales and corporate activities.

General and administrative expenses, in the three months ended June 30, 2015, increased 3% or $10,000 to $327,000 as compared with $317,000 in the three months ended June 30, 2014. The increase primarily relates an increase in litigation costs, partially offset by a decrease in corporate, sales and marketing travel costs.

Interest expense, in the three months ended June 30, 2015, increased $92,000 or 81% to $205,000 as compared with $113,000 in the three months ended June 30, 2014 primarily as a result of the 1% additional monthly interest for the 90 day Convertible Notes (see Note 11 of the Notes to Condensed Consolidated Interim Financial Statements).

Unrealized loss on derivative instruments, in the three months ended June 30, 2015, was $11,000, as compared with a $25,000 loss in the three months ended June 30, 2014. This reflects the impact of the movement in CTI’s share price on the Class C Preferred Stock at the end of each period.

Results of Operations – Six months ended June 30, 2015 vs. six months ended June 30, 2014

Summary of Results

Our net loss, for the six months ended June 30, 2015, increased to $1,783,000 or $0.03 per basic and diluted share as compared with a net loss of $1,517,000 or $0.03 per basic and diluted share for the comparable six months of 2014. This net loss increase is primarily attributable to $209,000 decrease in gross profit from product sales related to a $329,000 decrease in products sales, partially offset by a $94,000 decrease in selling expenses.

Revenue and Gross Profit from Sales

Revenue from the sale and shipment of Calmare® pain therapy medical devices (the “Devices”), in the six months ended June 30, 2015, decreased $329,000 to $208,000 as compared with $537,000 for the comparable six months of 2014.

Cost of product sales, in the six months ended June 30, 2015, decreased $120,000 to $48,000 as compared with $168,000 for the comparable six months of 2014. This decrease in cost of product sold is attributable to the decrease in sales as well as an increase in gross margin.

Device sales, in the six months ended June 30, 2015, decreased with the sale of two (2) Devices as compared with seven (7) Device sales for the comparable six months of 2014. Device sales for the six months ended June 30, 2015 were comprised of two (2) U.S. private sector sales. Device sales for the six months ended June 30, 2014 were comprised of six (6) U.S. private sector and one (1) U.S. military sales.

Due to the relatively long sales cycle for a Device, Device sales and related revenues and expenses can and will vary significantly from quarter to quarter.

Other Revenue

Retained royalties, in the six months ended June 30, 2015 of $5,000, were substantially unchanged compared to $5,000 in the six months ended June 30, 2014.

Other income, for the six months ended June 30, 2015, was $26,000 as compared with $17,000 in the six months ended June 30, 2014. Other income includes:


	Six Months Ended June 30, 2015		Six Months Ended June 30, 2014
Training payments and the sale of supplies i.e., electrodes and cables for use with our Calmare Devices	$	14,000	$	4,000
Rental income from customers who were renting Calmare Devices from CTI	$	12,000	$	13,000

Expenses

Total expenses increased $65,000 or 3% to $1,973,000 in the six months ended June 30, 2015 as compared with $1,908,000 in the six months ended June 30, 2014.

Total operating expenses increased $101,000 or 7% to $1,569,000 in the six months ended June 30, 2015 as compared with $1,468,000 in the six months ended June 30, 2014.

Selling expenses decreased 68% or $94,000 to $44,000 in the six months ended June 30, 2015 as compared with $138,000 in the six months ended June 30, 2014 and reflects decreased commissions as a result of decreased Devices sales.

Personnel and consulting expenses, in the six months ended June 30, 2015, increased 7% or $55,000 to $874,000 as compared with $819,000 in the six months ended June 30, 2014. This increase is primarily related to an increase in consulting costs of $154,000, principally in the form of equity compensation (stock and warrants) in the areas of sales and investor advisory services, partially offset by an $97,000 decrease in personnel costs, principally related to incentive compensation.

General and administrative expenses, in the six months ended June 30, 2015, increased 27% or $139,000 to $650,000 as compared with $511,000 in the six months ended June 30, 2014. The increase primarily relates an increase in litigation costs, partially offset by a decrease in corporate, sales and marketing travel costs.

Interest expense, in the six months ended June 30, 2015, increased $173,000 or 79% to $391,000 as compared with $218,000 in the six months ended June 30, 2014 primarily as a result of the 1% additional monthly interest for the 90 day Convertible Notes (see Note 11 of the Notes to Condensed Consolidated Interim Financial Statements).

Unrealized loss on derivative instruments, in the six months ended June 30, 2015, was $11,000, as compared with a $12,000 loss in the six months ended June 30, 2014. This reflects the impact of the movement in CTI’s share price on the Class C Preferred Stock at the end of each period.

Financial Condition and Liquidity

Our liquidity requirements arise principally from our working capital needs, including funds needed to sell our current technologies and obtain new technologies or products, and protect and enforce our intellectual property rights, if necessary. We fund our liquidity requirements with a combination of cash on hand, debt and equity financing, sales of common stock and cash flows from operations, if any. At June 30, 2015, the Company had outstanding debt in the form of promissory notes with a total principal amount of $3,477,000 and a carrying value of $3,349,000.

Our future cash requirements depend on many factors, including results of our operations and marketing efforts, results and costs of our legal proceedings, and our equity financing. To achieve and sustain profitability, we are implementing a corporate reengineering effort, which commenced on September 26, 2013 under the direction of CTI’s new president & CEO, Mr. Conrad Mir. This plan design will change the inherent design of the current distributor network and focus on opportunities within the US Departments of Defense (the “DOD”) and Veterans Affairs (“VA”), and set out to upgrade CTI’s current U.S. Food and Drug Administration (“FDA”) clearance designation for the Calmare Device to approval. Although we cannot be certain that we will be successful in these efforts, we believe the combination of our cash on hand and revenue from executing our strategic plan will be sufficient to meet our obligations of current and anticipated operating cash requirements.

In fiscal 2010, the Company incorporated revenue from the sale of inventory into its revenue stream. That source of revenue is expected to continue as sales of its Calmare Device continue to expand and other products are added to the Company’s portfolio of technologies.

At June 30, 2015, cash was $75,000, as compared with $6,000 at December 31, 2014. Net cash used in operating activities was $(510,000) for the six months ended June 30, 2015 as compared to $(542,000) for the six months ended June 30, 2014, primarily reflecting an increase in net loss partially offset by an increase in accounts payable, accrued expenses and other liabilities and non-cash equity expenses. There was minimal investing activity year to date in both 2015 and 2014. Net cash provided by financing activities was $580,000 for the six months ended June 30, 2015 as compared to $548,000 for the six months ended June 30, 2014, primarily as a result of the Company’s debt and equity financing activities in both periods.

We currently have the benefit of using a portion of our accumulated net operating losses (“NOLs”) to eliminate any future regular federal and state income tax liabilities. We will continue to receive this benefit until we have utilized all of our NOLs, federal and state. However, we cannot determine when and if we will be profitable enough to utilize the benefit of the remaining NOLs before they expire.

Going Concern

The Company has incurred operating losses since fiscal 2006 and has a working capital and shareholders’ deficiency at June 30, 2015. During the three and six months ended June 30, 2015 and 2014, we had a significant concentration of revenues from our Calmare Device technology. We continue to seek revenue from new and existing technologies or products to mitigate the concentration of revenues, and replace revenues from expiring licenses on other technologies.

Although we have taken steps to significantly reduce operating expenses going forward, even at these reduced spending levels, should the anticipated increase in revenue from sales of Calmare® medical devices and other technologies not occur, the Company may not have sufficient cash flow to fund operations through 2015 and into 2016. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.

The Company’s continuation as a going concern is dependent upon its developing recurring revenue streams sufficient to cover operating costs. The Company does not have any significant individual cash or capital requirements in the budget going forward. If necessary, CTI will meet anticipated operating cash requirements by further reducing costs, issuing debt and/or equity, and/or attempt to pursuing sales of certain assets and technologies while we pursue licensing and distribution opportunities for our remaining legacy portfolio of technologies. There can be no assurance that the Company will be successful in such efforts. Failure to develop a recurring revenue stream sufficient to cover operating expenses could negatively affect the Company’s financial position.

Debt Financing

Details of notes payable as of June 30, 2015 are as follows:

	Principal Amount			Carrying Value			Cash Interest Rate			Common Stock Conversion Price		Maturity Date
90 day Convertible Notes (Chairman of the Board)	$	2,498,980		$	2,498,980			6	%	$	1.05	Various 2014
24 month Convertible Notes ($100,000 to Board member)		225,000			225,000			6	%		1.05	March 2014 – June 2014
Series A3 15% OID Convertible Notes and Warrants		11,765	⁽¹⁾		14,353	⁽¹⁾		None			0.25	January 2015
Series B OID Convertible Notes and Warrants		80,000			62,289			None			0.23	March 2017
1 Year 15% OID Convertible Notes and Warrants		661,177			548,525			None			0.20	Aug. 2015 – Feb. 2016
Notes Payable, gross	$	3,476,922			3,349,147
Less LPA amount					(485,980	)
Notes Payable, net				$	2,863,167

(1) Includes $2,588 of accrued loss on conversion of OID note.

90 day Convertible Notes

The Company has issued 90-day notes payable to borrow funds from a director, now the chairman of our Board, as follows:


2013	$	1,188,980
2012		1,210,000
2011		100,000
Total	$	2,498,980

These notes have been extended several times and all bear 6.00% simple interest. A conversion feature was added to the Notes when they were extended, which allows for conversion of the eligible principal amounts to common stock at any time after the six month anniversary of the effective date – the date the funds are received – at a rate of $1.05 per share. Additional terms have been added to all Notes to include additional interest 1% simple interest per month on all amounts outstanding for all Notes if extended beyond their original maturity dates and to provide the lender with a security interest in unencumbered inventory and intangible assets of the Company other than proceeds relating to the Calmare Device and accounts receivable.

Due to the Board’s February 10, 2014 decision authorizing management to nullify certain actions taken by prior management, the additional terms noted above were not approved and therefore, the additional interest for the extension of the Notes was not recorded. During 2014, management has been in negotiations to modify the terms of the Notes. However, until those negotiations are resolved, the Company has agreed to honor the additional terms and as such, the Company recorded additional interest of approximately $188,000 during the six months ended June 30, 2015, and has recorded additional interest in total of $807,000.

A total of $485,980 of the aforementioned notes issued between December 1, 2012 and March 31, 2013 fall under the liabilities purchase agreement with ASC Recap, and are expected to be repaid using the process as described in Note 10. Because there can be no assurance that the Company will be successful in completing this process, the Company retains ultimate responsibility for this debt, until fully paid down. As a result, the Company continues to accrue interest on these notes and they remain convertible as described above.

24 month Convertible Notes

Series A 15% Original Issue Discount Convertible Notes and Warrants

The note holders were also issued market-related warrants for 129,412 in shares of common stock. The warrants have exercise price of $0.60 and a term of 2 years. The beneficial conversion feature, if any, and the warrants were recorded to additional paid-in-capital. The total debt discount is amortized over the life of the notes to interest expense.

During the quarter ended March 31, 2015, certain holders of OID convertible notes and warrants delivered to the Company a notice of conversion related to the OID convertible notes. Additionally, the Company offered certain Noteholders an inducement to convert their notes to shares. The inducement, when offered, provided Noteholders a conversion price of $0.20. All other original terms, including the warrant terms, remained the same. Upon notice of conversion Company: (i) accelerated and recognized as interest expense in the current period any remaining discount and (ii) recognized a loss for the fair value of the additional shares offered as the conversion inducement. As of June 30, 2015, the Company had not issued the shares due related to the conversion notice.

Series B Original Issue Discount Convertible Notes and Warrants

1 Year 15% OID Convertible Notes and Warrants

During the quarter ended June 30, 2015, a holder of OID convertible notes and warrants delivered to the Company a notice of conversion related to the OID convertible notes with a principal amount of $5,882. As of June 30, 2015, the Company had not issued the shares due related to the conversion notice.

Capital requirements

We continue to seek revenue from new technology licenses to mitigate the concentration of revenue, and replace revenue from expiring licenses. We have created a new business model for appropriate technologies that allows us to move beyond our usual royalty arrangement and share in the profits of distribution.

For the remainder of 2015, we expect our capital expenditures to be less than $100,000.

Contractual Obligations and Contingencies

Contingencies

Our directors, officers, employees and agents may claim indemnification in certain circumstances.

Many of our license and service agreements provide that upfront license fees, license fees and/or royalties we receive are applied against amounts that our clients or we have incurred for patent application, prosecution, issuance and maintenance costs. If we incur such costs, we expense them as incurred, and reduce our expense if we are reimbursed from future fees and/or royalties we receive. If the reimbursement belongs to our client, we record no revenue or expense.

As of June 30, 2015, CTI and its majority-owned subsidiary, VVI, have remaining obligations, contingent upon receipt of certain revenue, to repay up to $165,788 and $198,334, respectively, in consideration of grant funding received in 1994 and 1995. CTI also is obligated to pay at the rate of 7.5% of its revenues, if any, from transferring rights to certain inventions supported by the grant funds. VVI is obligated to pay at rates of 1.5% of its net sales of supported products or 15% of its revenues from licensing supported products, if any.

Critical Accounting Estimates

There have been no significant changes in our accounting estimates described under the caption “Critical Accounting Estimates” included in Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in our Annual report on Form 10-K for the year ended December 31, 2014.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Not applicable.

Item 4. Controls and Procedures

(a) Evaluation of disclosure controls and procedures

Management evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Securities Exchange Act Rules 13a-15(e) and 15d-15(e)) as of September 30, 2014. Our disclosure controls and procedures are designed to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Act (15 U.S.C. 78a et seq.) is recorded, processed, summarized, and reported, within the time periods specified in the Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Act is accumulated and communicated to the issuer’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Based on this evaluation, management concluded that our disclosure controls and procedures were effective as of June 30, 2015.

(b) Change in Internal Controls

During the period ending June 30, 2015, there were no changes in our internal control over financial reporting during that period that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

From time to time, the Company is involved in litigation matters relating to claims arising from the ordinary course of business. While the results of such claims and legal actions cannot be predicted with certainty, with the exception of items disclosed in previous filings, the Company’s management does not believe that there are claims or actions, pending or threatened against the Company, the ultimate disposition of which would have a material adverse effect on our business, results of operations, financial condition or cash flows.

Item 1A. Risk Factors

We are a smaller reporting company and are not required to provide the information under this item.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

The Company issued the shares in reliance upon the exemption from registration contained in Section 4(2) of the Securities Act and Rule 506(b) of Regulation D. The Company’s reliance on Section 4(2) of the Securities Act was based upon the following factors: (a) the issuance of the securities was an isolated private transaction by us which did not involve a public offering; (b) there were only a limited number of offerees; (c) there were no subsequent or contemporaneous public offerings of the securities by the Company; (d) the securities were not broken down into smaller denominations; and (e) the negotiations for the sale of the stock took place directly between the offeree and the Company.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits

Exhibit No	Description	Filing Method
3.1	Unofficial restated certificate of incorporation of the registrant as amended to date filed.(1)	Incorporated by reference

3.2	Bylaws of the registrant as amended effective October 15, 2015 (2)	Incorporated by reference

10.1	VADM Conway Consulting Agreement	Filed herewith

31.1	Certification by the Chief Executive Officer of Calmare Therapeutics Incorporated pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Rule 13a-14(a) or Rule 15d-14(a)).	Filed herewith

31.2	Certification by the Chief Financial Officer of Calmare Therapeutics Incorporated pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Rule 13a-14(a) or Rule 15d-14(a)).	Filed herewith

32.1	Certification by the Chief Executive Officer of Calmare Therapeutics Incorporated pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350).	Furnished herewith

32.2	Certification by the Chief Financial Officer of Calmare Therapeutics Incorporated pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350).	Furnished herewith

101.INS	XBRL Instance Document	Filed herewith

101.SCH	XBRL Taxonomy Schema	Filed herewith

101.CAL	XBRL Taxonomy Calculation Linkbase	Filed herewith

101.DEF	XBRL Taxonomy Definition Linkbase	Filed herewith

101.LAB	XBRL Taxonomy Label Linkbase	Filed herewith

101.PRE	XBRL Taxonomy Presentation Linkbase	Filed herewith

	(1)	Filed as Exhibit 4.1 to the registrant’s registration statement on Form S-8 with the SEC on April 1, 1998.
	(2)	Filed as Exhibit 3.1 to the registrant’s Form 8-K filed with the SEC on October 23, 2015

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	CALMARE THERAPEUTICS INCORPORATED
	(the registrant)

	By	/s/ Conrad Mir
		Conrad Mir
		President and Chief Executive Officer
December 2, 2015		Authorized Signer (Duly Authorized Officer and Principal Executive Officer)

EX-10.1 2 s102183_ex10-1.htm EXHIBIT 10.1

Exhibit 10.1

NON-EXCLUSIVE CONSULTING AGREEMENT

NON-EXCLUSIVE CONSULTING AGREEMENT (this “Agreement”), dated as of October 15, 2015 (the “Commencement Date”), by and between, Calmare Therapeutics Incorporated, a Delaware corporation (referred to herein, collectively with its affiliates and subsidiaries, as “CTI”), having its principal place of business at 1375 Kings Highway East, Suite 400, Fairfield, CT 06824, and VADM Robert T. Conway, Jr., U.S. Navy, (Ret), the Consultant as so described in Appendix 1 hereto (the “Consultant”).

WITNESSETH

WHEREAS, CTI is engaged in the business of selling, distributing and licensing pain management equipment, and is located in Fairfield, Connecticut;

WHEREAS, Consultant has skills, contacts, in-roads and experience from his career in dealing with the U.S. Department of Defense, Military, and similar organizations that are synergistic with CTI’s business, and is willing to help further CTI’s business for certain compensation;

WHEREAS, Consultant is an independent contractor and a related-party member of CTI’s Board of Directors for the purpose of carrying out the aforementioned tasks; and

WHEREAS, CTI and Consultant are desirous of entering into this annual consulting agreement, commencing monthly, in accordance with the terms and conditions hereinafter set forth.

NOW, THEREFORE, the parties hereto do hereby agree as follows:

1. Integration. The terms and conditions set forth in the preamble and recitals above are hereby fully integrated into and made a part of this Agreement.

2. Role of Consultant. CTI acknowledges and agrees that Consultant, acting primarily as a consultant on a non-exclusive basis, shall have no authority to enter into any binding commitments or negotiations in connection with any contract on CTI’s behalf without approval and written authorization by CTI.

Notwithstanding the foregoing, Consultant shall have the right to:

introduce CTI or any of its representatives to any and all:

persons, companies, organizations, et al., that can help further Calmare Pain Mitigation Therapy (“Calmare PMT”) and/or CTI; provided, however, that after such introduction, Consultant shall have no continuing obligation in the negotiations or relationship between CTI and such parties.

ii.

potential sales prospects, Government-related or otherwise.

advise CTI Management or any of its representatives with respect to those skills, talents and situation Consultant is suited to be a value-add to the situation or potential transaction; provided, however, that after such introduction, Consultant shall have no continuing obligation in the negotiations or relationship between CTI and such parties.

3. Independent Contractor. In all matters relating to this Agreement, Consultant shall be acting as an independent contractor. Neither the Consultant nor employees or subcontractors of the Consultant, if any, are employees of CTI under the meaning or application of any U.S. Federal or State Unemployment or Insurance Laws, Old Age Benefit Laws, Social Security Laws, any Workmen's Compensation, or Industrial Laws and/or otherwise. Consultant agrees to assume all liabilities or obligations imposed by any one or more of such laws with respect to employees or subcontractors of Consultant, if any, in the performance of this Agreement. Moreover, Consultant shall not have any authority to assume or create any obligation, expressed or implied, on behalf of CTI, and Consultant shall have no authority to represent CTI as agent, employee or in any other capacity than as hereinbefore set forth. Consultant shall be solely responsible for filing all returns and paying any income, social security or other tax levied upon or determined with respect to the payments made to Consultant pursuant to this Agreement. And in the event that Consultant is provided a CTI business card, Consultant may only use the card in carrying out his or her obligations hereunder.

Consideration. CTI agrees to compensate Consultant as follows:

Retainer Fee. There shall be a monthly retainer fee (the “Retainer”) of $7,500.00 per month paid in cash, payable on the 15^th of each month.

Equity. In addition to the retainer fee, Consultant shall be issued five year warrants to purchase 167,000 shares of common stock of the Corporation, immediately issued and vested, at a strike price of $.60 per share.

Expenses. All expenses shall be paid on the 15^th or 30^th of each month, Pari-passu with CTI’s payroll cycle. All expenses that exceed $1000.00, require prior approval.

5. General. This Agreement shall: (i) contain the entire understanding of the parties with respect to its subject matter, and no modification, amendment or waiver of any provision hereof shall be valid unless in writing, signed by each of the parties hereto; (ii) be governed by and construed in accordance with the laws of the State of New York, without regard to the conflicts of law provisions of such State; and (iii) be signed in counterparts, any one of which will be deemed to be an original and all of which, when taken together, will constitute one and the same agreement.

Delivery. All delivery of an executed counterpart of a signature page of this Agreement by telephone facsimile transmission will be effective as delivery of a manually executed counterpart of this Agreement.

Headings. The paragraph headings contained herein are for convenience only and shall not affect the construction of this Agreement.

6. Term of the Agreement. This Agreement shall become effective as of the Commencement Date and shall continue for one (1) calendar year, or until CTI and/or Consultant delivers notice of termination to the other party, as so delineated herein (See Section 7, “Termination” below).

Termination. This Agreement may be terminated as follows:

If by CTI:

Breach or default of any obligation of Consultant and including but not limited to “Confidentiality” of this Agreement, and any other material obligation in this Agreement

ii.

Any breach or default that is not cured within seven (7) days of written notice from the Company.

If by Consultant:

Breach or default of any material obligation of Company, which breach or default is not cured within fifteen (15) days of written notice from Consultant.

8. Confidentiality. During the term of this Agreement, and thereafter for a period of two (2) years, Consultant shall not, without the prior written consent of Company, disclose to anyone any Confidential Information. “Confidential Information” for the purposes of this Agreement shall include Company’s proprietary and confidential information such as, but not limited to, customer lists, business plans, marketing plans, financial information, designs, drawing, specifications, models, software, source codes and object codes. Confidential Information shall not include any information that:

is disclosed by Company without restriction

becomes publicly available through no act of Consultant

is rightfully received by Consultant from a third party

9. Entire Contract. This Agreement contains all the terms and conditions agreed upon by the Parties and constitutes the only agreement in force and effect between the Parties relating to the subject matter herein.

10. Titles. The titles, if any, used to introduce the Articles of this Agreement are provided for convenience purposes only and shall not be interpreted to alter the meaning of any Article.

11. Notice. Any notice required to be given or otherwise given pursuant to this Agreement shall be in writing and shall be hand delivered, mailed by certified mail, return receipt requested or sent by recognized overnight courier service as follows:

If to CONSULTANT:

VADM Robert T. Conway, Jr., U.S. Navy, (Ret)

1910 So Ocean Blvd Apt 218

Delray Beach, FL 33483

Telephone: (202) 256-5540

Facsimile: ( )

Attn: VADM Robert T. Conway, Jr. U.S. Navy, (Ret)

If to CTI:

Calmare Therapeutics Incorporated

1375 Kings Highway East

Fairfield, CT 06824

Telephone: (203) 386-6400

Facsimile: (203) 386-5399

Attn: Conrad Mir, President & CEO

With copies to:

Szaferman, Lakind, Blumstein & Blader, P.C.

101 Grovers Mill Road, Second Floor

Lawrenceville, New Jersey 08648

Telephone: (609) 275-0400

Facsimile: (609) 275-4511

Attn: Gregg E. Jaclin, Esq.

12. Severability. If any provisions of this Agreement shall be invalid, illegal or unenforceable for any reason, the remaining terms and provisions shall be unaffected thereby and shall continue in full force and effect.

IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date first above written.

	CALMARE THERAPEUTICS INCORPORATED

	By:	/s/ Conrad Mir
		Conrad Mir
		President & CEO

	CONSULTANT

	By:	/s/ Robert T. Conway, Jr.
		VADM Robert T. Conway, Jr., U.S. Navy, (Ret)

EX-31.1 3 s102183_ex31-1.htm EXHIBIT 31.1

Exhibit 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER,

PURSUANT TO EXCHANGE ACT RULE 13a-14(a)/15d-14(a)

AS ADOPTED PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Conrad Mir, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Calmare Therapeutics Incorporated.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;

disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):

a) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Dated: December 2, 2015

By:

/s/ Conrad Mir

Conrad Mir

President and Chief Executive Officer

(Duly Authorized Officer and Principal Executive Officer)

EX-31.2 4 s102183_ex31-2.htm EXHIBIT 31.2

Exhibit 31.2

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER,

PURSUANT TO EXCHANGE ACT RULE 13a-14(a)/15d-14(a)

AS ADOPTED PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Ian Rhodes, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Calmare Therapeutics Incorporated;

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Dated: December 2, 2015

By:

/s/ Ian Rhodes

Ian Rhodes

Executive Vice President and Chief Financial Officer

(Duly Authorized Officer and Principal Financial Officer)

EX-32.1 5 s102183_ex32-1.htm EXHIBIT 32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.SC. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Calmare Therapeutics Incorporated (the “Company”) on Form 10-Q for the period ended June 30, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Conrad Mir, chief executive officer of the Company, certifies, pursuant to 18 U.S.C. section 1350 of the Sarbanes-Oxley Act of 2002, that:

(1)	The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: December 2, 2015

By:

/s/ Conrad Mir

Conrad Mir

President and Chief Executive Officer

(Duly Authorized Officer and Principal Executive Officer)

This certification accompanies this Quarterly Report on Form 10-Q pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by such Act, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.

EX-32.2 6 s102183_ex32-2.htm EXHIBIT 32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO 18 U.SC. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Calmare Therapeutics Incorporated (the “Company”) on Form 10-Q for the period ended June 30, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Ian Rhodes, chief financial officer of the Company, certifies, pursuant to 18 U.S.C. section 1350 of the Sarbanes-Oxley Act of 2002, that:

(1)	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: December 2, 2015

By:

/s/ Ian Rhodes

Ian Rhodes

Executive Vice President and Chief Financial Officer

(Duly Authorized Officer and Principal Financial Officer)

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1.     BASIS OF PRESENTATION   The interim condensed consolidated financial information presented in the accompanying condensed consolidated financial statements and notes hereto is unaudited.   Effective August 20, 2014, Competitive Technologies, Inc. changed its name to Calmare Therapeutics Incorporated.   Calmare Therapeutics Incorporated (CTI) and its majority-owned (56.1%) subsidiary, Vector Vision, Inc. (VVI), (collectively, the Company, we or us) is a biotechnology company developing and commercializing innovative products and technologies. CTI is the licensed distributor of the non-invasive Calmare® pain therapy device (the Calmare Device), which was developed to treat neuropathic and cancer-derived pain.   These consolidated financial statements include the accounts of CTI and VVI.  Inter-company accounts and transactions have been eliminated in consolidation.   We believe we have made all adjustments necessary, consisting only of normal recurring adjustments, to present the unaudited condensed consolidated financial statements in conformity with accounting principles generally accepted in the U.S.  The results for the three and six months ended June 30, 2015 are not necessarily indicative of the results that can be expected for the full year ending December 31, 2015.   The interim unaudited condensed consolidated financial statements and notes thereto, should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2014 filed with the Securities and Exchange Commission (SEC) on June 24, 2015.   During the three and six months ended June 30, 2015, we had a significant concentration of revenues from the Calmare® Device.  The percentages of gross revenue attributed to sales and rentals of Calmare Devices, in the three and six months ended June 30, 2015, were 94% and 92%, respectively; and 98% in both the three and six months ended June 30, 2014.  Additionally, the percentage of gross revenue attributed to other Calmare Device related sales of equipment and training, in the three and six months ended June 30, 2015, was 5% and 6%, respectively; and 1%, in both the three and six months ended June 30, 2014.  We continue to attempt to expand our sales activities for the Calmare Device and expect the majority of our revenues to come from this technology.   The Company has incurred operating losses since fiscal 2006 and has a working capital and shareholders deficiency at June 30, 2015.  The Company has taken steps to reduce its operating expenses as well as increase revenue from sales of Calmare Devices and related sales. However, even at the reduced spending levels, should the anticipated increase in revenue from sales of Calmare Devices and related sales not occur the Company may not have sufficient cash flow to fund operations through 2015 and into 2016.  These conditions raise substantial doubt about the Companys ability to continue as a going concern.  The financial statements do not include adjustments to reflect the possible future effect of the recoverability and classification of assets or amounts and classifications of liabilities that may result from the outcome of this uncertainty.   The Companys continuation as a going concern is dependent upon its developing recurring revenue streams sufficient to cover operating costs.  The Company does not have any significant individual cash or capital requirements in the budget going forward.  If necessary, CTI will attempt to meet anticipated operating cash requirements by further reducing costs, issuing debt and/or equity, and/or pursuing sales of certain assets and technologies while we pursue licensing and distribution opportunities for our remaining legacy portfolio of technologies.  There can be no assurance that the Company will be successful in such efforts.  Failure to develop a recurring revenue stream sufficient to cover operating expenses could negatively affect the Companys financial position.   Our liquidity requirements arise principally from our working capital needs, including funds needed to sell our current technologies and obtain new technologies or products, and protect and enforce our intellectual property rights, if necessary. We fund our liquidity requirements with a combination of cash on hand, debt and equity financing, sales of common stock and cash flows from operations, if any, including royalty legal awards. At June 30, 2015, the Company had outstanding debt in the form of promissory notes with a total principal amount of $3,477,000 and a carrying value of $3,349,000.   The Company acquired the exclusive, worldwide rights to the Scrambler Therapy® technology in 2007. The Companys original 2007 agreement with Giuseppe Marineo (the Scrambler Therapy Agreement), an inventor of Scrambler Therapy technology, and Delta Research and Development (Delta), authorized CTI to manufacture and sell worldwide the device developed from the patented Scrambler Therapy technology. The original agreement was amended in 2011 to provide the Company with exclusive rights to the Scrambler Therapy technology through March 31, 2016. In July 2012, the Company attempted to negotiate a five-year extension to the agreement with Marineo and Delta (the 2012 Amendment). However, the Company believes that the 2012 Amendment is neither valid nor enforceable as it was never duly signed or authorized and subsequently deemed null and void (see Footnote 13. CONTRACTUAL OBLIGATIONS AND CONTINGENCIES, CTIs Distribution Rights, Marineo and Delta). The Scrambler Therapy technology is patented in Italy and in the U.S. Applications for patents have been filed internationally as well and are pending approval. The Calmare Device has CE Mark certification from the European Union as well as U.S. FDA 510(k) clearance. CTIs partner, GEOMC Co., Ltd. (GEOMC) of Korea, is manufacturing the product commercially under a ten (10) year agreement through 2017. Sales of these devices are expected to provide a significant proportion of the Companys revenue through the term of the agreement.

2.    NET LOSS PER COMMON SHARE   The following sets forth the denominator used in the calculations of basic net loss per share and net loss per share assuming dilution:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td nowrap="nowrap" colspan="3" style="text-align: center; line-height: 115%">Three months  ended</td> <td style="line-height: 115%"> </td> <td colspan="3" style="text-align: center; line-height: 115%">Three months ended</td> <td style="line-height: 115%"> </td> <td colspan="3" style="text-align: center; line-height: 115%">Six months ended</td> <td style="line-height: 115%"> </td> <td colspan="3" style="text-align: center; line-height: 115%">Six months ended</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">June 30,  2015</td> <td style="line-height: 115%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">June 30,  2014</td> <td style="line-height: 115%"> </td> <td colspan="3" style="text-align: center; line-height: 115%">June 30,  2015</td> <td style="line-height: 115%"> </td> <td colspan="3" style="text-align: center; line-height: 115%">June 30,  2014</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 49%; padding-left: 10pt; text-indent: -10pt; line-height: 115%">Denominator for basic net loss per share, weighted average shares outstanding</td> <td style="width: 2%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 10%; text-align: right; line-height: 115%">27,862,908</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 2%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 9%; text-align: right; line-height: 115%">23,082,699</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 2%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 8%; text-align: right; line-height: 115%">27,318,467</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 2%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 8%; text-align: right; line-height: 115%">21,567,885</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; text-indent: -10pt; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; text-indent: -10pt; line-height: 115%">Dilutive effect of common stock options</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">N/A</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">N/A</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> N/A</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> N/A</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; 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line-height: 115%">27,862,908</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">23,082,699</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">27,318,467</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">21,567,885</td> <td style="line-height: 115%"> </td></tr> </table>   Due to the net loss incurred for the three and six months ended June 30, 2015, and 2014, the denominator used in the calculation of basic net loss per share was the same as that used for net loss per share, assuming dilution, since the effect of any options, convertible preferred shares, convertible debt or warrants would have been anti-dilutive.   Potentially dilutive securities outstanding are summarized as follows: <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"> June 30,  2015</td> <td style="line-height: 115%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">June 30,  2014</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%; padding-left: 9pt; text-indent: -9pt; line-height: 115%">Exercise of common stock options</td> <td style="width: 3%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 12%; text-align: right; line-height: 115%">1,742,500</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 3%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 12%; text-align: right; line-height: 115%">1,708,500</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt; text-indent: -9pt; line-height: 115%">Exercise of common stock warrants</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">6,452,248</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">2,818,890</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt; line-height: 115%">Conversion of Series C convertible preferred stock</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1,329,646</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1,297,578</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt; text-indent: -9pt; line-height: 115%">Conversion of convertible debt</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; padding-left: 9pt; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; padding-left: 9pt; text-align: right; line-height: 115%">6,305,390</td> <td style="line-height: 115%"> </td> <td style="padding-left: 9pt; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">4,649,011</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt; line-height: 115%">Total</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; padding-left: 9pt; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; padding-left: 9pt; text-align: right; line-height: 115%">15,829,784</td> <td style="line-height: 115%"> </td> <td style="padding-left: 9pt; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">10,473,979</td> <td style="line-height: 115%"> </td></tr> </table>

3.     RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS   In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue From Contracts With Customers, as amended by ASU 2015-14,that outlines a single comprehensive model for entities to use in accounting for revenue recognition and supersedes most current revenue recognition guidance, including industry-specific guidance. The amendments in this accounting standard update are intended to provide a more robust framework for addressing revenue issues, improve comparability of revenue recognition practices, and improve disclosure requirements. The amendments in this accounting standard update are effective for interim and annual reporting periods beginning after December 15, 2017; with early adoption permitted after December 15, 2016. The Company is currently assessing the impact that this standard will have on its consolidated financial statements.   In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements Going Concern, which provides guidance on managements responsibility in evaluating whether there is substantial doubt about a companys ability to continue as a going concern and the related footnote disclosure.  For each reporting period, management will be required to evaluate whether there are conditions or events that raise substantial doubt about a companys ability to continue as a going concern within one year from the date the financials are issued.  When management identifies conditions or events that raise substantial doubt about the entitys ability to continue as a going concern, the ASU also outlines disclosures that are required in the companys footnotes based on whether or not there are any plans intended to mitigate the relevant conditions or events to alleviate the substantial doubt.  The ASU becomes effective for annual periods ending after December 15, 2016, and for any annual and interim periods thereafter.  Early application is permitted.  The Company is currently assessing the impact that this standard will have on its consolidated financial statements.   In July 2015, the FASB issued ASU No. 2015-11, Inventory Simplifying the Measurement of Inventory, which requires that inventory be measured at the lower of cost and net realizable value. Prior to the issuance of the new guidance, inventory was measured at the lower of cost or market. Replacing the concept of market with the single measurement of net realizable value is intended to create efficiencies for preparers. Inventory measured using the last-in, first-out (LIFO) method and the retail inventory method are not impacted by the new guidance. The ASU becomes effective for fiscal years beginning after December 15, 2016, including interim periods with those fiscal years. Early application is permitted. We do not expect the adoption to have a material impact on our consolidated financial statements.

4.    RECEIVABLES   Receivables consist of the following:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">June 30,  2015</td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">December 31,  2014</td> <td nowrap="nowrap" style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 74%; padding-left: 0.1in; text-indent: -0.1in; line-height: 115%">Calmare device sales receivable, net of allowance of $209,533 at June 30, 2015 and December 31, 2014</td> <td style="width: 3%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 8%; text-align: right; line-height: 115%"></td> <td style="width: 3%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 8%; text-align: right; line-height: 115%"></td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.1in; text-indent: -0.1in; line-height: 115%">Royalties, net of allowance of $101,154 at June 30, 2015 and December 31, 2014</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"></td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"></td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 0.1in; text-indent: -0.1in; line-height: 115%">Other, net of allowance of $6,972 at June 30, 2015 and December 31, 2014</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">1,048</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">2,319</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 16.2pt; text-indent: -0.1in; line-height: 115%">Total</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">1,048</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">2,319</td> <td style="line-height: 115%"> </td></tr> </table>

5.    AVAILABLE-FOR-SALE AND EQUITY SECURITIES   The fair value of the equity securities we held were categorized as available-for-sale securities, which were carried at a fair value of zero, consisted of shares in Security Innovation and Xion Pharmaceutical Corporation (Xion).  We own 223,317 shares of stock in the privately held Security Innovation, an independent provider of secure software located in Wilmington, MA.   In September 2009 we announced the formation of a joint venture with Xion for the commercialization of our patented melanocortin analogues for treating sexual dysfunction and obesity.  CTI currently owns 60 shares of common stock or 30% of the outstanding stock of privately held Xion. The Company has been notified that Xion Pharmaceutical Corporation will be dissolved in 2015 with no financial impact to the Company.

6.    FAIR VALUE MEASUREMEMENTS   The Company measures fair value in accordance with Topic 820 of the FASB Accounting Standards Codification (ASC), Fair Value Measurement (ASC 820), which provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described as follows:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td> </td> <td nowrap="nowrap" style="text-align: justify">Level 1 -</td> <td colspan="2" style="text-align: justify">Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access.</td></tr> <tr style="vertical-align: top"> <td style="width: 3%"> </td> <td style="width: 5%"> </td> <td style="width: 2%"> </td> <td style="width: 90%"> </td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify">Level 2 -</td> <td colspan="2" style="text-align: justify">Inputs to the valuation methodology include:</td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td></td> <td style="text-align: justify">Quoted prices for similar assets or liabilities in active markets;</td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td></td> <td style="text-align: justify">Quoted prices for identical or similar assets or liabilities in inactive markets;</td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td></td> <td style="text-align: justify">Inputs other than quoted prices that are observable for the asset or liability;</td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td></td> <td> Inputs that are derived principally from or corroborated by observable market data by correlation or other means.  </td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td colspan="2" style="text-align: justify">If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.</td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify">Level 3 -</td> <td colspan="2" style="text-align: justify">Inputs to the valuation methodology are unobservable and significant to the fair value measurement</td></tr> </table>   The assets or liabilitys fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.   The Company values its derivative liability associated with the variable conversion feature on its Series C Convertible Preferred Stock (Note 12) based on the market price of its common stock.  For each reporting period the Company calculates the amount of potential common stock that the Series C Preferred Stock could convert into based on the conversion formula (incorporating market value of our common stock) and multiplies those converted shares by the market price of its common stock on that reporting date.  The total converted value is subtracted by the consideration paid to determine the fair value of the derivative liability. The Company classified the derivative liability of approximately $77,000 at June 30, 2015 and $66,000 at December 31, 2014, in Level 2 of the fair value hierarchy.   The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation method is appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value could result in a different fair value measurement at the reporting date.   The carrying amounts reported in our Condensed Consolidated Balance Sheet for cash, accounts receivable, notes payable, deferred revenue, and preferred stock liability approximate fair value due to the short-term maturity of those financial instruments.

7.           PREPAID EXPENSES AND OTHER CURRENT ASSETS   Prepaid expenses and other current assets consist of the following:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: right">June 30,  2015</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: right">December 31,  2014</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 70%; padding-left: 9pt; text-indent: -9pt">Prepaid insurance</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">16,240</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">71,651</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Prepaid consulting services</td> <td> </td> <td> </td> <td style="text-align: right">40,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">37,500</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Clinical trial</td> <td> </td> <td> </td> <td style="text-align: right">27,119</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">109,119</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Other</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">17,301</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">34,832</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Prepaid expenses and other current assets</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">100,660</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">253,102</td> <td> </td></tr> </table>

8.           PROPERTY AND EQUIPMENT   Property and equipment, net, consist of the following:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center; line-height: 115%"> </td> <td nowrap="nowrap" style="text-align: center; line-height: 115%"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">June 30,  2015</td> <td nowrap="nowrap" style="text-align: center; line-height: 115%"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">December 31,  2014</td> <td nowrap="nowrap" style="text-align: center; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 69%; line-height: 115%">Property and equipment, gross</td> <td style="width: 2%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 11%; text-align: right; line-height: 115%">215,491</td> <td style="width: 2%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 13%; text-align: right; line-height: 115%">215,491</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Accumulated depreciation and amortization</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">(188,214</td> <td style="line-height: 115%">)</td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">(179,851</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt; line-height: 115%">Property and equipment, net</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">27,277</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">35,640</td> <td style="line-height: 115%"> </td></tr> </table>   Depreciation and amortization expense was $3,904 and $8,363, respectively, during the three and six months ended June 30, 2015, and $4,522 and $6,346, respectively, for the three and six months ended June 30, 2014.

9.           ACCRUED EXPENSES AND OTHER LIABILITIES   Accrued expenses and other liabilities consist of the following:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center; line-height: 115%"> </td> <td nowrap="nowrap" style="text-align: center; line-height: 115%"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">June 30,  2015</td> <td nowrap="nowrap" style="text-align: center; line-height: 115%"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">December 31,  2014</td> <td nowrap="nowrap" style="text-align: center; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 71%; line-height: 115%">Royalties payable</td> <td style="width: 2%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 11%; text-align: right; line-height: 115%">340,139</td> <td style="width: 2%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 11%; text-align: right; line-height: 115%">314,787</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Accrued compensation</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">81,271</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">23,573</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Accrued interest payable</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1,264,367</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">987,659</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Other</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">294,092</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">264,163</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Accrued expenses and other liabilities, net</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">1,979,869</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">1,590,182</td> <td style="line-height: 115%"> </td></tr> </table>   Excluded above is approximately $217,000 of accrued expenses and other liabilities at June 30, 2015 and December 31, 2014, that fall under the Liability Purchase Agreement (LPA) with ASC Recap, LLC (ASC Recap), and are expected to be repaid using the process as described in Note 10.  Because there can be no assurance that the Company will be successful in completing this process, the Company retains ultimate responsibility for these liabilities, until fully paid down. 10.          LIABILITIES ASSIGNED TO LIABILITY PURCHASE AGREEMENT   During 2013, the Company negotiated a LPA with Southridge, Partners II, L.P. (Southridge). The LPA takes advantage of a provision in the Securities Act of 1933, Section 3(a)(10), that allows the exchange of claims, securities, or property for stock when the arrangement is approved for fairness by a court proceeding. The process, approved by the court in August 2013, has the potential to eliminate nearly $2.1 million of our financial obligations to existing creditors who agreed to participate and executed claims purchase agreements with Southridges affiliate ASC Recap accounting for $2,093,303 of existing payables, accrued expenses and other current liabilities, and notes payable. The process began with the issuance in September 2013 of 1,618,235 shares of the Companys common stock to ASC Recap. During September and October 2013, ASC Recap sold the Companys common stock and during the three months ended March 31, 2014 paid creditors approximately $80,000 from the proceeds and retained a service fee of approximately $27,000. During 2014, the Company also made cash payments of $18,000 for accrued expenses previously included in the LPA amount. As of November 30, 2015, no further shares of the Companys common stock had been issued to ASC Recap to settle creditors balances.   There can be no assurance that the Company will be successful in completing this process with Southridge, and the Company retains ultimate responsibility for this debt, until fully paid.

11.         NOTES PAYABLE   Notes payable consist of the following:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">June 30, 2015</td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">December 31, 2014</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 67%">90 day Convertible Notes (Chairman of the Board)</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 13%; text-align: right">2,498,980</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 13%; text-align: right">2,498,980</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>24 month Convertible Notes ($100,000 to Board member)</td> <td> </td> <td> </td> <td style="text-align: right">225,000</td> <td> </td> <td> </td> <td style="text-align: right">225,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>10 day Note (Board member)</td> <td> </td> <td> </td> <td style="text-align: right"></td> <td> </td> <td> </td> <td style="text-align: right">42,500</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Series A3 15% OID Convertible Notes and Warrants</td> <td> </td> <td> </td> <td style="text-align: right">14,353</td> <td> </td> <td> </td> <td style="text-align: right">11,765</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Series B OID Convertible Notes and Warrants</td> <td> </td> <td> </td> <td style="text-align: right">62,289</td> <td> </td> <td> </td> <td style="text-align: right">56,659</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>1 Year 15% OID Convertible Notes and Warrants</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">548,525</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">244,565</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Notes Payable, gross</td> <td> </td> <td> </td> <td style="text-align: right">3,349,147</td> <td> </td> <td> </td> <td style="text-align: right">3,079,469</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Less LPA amount</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(485,980</td> <td>)</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(485,980</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Notes Payable, net</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2,863,167</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2,593,489</td> <td> </td></tr> </table>   Details of notes payable as of June 30, 2015 are as follows: <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 25%; padding-left: 10pt; text-indent: -10pt"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: center"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">  Principal Amount</td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Carrying Value</td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Cash Interest Rate</td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Common Stock Conversion Price</td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Maturity Date</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; text-indent: -10pt">90 day Convertible Notes (Chairman of the Board)</td> <td> </td> <td>$</td> <td style="text-align: right">2,498,980</td> <td> </td> <td>$</td> <td style="text-align: right">2,498,980</td> <td> </td> <td> </td> <td style="text-align: right">6</td> <td>%</td> <td>$</td> <td style="text-align: right">1.05</td> <td> </td> <td> </td> <td style="text-align: center">Various 2014</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; text-indent: -10pt">24 month Convertible Notes ($100,000 to Board member)</td> <td> </td> <td> </td> <td style="text-align: right">225,000</td> <td> </td> <td> </td> <td style="text-align: right">225,000</td> <td> </td> <td> </td> <td style="text-align: right">6</td> <td>%</td> <td> </td> <td style="text-align: right">1.05</td> <td> </td> <td> </td> <td style="text-align: center">March 2014 June 2014</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; text-indent: -10pt">Series A3 15% OID Convertible Notes and Warrants</td> <td> </td> <td> </td> <td style="text-align: right">11,765</td> <td>(1)</td> <td> </td> <td style="text-align: right">14,353</td> <td>(1)</td> <td> </td> <td style="text-align: right">None</td> <td> </td> <td> </td> <td style="text-align: right">0.25</td> <td> </td> <td> </td> <td style="text-align: center">January 2015</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; text-indent: -10pt">Series B OID Convertible Notes  and Warrants</td> <td> </td> <td> </td> <td style="text-align: right">80,000</td> <td> </td> <td> </td> <td style="text-align: right">62,289</td> <td> </td> <td> </td> <td style="text-align: right">None</td> <td> </td> <td> </td> <td style="text-align: right">0.23</td> <td> </td> <td> </td> <td style="text-align: center">March 2017</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; text-indent: -10pt">1 Year 15% OID Convertible Notes and Warrants</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">661,177</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">548,525</td> <td> </td> <td> </td> <td style="text-align: right">None</td> <td> </td> <td> </td> <td style="text-align: right">0.20</td> <td> </td> <td> </td> <td style="text-align: center">Aug. 2015 Feb.  2016</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; text-indent: -10pt">Notes Payable, gross</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,476,922</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">3,349,147</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; text-indent: -10pt">Less LPA amount</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(485,980</td> <td>)</td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; text-indent: -10pt">Notes Payable, net</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2,863,167</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: center"> </td> <td> </td></tr> </table>   (1)     Includes $2,588 of accrued loss on conversion of OID note.   90 day Convertible Notes   The Company has issued 90-day notes payable to borrow funds from a director, now the chairman of our Board, as follows:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 81%">2013</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 15%; text-align: right">1,188,980</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>2012</td> <td> </td> <td> </td> <td style="text-align: right">1,210,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>2011</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">100,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Total</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2,498,980</td> <td> </td></tr> </table>   These notes have been extended several times and all bear 6.00% simple interest.  A conversion feature was added to the Notes when they were extended, which allows for conversion of the eligible principal amounts to common stock at any time after the six month anniversary of the effective date the date the funds are received  at a rate of $1.05 per share.  Additional terms have been added to all Notes to include additional interest of 1% simple interest per month on all amounts outstanding for all Notes if extended beyond their original maturity dates and to provide the lender with a security interest in unencumbered inventory and intangible assets of the Company other than proceeds relating to the Calmare Device and accounts receivable.   Due to the Boards February 10, 2014 decision authorizing management to nullify certain actions taken by prior management, the additional terms noted above were not approved and therefore, the additional interest for the extension of the Notes was not recorded.  During 2014 and 2015, management has been in negotiations to modify the terms of the Notes. However, until those negotiations are resolved, the Company has agreed to honor the additional terms and as such, the Company recorded additional interest of approximately $188,000 during the six months ended June 30, 2015, and has recorded additional interest in total of $807,000.   A total of $485,980 of the aforementioned notes issued between December 1, 2012 and March 31, 2013 fall under the LPA with ASC Recap, and are expected to be repaid using the process as described in Note 10.  Because there can be no assurance that the Company will be successful in completing this process, the Company retains ultimate responsibility for this debt, until fully paid down.  As a result, the Company continues to accrue interest on these notes and they remain convertible as described above.   24 month Convertible Notes In March 2012, the Company issued a 24-month convertible promissory note to borrow $100,000. Additional 24-month convertible promissory notes were issued in April 2012 ($25,000) and in June 2012 ($100,000). All of the notes bear 6.00% simple interest. Conversion of the eligible principal amounts to common stock is allowed at any time at a rate of $1.05 per share.   As of November 30, 2015 the Company has not repaid the principal due on the March 2012 $100,000 note, the April 2012 $25,000 note or the June 2012 $100,000 note and is in default under the terms of the notes. As of June 30, 2015, there is also unpaid interest of $25,000 related to these notes.   10 day Note In late December 2014, the Company issued a 10 day non-interest bearing note to a Board member in the amount of $42,500. This note was repaid in early January 2015.   Series A 15% Original Issue Discount (OID) Convertible Notes and Warrants During the quarter ended March 31, 2014, the Company did a private offering of a third tranche of convertible notes and warrants, under which it issued $64,706 of convertible promissory notes for consideration of $55,000, the difference between the proceeds from the notes and principal amount consists of $9,706 of original issue discount. The notes are convertible at an initial conversion price of $0.25 per share any time after issuance thereby having an embedded beneficial conversion feature.   The note holders were also issued market-related warrants for 129,412 in shares of common stock. The warrants have an exercise price of $0.60 and a term of 2 years. The beneficial conversion feature, if any, and the warrants were recorded to additional paid-in-capital. The Company allocated the proceeds received to the notes, the beneficial conversion feature and the warrants on a relative fair value basis at the time of issuance. The total debt discount is amortized over the life of the notes to interest expense.   The beneficial conversion feature was valued at the intrinsic value on the issuance date. The intrinsic value represents the difference between the conversion price and the fair value of the common stock multiplied by the number of share into which the note is convertible. We estimated the fair value of the warrants on the issue date using a Black-Scholes pricing model with the following assumptions:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 68%"> </td> <td style="width: 5%"> </td> <td style="width: 1%; border-bottom: black 1pt solid; text-align: center"> </td> <td style="width: 24%; border-bottom: black 1pt solid; text-align: right">Warrants</td> <td style="width: 2%; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Expected term</td> <td> </td> <td> </td> <td style="text-align: right">2 years</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Volatility</td> <td> </td> <td> </td> <td style="text-align: right">184.88</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Risk Free Rate</td> <td> </td> <td> </td> <td style="text-align: right">0.32</td> <td>%</td></tr> </table>   The proceeds of the Notes issued during the three months ended March 31, 2014 were allocated to the components as follows:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Proceeds  allocated  at issue date</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 88%">Private Offering Notes</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">32,390</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Private Offering Warrants</td> <td> </td> <td> </td> <td style="text-align: right">14,845</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Beneficial Conversion feature</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">7,765</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Total</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">55,000</td> <td> </td></tr> </table>   During the quarter ended June 30, 2014, certain holders of OID convertible notes and warrants delivered to the Company a notice of conversion related to the OID convertible notes. Due to the timing of receipt of the notices by the Company, certain Note holders (Noteholders) received their shares during the quarter ended June 30, 2014, while other Noteholders received or are due to receive their shares after June 30, 2014. Additionally, the Company offered certain Noteholders an inducement to convert their notes to shares. The inducement, when offered, provided Noteholders a conversion price of $0.20. All other original terms, including the warrant terms, remained the same. Upon notice of conversion and irrespective of whether the shares were delivered in the quarter ended June 30, 2014 or subsequent to June 30, 2014 to the Company: (i) accelerated and recognized as interest expense in the current period any remaining discount, and (ii) recognized a loss for the fair value of the additional shares offered as the conversion inducement.   Presented below is summary information related to the conversion:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 76%; text-decoration: underline">Statement of Operations</td> <td style="width: 11%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Loss on conversion of notes</td> <td> </td> <td>$</td> <td style="text-align: right">43,288</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Accelerated interest expense</td> <td> </td> <td>$</td> <td style="text-align: right">35,109</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-decoration: underline">Balance Sheet</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Shares issued as of June 30, 2014</td> <td> </td> <td> </td> <td style="text-align: right">798,825</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Shares to be issued subsequent to June 30, 2014</td> <td> </td> <td> </td> <td style="text-align: right">529,415</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Principal amount of notes converted</td> <td> </td> <td>$</td> <td style="text-align: right">265,648</td> <td> </td></tr> </table>   During the quarter ended March 31, 2015, a holder of OID convertible notes and warrants delivered to the Company a notice of conversion related to the OID convertible notes. Additionally, the Company offered the Noteholder an inducement to convert his/her notes to shares. The inducement provided the Noteholder a conversion price of $0.20. All other original terms, including the warrant terms, remained the same. Upon notice of conversion, the Company: (i) accelerated and recognized as interest expense in the current period any remaining discount, and (ii) recognized a loss for the fair value of the additional shares offered as the conversion inducement. As of June 30, 2015, the Company had not issued the shares due related to the conversion notice.   Presented below is summary information related to the conversion:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 76%; text-decoration: underline">Statement of Operations</td> <td style="width: 11%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Loss on conversion of notes</td> <td> </td> <td>$</td> <td style="text-align: right">2,588</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Accelerated interest expense</td> <td> </td> <td>$</td> <td style="text-align: right"></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-decoration: underline">Balance Sheet</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Shares issued</td> <td> </td> <td> </td> <td style="text-align: right"></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Principal amount of notes converted</td> <td> </td> <td>$</td> <td style="text-align: right">11,765</td> <td> </td></tr> </table>   Series B Original Issue Discount Convertible Notes and Warrants  During the quarter ended March 31, 2014, the Company did a private offering of convertible notes and warrants, under which it issued $80,000 of convertible promissory notes for consideration of $65,000, the difference between the proceeds from the notes and principal amount consists of $15,000 of original issue discount. The notes are convertible at an initial conversion price of $0.35 per share any time after issuance thereby having an embedded beneficial conversion feature. The note holders were also issued market-related warrants for 185,714 in shares of common stock. The warrants have an exercise price of $0.45 and a 4-year term. The beneficial conversion feature and the warrants were recorded to additional paid-in-capital. The Company allocated the proceeds received to the notes, the beneficial conversion feature and the warrants on a relative fair value basis at the time of issuance. The total debt discount is amortized over the life of the notes to interest expense.   The beneficial conversion feature was valued at the intrinsic value on the issuance date. The intrinsic value represents the difference between the conversion price and the fair value of the common stock multiplied by the number of share into which the note is convertible. We estimated the fair value of the warrants on the issue date using a Black-Scholes pricing model with the following assumptions:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Warrants  March 20,  2014</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 76%">Expected term</td> <td style="width: 11%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right">4 years</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Volatility</td> <td> </td> <td> </td> <td style="text-align: right">151.52</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Risk Free Rate</td> <td> </td> <td> </td> <td style="text-align: right">1.32</td> <td>%</td></tr> </table>   The proceeds of the Notes were allocated to the components as follows:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Proceeds allocated  at issue date</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 76%">Private Offering Notes</td> <td style="width: 11%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">34,272</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Private Offering Warrants</td> <td> </td> <td> </td> <td style="text-align: right">26,811</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Beneficial Conversion feature</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">3,917</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Total</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">65,000</td> <td> </td></tr> </table>   The Series B OID notes include an anti-dilution provision that if the Company issues more than 20 million shares of its common stock, subject to certain exceptions, the conversion price of the notes and the conversion price of the warrants would be subject to an automatic pre-determined price adjustment. During the quarter ended December 31, 2014 the Series B OID noteholder and the Company agreed that this anti-dilution provision had been triggered and the OID note share conversion price was adjusted down to $0.23 per share, which increased the number of shares available upon conversion to 347,826. The anti-dilution provision in the Warrant changed the share purchase price downward to $0.33 per share but did not change the number of shares available under the Warrant.   As a result of the triggering of the above noted one time anti-dilution provision, the Company reallocated the proceeds of the Notes during the quarter ended December 31, 2014 as follows:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: center">Proceeds allocated  at issue date</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 76%">Private Offering Notes</td> <td style="width: 11%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">46,222</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Private Offering Warrants</td> <td> </td> <td> </td> <td style="text-align: right">18,778</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Beneficial Conversion feature</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Total</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">65,000</td> <td> </td></tr> </table>   1 Year 15% OID Convertible Notes and Warrants During the quarter ended March 31, 2015, the Company did an additional private offering of convertible notes and warrants, under which it issued $302,353 of convertible promissory notes for consideration of $257,000, the difference between the proceeds from the notes and principal amount consists of $45,353 of original issue discount. The notes are convertible at an initial conversion price of $0.20 per share any time after issuance thereby having an embedded beneficial conversion feature. The note holders were also issued market-related warrants for 755,882 in shares of common stock. The warrants have an exercise price of $0.60 and a 1-year term. The beneficial conversion feature and the warrants were recorded to additional paid-in-capital. The Company allocated the proceeds received to the notes, the beneficial conversion feature and the warrants on a relative fair value basis at the time of issuance. The total debt discount is amortized over the life of the notes to interest expense.   The beneficial conversion feature was valued at the intrinsic value on the issuance date. The intrinsic value represents the difference between the conversion price and the fair value of the common stock multiplied by the number of shares into which the note is convertible. We estimated the fair value of the warrants on the issue date using a Black-Scholes pricing model with the following assumptions:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: center">Warrants  three months ended March 31, 2015</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 76%">Expected term</td> <td style="width: 11%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right">1 year</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Volatility</td> <td> </td> <td> </td> <td style="text-align: right">180.15-185.71</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Risk Free Rate</td> <td> </td> <td> </td> <td style="text-align: right">0.18-0.22</td> <td>%</td></tr> </table>   The proceeds of the Notes were allocated to the components as follows:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: center">Proceeds allocated  at issue date</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 76%">Private Offering Notes</td> <td style="width: 11%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">197,521</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Private Offering Warrants</td> <td> </td> <td> </td> <td style="text-align: right">46,097</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Beneficial Conversion feature</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">13,382</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Total</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">257,000</td> <td> </td></tr> </table>   During the quarter ended June 30, 2015, a holder of OID convertible notes and warrants delivered to the Company a notice of conversion related to the OID convertible notes, with a principal amount of $5,882. As of June 30, 2015, the Company had not issued the shares due related to the conversion notice. The shares were issued in September 2015.   Tonaquint 9% Original Issue Discount Convertible Notes and Warrants During the quarter ended September 30, 2013, the Company entered into a securities purchase agreement with Tonaquint, Inc., under which it was issued a $112,500 convertible promissory note in consideration for $100,000, the difference between the proceeds from the Note and the principal amount consisted of a $10,000 original issue discount and a carried transaction expense of $2,500. The original issue discount was being amortized over the life of the note. The note was convertible at an initial conversion price of $0.30 per share at any time, and contained a down-round protection feature that requires the valuation of a derivative liability associated with the note. The note bore interest at 7% and was due in May 2014. Tonaquint was also issued a market-related warrant for $112,500 in shares of common stock with a cashless exercise feature. The warrant had a $0.35 exercise price, a 5-year term and included a down-round protection feature that required it to be classified as a liability rather than as equity.   During the first quarter of 2014 the Company executed a debt settlement agreement with Tonaquint related to the note and warrant. The warrant was settled during the first quarter of 2014 for a cash payment of $98,000, resulting in a loss of $98,000. The note was settled during the second quarter of 2014 for cash payments totaling $144,000 ($20,000 paid in the first quarter of 2014 and $124,000 paid in the second quarter of 2014). Because the execution of the debt settlement agreement in the first quarter of 2014 resulted in a significant modification of the original terms of the note agreement, the Company adjusted the carrying value of the note in the first quarter of 2014 and recorded a related loss of approximately $34,000.   Southridge During 2013, the Company issued a six-month $12,000 convertible note payable to Southridge to cover legal expenses as part of the LPA. The convertible note was convertible into the Companys common stock at the greater of $0.25 or 85% of the average closing bid price during the five (5) trading days prior to conversion and was due in June 2014.   During the third quarter of 2014, the Company issued to Southridge 50,000 shares in exchange for and in full satisfaction for the note and recorded a $5,500 loss upon conversion of the note.

12. SHAREHOLDERS DEFICIENCY   Stock Option Plan   On May 2, 2011 the Company adopted and executed the Employees Directors and Consultants Stock Option Plan (the Plan). During the three months ended March 31, 2015, the Company granted 50,000 options to non-employee directors which were fully vested upon issuance. During the three months ended March 31, 2014, the Company granted 42,500 options to non-employee directors which were fully vested upon issuance. No options were granted during the three months ended June 30, 2015. During the three months ended June 30, 2014, the Company granted 320,000 options to employees. 20% of the options vested upon issuance and the remaining options vest ratably over a four (4) year period.   We estimated the fair value of each option on the grant date using a Black-Scholes option-pricing model with the following weighted average assumptions:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%">Six-months  ended</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%">Six-months  ended</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">June 30,  2015</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">June 30,  2014</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 54%; line-height: 115%">Dividend yield (1)</td> <td style="width: 11%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 11%; text-align: right; line-height: 115%">0.00</td> <td style="width: 1%; line-height: 115%">%</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 19%; text-align: right; line-height: 115%">0.00</td> <td style="width: 1%; line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Expected volatility (2)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> 164.5</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">118.5-122.4</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Risk-free interest rates (3)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1.61</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1.19-1.72</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Expected lives (2)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">5.0 YEARS</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">4.0-5.0 YEARS</td> <td style="line-height: 115%"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 9%; line-height: 115%"> </td> <td style="width: 5%; line-height: 115%">(1)</td> <td style="width: 86%; text-align: justify; line-height: 115%">We have not paid cash dividends on our common stock since 1981, and currently do not have plans to pay or declare cash dividends. Consequently, we used an expected dividend rate of zero for the valuations.</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td style="line-height: 115%">(2)</td> <td style="text-align: justify; line-height: 115%">Estimated based on our historical experience. Volatility was based on historical experience over a period equivalent to the expected life in years.</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td style="line-height: 115%">(3)</td> <td style="line-height: 115%">Based on thej U.S. Treasury constant maturity interest rate with a term consistent with the expected life of the options granted.</td></tr> </table>   During the six months ended June 30, 2015, the Company recognized expense of $7,963 for stock options issued to directors and recognized expense of $8,106 and $16,212, respectively, for the three and six months ended June 30, 2015, for stock options issued to employees.   During the six months ended June 30, 2014, the Company recognized expense of $11,178 for stock options issued to directors and recognized expense of $26,795 and $29,945, respectively, for the three and six months ended June 30, 2014, for stock options issued to employees.   Preferred Stock   Holders of 5% preferred stock are entitled to receive, if, as, and when declared by the Board of Directors, out of funds legally available therefore, preferential non-cumulative dividends at the rate of $1.25 per share per annum, payable quarterly, before any dividends may be declared or paid upon or other distribution made in respect of any share of common stock. The 5% preferred stock is redeemable, in whole at any time or in part from time to time, on 30 days notice, at the option of the Company, at a redemption price of $25. In the event of voluntary or involuntary liquidation, the holders of preferred stock are entitled to $25 per share in cash before any distribution of assets can be made to holders of common stock.   Each share of 5% preferred stock is entitled to one vote. Holders of 5% preferred stock have no preemptive or conversion rights. The preferred stock is not registered to be publicly traded.   The rights of the Series C Convertible Preferred Stock are as follows:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 6%; text-align: justify; line-height: 115%"> </td> <td style="width: 1%; text-align: justify; line-height: 115%">a) </td> <td style="width: 93%; text-align: justify; line-height: 115%">Dividend rights  The shares of Series C Convertible Preferred Stock accrue a 5% cumulative dividend on a quarterly basis and is payable on the last day of each fiscal quarter when declared by the Companys Board. As of June 30, 2015, dividends declared were $93,748, of which $4,675 and $9,298, respectively, were declared during the three and six months ended June 30, 2015 and $75,000 have not been paid and are shown in accrued and other liabilities at June 30, 2015.</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 6%; text-align: justify; line-height: 115%"> </td> <td style="width: 1%; text-align: justify; line-height: 115%">b) </td> <td style="width: 93%; text-align: justify; line-height: 115%">Voting rights  Holders of these shares of Series C Convertible Preferred Stock shall have voting rights equivalent to 1,000 votes per $1,000 par value Series C Convertible Preferred share voted together with the shares of Common Stock</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 6%; text-align: justify; line-height: 115%"> </td> <td style="width: 1%; text-align: justify; line-height: 115%">c) </td> <td style="width: 93%; text-align: justify; line-height: 115%">Liquidation rights  Upon any liquidation these Series C Convertible Preferred Stock shares shall be treated as equivalent to shares of Common stock to which they are convertible.</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 6%; text-align: justify; line-height: 115%"> </td> <td style="width: 1%; text-align: justify; line-height: 115%">d) </td> <td style="width: 93%; text-align: justify; line-height: 115%">Conversion rights  Holder has right to convert each share of Series C Convertible Preferred Stock at any time into shares of the Companys common stock at a conversion price for each share of common stock equal to 85% of the lower of (a) the closing market price at the date of notice of conversion or (b) the mid-point of the last bid price and the last ask price on the date of the notice of conversion. The variable conversion feature creates an embedded derivative that was bifurcated from the Series C Convertible Preferred Stock on the date of issuance and was recorded at fair value. The derivative liability will be recorded at fair value on each reporting date with any change recorded in the Statement of Operations as an unrealized (gain) loss on derivative instrument.</td></tr> </table>   The Company recorded a convertible preferred stock derivative liability of $77,080 and $66,177, respectively, associated with the 375 shares of Series C Convertible Preferred Stock outstanding at June 30, 2015 and December 31, 2014.   The Company has classified the Series C Convertible Preferred Stock as a liability at June 30, 2015 and December 31, 2014 because the variable conversion feature may require the Company to settle the conversion in a variable number of its common shares.   Common Stock   On October 15, 2015 the shareholders approved an increase in the number of authorized shares of common stock from 40 million to 100 million.   On August 14, 2014 the shareholders approved an amendment to the Companys certification of incorporation to effect up to a one-for-ten reverse stock split (the reverse Stock Split of the Companys issued and authorized outstanding common stock. The Board of Directors, in its sole discretion, has discretion to implement the Reverse Stock Split. As of November 20, 2015, the Board of Directors has not implemented the Reverse Stock Split.   During the quarter ended March 31, 2015, the Company did a private offering of its common stock and warrants, for consideration of $75,000. 375,000 shares of common stock were issued at a per share price of $0.20. The common stock holders were also issued warrants to purchase 187,500 shares of common stock. The warrants have an exercise price of $0.60 and a 3-year term. The warrants were recorded to additional paid-in-capital.    During the quarter ended June 30, 2015, the Company did an additional private offering of its common stock and warrants, for consideration of $290,000. 1,450,000 shares of common stock were issued at a per share price of $0.20. The common stock holders were also issued warrants to purchase 725,000 shares of common stock. The warrants have an exercise price of $0.60 and a 3-year term. The warrants were recorded to additional paid-in-capital.   During the quarter ended March 31, 2014, the Company did a private offering of its common stock and warrants, for consideration of $500,000. 2,500,000 shares of common stock were issued at a per share price of $0.20. The common stock holders were also issued warrants to purchase 1,250,000 shares of common stock. The warrants have an exercise price of $0.60 and a 3-year term. The warrants were recorded to additional paid-in-capital.   During the quarter ended June 30, 2014, the Company did an additional private offering of its common stock and warrants, for consideration of $170,000. 850,000 shares of common stock were issued at a per share price of $0.20. The common stock holders were also issued warrants to purchase 425,000 shares of common stock. The warrants have an exercise price of $0.60 and a 3-year term. The warrants were recorded to additional paid-in-capital.   During the quarter ended March 31, 2015, the Company issued 500,000 shares with a fair value of $80,000 to an advisory firm for consulting services. The Company is amortizing the $80,000 over the service period and recorded $20,000 of expense in the quarter ended June 30, 2015 and $40,000 of expense in the six months ended June 30, 2015.   During the quarter ended March 31, 2015, the Company issued 120,000 shares to an advisory firm for consulting services. The shares vested in two tranches, with 60,000 shares vesting in the quarter ended December 31, 2014 and remaining 60,000 shares vesting in the quarter ended March 31, 2015. The Company recorded consulting expenses of $10,800 in the quarter ended December 31, 2014 and $27,600 of consulting expenses in the quarter ended March 31, 2015. In each instance, the expense was based on the fair value on the vesting date.   During the quarter ended March 31, 2015, the Company issued 333,333 stock warrants for consulting services performed and recorded consulting expense of $75,000 for the fair value of the warrants.   During the three months ended March 31, 2015 and 2014, the Company issued 12,500 and 10,625 shares of its common stock to non-employee directors under its Director Compensation Plan. The Company recorded expense of $2,125 and $4,038 for director stock compensation expense in the three months ended March 31, 2015 and 2014. No shares were issued during the three months ended June 30, 2015 and 2014. Additionally, no expense was recorded in the three months ended June 30, 2015 and 2014.

13.           CONTRACTUAL OBLIGATIONS AND CONTINGENCIES   As of June 30, 2015, CTI and its majority owned subsidiary, VVI, have remaining obligations, contingent upon receipt of certain revenues, to repay up to $165,788 and $198,334, respectively, in consideration of grant funding received in 1994 and 1995.  CTI also is obligated to pay at the rate of 7.5% of its revenues, if any, from transferring rights to certain inventions supported by the grant funds.  VVI is obligated to pay at rates of 1.5% of its net sales of supported products or 15% of its revenues from licensing supported products, if any.   Contingencies Litigation   Tim Conley (case pending) - On August 18, 2014, notice was issued to the Company that on June 23, 2014, Timothy Conley (the Plaintiff) filed a complaint against the Company, in the United States District Court for the District of Rhode Island. The complaint alleges that the Companys former acting interim CEO, Johnnie Johnson, and Plaintiff entered into an agreement whereby the Company agreed to make payments to Plaintiff. Among other allegations, Plaintiff claims that the Companys nonpayment to Plaintiff constitutes a breach of contract. The Company believes it has meritorious defenses to the allegations and the Company intends to vigorously defend against the litigation.   GEOMC (case pending) - On August 22, 2014, GEOMC filed a complaint against the Company in the United States District Court for the District of Connecticut. The complaint alleges that the Company and GEOMC entered into a security agreement whereby in exchange for GEOMCs sale and delivery of the Scrambler Therapy devices (the Devices), the Company would grant GEOMC a security interest in the Devices. Among other allegations, GEOMC claims that the Company has failed to comply with the terms of the security agreement and seeks an order to the Court to replevy the Devices or collect damages. The Company believes it has meritorious defenses to the allegations and the Company intends to vigorously defend against the litigation.   Summary  We may be a party to other legal actions and proceedings from time to time. We are unable to estimate legal expenses or losses we may incur, if any, or possible damages we may recover, and we have not recorded any potential judgment losses or proceeds in our financial statements to date. We record expenses in connection with these suits as incurred.   An unfavorable resolution of any or all matters, and/or our incurrence of significant legal fees and other costs to defend or prosecute any of these actions and proceedings may, depending on the amount and timing, have a material adverse effect on our consolidated financial position, results of operations or cash flows in a particular period.   CTIs Distribution Rights, Marineo and Delta   On April 8, 2014, Mr. Giuseppe Marineo, an inventor of the Calmare® pain therapy device, and Delta Research and Development (Delta), Mr. Marineos research company, and Delta International Services and Logistics (DIS&L), Deltas commercial arm in which Mr. Marineo is the sole beneficiary of all proceeds as its founder and sole owner (collectively the Group), issued a press release (the Groups Press Release) regarding CTI stating that the Company did not have authority to sell, distribute and manufacture the Calmare Device as an exclusive agent of the Group. CTI issued a corporate response in a press release dated April 11, 2014 stating that the Groups Press Release was inaccurate and has since been purged by the overseeing body of wire services.   This issue between the Company and the Group is over the validity of a 2012 Amendment to a Sales and Representation Agreement (the Amendment) which, if valid and enforceable, may have compromised its rights to sell, distribute and manufacture the Calmare Device as an exclusive agent of the Group in the global marketplace, especially in the European, Middle Eastern and North African (EMENA) territory which was responsible for approximately 70% of gross Calmare Device sales in 2011. However, the Company believes that the Amendment is neither valid nor enforceable as it was never duly signed or authorized and subsequently deemed null and void as disclosed on April 16, 2014 in the Form 10-K filing. Therefore, the parties rights are determined by an earlier agreement whereby the Company possesses the authority to sell, distribute and manufacture the Calmare Device as a world-wide exclusive agent of the Group.   On April 16, 2014, counsel for the Group (Group Counsel) sent a cease and desist letter (Cease and Desist Letter) to the Company, requesting a confirmation that the Company would no longer hold itself out as an agent of the Group permitted to sell, distribute and manufacture the Calmare Device world-wide including the EMENA territory.   The Company responded on April 25, 2014 to the Cease and Desist Letter, disputing Group Counsels interpretation of the events surrounding the execution of the Amendment. At this time, the Company continues to work to find a reasonable and amicable resolution to the situation.   Unsigned Agreements   The Company uses two unrelated firms to provide marketing and investor relations services, CME Acuity (CMEA) and Legend Capital Management (LCM), respectively. The LCM and CMEA agreements were not signed due to an inability to come to final terms due to certain nuances in either agreement that included but were not limited to assignment of human capital and allowable performance based bonus(es). However, from the start date until June 30, 2015, the respective firms were compensated for services rendered on a pay-as-we go basis (the Arrangement). The aforementioned Arrangement is expected to continue for the next few consecutive quarters until such time as their agreements can be consummated.

14.           RELATED PARTY TRANSACTIONS   Our board of directors determined that when a directors services are outside the normal duties of a director, we compensate the director at the rate of $1,000 per day, plus expenses, which is the same amount we pay a director for attending a one-day Board meeting.  We classify these amounts as consulting expenses, included in personnel and consulting expenses.   At June 30, 2015, $2,598,980 of the outstanding Notes payable were Notes payable to related parties; $2,498,980 to the chairman of our Board and $100,000 to another director.

15.           SUBSEQUENT EVENTS   From July 1, 2015 to November 30, 2015 the Company obtained additional funding, including $600,000 of hybrid debt funding. From July 1, 2015 to November 30, 2015, the Company did a private offering of convertible notes and warrants, under which it issued $706,000 of convertible promissory notes for consideration of $600,000, the difference between the proceeds from the notes and principal amount consists of $106,000 of original issue discount. The notes are convertible at a conversion price of $0.25 per share. The note holder was also issued market-related warrants for 1,412,000 in shares of common stock. The warrants have an exercise price of $0.60 and a 1-year term.   On September 15, 2015, the Company announced the appointment of Stephen J. DAmato, M.D. as Chief Medical Officer of the Company. During 2010, CALMARx Pain Relief, LLC, purchased 10 Calmare devices from the Company for an aggregate purchase price of $550,000. Additionally, during 2015 and 2014, CALMARx purchased certain supplies from the Company. Dr. DAmato is one of the owners and managers of CALMARx Pain Relief, LLC.   On October 15, 2015, the Company entered into a consulting agreement with VADM Robert T. Conway, Jr., U.S. Navy, (Ret) (the Admiral), a member of the Companys Board of Directors. The agreement is for one year and includes compensation of a monthly retainer fee of $7,500 and a five year warrant to purchase 167,000 shares of common stock of the Company, fully vested on the date of issuance, at a strike price of $.60 per share with an aggregate estimate fair value of $33,734. As a result of this agreement, the Board of Directors has determined that the Admiral is no longer an independent director of the Company.

The following sets forth the denominator used in the calculations of basic net loss per share and net loss per share assuming dilution:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%; text-align: center"> </td> <td nowrap="nowrap" colspan="3" style="text-align: center; line-height: 115%">Three months  ended</td> <td style="line-height: 115%; text-align: center"> </td> <td colspan="3" style="text-align: center; line-height: 115%">Three months ended</td> <td style="line-height: 115%; text-align: center"> </td> <td colspan="3" style="text-align: center; line-height: 115%">Six months ended</td> <td style="line-height: 115%; text-align: center"> </td> <td colspan="3" style="text-align: center; line-height: 115%">Six months ended</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%; text-align: center"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">June 30,  2015</td> <td style="line-height: 115%; text-align: center"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">June 30,  2014</td> <td style="line-height: 115%; text-align: center"> </td> <td colspan="3" style="text-align: center; line-height: 115%">June 30,  2015</td> <td style="line-height: 115%; text-align: center"> </td> <td colspan="3" style="text-align: center; line-height: 115%">June 30,  2014</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 49%; padding-left: 10pt; text-indent: -10pt; line-height: 115%">Denominator for basic net loss per share, weighted average shares outstanding</td> <td style="width: 2%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 10%; text-align: right; line-height: 115%">27,862,908</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 2%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 9%; text-align: right; line-height: 115%">23,082,699</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 2%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 8%; text-align: right; line-height: 115%">27,318,467</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 2%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 8%; text-align: right; line-height: 115%">21,567,885</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; text-indent: -10pt; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; text-indent: -10pt; line-height: 115%">Dilutive effect of common stock options</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">N/A</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">N/A</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> N/A</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> N/A</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; text-indent: -10pt; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; text-indent: -10pt; line-height: 115%">Dilutive effect of Series C convertible preferred stock, convertible debt and warrants</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; padding-left: 10pt; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; padding-left: 10pt; text-align: right; line-height: 115%">N/A</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; padding-left: 10pt; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; padding-left: 10pt; text-align: right; line-height: 115%">N/A</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%"> N/A</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> N/A</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; text-indent: -10pt; line-height: 115%">Denominator for diluted net loss per share, weighted average shares outstanding</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">27,862,908</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">23,082,699</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">27,318,467</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">21,567,885</td> <td style="line-height: 115%"> </td></tr> </table>

Potentially dilutive securities outstanding are summarized as follows: <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"> June 30,  2015</td> <td style="line-height: 115%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">June 30,  2014</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%; padding-left: 9pt; text-indent: -9pt; line-height: 115%">Exercise of common stock options</td> <td style="width: 3%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 12%; text-align: right; line-height: 115%">1,742,500</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 3%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 12%; text-align: right; line-height: 115%">1,708,500</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt; text-indent: -9pt; line-height: 115%">Exercise of common stock warrants</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">6,452,248</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">2,818,890</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt; line-height: 115%">Conversion of Series C convertible preferred stock</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1,329,646</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1,297,578</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt; text-indent: -9pt; line-height: 115%">Conversion of convertible debt</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; padding-left: 9pt; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; padding-left: 9pt; text-align: right; line-height: 115%">6,305,390</td> <td style="line-height: 115%"> </td> <td style="padding-left: 9pt; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">4,649,011</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt; line-height: 115%">Total</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; padding-left: 9pt; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; padding-left: 9pt; text-align: right; line-height: 115%">15,829,784</td> <td style="line-height: 115%"> </td> <td style="padding-left: 9pt; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">10,473,979</td> <td style="line-height: 115%"> </td></tr> </table>

Receivables consist of the following:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">June 30,  2015</td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">December 31,  2014</td> <td nowrap="nowrap" style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 74%; padding-left: 0.1in; text-indent: -0.1in; line-height: 115%">Calmare device sales receivable, net of allowance of $209,533 at June 30, 2015 and December 31, 2014</td> <td style="width: 3%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 8%; text-align: right; line-height: 115%"></td> <td style="width: 3%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 8%; text-align: right; line-height: 115%"></td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.1in; text-indent: -0.1in; line-height: 115%">Royalties, net of allowance of $101,154 at June 30, 2015 and December 31, 2014</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"></td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"></td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 0.1in; text-indent: -0.1in; line-height: 115%">Other, net of allowance of $6,972 at June 30, 2015 and December 31, 2014</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">1,048</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">2,319</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 16.2pt; text-indent: -0.1in; line-height: 115%">Total</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">1,048</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">2,319</td> <td style="line-height: 115%"> </td></tr> </table>

Prepaid expenses and other current assets consist of the following:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: right">June 30,  2015</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: right">December 31,  2014</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 70%; padding-left: 9pt; text-indent: -9pt">Prepaid insurance</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">16,240</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">71,651</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Prepaid consulting services</td> <td> </td> <td> </td> <td style="text-align: right">40,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">37,500</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Clinical trial</td> <td> </td> <td> </td> <td style="text-align: right">27,119</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">109,119</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Other</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">17,301</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">34,832</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Prepaid expenses and other current assets</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">100,660</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">253,102</td> <td> </td></tr> </table>

Property and equipment, net, consist of the following:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center; line-height: 115%"> </td> <td nowrap="nowrap" style="text-align: center; line-height: 115%"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">June 30,  2015</td> <td nowrap="nowrap" style="text-align: center; line-height: 115%"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">December 31,  2014</td> <td nowrap="nowrap" style="text-align: center; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 69%; line-height: 115%">Property and equipment, gross</td> <td style="width: 2%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 11%; text-align: right; line-height: 115%">215,491</td> <td style="width: 2%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 13%; text-align: right; line-height: 115%">215,491</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Accumulated depreciation and amortization</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">(188,214</td> <td style="line-height: 115%">)</td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">(179,851</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt; line-height: 115%">Property and equipment, net</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">27,277</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">35,640</td> <td style="line-height: 115%"> </td></tr> </table>

Accrued expenses and other liabilities consist of the following:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center; line-height: 115%"> </td> <td nowrap="nowrap" style="text-align: center; line-height: 115%"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">June 30,  2015</td> <td nowrap="nowrap" style="text-align: center; line-height: 115%"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">December 31,  2014</td> <td nowrap="nowrap" style="text-align: center; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 71%; line-height: 115%">Royalties payable</td> <td style="width: 2%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 11%; text-align: right; line-height: 115%">340,139</td> <td style="width: 2%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 11%; text-align: right; line-height: 115%">314,787</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Accrued compensation</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">81,271</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">23,573</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Accrued interest payable</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1,264,367</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">987,659</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Other</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">294,092</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">264,163</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Accrued expenses and other liabilities, net</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">1,979,869</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">1,590,182</td> <td style="line-height: 115%"> </td></tr> </table>

We estimated the fair value of each option on the grant date using a Black-Scholes option-pricing model with the following weighted average assumptions:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="font-size: 8pt"> </td> <td style="font-size: 8pt"> </td> <td colspan="2" style="text-align: center; font-size: 8pt">Six-months  ended</td> <td style="font-size: 8pt"> </td> <td style="font-size: 8pt"> </td> <td colspan="2" style="text-align: center; font-size: 8pt">Six-months  ended</td> <td style="font-size: 8pt"> </td></tr> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="font-size: 8pt"> </td> <td style="font-size: 8pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-size: 8pt">June 30,  2015</td> <td style="font-size: 8pt"> </td> <td style="font-size: 8pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-size: 8pt">June 30,  2014</td> <td style="font-size: 8pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font-size: 8pt"> <td style="width: 54%; font-size: 8pt">Dividend yield (1)</td> <td style="width: 11%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt"> </td> <td style="width: 11%; text-align: right; font-size: 8pt">0.00</td> <td style="width: 1%; font-size: 8pt">%</td> <td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt"> </td> <td style="width: 19%; text-align: right; font-size: 8pt">0.00</td> <td style="width: 1%; font-size: 8pt">%</td></tr> <tr style="vertical-align: bottom; background-color: white; font-size: 8pt"> <td style="font-size: 8pt">Expected volatility (2)</td> <td style="font-size: 8pt"> </td> <td style="font-size: 8pt"> </td> <td style="text-align: right; font-size: 8pt"> 164.5</td> <td style="font-size: 8pt">%</td> <td style="font-size: 8pt"> </td> <td style="font-size: 8pt"> </td> <td style="text-align: right; font-size: 8pt">118.5-122.4</td> <td style="font-size: 8pt">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font-size: 8pt"> <td style="font-size: 8pt">Risk-free interest rates (3)</td> <td style="font-size: 8pt"> </td> <td style="font-size: 8pt"> </td> <td style="text-align: right; font-size: 8pt">1.61</td> <td style="font-size: 8pt">%</td> <td style="font-size: 8pt"> </td> <td style="font-size: 8pt"> </td> <td style="text-align: right; font-size: 8pt">1.19-1.72</td> <td style="font-size: 8pt">%</td></tr> <tr style="vertical-align: bottom; background-color: white; font-size: 8pt"> <td style="font-size: 8pt">Expected lives (2)</td> <td style="font-size: 8pt"> </td> <td style="font-size: 8pt"> </td> <td style="text-align: right; font-size: 8pt">5.0 YEARS</td> <td style="font-size: 8pt"> </td> <td style="font-size: 8pt"> </td> <td style="font-size: 8pt"> </td> <td style="text-align: right; font-size: 8pt">4.0-5.0 YEARS</td> <td style="font-size: 8pt"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; font-size: 8pt"> <td style="width: 1%; font-size: 8pt"> </td> <td style="width: 5%; font-size: 8pt">(1)</td> <td style="width: 94%; text-align: justify; font-size: 8pt">We have not paid cash dividends on our common stock since 1981, and currently do not have plans to pay or declare cash dividends. Consequently, we used an expected dividend rate of zero for the valuations.</td></tr> <tr style="vertical-align: top; font-size: 8pt"> <td style="font-size: 8pt"> </td> <td style="font-size: 8pt">(2)</td> <td style="text-align: justify; font-size: 8pt">Estimated based on our historical experience. Volatility was based on historical experience over a period equivalent to the expected life in years.</td></tr> <tr style="vertical-align: top; font-size: 8pt"> <td style="font-size: 8pt"> </td> <td style="font-size: 8pt">(3)</td> <td style="font-size: 8pt">Based on thej U.S. Treasury constant maturity interest rate with a term consistent with the expected life of the options granted.</td></tr> </table>

Notes payable consist of the following:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">June 30, 2015</td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">December 31, 2014</td> <td style="text-align: center; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 67%; line-height: 115%">90 day Convertible Notes (Chairman of the Board)</td> <td style="width: 2%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 13%; text-align: right; line-height: 115%">2,498,980</td> <td style="width: 2%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 13%; text-align: right; line-height: 115%">2,498,980</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">24 month Convertible Notes ($100,000 to Board member)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">225,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">225,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">10 day Note (Board member)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"></td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">42,500</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Series A3 15% OID Convertible Notes and Warrants</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">14,353</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">11,765</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Series B OID Convertible Notes and Warrants</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">62,289</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">56,659</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">1 Year 15% OID Convertible Notes and Warrants</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">548,525</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">244,565</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Notes Payable, gross</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">3,349,147</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">3,079,469</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Less LPA amount</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">(485,980</td> <td style="line-height: 115%">)</td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">(485,980</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Notes Payable, net</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">2,863,167</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">2,593,489</td> <td style="line-height: 115%"> </td></tr> </table>   Details of notes payable as of June 30, 2015 are as follows: <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 25%; padding-left: 10pt; text-indent: -10pt; line-height: 115%"> </td> <td style="width: 2%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 12%; text-align: right; line-height: 115%"> </td> <td style="width: 2%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 12%; text-align: right; line-height: 115%"> </td> <td style="width: 2%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 12%; text-align: right; line-height: 115%"> </td> <td style="width: 2%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 12%; text-align: right; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 12%; text-align: center; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">  Principal Amount</td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Carrying Value</td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Cash Interest Rate</td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Common Stock Conversion Price</td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Maturity Date</td> <td style="text-align: center; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; text-indent: -10pt; line-height: 115%">90 day Convertible Notes (Chairman of the Board)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">2,498,980</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">2,498,980</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">6</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">1.05</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">Various 2014</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; text-indent: -10pt; line-height: 115%">24 month Convertible Notes ($100,000 to Board member)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">225,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">225,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">6</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1.05</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">March 2014 June 2014</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; text-indent: -10pt; line-height: 115%">Series A3 15% OID Convertible Notes and Warrants</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">11,765</td> <td style="line-height: 115%">(1)</td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">14,353</td> <td style="line-height: 115%">(1)</td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">None</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0.25</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">January 2015</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; text-indent: -10pt; line-height: 115%">Series B OID Convertible Notes  and Warrants</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">80,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">62,289</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">None</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0.23</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">March 2017</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; text-indent: -10pt; line-height: 115%">1 Year 15% OID Convertible Notes and Warrants</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">661,177</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">548,525</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">None</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0.20</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">Aug. 2015 Feb.  2016</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; text-indent: -10pt; line-height: 115%">Notes Payable, gross</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">3,476,922</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">3,349,147</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; text-indent: -10pt; line-height: 115%">Less LPA amount</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">(485,980</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; text-indent: -10pt; line-height: 115%">Notes Payable, net</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">2,863,167</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> </table>   (1)     Includes $2,588 of accrued loss on conversion of OID note.

The Company has issued 90-day notes payable to borrow funds from a director, now the chairman of our Board, as follows:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 81%; line-height: 115%">2013</td> <td style="width: 2%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 15%; text-align: right; line-height: 115%">1,188,980</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">2012</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1,210,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">2011</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">100,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Total</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">2,498,980</td> <td style="line-height: 115%"> </td></tr> </table>

We estimated the fair value of the warrants on the issue date using a Black-Scholes pricing model with the following assumptions:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Warrants  March 20,  2014</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 76%; line-height: 115%">Expected term</td> <td style="width: 11%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 11%; text-align: right; line-height: 115%">4 years</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Volatility</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">151.52</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Risk Free Rate</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1.32</td> <td style="line-height: 115%">%</td></tr> </table> We estimated the fair value of the warrants on the issue date using a Black-Scholes pricing model with the following assumptions:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Warrants  three months ended March 31, 2015</td> <td nowrap="nowrap" style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 76%; line-height: 115%">Expected term</td> <td style="width: 11%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 11%; text-align: right; line-height: 115%">1 year</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Volatility</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">180.15-185.71</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Risk Free Rate</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0.18-0.22</td> <td style="line-height: 115%">%</td></tr> </table> We estimated the fair value of the warrants on the issue date using a Black-Scholes pricing model with the following assumptions:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 68%; line-height: 115%"> </td> <td style="width: 5%; line-height: 115%"> </td> <td style="width: 1%; border-bottom: black 1pt solid; text-align: center; line-height: 115%"> </td> <td style="width: 24%; border-bottom: black 1pt solid; text-align: right; line-height: 115%">Warrants</td> <td style="width: 2%; text-align: center; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Expected term</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">2 years</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Volatility</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">184.88</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Risk Free Rate</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0.32</td> <td style="line-height: 115%">%</td></tr> </table> The proceeds of the Notes were allocated to the components as follows:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Proceeds allocated  at issue date</td> <td style="text-align: center; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 76%; line-height: 115%">Private Offering Notes</td> <td style="width: 11%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 11%; text-align: right; line-height: 115%">34,272</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Private Offering Warrants</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">26,811</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Beneficial Conversion feature</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">3,917</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Total</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">65,000</td> <td style="line-height: 115%"> </td></tr> </table>   As a result of the triggering of the above noted one time anti-dilution provision, the Company reallocated the proceeds of the Notes during the quarter ended December 31, 2014 as follows:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center; line-height: 115%"> </td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Proceeds allocated  at issue date</td> <td nowrap="nowrap" style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 76%; line-height: 115%">Private Offering Notes</td> <td style="width: 11%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 11%; text-align: right; line-height: 115%">46,222</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Private Offering Warrants</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">18,778</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Beneficial Conversion feature</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"></td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Total</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">65,000</td> <td style="line-height: 115%"> </td></tr> </table> The proceeds of the Notes were allocated to the components as follows:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center; line-height: 115%"> </td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Proceeds allocated  at issue date</td> <td nowrap="nowrap" style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 76%; line-height: 115%">Private Offering Notes</td> <td style="width: 11%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 11%; text-align: right; line-height: 115%">197,521</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Private Offering Warrants</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">46,097</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Beneficial Conversion feature</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">13,382</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Total</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">257,000</td> <td style="line-height: 115%"> </td></tr> </table> The proceeds of the Notes issued during the three months ended March 31, 2014 were allocated to the components as follows:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Proceeds  allocated  at issue date</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 88%; line-height: 115%">Private Offering Notes</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 9%; text-align: right; line-height: 115%">32,390</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Private Offering Warrants</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">14,845</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Beneficial Conversion feature</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">7,765</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Total</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">55,000</td> <td style="line-height: 115%"> </td></tr> </table>

Presented below is summary information related to the conversion:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 76%; text-decoration: underline; line-height: 115%">Statement of Operations</td> <td style="width: 11%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 11%; text-align: right; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Loss on conversion of notes</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">43,288</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Accelerated interest expense</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">35,109</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-decoration: underline; line-height: 115%">Balance Sheet</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Shares issued as of June 30, 2014</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">798,825</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Shares to be issued subsequent to June 30, 2014</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">529,415</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Principal amount of notes converted</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">265,648</td> <td style="line-height: 115%"> </td></tr> </table>   Presented below is summary information related to the conversion:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 76%; text-decoration: underline; line-height: 115%">Statement of Operations</td> <td style="width: 11%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 11%; text-align: right; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Loss on conversion of notes</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">2,588</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Accelerated interest expense</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%"></td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-decoration: underline; line-height: 115%">Balance Sheet</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Shares issued</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"></td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Principal amount of notes converted</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">11,765</td> <td style="line-height: 115%"> </td></tr> </table>

485980 485980

2593489

2863167

0.06

0.07

1.05

0.25

1.05

0.23

0.20

0.35

0.20

0.23

0.25

0.30

Aug. 2015 - Feb. 2016

Various 2014

March 2014 - June 2014

January 2015

March 2017

100000

0.15 0.15 0.15 0.15

2498980

1188980

1210000

100000

P4Y

P2Y

P1Y

1.5152

1.8488

1.8015

1.8571

0.0132

0.0032

0.0018

0.0022

197521 34272 46222 32390 46097 26811 18778 14845 13382 3917 0 7765

257000

65000

55000

P6M

P90D

0.01 188000 25000 807000

15000

9706

45353

10000

2014-06-30

2014-05-31

185714

425000

725000

1250000

187500

129412

755882

0.45

0.33

0.60

0.35

P1Y P4Y P3Y P3Y P3Y P1Y P2Y P5Y P3Y 98000 98000

20000

124000

144000

0.85

0.00

1.645

1.185

1.224

0.0161

0.0119

0.0172

P5Y

P4Y

P5Y

1412000 333333

198334

165788

0.075 0.015 0.15 0.70

600000

0.60

P1Y

P5Y

706000

600000

106000 10 550000

33734

0.60

P1Y 59480

798825

11765

265648

529415

20000000

302353

112500

2013-09-30

2500

monthly

2014-01-31

320000

50000

42500

60000

P4Y

0.20

0.05

1.25

2010-12-02

0.20 0.20

93748

9298

4675

75000

Holders of these shares of Series C Convertible Preferred Stock shall have voting rights equivalent to 1,000 votes per $1,000 par value Series C Convertible Preferred share voted together with the shares of Common Stock

0.85

2500000

1450000

375000

850000

0.20

10800

27600

20000

40000

75000

P5Y We have not paid cash dividends on our common stock since 1981, and currently do not have plans to pay or declare cash dividends. Consequently, we used an expected dividend rate of zero for the valuations. Estimated based on our historical experience. Volatility was based on historical experience over a period equivalent to the expected life in years. Based on the U.S. Treasury constant maturity interest rate with a term consistent with the expected life of the options granted. Includes $2,588 of accrued loss on conversion of OID note.

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LIABILITIES ASSIGNED TO LIABILITY PURCHASE AGREEMENT (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended
	Sep. 30, 2013	Mar. 31, 2014	Jun. 30, 2015	Dec. 31, 2014
Liabilities Assigned To Liability Purchase Agreement [Line Items]
Liabilities under claims purchase agreement			$ 1,995,320	$ 1,995,320
Liabilities Purchase Agreement [Member]
Liabilities Assigned To Liability Purchase Agreement [Line Items]
Financial obligations to existing creditors	$ 2,100,000
Liabilities under claims purchase agreement	$ 2,093,303
Payment to creditors		$ 80,000
Service fee retained		27,000
Cash payments for accrued expenses		$ 18,000
Common Stock Including Additional Paid in Capital [Member] \| Liabilities Purchase Agreement [Member]
Liabilities Assigned To Liability Purchase Agreement [Line Items]
Common stock issued in accordance with liability purchase agreement, shares	1,618,235

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CONTRACTUAL OBLIGATIONS AND CONTINGENCIES (Details Narrative) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2011
Loss Contingencies [Line Items]
Percentage of revenues obligation	7.50%
Gross Calmare Device sales, percentage		70.00%
Grant Funding Received In 1995 [Member]
Loss Contingencies [Line Items]
Funding repayment obligation	$ 165,788
Grant Funding Received In 1994 [Member]
Loss Contingencies [Line Items]
Funding repayment obligation	$ 198,334
Supported Products [Member] \| Vector Vision, Inc. [Member]
Loss Contingencies [Line Items]
Percentage of revenues obligation	1.50%
Licensing Supported Products [Member] \| Vector Vision, Inc. [Member]
Loss Contingencies [Line Items]
Percentage of revenues obligation	15.00%

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SHAREHOLDERS' DEFICIENCY (Schedule of Weighted Average Assumptions) (Details) - Employee Stock Option [Member]
6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Dividend yield ^[1] 0.00% 0.00%

Expected volatility ^[2] 164.50%

Risk-free interest rate ^[3] 1.61%

Expected lives ^[2] 5 years

Minimum [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Expected volatility ^[2] 118.50%

Risk-free interest rate ^[3] 1.19%

Expected lives ^[2] 4 years

Maximum [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Expected volatility ^[2] 122.40%

Risk-free interest rate ^[3] 1.72%

Expected lives ^[2] 5 years

[1] We have not paid cash dividends on our common stock since 1981, and currently do not have plans to pay or declare cash dividends. Consequently, we used an expected dividend rate of zero for the valuations.

[2] Estimated based on our historical experience. Volatility was based on historical experience over a period equivalent to the expected life in years.

[3] Based on the U.S. Treasury constant maturity interest rate with a term consistent with the expected life of the options granted.

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RECEIVABLES (Details) - USD ($)

Jun. 30, 2015

Dec. 31, 2014

Receivables [Abstract]

Calmare device sales receivable, net of allowance of $209,533 at June 30, 2015 and December 31, 2014 $ 0 $ 0

Royalties, net of allowance of $101,154 at June 30, 2015 and December 31, 2014 0 0

Other, net of allowance of $6,972 at June 30, 2015 and December 31, 2014 1,048 2,319

Total receivables 1,048 2,319

Calmare sales receivable, allowance amount 209,533 209,533

Allowance for doubtful accounts 101,154 101,154

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PROPERTY AND EQUIPMENT (Tables)
6 Months Ended

Jun. 30, 2015

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net
Property and equipment, net, consist of the following:

June 30,
2015 December 31,
2014

Property and equipment, gross $ 215,491 $ 215,491

Accumulated depreciation and amortization (188,214 ) (179,851 )

Property and equipment, net $ 27,277 $ 35,640

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SUBSEQUENT EVENTS (Details Narrative)
5 Months Ended 6 Months Ended

Oct. 15, 2015

USD ($)

$ / shares

shares

Nov. 30, 2015

USD ($)

$ / shares

shares

Jun. 30, 2015

USD ($)

shares

Jun. 30, 2014

USD ($)

Sep. 15, 2015

USD ($)

Integer

Dec. 31, 2014

shares

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Common stock issued | shares 28,366,478 25,908,978

Monthly compensation of retainer fee $ 2,125 $ 4,038

Subsequent Event [Member]

Subsequent Event [Line Items]

Procedds from issuance of debt $ 600,000

Exercise price of warrants | $ / shares $ 0.60

Warrants term 1 year

Convertible promissory notes issued $ 706,000

Proceeds from issuance of warrants 600,000

Proceeds from notes and principal amount $ 106,000

Debt conversion price per share | $ / shares $ 0.25

Warrants issued | shares 1,412,000

Subsequent Event [Member] | Transaction One [Member]

Subsequent Event [Line Items]

Common stock issued | shares 167,000

Exercise price of warrants | $ / shares $ 0.60

Warrants term 5 years

Number of device purchased | Integer 10

Proceed from aggreate purchase price $ 550,000

Aggregate estimate fair value $ 33,734

Strike price of fully vested stock | $ / shares $ 0.60

Monthly compensation of retainer fee $ 7,500

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NOTES PAYABLE (Summary of Fair Value Assumptions) (Details)
1 Months Ended 3 Months Ended 6 Months Ended

Mar. 20, 2014

Mar. 31, 2015

Jun. 30, 2014

Series A 15% Original Issue Discount Convertible Notes and Warrants [Member]

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]

Expected term 2 years

Volatility 184.88%

Risk Free Rate 0.32%

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Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]

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Volatility 151.52%

Risk Free Rate 1.32%

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1 Year 15% OID Convertible Notes and Warrants [Member] | Minimum [Member]

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]

Volatility 180.15%

Risk Free Rate 0.18%

1 Year 15% OID Convertible Notes and Warrants [Member] | Maximum [Member]

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]

Volatility 185.71%

Risk Free Rate 0.22%

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PROPERTY AND EQUIPMENT (Details) - USD ($)
3 Months Ended 6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

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SHAREHOLDERS' DEFICIENCY (Narrative) (Details) - USD ($)
3 Months Ended 6 Months Ended

Jun. 30, 2015

Mar. 31, 2015

Dec. 31, 2014

Jun. 30, 2014

Mar. 31, 2014

Jun. 30, 2015

Jun. 30, 2014

Oct. 15, 2015

Stockholders Equity [Line Items]

Stock option compensation expense $ 24,175 $ 41,123

Derivative liability $ 77,000 $ 66,000 77,000

Proceeds from common stock and warrants in private offering $ 365,000 670,000

Shares issued for consulting services 500,000

Shares issued for consulting services, value $ 80,000

Common stock, shares authorized (in shares) 40,000,000 40,000,000 40,000,000

Maximum [Member]

Stockholders Equity [Line Items]

Common stock, shares authorized (in shares) 40,000,000

Minimum [Member]

Stockholders Equity [Line Items]

Common stock, shares authorized (in shares) 100,000,000

Non Employee Directors [Member] | Employee Stock Option [Member]

Stockholders Equity [Line Items]

Options granted 50,000 42,500

Stock option compensation expense $ 7,963 11,178

Employees [Member] | Employee Stock Option [Member]

Stockholders Equity [Line Items]

Options granted 320,000

Vesting period 4 years

Options vested percentage 20.00%

Stock option compensation expense $ 8,106 $ 26,795 $ 16,212 $ 29,945

Common Stock [Member]

Stockholders Equity [Line Items]

Dividend declared, date of record Dec. 02, 2010

Trigger for issuance of dividends, percentage of outstanding common shares purchased 20.00%

Proceeds from common stock and warrants in private offering $ 290,000 $ 75,000 $ 170,000 $ 500,000

Private offering of common stock and warrants, shares 1,450,000 375,000 850,000 2,500,000

Price per share in private offering $ 0.20 $ 0.20 $ 0.20 $ 0.20 $ 0.20 $ 0.20

Warrants issued to purchase shares of common stock 725,000 187,500 425,000 1,250,000 725,000 425,000

Exercise price of warrants $ 0.60 $ 0.60 $ 0.60 $ 0.60 $ 0.60 $ 0.60

Term of warrant 3 years 3 years 3 years 3 years

Shares issued for consulting services 500,000

Shares issued for consulting services, value $ 80,000

Consulting expenses $ 20,000

Amortization for shares issued 40,000

Fair value of warrants $ 75,000

Warrants issued 333,333

Warrants term 5 years

Common Stock [Member] | Transaction One [Member]

Stockholders Equity [Line Items]

Shares vested 60,000 60,000

Shares issued for consulting services 120,000

Consulting expenses $ 27,600 $ 10,800

Common Stock [Member] | Non Employee Directors [Member]

Stockholders Equity [Line Items]

Stock option compensation expense $ 2,125 $ 4,038

Shares issued for share based compensation 12,500 10,625

Series C Preferred Stock [Member]

Stockholders Equity [Line Items]

Percentage of cumulative dividend rate 5.00%

Dividends declared $ 93,748

Dividends declared during period 4,675 9,298

Dividends declared and unpaid 75,000 $ 75,000

Preferred stock, voting rights Holders of these shares of Series C Convertible Preferred Stock shall have voting rights equivalent to 1,000 votes per $1,000 par value Series C Convertible Preferred share voted together with the shares of Common Stock

Preferred stock, threshold percentage of stock price trigger 85.00%

Derivative liability $ 77,080 $ 66,177 $ 77,080

Preferred stock, shares outstanding (in shares) 375 375 375

5% preferred stock [Member]

Stockholders Equity [Line Items]

Percentage of cumulative dividend rate 5.00%

Preferential non-cumulative dividends (in dollars per share) $ 1.25

Preferred stock redemption price (in dollars per share) $ 25 25

Preferred stock liquidation preference price (in dollars per share) $ 25 $ 25

Trigger for issuance of dividends, percentage of outstanding common shares purchased 20.00%

Preferred stock, shares outstanding (in shares) 2,427 2,427 2,427

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RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
6 Months Ended

Jun. 30, 2015

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
3. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue From Contracts With Customers, as amended by ASU 2015-14,that outlines a single comprehensive model for entities to use in accounting for revenue recognition and supersedes most current revenue recognition guidance, including industry-specific guidance. The amendments in this accounting standard update are intended to provide a more robust framework for addressing revenue issues, improve comparability of revenue recognition practices, and improve disclosure requirements. The amendments in this accounting standard update are effective for interim and annual reporting periods beginning after December 15, 2017; with early adoption permitted after December 15, 2016. The Company is currently assessing the impact that this standard will have on its consolidated financial statements.

In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements – Going Concern, which provides guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and the related footnote disclosure. For each reporting period, management will be required to evaluate whether there are conditions or events that raise substantial doubt about a company’s ability to continue as a going concern within one year from the date the financials are issued. When management identifies conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern, the ASU also outlines disclosures that are required in the company’s footnotes based on whether or not there are any plans intended to mitigate the relevant conditions or events to alleviate the substantial doubt. The ASU becomes effective for annual periods ending after December 15, 2016, and for any annual and interim periods thereafter. Early application is permitted. The Company is currently assessing the impact that this standard will have on its consolidated financial statements.

In July 2015, the FASB issued ASU No. 2015-11, Inventory – Simplifying the Measurement of Inventory, which requires that inventory be measured at the lower of cost and net realizable value. Prior to the issuance of the new guidance, inventory was measured at the lower of cost or market. Replacing the concept of market with the single measurement of net realizable value is intended to create efficiencies for preparers. Inventory measured using the last-in, first-out (LIFO) method and the retail inventory method are not impacted by the new guidance. The ASU becomes effective for fiscal years beginning after December 15, 2016, including interim periods with those fiscal years. Early application is permitted. We do not expect the adoption to have a material impact on our consolidated financial statements.

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NOTES PAYABLE (Schedule of Note Allocation) (Details) - USD ($)

Jun. 30, 2015

Dec. 31, 2014

Mar. 31, 2014

Mar. 20, 2014

Series A 15% Original Issue Discount Convertible Notes and Warrants [Member]

Proceeds allocated

Private Offering Notes $ 32,390

Private Offering Warrants 14,845

Beneficial Conversion feature 7,765

Total $ 55,000

Series B Original Issue Discount Convertible Notes And Warrants [Member]

Proceeds allocated

Private Offering Notes $ 46,222 $ 34,272

Private Offering Warrants 18,778 26,811

Beneficial Conversion feature 0 3,917

Total $ 65,000 $ 65,000

1 Year 15% OID Convertible Notes and Warrants [Member]

Proceeds allocated

Private Offering Notes $ 197,521

Private Offering Warrants 46,097

Beneficial Conversion feature 13,382

Total $ 257,000

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Supplemental Disclosure of Non-cash Transactions (Details) - USD ($)
1 Months Ended 3 Months Ended 12 Months Ended

Jun. 30, 2014

Sep. 30, 2013

Mar. 31, 2015

Mar. 31, 2014

Dec. 31, 2014

Common stock issued for consulting services 500,000

Common stock issued for consulting services, value $ 80,000

Consulting expense 20,000

Debt conversion, shares issued 798,825 1,618,235

Allocation of proceeds from convertible note for the fair value of warrants and beneficial conversion feature to additional paid-in capital 59,480

Proceeds from Note Payable Allocated to Warrants and Conversion Feature Derivative Liability $ 59,480

Advisory Firm [Member]

Common stock issued for consulting services 120,000

Consulting expense $ 27,600 $ 10,800

Warrant [Member]

Common stock issued for consulting services 333,333

Common stock issued for consulting services, value $ 75,000

Liabilities Purchase Agreement [Member]

Payment to creditors $ 80,000

Service fee retained $ 27,000

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SHAREHOLDERS' DEFICIENCY (Tables)
6 Months Ended

Jun. 30, 2015

Stockholders' Equity Note [Abstract]

Schedule of Assumptions used to Estimate Fair Value of Share Options
We estimated the fair value of each option on the grant date using a Black-Scholes option-pricing model with the following weighted average assumptions:

Six-months ended Six-months ended

June 30, 2015 June 30, 2014

Dividend yield (1) 0.00 % 0.00 %

Expected volatility (2) 164.5 % 118.5-122.4 %

Risk-free interest rates (3) 1.61 % 1.19-1.72 %

Expected lives (2) 5.0 YEARS 4.0-5.0 YEARS

(1) We have not paid cash dividends on our common stock since 1981, and currently do not have plans to pay or declare cash dividends. Consequently, we used an expected dividend rate of zero for the valuations.

(2) Estimated based on our historical experience. Volatility was based on historical experience over a period equivalent to the expected life in years.

(3) Based on thej U.S. Treasury constant maturity interest rate with a term consistent with the expected life of the options granted.

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Organization Consolidation And Presentation Of Financial Statements [Line Items]

Principal amount $ 3,476,922 $ 3,476,922

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Organization Consolidation And Presentation Of Financial Statements [Line Items]

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Organization Consolidation And Presentation Of Financial Statements [Line Items]

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Ownership percentage 56.10% 56.10%

Promissory Notes [Member]

Organization Consolidation And Presentation Of Financial Statements [Line Items]

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NET LOSS PER COMMON SHARE (Calculation of Net Income (Loss) Per Common Share) (Details) - shares
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Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Earnings Per Share [Abstract]

Denominator for basic net loss per share, weighted average shares outstanding 27,862,908 23,082,699 27,318,467 21,567,885

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Dilutive effect of Series C convertible preferred stock, convertible debt and warrants 0 0 0 0

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NET LOSS PER COMMON SHARE
6 Months Ended

Jun. 30, 2015

Earnings Per Share [Abstract]

NET LOSS PER COMMON SHARE
2. NET LOSS PER COMMON SHARE

The following sets forth the denominator used in the calculations of basic net loss per share and net loss per share assuming dilution:

Three months
ended Three months ended Six months ended Six months ended

June 30,
2015 June 30,
2014 June 30,
2015 June 30,
2014

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Dilutive effect of common stock options N/A N/A N/A N/A

Dilutive effect of Series C convertible preferred stock, convertible debt and warrants N/A N/A N/A N/A

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Due to the net loss incurred for the three and six months ended June 30, 2015, and 2014, the denominator used in the calculation of basic net loss per share was the same as that used for net loss per share, assuming dilution, since the effect of any options, convertible preferred shares, convertible debt or warrants would have been anti-dilutive.

Potentially dilutive securities outstanding are summarized as follows:

June 30,
2015 June 30,
2014

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Exercise of common stock warrants 6,452,248 2,818,890

Conversion of Series C convertible preferred stock 1,329,646 1,297,578

Conversion of convertible debt 6,305,390 4,649,011

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NET LOSS PER COMMON SHARE (Potentially dilutive securities) (Details) - shares
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Jun. 30, 2014

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Exercise of common stock warrants [Member]

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NOTES PAYABLE (Schedule of Notes Payable) (Details) - USD ($)
6 Months Ended

Jun. 30, 2015

Dec. 31, 2014

Composition of Notes Payable:

Principal Amount $ 3,476,922

Notes Payable, gross 3,349,147 $ 3,079,469

Less LPA amount (485,980) (485,980)

Notes Payable, net 2,863,167 2,593,489

90 day Convertible Notes Related Party [Member]

Composition of Notes Payable:

Principal Amount 2,498,980

Notes Payable, gross $ 2,498,980 2,498,980

Cash Interest Rate 6.00%

Common Stock Conversion Price $ 1.05

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Notes Payable (Parenthetical):

Due to Board Member $ 100,000 100,000

24 month Convertible Notes [Member]

Composition of Notes Payable:

Principal Amount 225,000

Notes Payable, gross $ 225,000 225,000

Cash Interest Rate 6.00%

Common Stock Conversion Price $ 1.05

Matruity Date March 2014 - June 2014

10 day Note (Board member) [Member]

Composition of Notes Payable:

Notes Payable, gross 42,500

Series A3 15% OID Convertible Notes and Warrants [Member]

Composition of Notes Payable:

Principal Amount ^[1] $ 11,765

Notes Payable, gross $ 14,353 ^[1] $ 11,765

Common Stock Conversion Price $ 0.25

Matruity Date January 2015

Notes Payable (Parenthetical):

OID, yield percentage 15.00% 15.00%

Series B OID Convertible Notes and Warrants [Member]

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Notes Payable, gross $ 62,289 $ 56,659

Common Stock Conversion Price $ 0.23

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1 Year 15% OID Convertible Notes and Warrants [Member]

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Notes Payable, gross $ 548,525 $ 244,565

Common Stock Conversion Price $ 0.20

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OID, yield percentage 15.00% 15.00%

[1] Includes $2,588 of accrued loss on conversion of OID note.

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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)

Jun. 30, 2015

Dec. 31, 2014

Current Assets:

Cash $ 75,148 $ 5,745

Receivables, net of allowance of $317,659 at June 30, 2015 and December 31, 2014 1,048 2,319

Inventory 4,098,220 4,118,220

Prepaid expenses and other current assets 100,660 253,102

Total current assets 4,275,076 4,379,386

Property and equipment, net 27,277 35,640

Security deposits 15,000 15,000

TOTAL ASSETS 4,317,353 4,430,026

Current Liabilities:

Accounts payable 1,718,733 1,346,138

Liabilities under claims purchase agreement 1,995,320 1,995,320

Accounts payable, GEOMC 4,182,380 4,182,380

Accrued expenses and other liabilities 1,979,869 1,590,182

Notes payable 2,800,878 2,536,830

Deferred revenue 13,781 19,686

Series C convertible preferred stock derivative liability 77,080 66,177

Series C convertible preferred stock liability 375,000 375,000

Total current liabilities 13,143,041 12,111,713

Note payable - long-term 62,289 56,659

Shareholders' deficit:

Common stock, $.01 par value, 40,000,000 shares authorized, 28,366,478 shares issued and outstanding at June 30, 2015 and 25,908,978 shares issued and outstanding at December 31, 2014 283,664 259,089

Capital in excess of par value 48,243,662 47,634,857

Accumulated deficit (57,475,978) (55,692,967)

Total shareholders' deficit (8,887,977) (7,738,346)

TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT 4,317,353 4,430,026

5% preferred stock [Member]

Shareholders' deficit:

Preferred stock $ 60,675 $ 60,675

Series B Preferred Stock [Member]

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Preferred stock

Series C Preferred Stock [Member]

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NOTES PAYABLE (Details Narrative) - USD ($)
1 Months Ended 3 Months Ended 4 Months Ended 6 Months Ended 12 Months Ended

Dec. 31, 2014

Jun. 30, 2014

Sep. 30, 2013

Jun. 30, 2015

Mar. 31, 2015

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Sep. 30, 2013

Jun. 30, 2013

Jun. 30, 2015

Jun. 30, 2014

Dec. 31, 2014

Nov. 30, 2015

Dec. 31, 2013

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Principal amount $ 3,476,922 $ 3,476,922

Proceeds from notes payable $ 257,000 $ 120,000

Loss on settlement of debt (132,301)

Debt conversion, shares issued 798,825 1,618,235

Loss on conversion of note $ (43,288) $ (2,588) $ (43,288)

10 day Note (Board member) [Member]

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Proceeds from notes payable $ 42,500

OID convertible notes [Member]

Short-term Debt [Line Items]

Principal amount $ 5,882 5,882

1 Year 15% OID Convertible Notes and Warrants [Member]

Short-term Debt [Line Items]

Principal amount $ 661,177 $ 661,177

Conversion price $ 0.20 $ 0.20

Proceeds from notes payable $ 257,000

Proceeds from convertible promissory notes 302,353

Debt discount $ 45,353

Number of shares called by warrants 755,882

Exercise price of warrants $ 0.60

Term of warrant 1 year 1 year

Series B Original Issue Discount Convertible Notes And Warrants [Member]

Short-term Debt [Line Items]

Principal amount $ 80,000

Conversion price $ 0.23 $ 0.23 $ 0.35 $ 0.23

Shares issued 20,000,000

Proceeds from notes payable $ 65,000

Debt discount $ 15,000

Number of shares called by warrants 185,714

Exercise price of warrants $ 0.33 $ 0.33 $ 0.45 $ 0.33

Term of warrant 4 years

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Conversion price $ 0.20 $ 0.20 $ 0.20 $ 0.25 $ 0.20 $ 0.20

Proceeds from notes payable $ 55,000

Debt discount $ 9,706

Number of shares called by warrants 129,412

Exercise price of warrants $ 0.60

Term of warrant 2 years

Debt conversion, shares issued 347,826

Loss on conversion of note $ (2,588) $ (43,288)

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Notes payable, term 6 months

Principal amount $ 12,000

Conversion price $ 0.25

Note maturity date Jun. 30, 2014

Debt conversion, shares issued 50,000

Loss on conversion of note $ 5,500

Southridge Convertible Note [Member] | Maximum [Member]

Short-term Debt [Line Items]

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Note issuance date Sep. 30, 2013

Interest rate 7.00% 7.00%

Principal amount $ 112,500 $ 112,500

Conversion price $ 0.30 $ 0.30

Proceeds from notes payable $ 100,000

Debt discount $ 10,000 10,000

Transaction expenses $ 2,500

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Frequency of periodic payment monthly

Debt payments, start date Jan. 31, 2014

Value of common stock called by warrant $ 112,500 $ 112,500

Exercise price of warrants $ 0.35 $ 0.35

Term of warrant 5 years

Cash payment for settlement of warrant $ 98,000

Loss on settlement of warrant 98,000

Cash payment for settlement of note $ 124,000 20,000 $ 144,000

Loss on settlement of debt $ 34,000

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24 Month April 2012 Convertible Notes [Member]

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24 Month June 2012 Convertible Notes [Member]

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24 month Convertible Notes [Member]

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Principal amount $ 225,000 $ 225,000

Conversion price $ 1.05 $ 1.05

Additional Interest Expense $ 25,000

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Notes payable, term 90 days

Interest rate 6.00% 6.00%

Principal amount $ 2,498,980 $ 2,498,980

Conversion price $ 1.05 $ 1.05

Debt Instrument Interest Rate Per Month If Extended Original Maturity Dates 1.00% 1.00%

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Cumulative additional interest $ 807,000

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Cash flows from operating activities:

Net loss $ (1,783,011) $ (1,517,155)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization 8,363 6,346

Stock option compensation expense 24,175 41,123

Share-based compensation - common stock 2,125 $ 4,038

Common stock and warrants issued to consultants 182,600

Debt discount amortization $ 112,069 $ 169,436

Noncash finance charges 18,434

Unrealized loss on derivative instruments $ 10,903 11,720

Loss on conversion of notes $ 2,588 43,288

Loss on settlement of note and warrant 132,301

Changes in assets and liabilities:

Receivables $ 1,271 211

Prepaid expenses and other current assets 152,442 7,859

Inventory 20,000 70,000

Accounts payable, accrued expenses and other liabilities 762,283 456,927

Deferred revenue (5,905) 13,287

Net cash used in operating activities $ (510,097) (542,185)

Cash flows from investing activities:

Purchase of property and equipment (46,424)

Cash used in investing activities (46,424)

Cash flows from financing activities:

Proceeds from notes payable $ 257,000 120,000

Repayment of note and warrant settlement (42,500) (242,000)

Proceeds from common stock and warrants 365,000 670,000

Net cash provided by financing activities 579,500 548,000

Net increase (decrease) in cash 69,403 (40,609)

Cash at beginning of period 5,745 57,009

Cash at end of period $ 75,148 $ 16,400

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FAIR VALUE MEASUREMENTS (Details) - USD ($)

Jun. 30, 2015

Dec. 31, 2014

Fair Value Measurements Details

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NET LOSS PER COMMON SHARE (Tables)
6 Months Ended

Jun. 30, 2015

Earnings Per Share [Abstract]

Calculation of Net Earnings Per Share
The following sets forth the denominator used in the calculations of basic net loss per share and net loss per share assuming dilution:

Three months
ended Three months ended Six months ended Six months ended

June 30,
2015 June 30,
2014 June 30,
2015 June 30,
2014

Denominator for basic net loss per share, weighted average shares outstanding 27,862,908 23,082,699 27,318,467 21,567,885

Dilutive effect of common stock options N/A N/A N/A N/A

Dilutive effect of Series C convertible preferred stock, convertible debt and warrants N/A N/A N/A N/A

Denominator for diluted net loss per share, weighted average shares outstanding 27,862,908 23,082,699 27,318,467 21,567,885

Potentially dilutive securities
Potentially dilutive securities outstanding are summarized as follows:

June 30,
2015 June 30,
2014

Exercise of common stock options 1,742,500 1,708,500

Exercise of common stock warrants 6,452,248 2,818,890

Conversion of Series C convertible preferred stock 1,329,646 1,297,578

Conversion of convertible debt 6,305,390 4,649,011

Total 15,829,784 10,473,979

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PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($)

Jun. 30, 2015

Dec. 31, 2014

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid insurance $ 16,240 $ 71,651

Prepaid consulting services 40,000 37,500

Clinical trial 27,119 109,119

Other 17,301 34,832

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PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)
6 Months Ended

Jun. 30, 2015

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Prepaid Expenses and Other Assets
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June 30,
2015 December 31,
2014

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XML 44 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 45 R7.htm IDEA: XBRL DOCUMENT v3.3.0.814

BASIS OF PRESENTATION
6 Months Ended

Jun. 30, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BASIS OF PRESENTATION
1. BASIS OF PRESENTATION

The interim condensed consolidated financial information presented in the accompanying condensed consolidated financial statements and notes hereto is unaudited.

Effective August 20, 2014, Competitive Technologies, Inc. changed its name to Calmare Therapeutics Incorporated.

Calmare Therapeutics Incorporated (“CTI”) and its majority-owned (56.1%) subsidiary, Vector Vision, Inc. (“VVI”), (collectively, the “Company”, “we” or “us”) is a biotechnology company developing and commercializing innovative products and technologies. CTI is the licensed distributor of the non-invasive Calmare^® pain therapy device (the “Calmare Device”), which was developed to treat neuropathic and cancer-derived pain.

These consolidated financial statements include the accounts of CTI and VVI. Inter-company accounts and transactions have been eliminated in consolidation.

We believe we have made all adjustments necessary, consisting only of normal recurring adjustments, to present the unaudited condensed consolidated financial statements in conformity with accounting principles generally accepted in the U.S. The results for the three and six months ended June 30, 2015 are not necessarily indicative of the results that can be expected for the full year ending December 31, 2015.

The interim unaudited condensed consolidated financial statements and notes thereto, should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2014 filed with the Securities and Exchange Commission (“SEC”) on June 24, 2015.

During the three and six months ended June 30, 2015, we had a significant concentration of revenues from the Calmare^®Device. The percentages of gross revenue attributed to sales and rentals of Calmare Devices, in the three and six months ended June 30, 2015, were 94% and 92%, respectively; and 98% in both the three and six months ended June 30, 2014. Additionally, the percentage of gross revenue attributed to other Calmare Device related sales of equipment and training, in the three and six months ended June 30, 2015, was 5% and 6%, respectively; and 1%, in both the three and six months ended June 30, 2014. We continue to attempt to expand our sales activities for the Calmare Device and expect the majority of our revenues to come from this technology.

The Company has incurred operating losses since fiscal 2006 and has a working capital and shareholders’ deficiency at June 30, 2015. The Company has taken steps to reduce its operating expenses as well as increase revenue from sales of Calmare Devices and related sales. However, even at the reduced spending levels, should the anticipated increase in revenue from sales of Calmare Devices and related sales not occur the Company may not have sufficient cash flow to fund operations through 2015 and into 2016. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include adjustments to reflect the possible future effect of the recoverability and classification of assets or amounts and classifications of liabilities that may result from the outcome of this uncertainty.

The Company’s continuation as a going concern is dependent upon its developing recurring revenue streams sufficient to cover operating costs. The Company does not have any significant individual cash or capital requirements in the budget going forward. If necessary, CTI will attempt to meet anticipated operating cash requirements by further reducing costs, issuing debt and/or equity, and/or pursuing sales of certain assets and technologies while we pursue licensing and distribution opportunities for our remaining legacy portfolio of technologies. There can be no assurance that the Company will be successful in such efforts. Failure to develop a recurring revenue stream sufficient to cover operating expenses could negatively affect the Company’s financial position.

Our liquidity requirements arise principally from our working capital needs, including funds needed to sell our current technologies and obtain new technologies or products, and protect and enforce our intellectual property rights, if necessary. We fund our liquidity requirements with a combination of cash on hand, debt and equity financing, sales of common stock and cash flows from operations, if any, including royalty legal awards. At June 30, 2015, the Company had outstanding debt in the form of promissory notes with a total principal amount of $3,477,000 and a carrying value of $3,349,000.

The Company acquired the exclusive, worldwide rights to the Scrambler Therapy® technology in 2007. The Company’s original 2007 agreement with Giuseppe Marineo (the “Scrambler Therapy Agreement”), an inventor of Scrambler Therapy technology, and Delta Research and Development (“Delta”), authorized CTI to manufacture and sell worldwide the device developed from the patented Scrambler Therapy technology. The original agreement was amended in 2011 to provide the Company with exclusive rights to the Scrambler Therapy technology through March 31, 2016. In July 2012, the Company attempted to negotiate a five-year extension to the agreement with Marineo and Delta (the “2012 Amendment”). However, the Company believes that the 2012 Amendment is neither valid nor enforceable as it was never duly signed or authorized and subsequently deemed null and void (see Footnote 13. CONTRACTUAL OBLIGATIONS AND CONTINGENCIES, CTI’s Distribution Rights, Marineo and Delta). The Scrambler Therapy technology is patented in Italy and in the U.S. Applications for patents have been filed internationally as well and are pending approval. The Calmare Device has CE Mark certification from the European Union as well as U.S. FDA 510(k) clearance. CTI’s partner, GEOMC Co., Ltd. (“GEOMC”) of Korea, is manufacturing the product commercially under a ten (10) year agreement through 2017. Sales of these devices are expected to provide a significant proportion of the Company’s revenue through the term of the agreement.

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Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)

Jun. 30, 2015

Dec. 31, 2014

Receivables allowance $ 317,659 $ 317,659

Common stock, par value (in dollars per share) $ .01 $ .01

Common stock, shares authorized (in shares) 40,000,000 40,000,000

Common stock, shares issued (in shares) 28,366,478 25,908,978

Common stock, shares outstanding (in shares) 28,366,478 25,908,978

5% preferred stock [Member]

Preferred stock, par value (in dollars per share) $ 25 $ 25

Preferred stock, shares authorized (in shares) 35,920 35,920

Preferred stock, shares issued (in shares) 2,427 2,427

Preferred stock, shares outstanding (in shares) 2,427 2,427

Series B Preferred Stock [Member]

Preferred stock, par value (in dollars per share) $ 0.001 $ 0.001

Preferred stock, shares authorized (in shares) 20,000 20,000

Preferred stock, shares issued (in shares) 0 0

Preferred stock, shares outstanding (in shares) 0 0

Series C Preferred Stock [Member]

Preferred stock, par value (in dollars per share) $ 1,000 $ 1,000

Preferred stock, shares authorized (in shares) 750 750

Preferred stock, shares issued (in shares) 375 375

Preferred stock, shares outstanding (in shares) 375 375

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XML 47 R17.htm IDEA: XBRL DOCUMENT v3.3.0.814

NOTES PAYABLE
6 Months Ended

Jun. 30, 2015

Debt Disclosure [Abstract]

NOTES PAYABLE
11. NOTES PAYABLE

Notes payable consist of the following:

June 30, 2015 December 31, 2014

90 day Convertible Notes (Chairman of the Board) $ 2,498,980 $ 2,498,980

24 month Convertible Notes ($100,000 to Board member) 225,000 225,000

10 day Note (Board member) — 42,500

Series A3 15% OID Convertible Notes and Warrants 14,353 11,765

Series B OID Convertible Notes and Warrants 62,289 56,659

1 Year 15% OID Convertible Notes and Warrants 548,525 244,565

Notes Payable, gross 3,349,147 3,079,469

Less LPA amount (485,980 ) (485,980 )

Notes Payable, net $ 2,863,167 $ 2,593,489

Details of notes payable as of June 30, 2015 are as follows:

Principal
Amount Carrying
Value Cash
Interest
Rate Common
Stock
Conversion
Price Maturity
Date

90 day Convertible Notes (Chairman of the Board) $ 2,498,980 $ 2,498,980 6 % $ 1.05 Various 2014

24 month Convertible Notes ($100,000 to Board member) 225,000 225,000 6 % 1.05 March 2014 – June 2014

Series A3 15% OID Convertible Notes and Warrants 11,765 ⁽¹⁾ 14,353 ⁽¹⁾ None 0.25 January 2015

Series B OID Convertible Notes
and Warrants 80,000 62,289 None 0.23 March 2017

1 Year 15% OID Convertible Notes and Warrants 661,177 548,525 None 0.20 Aug. 2015 – Feb.
2016

Notes Payable, gross $ 3,476,922 3,349,147

Less LPA amount (485,980 )

Notes Payable, net $ 2,863,167

(1) Includes $2,588 of accrued loss on conversion of OID note.

90 day Convertible Notes

The Company has issued 90-day notes payable to borrow funds from a director, now the chairman of our Board, as follows:

2013 $ 1,188,980

2012 1,210,000

2011 100,000

Total $ 2,498,980

These notes have been extended several times and all bear 6.00% simple interest. A conversion feature was added to the Notes when they were extended, which allows for conversion of the eligible principal amounts to common stock at any time after the six month anniversary of the effective date – the date the funds are received – at a rate of $1.05 per share. Additional terms have been added to all Notes to include additional interest of 1% simple interest per month on all amounts outstanding for all Notes if extended beyond their original maturity dates and to provide the lender with a security interest in unencumbered inventory and intangible assets of the Company other than proceeds relating to the Calmare Device and accounts receivable.

Due to the Board’s February 10, 2014 decision authorizing management to nullify certain actions taken by prior management, the additional terms noted above were not approved and therefore, the additional interest for the extension of the Notes was not recorded. During 2014 and 2015, management has been in negotiations to modify the terms of the Notes. However, until those negotiations are resolved, the Company has agreed to honor the additional terms and as such, the Company recorded additional interest of approximately $188,000 during the six months ended June 30, 2015, and has recorded additional interest in total of $807,000.

A total of $485,980 of the aforementioned notes issued between December 1, 2012 and March 31, 2013 fall under the LPA with ASC Recap, and are expected to be repaid using the process as described in Note 10. Because there can be no assurance that the Company will be successful in completing this process, the Company retains ultimate responsibility for this debt, until fully paid down. As a result, the Company continues to accrue interest on these notes and they remain convertible as described above.

24 month Convertible Notes

In March 2012, the Company issued a 24-month convertible promissory note to borrow $100,000. Additional 24-month convertible promissory notes were issued in April 2012 ($25,000) and in June 2012 ($100,000). All of the notes bear 6.00% simple interest. Conversion of the eligible principal amounts to common stock is allowed at any time at a rate of $1.05 per share.

As of November 30, 2015 the Company has not repaid the principal due on the March 2012 $100,000 note, the April 2012 $25,000 note or the June 2012 $100,000 note and is in default under the terms of the notes. As of June 30, 2015, there is also unpaid interest of $25,000 related to these notes.

10 day Note

In late December 2014, the Company issued a 10 day non-interest bearing note to a Board member in the amount of $42,500. This note was repaid in early January 2015.

Series A 15% Original Issue Discount (“OID”) Convertible Notes and Warrants

During the quarter ended March 31, 2014, the Company did a private offering of a third tranche of convertible notes and warrants, under which it issued $64,706 of convertible promissory notes for consideration of $55,000, the difference between the proceeds from the notes and principal amount consists of $9,706 of original issue discount. The notes are convertible at an initial conversion price of $0.25 per share any time after issuance thereby having an embedded beneficial conversion feature.

The note holders were also issued market-related warrants for 129,412 in shares of common stock. The warrants have an exercise price of $0.60 and a term of 2 years. The beneficial conversion feature, if any, and the warrants were recorded to additional paid-in-capital. The Company allocated the proceeds received to the notes, the beneficial conversion feature and the warrants on a relative fair value basis at the time of issuance. The total debt discount is amortized over the life of the notes to interest expense.

The beneficial conversion feature was valued at the intrinsic value on the issuance date. The intrinsic value represents the difference between the conversion price and the fair value of the common stock multiplied by the number of share into which the note is convertible. We estimated the fair value of the warrants on the issue date using a Black-Scholes pricing model with the following assumptions:

Warrants

Expected term 2 years

Volatility 184.88 %

Risk Free Rate 0.32 %

The proceeds of the Notes issued during the three months ended March 31, 2014 were allocated to the components as follows:

Proceeds
allocated
at issue date

Private Offering Notes $ 32,390

Private Offering Warrants 14,845

Beneficial Conversion feature 7,765

Total $ 55,000

During the quarter ended June 30, 2014, certain holders of OID convertible notes and warrants delivered to the Company a notice of conversion related to the OID convertible notes. Due to the timing of receipt of the notices by the Company, certain Note holders (“Noteholders”) received their shares during the quarter ended June 30, 2014, while other Noteholders received or are due to receive their shares after June 30, 2014. Additionally, the Company offered certain Noteholders an inducement to convert their notes to shares. The inducement, when offered, provided Noteholders a conversion price of $0.20. All other original terms, including the warrant terms, remained the same. Upon notice of conversion and irrespective of whether the shares were delivered in the quarter ended June 30, 2014 or subsequent to June 30, 2014 to the Company: (i) accelerated and recognized as interest expense in the current period any remaining discount, and (ii) recognized a loss for the fair value of the additional shares offered as the conversion inducement.

Presented below is summary information related to the conversion:

Statement of Operations

Loss on conversion of notes $ 43,288

Accelerated interest expense $ 35,109

Balance Sheet

Shares issued as of June 30, 2014 798,825

Shares to be issued subsequent to June 30, 2014 529,415

Principal amount of notes converted $ 265,648

During the quarter ended March 31, 2015, a holder of OID convertible notes and warrants delivered to the Company a notice of conversion related to the OID convertible notes. Additionally, the Company offered the Noteholder an inducement to convert his/her notes to shares. The inducement provided the Noteholder a conversion price of $0.20. All other original terms, including the warrant terms, remained the same. Upon notice of conversion, the Company: (i) accelerated and recognized as interest expense in the current period any remaining discount, and (ii) recognized a loss for the fair value of the additional shares offered as the conversion inducement. As of June 30, 2015, the Company had not issued the shares due related to the conversion notice.

Presented below is summary information related to the conversion:

Statement of Operations

Loss on conversion of notes $ 2,588

Accelerated interest expense $ —

Balance Sheet

Shares issued —

Principal amount of notes converted $ 11,765

Series B Original Issue Discount Convertible Notes and Warrants

During the quarter ended March 31, 2014, the Company did a private offering of convertible notes and warrants, under which it issued $80,000 of convertible promissory notes for consideration of $65,000, the difference between the proceeds from the notes and principal amount consists of $15,000 of original issue discount. The notes are convertible at an initial conversion price of $0.35 per share any time after issuance thereby having an embedded beneficial conversion feature. The note holders were also issued market-related warrants for 185,714 in shares of common stock. The warrants have an exercise price of $0.45 and a 4-year term. The beneficial conversion feature and the warrants were recorded to additional paid-in-capital. The Company allocated the proceeds received to the notes, the beneficial conversion feature and the warrants on a relative fair value basis at the time of issuance. The total debt discount is amortized over the life of the notes to interest expense.

The beneficial conversion feature was valued at the intrinsic value on the issuance date. The intrinsic value represents the difference between the conversion price and the fair value of the common stock multiplied by the number of share into which the note is convertible. We estimated the fair value of the warrants on the issue date using a Black-Scholes pricing model with the following assumptions:

Warrants
March 20,
2014

Expected term 4 years

Volatility 151.52 %

Risk Free Rate 1.32 %

The proceeds of the Notes were allocated to the components as follows:

Proceeds
allocated
at issue date

Private Offering Notes $ 34,272

Private Offering Warrants 26,811

Beneficial Conversion feature 3,917

Total $ 65,000

The Series B OID notes include an anti-dilution provision that if the Company issues more than 20 million shares of its common stock, subject to certain exceptions, the conversion price of the notes and the conversion price of the warrants would be subject to an automatic pre-determined price adjustment. During the quarter ended December 31, 2014 the Series B OID noteholder and the Company agreed that this anti-dilution provision had been triggered and the OID note share conversion price was adjusted down to $0.23 per share, which increased the number of shares available upon conversion to 347,826. The anti-dilution provision in the Warrant changed the share purchase price downward to $0.33 per share but did not change the number of shares available under the Warrant.

As a result of the triggering of the above noted one time anti-dilution provision, the Company reallocated the proceeds of the Notes during the quarter ended December 31, 2014 as follows:

Proceeds
allocated
at issue date

Private Offering Notes $ 46,222

Private Offering Warrants 18,778

Beneficial Conversion feature —

Total $ 65,000

1 Year 15% OID Convertible Notes and Warrants

During the quarter ended March 31, 2015, the Company did an additional private offering of convertible notes and warrants, under which it issued $302,353 of convertible promissory notes for consideration of $257,000, the difference between the proceeds from the notes and principal amount consists of $45,353 of original issue discount. The notes are convertible at an initial conversion price of $0.20 per share any time after issuance thereby having an embedded beneficial conversion feature. The note holders were also issued market-related warrants for 755,882 in shares of common stock. The warrants have an exercise price of $0.60 and a 1-year term. The beneficial conversion feature and the warrants were recorded to additional paid-in-capital. The Company allocated the proceeds received to the notes, the beneficial conversion feature and the warrants on a relative fair value basis at the time of issuance. The total debt discount is amortized over the life of the notes to interest expense.

The beneficial conversion feature was valued at the intrinsic value on the issuance date. The intrinsic value represents the difference between the conversion price and the fair value of the common stock multiplied by the number of shares into which the note is convertible. We estimated the fair value of the warrants on the issue date using a Black-Scholes pricing model with the following assumptions:

Warrants
three months
ended March 31, 2015

Expected term 1 year

Volatility 180.15-185.71 %

Risk Free Rate 0.18-0.22 %

The proceeds of the Notes were allocated to the components as follows:

Proceeds
allocated
at issue date

Private Offering Notes $ 197,521

Private Offering Warrants 46,097

Beneficial Conversion feature 13,382

Total $ 257,000

During the quarter ended June 30, 2015, a holder of OID convertible notes and warrants delivered to the Company a notice of conversion related to the OID convertible notes, with a principal amount of $5,882. As of June 30, 2015, the Company had not issued the shares due related to the conversion notice. The shares were issued in September 2015.

Tonaquint 9% Original Issue Discount Convertible Notes and Warrants

During the quarter ended September 30, 2013, the Company entered into a securities purchase agreement with Tonaquint, Inc., under which it was issued a $112,500 convertible promissory note in consideration for $100,000, the difference between the proceeds from the Note and the principal amount consisted of a $10,000 original issue discount and a carried transaction expense of $2,500. The original issue discount was being amortized over the life of the note. The note was convertible at an initial conversion price of $0.30 per share at any time, and contained a “down-round protection” feature that requires the valuation of a derivative liability associated with the note. The note bore interest at 7% and was due in May 2014. Tonaquint was also issued a market-related warrant for $112,500 in shares of common stock with a “cashless” exercise feature. The warrant had a $0.35 exercise price, a 5-year term and included a “down-round protection” feature that required it to be classified as a liability rather than as equity.

During the first quarter of 2014 the Company executed a debt settlement agreement with Tonaquint related to the note and warrant. The warrant was settled during the first quarter of 2014 for a cash payment of $98,000, resulting in a loss of $98,000. The note was settled during the second quarter of 2014 for cash payments totaling $144,000 ($20,000 paid in the first quarter of 2014 and $124,000 paid in the second quarter of 2014). Because the execution of the debt settlement agreement in the first quarter of 2014 resulted in a significant modification of the original terms of the note agreement, the Company adjusted the carrying value of the note in the first quarter of 2014 and recorded a related loss of approximately $34,000.

Southridge

During 2013, the Company issued a six-month $12,000 convertible note payable to Southridge to cover legal expenses as part of the LPA. The convertible note was convertible into the Company’s common stock at the greater of $0.25 or 85% of the average closing bid price during the five (5) trading days prior to conversion and was due in June 2014.

During the third quarter of 2014, the Company issued to Southridge 50,000 shares in exchange for and in full satisfaction for the note and recorded a $5,500 loss upon conversion of the note.

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Document and Entity Information - shares
6 Months Ended

Jun. 30, 2015

Nov. 30, 2015

Document and Entity Information [Abstract]

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Entity Central Index Key 0000102198

Document Type 10-Q

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Entity a Well-known Seasoned Issuer No

Entity a Voluntary Filer No

Entity's Reporting Status Current Yes

Entity Filer Category Smaller Reporting Company

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SHAREHOLDERS' DEFICIENCY
6 Months Ended

Jun. 30, 2015

Stockholders' Equity Note [Abstract]

SHAREHOLDERS' DEFICIENCY
12. SHAREHOLDERS’ DEFICIENCY

Stock Option Plan

On May 2, 2011 the Company adopted and executed the Employees’ Directors’ and Consultants Stock Option Plan (the “Plan”). During the three months ended March 31, 2015, the Company granted 50,000 options to non-employee directors which were fully vested upon issuance. During the three months ended March 31, 2014, the Company granted 42,500 options to non-employee directors which were fully vested upon issuance. No options were granted during the three months ended June 30, 2015. During the three months ended June 30, 2014, the Company granted 320,000 options to employees. 20% of the options vested upon issuance and the remaining options vest ratably over a four (4) year period.

We estimated the fair value of each option on the grant date using a Black-Scholes option-pricing model with the following weighted average assumptions:

Six-months ended Six-months ended

June 30, 2015 June 30, 2014

Dividend yield (1) 0.00 % 0.00 %

Expected volatility (2) 164.5 % 118.5-122.4 %

Risk-free interest rates (3) 1.61 % 1.19-1.72 %

Expected lives (2) 5.0 YEARS 4.0-5.0 YEARS

(1) We have not paid cash dividends on our common stock since 1981, and currently do not have plans to pay or declare cash dividends. Consequently, we used an expected dividend rate of zero for the valuations.

(2) Estimated based on our historical experience. Volatility was based on historical experience over a period equivalent to the expected life in years.

(3) Based on thej U.S. Treasury constant maturity interest rate with a term consistent with the expected life of the options granted.

During the six months ended June 30, 2015, the Company recognized expense of $7,963 for stock options issued to directors and recognized expense of $8,106 and $16,212, respectively, for the three and six months ended June 30, 2015, for stock options issued to employees.

During the six months ended June 30, 2014, the Company recognized expense of $11,178 for stock options issued to directors and recognized expense of $26,795 and $29,945, respectively, for the three and six months ended June 30, 2014, for stock options issued to employees.

Preferred Stock

Holders of 5% preferred stock are entitled to receive, if, as, and when declared by the Board of Directors, out of funds legally available therefore, preferential non-cumulative dividends at the rate of $1.25 per share per annum, payable quarterly, before any dividends may be declared or paid upon or other distribution made in respect of any share of common stock. The 5% preferred stock is redeemable, in whole at any time or in part from time to time, on 30 days’ notice, at the option of the Company, at a redemption price of $25. In the event of voluntary or involuntary liquidation, the holders of preferred stock are entitled to $25 per share in cash before any distribution of assets can be made to holders of common stock.

Each share of 5% preferred stock is entitled to one vote. Holders of 5% preferred stock have no preemptive or conversion rights. The preferred stock is not registered to be publicly traded.

The rights of the Series C Convertible Preferred Stock are as follows:

a) Dividend rights – The shares of Series C Convertible Preferred Stock accrue a 5% cumulative dividend on a quarterly basis and is payable on the last day of each fiscal quarter when declared by the Company’s Board. As of June 30, 2015, dividends declared were $93,748, of which $4,675 and $9,298, respectively, were declared during the three and six months ended June 30, 2015 and $75,000 have not been paid and are shown in accrued and other liabilities at June 30, 2015.

b) Voting rights – Holders of these shares of Series C Convertible Preferred Stock shall have voting rights equivalent to 1,000 votes per $1,000 par value Series C Convertible Preferred share voted together with the shares of Common Stock

c) Liquidation rights – Upon any liquidation these Series C Convertible Preferred Stock shares shall be treated as equivalent to shares of Common stock to which they are convertible.

d) Conversion rights – Holder has right to convert each share of Series C Convertible Preferred Stock at any time into shares of the Company’s common stock at a conversion price for each share of common stock equal to 85% of the lower of (a) the closing market price at the date of notice of conversion or (b) the mid-point of the last bid price and the last ask price on the date of the notice of conversion. The variable conversion feature creates an embedded derivative that was bifurcated from the Series C Convertible Preferred Stock on the date of issuance and was recorded at fair value. The derivative liability will be recorded at fair value on each reporting date with any change recorded in the Statement of Operations as an unrealized (gain) loss on derivative instrument.

The Company recorded a convertible preferred stock derivative liability of $77,080 and $66,177, respectively, associated with the 375 shares of Series C Convertible Preferred Stock outstanding at June 30, 2015 and December 31, 2014.

The Company has classified the Series C Convertible Preferred Stock as a liability at June 30, 2015 and December 31, 2014 because the variable conversion feature may require the Company to settle the conversion in a variable number of its common shares.

Common Stock

On October 15, 2015 the shareholders approved an increase in the number of authorized shares of common stock from 40 million to 100 million.

On August 14, 2014 the shareholders approved an amendment to the Company’s certification of incorporation to effect up to a one-for-ten reverse stock split (the “reverse Stock Split” of the Company’s issued and authorized outstanding common stock. The Board of Directors, in its sole discretion, has discretion to implement the Reverse Stock Split. As of November 20, 2015, the Board of Directors has not implemented the Reverse Stock Split.

During the quarter ended March 31, 2015, the Company did a private offering of its common stock and warrants, for consideration of $75,000. 375,000 shares of common stock were issued at a per share price of $0.20. The common stock holders were also issued warrants to purchase 187,500 shares of common stock. The warrants have an exercise price of $0.60 and a 3-year term. The warrants were recorded to additional paid-in-capital.

During the quarter ended June 30, 2015, the Company did an additional private offering of its common stock and warrants, for consideration of $290,000. 1,450,000 shares of common stock were issued at a per share price of $0.20. The common stock holders were also issued warrants to purchase 725,000 shares of common stock. The warrants have an exercise price of $0.60 and a 3-year term. The warrants were recorded to additional paid-in-capital.

During the quarter ended March 31, 2014, the Company did a private offering of its common stock and warrants, for consideration of $500,000. 2,500,000 shares of common stock were issued at a per share price of $0.20. The common stock holders were also issued warrants to purchase 1,250,000 shares of common stock. The warrants have an exercise price of $0.60 and a 3-year term. The warrants were recorded to additional paid-in-capital.

During the quarter ended June 30, 2014, the Company did an additional private offering of its common stock and warrants, for consideration of $170,000. 850,000 shares of common stock were issued at a per share price of $0.20. The common stock holders were also issued warrants to purchase 425,000 shares of common stock. The warrants have an exercise price of $0.60 and a 3-year term. The warrants were recorded to additional paid-in-capital.

During the quarter ended March 31, 2015, the Company issued 500,000 shares with a fair value of $80,000 to an advisory firm for consulting services. The Company is amortizing the $80,000 over the service period and recorded $20,000 of expense in the quarter ended June 30, 2015 and $40,000 of expense in the six months ended June 30, 2015.

During the quarter ended March 31, 2015, the Company issued 120,000 shares to an advisory firm for consulting services. The shares vested in two tranches, with 60,000 shares vesting in the quarter ended December 31, 2014 and remaining 60,000 shares vesting in the quarter ended March 31, 2015. The Company recorded consulting expenses of $10,800 in the quarter ended December 31, 2014 and $27,600 of consulting expenses in the quarter ended March 31, 2015. In each instance, the expense was based on the fair value on the vesting date.

During the quarter ended March 31, 2015, the Company issued 333,333 stock warrants for consulting services performed and recorded consulting expense of $75,000 for the fair value of the warrants.

During the three months ended March 31, 2015 and 2014, the Company issued 12,500 and 10,625 shares of its common stock to non-employee directors under its Director Compensation Plan. The Company recorded expense of $2,125 and $4,038 for director stock compensation expense in the three months ended March 31, 2015 and 2014. No shares were issued during the three months ended June 30, 2015 and 2014. Additionally, no expense was recorded in the three months ended June 30, 2015 and 2014.

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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Revenue

Product sales $ 200,000 $ 316,000 $ 207,950 $ 537,080

Cost of product sales 45,943 98,148 48,240 168,366

Gross profit from product sales 154,057 217,852 159,710 368,714

Other Revenue

Retained royalties 2,256 2,348 4,648 4,952

Other income 17,026 13,653 25,533 17,474

Total other revenue 19,282 16,001 30,181 22,426

Operating expenses

Selling expenses 43,104 66,032 44,340 138,026

Personnel and consulting expenses 366,901 424,121 874,379 819,144

General and administrative expenses 326,522 317,305 650,161 511,026

Total operating expenses 736,527 807,458 1,568,880 1,468,196

Operating loss (563,188) (573,605) (1,378,989) (1,077,056)

Other expense

Interest expense $ 204,669 112,895 $ 390,531 217,681

Interest expense - accelerated upon conversion of OID notes $ 35,109 35,109

Loss on settlement of note and warrant 132,301

Loss on conversion of notes $ 43,288 $ 2,588 43,288

Unrealized loss on derivative instruments $ 10,903 25,952 10,903 11,720

Total other expense 215,572 217,244 404,022 440,099

Loss before income taxes $ (778,760) $ (790,849) $ (1,783,011) $ (1,517,155)

Provision (benefit) for income taxes

Net loss $ (778,760) $ (790,849) $ (1,783,011) $ (1,517,155)

Basic and diluted loss per share $ (0.03) $ (0.03) $ (0.07) $ (0.07)

Basic and diluted weighted average number of common shares outstanding: 27,862,908 23,082,699 27,318,467 21,567,885

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FAIR VALUE MEASUREMENTS
6 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS
6. FAIR VALUE MEASUREMEMENTS

The Company measures fair value in accordance with Topic 820 of the FASB Accounting Standards Codification (“ASC”), Fair Value Measurement (“ASC 820”), which provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described as follows:

Level 1 - Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access.

Level 2 - Inputs to the valuation methodology include:

• Quoted prices for similar assets or liabilities in active markets;

• Quoted prices for identical or similar assets or liabilities in inactive markets;

• Inputs other than quoted prices that are observable for the asset or liability;

•
Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.

Level 3 - Inputs to the valuation methodology are unobservable and significant to the fair value measurement

The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

The Company values its derivative liability associated with the variable conversion feature on its Series C Convertible Preferred Stock (Note 12) based on the market price of its common stock. For each reporting period the Company calculates the amount of potential common stock that the Series C Preferred Stock could convert into based on the conversion formula (incorporating market value of our common stock) and multiplies those converted shares by the market price of its common stock on that reporting date. The total converted value is subtracted by the consideration paid to determine the fair value of the derivative liability. The Company classified the derivative liability of approximately $77,000 at June 30, 2015 and $66,000 at December 31, 2014, in Level 2 of the fair value hierarchy.

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation method is appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value could result in a different fair value measurement at the reporting date.

The carrying amounts reported in our Condensed Consolidated Balance Sheet for cash, accounts receivable, notes payable, deferred revenue, and preferred stock liability approximate fair value due to the short-term maturity of those financial instruments.

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The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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AVAILABLE-FOR-SALE AND EQUITY SECURITIES
6 Months Ended

Jun. 30, 2015

Investments, Debt and Equity Securities [Abstract]

AVAILABLE-FOR-SALE AND EQUITY SECURITIES
5. AVAILABLE-FOR-SALE AND EQUITY SECURITIES

The fair value of the equity securities we held were categorized as available-for-sale securities, which were carried at a fair value of zero, consisted of shares in Security Innovation and Xion Pharmaceutical Corporation (“Xion”). We own 223,317 shares of stock in the privately held Security Innovation, an independent provider of secure software located in Wilmington, MA.

In September 2009 we announced the formation of a joint venture with Xion for the commercialization of our patented melanocortin analogues for treating sexual dysfunction and obesity. CTI currently owns 60 shares of common stock or 30% of the outstanding stock of privately held Xion. The Company has been notified that Xion Pharmaceutical Corporation will be dissolved in 2015 with no financial impact to the Company.

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RECEIVABLES (Tables)
6 Months Ended

Jun. 30, 2015

Receivables [Abstract]

Schedule of Receivables
Receivables consist of the following:

June 30,
2015 December 31,
2014

Calmare device sales receivable, net of allowance of $209,533 at June 30, 2015 and December 31, 2014 $ — $ —

Royalties, net of allowance of $101,154 at June 30, 2015 and December 31, 2014 — —

Other, net of allowance of $6,972 at June 30, 2015 and December 31, 2014 1,048 2,319

Total $ 1,048 $ 2,319

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CONTRACTUAL OBLIGATIONS AND CONTINGENCIES
6 Months Ended

Jun. 30, 2015

Commitments and Contingencies Disclosure [Abstract]

CONTRACTUAL OBLIGATIONS AND CONTINGENCIES
13. CONTRACTUAL OBLIGATIONS AND CONTINGENCIES

As of June 30, 2015, CTI and its majority owned subsidiary, VVI, have remaining obligations, contingent upon receipt of certain revenues, to repay up to $165,788 and $198,334, respectively, in consideration of grant funding received in 1994 and 1995. CTI also is obligated to pay at the rate of 7.5% of its revenues, if any, from transferring rights to certain inventions supported by the grant funds. VVI is obligated to pay at rates of 1.5% of its net sales of supported products or 15% of its revenues from licensing supported products, if any.

Contingencies – Litigation

Tim Conley (case pending) - On August 18, 2014, notice was issued to the Company that on June 23, 2014, Timothy Conley (the “Plaintiff”) filed a complaint against the Company, in the United States District Court for the District of Rhode Island. The complaint alleges that the Company’s former acting interim CEO, Johnnie Johnson, and Plaintiff entered into an agreement whereby the Company agreed to make payments to Plaintiff. Among other allegations, Plaintiff claims that the Company’s nonpayment to Plaintiff constitutes a breach of contract. The Company believes it has meritorious defenses to the allegations and the Company intends to vigorously defend against the litigation.

GEOMC (case pending) - On August 22, 2014, GEOMC filed a complaint against the Company in the United States District Court for the District of Connecticut. The complaint alleges that the Company and GEOMC entered into a security agreement whereby in exchange for GEOMC’s sale and delivery of the Scrambler Therapy devices (the “Devices”), the Company would grant GEOMC a security interest in the Devices. Among other allegations, GEOMC claims that the Company has failed to comply with the terms of the security agreement and seeks an order to the Court to replevy the Devices or collect damages. The Company believes it has meritorious defenses to the allegations and the Company intends to vigorously defend against the litigation.

Summary – We may be a party to other legal actions and proceedings from time to time. We are unable to estimate legal expenses or losses we may incur, if any, or possible damages we may recover, and we have not recorded any potential judgment losses or proceeds in our financial statements to date. We record expenses in connection with these suits as incurred.

An unfavorable resolution of any or all matters, and/or our incurrence of significant legal fees and other costs to defend or prosecute any of these actions and proceedings may, depending on the amount and timing, have a material adverse effect on our consolidated financial position, results of operations or cash flows in a particular period.

CTI’s Distribution Rights, Marineo and Delta

On April 8, 2014, Mr. Giuseppe Marineo, an inventor of the Calmare® pain therapy device, and Delta Research and Development (“Delta”), Mr. Marineo’s research company, and Delta International Services and Logistics (“DIS&L”), Delta’s commercial arm in which Mr. Marineo is the sole beneficiary of all proceeds as its founder and sole owner (collectively the “Group”), issued a press release (the “Group’s Press Release”) regarding CTI stating that the Company did not have authority to sell, distribute and manufacture the Calmare Device as an exclusive agent of the Group. CTI issued a corporate response in a press release dated April 11, 2014 stating that the Group’s Press Release was inaccurate and has since been purged by the overseeing body of wire services.

This issue between the Company and the Group is over the validity of a 2012 Amendment to a Sales and Representation Agreement (the “Amendment”) which, if valid and enforceable, may have compromised its rights to sell, distribute and manufacture the Calmare Device as an exclusive agent of the Group in the global marketplace, especially in the European, Middle Eastern and North African (“EMENA”) territory which was responsible for approximately 70% of gross Calmare Device sales in 2011. However, the Company believes that the Amendment is neither valid nor enforceable as it was never duly signed or authorized and subsequently deemed null and void as disclosed on April 16, 2014 in the Form 10-K filing. Therefore, the parties’ rights are determined by an earlier agreement whereby the Company possesses the authority to sell, distribute and manufacture the Calmare Device as a world-wide exclusive agent of the Group.

On April 16, 2014, counsel for the Group (“Group Counsel”) sent a cease and desist letter (“Cease and Desist Letter”) to the Company, requesting a confirmation that the Company would no longer hold itself out as an agent of the Group permitted to sell, distribute and manufacture the Calmare Device world-wide including the EMENA territory.

The Company responded on April 25, 2014 to the Cease and Desist Letter, disputing Group Counsel’s interpretation of the events surrounding the execution of the Amendment. At this time, the Company continues to work to find a reasonable and amicable resolution to the situation.

Unsigned Agreements

The Company uses two unrelated firms to provide marketing and investor relations services, CME Acuity (“CMEA”) and Legend Capital Management (“LCM”), respectively. The LCM and CMEA agreements were not signed due to an inability to come to final terms due to certain nuances in either agreement that included but were not limited to assignment of human capital and allowable performance based bonus(es). However, from the start date until June 30, 2015, the respective firms were compensated for services rendered on a “pay-as-we go” basis (the “Arrangement”). The aforementioned Arrangement is expected to continue for the next few consecutive quarters until such time as their agreements can be consummated.

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ACCRUED EXPENSES AND OTHER LIABILITIES
6 Months Ended

Jun. 30, 2015

Payables and Accruals [Abstract]

ACCRUED EXPENSES AND OTHER LIABILITIES
9. ACCRUED EXPENSES AND OTHER LIABILITIES

Accrued expenses and other liabilities consist of the following:

June 30,
2015 December 31,
2014

Royalties payable $ 340,139 $ 314,787

Accrued compensation 81,271 23,573

Accrued interest payable 1,264,367 987,659

Other 294,092 264,163

Accrued expenses and other liabilities, net $ 1,979,869 $ 1,590,182

Excluded above is approximately $217,000 of accrued expenses and other liabilities at June 30, 2015 and December 31, 2014, that fall under the Liability Purchase Agreement (“LPA”) with ASC Recap, LLC (“ASC Recap”), and are expected to be repaid using the process as described in Note 10. Because there can be no assurance that the Company will be successful in completing this process, the Company retains ultimate responsibility for these liabilities, until fully paid down.

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PREPAID EXPENSES AND OTHER CURRENT ASSETS
6 Months Ended

Jun. 30, 2015

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

PREPAID EXPENSES AND OTHER CURRENT ASSETS
7. PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets consist of the following:

June 30,
2015 December 31,
2014

Prepaid insurance $ 16,240 $ 71,651

Prepaid consulting services 40,000 37,500

Clinical trial 27,119 109,119

Other 17,301 34,832

Prepaid expenses and other current assets $ 100,660 $ 253,102

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PROPERTY AND EQUIPMENT
6 Months Ended

Jun. 30, 2015

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT
8. PROPERTY AND EQUIPMENT

Property and equipment, net, consist of the following:

June 30,
2015 December 31,
2014

Property and equipment, gross $ 215,491 $ 215,491

Accumulated depreciation and amortization (188,214 ) (179,851 )

Property and equipment, net $ 27,277 $ 35,640

Depreciation and amortization expense was $3,904 and $8,363, respectively, during the three and six months ended June 30, 2015, and $4,522 and $6,346, respectively, for the three and six months ended June 30, 2014.

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LIABILITIES ASSIGNED TO LIABILITY PURCHASE AGREEMENT
6 Months Ended

Jun. 30, 2015

Liabilities Assigned To Liability Purchase Agreement [Abstract]

LIABILITIES ASSIGNED TO LIABILITY PURCHASE AGREEMENT
10. LIABILITIES ASSIGNED TO LIABILITY PURCHASE AGREEMENT

During 2013, the Company negotiated a LPA with Southridge, Partners II, L.P. (“Southridge”). The LPA takes advantage of a provision in the Securities Act of 1933, Section 3(a)(10), that allows the exchange of claims, securities, or property for stock when the arrangement is approved for fairness by a court proceeding. The process, approved by the court in August 2013, has the potential to eliminate nearly $2.1 million of our financial obligations to existing creditors who agreed to participate and executed claims purchase agreements with Southridge’s affiliate ASC Recap accounting for $2,093,303 of existing payables, accrued expenses and other current liabilities, and notes payable. The process began with the issuance in September 2013 of 1,618,235 shares of the Company’s common stock to ASC Recap. During September and October 2013, ASC Recap sold the Company’s common stock and during the three months ended March 31, 2014 paid creditors approximately $80,000 from the proceeds and retained a service fee of approximately $27,000. During 2014, the Company also made cash payments of $18,000 for accrued expenses previously included in the LPA amount. As of November 30, 2015, no further shares of the Company’s common stock had been issued to ASC Recap to settle creditors’ balances.

There can be no assurance that the Company will be successful in completing this process with Southridge, and the Company retains ultimate responsibility for this debt, until fully paid.

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AVAILABLE-FOR-SALE AND EQUITY SECURITIES (Details Narrative)

Jun. 30, 2015

USD ($)

shares

Security Innovation, Inc. [Member]

Schedule of Available-for-sale Securities [Line Items]

Available-for-sale securities, fair value $ 0

Number of shares held | shares 223,317

Xion Pharmaceutical Corporation [Member]

Schedule of Available-for-sale Securities [Line Items]

Available-for-sale securities, fair value $ 0

Number of shares held | shares 60

Percentage of shares outstanding owned 30.00%

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SUBSEQUENT EVENTS
6 Months Ended

Jun. 30, 2015

Subsequent Events [Abstract]

SUBSEQUENT EVENTS
15. SUBSEQUENT EVENTS

From July 1, 2015 to November 30, 2015 the Company obtained additional funding, including $600,000 of hybrid debt funding. From July 1, 2015 to November 30, 2015, the Company did a private offering of convertible notes and warrants, under which it issued $706,000 of convertible promissory notes for consideration of $600,000, the difference between the proceeds from the notes and principal amount consists of $106,000 of original issue discount. The notes are convertible at a conversion price of $0.25 per share. The note holder was also issued market-related warrants for 1,412,000 in shares of common stock. The warrants have an exercise price of $0.60 and a 1-year term.

On September 15, 2015, the Company announced the appointment of Stephen J. D’Amato, M.D. as Chief Medical Officer of the Company. During 2010, CALMARx Pain Relief, LLC, purchased 10 Calmare devices from the Company for an aggregate purchase price of $550,000. Additionally, during 2015 and 2014, CALMARx purchased certain supplies from the Company. Dr. D’Amato is one of the owners and managers of CALMARx Pain Relief, LLC.

On October 15, 2015, the Company entered into a consulting agreement with VADM Robert T. Conway, Jr., U.S. Navy, (Ret) (the “Admiral”), a member of the Company’s Board of Directors. The agreement is for one year and includes compensation of a monthly retainer fee of $7,500 and a five year warrant to purchase 167,000 shares of common stock of the Company, fully vested on the date of issuance, at a strike price of $.60 per share with an aggregate estimate fair value of $33,734. As a result of this agreement, the Board of Directors has determined that the Admiral is no longer an independent director of the Company.

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ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)
6 Months Ended

Jun. 30, 2015

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Liabilities
Accrued expenses and other liabilities consist of the following:

June 30,
2015 December 31,
2014

Royalties payable $ 340,139 $ 314,787

Accrued compensation 81,271 23,573

Accrued interest payable 1,264,367 987,659

Other 294,092 264,163

Accrued expenses and other liabilities, net $ 1,979,869 $ 1,590,182

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RELATED PARTY TRANSACTIONS (Details Narrative)
6 Months Ended

Jun. 30, 2015

USD ($)

Related Party Transaction [Line Items]

Director's service charges per day $ 1,000

Notes payable to related parties 2,598,980

Board of Directors Chairman [Member]

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Notes payable to related parties 2,498,980

Director [Member]

Related Party Transaction [Line Items]

Notes payable to related parties $ 100,000

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NOTES PAYABLE (Summary of 90 day Convertible Notes) (Details) - USD ($)
12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

90 day Convertible Notes Related Party [Member]

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]

Notes Payable, amount borrowed during period $ 2,498,980 $ 1,188,980 $ 1,210,000 $ 100,000

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Condensed Consolidated Statement of Changes in Shareholders' Deficit (Unaudited) - 6 months ended Jun. 30, 2015 - USD ($)

Preferred Stock

Common Stock

Capital in excess of par value

Accumulated Deficit

Total

Balance at Dec. 31, 2014 $ 60,675 $ 259,089 $ 47,634,857 $ (55,692,967) $ (7,738,346)

Balance, shares at Dec. 31, 2014 2,427 25,908,978

Net loss $ (1,783,011) (1,783,011)

Common stock issued to directors $ 125 $ 2,000 2,125

Common stock issued to directors, shares 12,500

Stock option compensation expense 24,175 24,175

Common stock issued for consulting services $ 6,200 101,400 107,600

Common stock issued for consulting services, shares 620,000

Warrants issued for consulting services 75,000 75,000

Private offering of common stock and warrants $ 18,250 346,750 365,000

Private offering of common stock and warrants, shares 1,825,000

Warrant and beneficial conversion feature on notes payable 59,480

Balance at Jun. 30, 2015 $ 60,675 $ 283,664 $ 48,243,662 $ (57,475,978) $ (8,887,977)

Balance, shares at Jun. 30, 2015 2,427 28,366,478

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RECEIVABLES
6 Months Ended

Jun. 30, 2015

Receivables [Abstract]

RECEIVABLES
4. RECEIVABLES

Receivables consist of the following:

June 30,
2015 December 31,
2014

Calmare device sales receivable, net of allowance of $209,533 at June 30, 2015 and December 31, 2014 $ — $ —

Royalties, net of allowance of $101,154 at June 30, 2015 and December 31, 2014 — —

Other, net of allowance of $6,972 at June 30, 2015 and December 31, 2014 1,048 2,319

Total $ 1,048 $ 2,319

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The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.
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NOTES PAYABLE (Tables)
6 Months Ended

Jun. 30, 2015

Accounts, Notes, Loans and Financing Receivable [Line Items]

Schedule of Notes Payable
Notes payable consist of the following:

June 30, 2015 December 31, 2014

90 day Convertible Notes (Chairman of the Board) $ 2,498,980 $ 2,498,980

24 month Convertible Notes ($100,000 to Board member) 225,000 225,000

10 day Note (Board member) — 42,500

Series A3 15% OID Convertible Notes and Warrants 14,353 11,765

Series B OID Convertible Notes and Warrants 62,289 56,659

1 Year 15% OID Convertible Notes and Warrants 548,525 244,565

Notes Payable, gross 3,349,147 3,079,469

Less LPA amount (485,980 ) (485,980 )

Notes Payable, net $ 2,863,167 $ 2,593,489

Details of notes payable as of June 30, 2015 are as follows:

Principal
Amount Carrying
Value Cash
Interest
Rate Common
Stock
Conversion
Price Maturity
Date

90 day Convertible Notes (Chairman of the Board) $ 2,498,980 $ 2,498,980 6 % $ 1.05 Various 2014

24 month Convertible Notes ($100,000 to Board member) 225,000 225,000 6 % 1.05 March 2014 – June 2014

Series A3 15% OID Convertible Notes and Warrants 11,765 ⁽¹⁾ 14,353 ⁽¹⁾ None 0.25 January 2015

Series B OID Convertible Notes
and Warrants 80,000 62,289 None 0.23 March 2017

1 Year 15% OID Convertible Notes and Warrants 661,177 548,525 None 0.20 Aug. 2015 – Feb.
2016

Notes Payable, gross $ 3,476,922 3,349,147

Less LPA amount (485,980 )

Notes Payable, net $ 2,863,167

(1) Includes $2,588 of accrued loss on conversion of OID note.

Schedule of 90 day Convertible Notes
The Company has issued 90-day notes payable to borrow funds from a director, now the chairman of our Board, as follows:

2013 $ 1,188,980

2012 1,210,000

2011 100,000

Total $ 2,498,980

Series A 15% Original Issue Discount Convertible Notes and Warrants [Member]

Accounts, Notes, Loans and Financing Receivable [Line Items]

Schedule of Estimated Fair Value of Notes Assumptions
We estimated the fair value of the warrants on the issue date using a Black-Scholes pricing model with the following assumptions:

Warrants

Expected term 2 years

Volatility 184.88 %

Risk Free Rate 0.32 %

Schedule of Proceeds of Notes Allocation
The proceeds of the Notes issued during the three months ended March 31, 2014 were allocated to the components as follows:

Proceeds
allocated
at issue date

Private Offering Notes $ 32,390

Private Offering Warrants 14,845

Beneficial Conversion feature 7,765

Total $ 55,000

Schedule of Debt Conversion
Presented below is summary information related to the conversion:

Statement of Operations

Loss on conversion of notes $ 43,288

Accelerated interest expense $ 35,109

Balance Sheet

Shares issued as of June 30, 2014 798,825

Shares to be issued subsequent to June 30, 2014 529,415

Principal amount of notes converted $ 265,648

Presented below is summary information related to the conversion:

Statement of Operations

Loss on conversion of notes $ 2,588

Accelerated interest expense $ —

Balance Sheet

Shares issued —

Principal amount of notes converted $ 11,765

1 Year 15% OID Convertible Notes and Warrants [Member]

Accounts, Notes, Loans and Financing Receivable [Line Items]

Schedule of Estimated Fair Value of Notes Assumptions
We estimated the fair value of the warrants on the issue date using a Black-Scholes pricing model with the following assumptions:

Warrants
three months
ended March 31, 2015

Expected term 1 year

Volatility 180.15-185.71 %

Risk Free Rate 0.18-0.22 %

Schedule of Proceeds of Notes Allocation
The proceeds of the Notes were allocated to the components as follows:

Proceeds
allocated
at issue date

Private Offering Notes $ 197,521

Private Offering Warrants 46,097

Beneficial Conversion feature 13,382

Total $ 257,000

Series B Original Issue Discount Convertible Notes And Warrants [Member]

Accounts, Notes, Loans and Financing Receivable [Line Items]

Schedule of Estimated Fair Value of Notes Assumptions
We estimated the fair value of the warrants on the issue date using a Black-Scholes pricing model with the following assumptions:

Warrants
March 20,
2014

Expected term 4 years

Volatility 151.52 %

Risk Free Rate 1.32 %

Schedule of Proceeds of Notes Allocation
The proceeds of the Notes were allocated to the components as follows:

Proceeds
allocated
at issue date

Private Offering Notes $ 34,272

Private Offering Warrants 26,811

Beneficial Conversion feature 3,917

Total $ 65,000

As a result of the triggering of the above noted one time anti-dilution provision, the Company reallocated the proceeds of the Notes during the quarter ended December 31, 2014 as follows:

Proceeds
allocated
at issue date

Private Offering Notes $ 46,222

Private Offering Warrants 18,778

Beneficial Conversion feature —

Total $ 65,000

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ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($)

Jun. 30, 2015

Dec. 31, 2014

Payables and Accruals [Abstract]

Royalties payable $ 340,139 $ 314,787

Accrued compensation 81,271 23,573

Accrued interest payable 1,264,367 987,659

Other 294,092 264,163

Accrued expenses and other liabilities, net 1,979,869 1,590,182

Accrued expenses and other liabilities - LPA $ 217,000 $ 217,000

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RELATED PARTY TRANSACTIONS
6 Months Ended

Jun. 30, 2015

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS
14. RELATED PARTY TRANSACTIONS

Our board of directors determined that when a director’s services are outside the normal duties of a director, we compensate the director at the rate of $1,000 per day, plus expenses, which is the same amount we pay a director for attending a one-day Board meeting. We classify these amounts as consulting expenses, included in personnel and consulting expenses.

At June 30, 2015, $2,598,980 of the outstanding Notes payable were Notes payable to related parties; $2,498,980 to the chairman of our Board and $100,000 to another director.

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RECEIVABLES (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Receivables [Abstract]
Calmare device sales receivable, net of allowance of $209,533 at June 30, 2015 and December 31, 2014	$ 0	$ 0
Royalties, net of allowance of $101,154 at June 30, 2015 and December 31, 2014	0	0
Other, net of allowance of $6,972 at June 30, 2015 and December 31, 2014	1,048	2,319
Total receivables	1,048	2,319
Calmare sales receivable, allowance amount	209,533	209,533
Allowance for doubtful accounts	101,154	101,154
Other, net of allowance	$ 6,972	$ 6,972

SUBSEQUENT EVENTS (Details Narrative)		5 Months Ended	6 Months Ended
SUBSEQUENT EVENTS (Details Narrative)	Oct. 15, 2015 USD ($) $ / shares shares	Nov. 30, 2015 USD ($) $ / shares shares	Jun. 30, 2015 USD ($) shares	Jun. 30, 2014 USD ($)	Sep. 15, 2015 USD ($) Integer	Dec. 31, 2014 shares
Subsequent Event [Line Items]
Common stock issued \| shares			28,366,478			25,908,978
Monthly compensation of retainer fee			$ 2,125	$ 4,038
Subsequent Event [Member]
Subsequent Event [Line Items]
Procedds from issuance of debt		$ 600,000
Exercise price of warrants \| $ / shares		$ 0.60
Warrants term		1 year
Convertible promissory notes issued		$ 706,000
Proceeds from issuance of warrants		600,000
Proceeds from notes and principal amount		$ 106,000
Debt conversion price per share \| $ / shares		$ 0.25
Warrants issued \| shares		1,412,000
Subsequent Event [Member] \| Transaction One [Member]
Subsequent Event [Line Items]
Common stock issued \| shares	167,000
Exercise price of warrants \| $ / shares		$ 0.60
Warrants term	5 years
Number of device purchased \| Integer					10
Proceed from aggreate purchase price					$ 550,000
Aggregate estimate fair value	$ 33,734
Strike price of fully vested stock \| $ / shares	$ 0.60
Monthly compensation of retainer fee	$ 7,500
Agreement period	1 year

NOTES PAYABLE (Summary of Fair Value Assumptions) (Details)	1 Months Ended	3 Months Ended	6 Months Ended
	Mar. 20, 2014	Mar. 31, 2015	Jun. 30, 2014
Series A 15% Original Issue Discount Convertible Notes and Warrants [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Expected term			2 years
Volatility			184.88%
Risk Free Rate			0.32%
Series B Original Issue Discount Convertible Notes And Warrants [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Expected term	4 years
Volatility	151.52%
Risk Free Rate	1.32%
1 Year 15% OID Convertible Notes and Warrants [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Expected term		1 year
1 Year 15% OID Convertible Notes and Warrants [Member] \| Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Volatility		180.15%
Risk Free Rate		0.18%
1 Year 15% OID Convertible Notes and Warrants [Member] \| Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Volatility		185.71%
Risk Free Rate		0.22%

PROPERTY AND EQUIPMENT (Details) - USD ($)	3 Months Ended		6 Months Ended
PROPERTY AND EQUIPMENT (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Property, Plant and Equipment [Abstract]
Property and equipment, gross	$ 215,491		$ 215,491		$ 215,491
Accumulated depreciation and amortization	(188,214)		(188,214)		(179,851)
Property and equipment, net	27,277		27,277		$ 35,640
Depreciation and amortization expense	$ 3,904	$ 4,522	$ 8,363	$ 6,346

NOTES PAYABLE (Schedule of Note Allocation) (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014	Mar. 31, 2014	Mar. 20, 2014
Series A 15% Original Issue Discount Convertible Notes and Warrants [Member]
Proceeds allocated
Private Offering Notes			$ 32,390
Private Offering Warrants			14,845
Beneficial Conversion feature			7,765
Total			$ 55,000
Series B Original Issue Discount Convertible Notes And Warrants [Member]
Proceeds allocated
Private Offering Notes		$ 46,222		$ 34,272
Private Offering Warrants		18,778		26,811
Beneficial Conversion feature		0		3,917
Total		$ 65,000		$ 65,000
1 Year 15% OID Convertible Notes and Warrants [Member]
Proceeds allocated
Private Offering Notes	$ 197,521
Private Offering Warrants	46,097
Beneficial Conversion feature	13,382
Total	$ 257,000

BASIS OF PRESENTATION (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
BASIS OF PRESENTATION (Details Narrative) - USD ($)	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Principal amount	$ 3,476,922		$ 3,476,922
Carrying amount	$ 3,349,147		$ 3,349,147		$ 3,079,469
Sales and Rentals [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Percentage of revenue	94.00%	98.00%	92.00%	98.00%
Sales of Equipment and Training [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Percentage of revenue	5.00%	1.00%	6.00%	1.00%
Vector Vision, Inc. [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Ownership percentage	56.10%		56.10%
Promissory Notes [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Principal amount	$ 3,477,000		$ 3,477,000
Carrying amount	$ 3,349,000		$ 3,349,000

NET LOSS PER COMMON SHARE (Potentially dilutive securities) (Details) - shares	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Anti-dilutive securities excluded from computation of earnings per share	15,829,784	10,473,979
Exercise of common stock options [Member]
Anti-dilutive securities excluded from computation of earnings per share	1,742,500	1,708,500
Exercise of common stock warrants [Member]
Anti-dilutive securities excluded from computation of earnings per share	6,452,248	2,818,890
Conversion of Series C convertible preferred stock [Member]
Anti-dilutive securities excluded from computation of earnings per share	1,329,646	1,297,578
Conversion of convertible debt [Member]
Anti-dilutive securities excluded from computation of earnings per share	6,305,390	4,649,011

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Current Assets:
Cash	$ 75,148	$ 5,745
Receivables, net of allowance of $317,659 at June 30, 2015 and December 31, 2014	1,048	2,319
Inventory	4,098,220	4,118,220
Prepaid expenses and other current assets	100,660	253,102
Total current assets	4,275,076	4,379,386
Property and equipment, net	27,277	35,640
Security deposits	15,000	15,000
TOTAL ASSETS	4,317,353	4,430,026
Current Liabilities:
Accounts payable	1,718,733	1,346,138
Liabilities under claims purchase agreement	1,995,320	1,995,320
Accounts payable, GEOMC	4,182,380	4,182,380
Accrued expenses and other liabilities	1,979,869	1,590,182
Notes payable	2,800,878	2,536,830
Deferred revenue	13,781	19,686
Series C convertible preferred stock derivative liability	77,080	66,177
Series C convertible preferred stock liability	375,000	375,000
Total current liabilities	13,143,041	12,111,713
Note payable - long-term	62,289	56,659
Shareholders' deficit:
Common stock, $.01 par value, 40,000,000 shares authorized, 28,366,478 shares issued and outstanding at June 30, 2015 and 25,908,978 shares issued and outstanding at December 31, 2014	283,664	259,089
Capital in excess of par value	48,243,662	47,634,857
Accumulated deficit	(57,475,978)	(55,692,967)
Total shareholders' deficit	(8,887,977)	(7,738,346)
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT	4,317,353	4,430,026
5% preferred stock [Member]
Shareholders' deficit:
Preferred stock	$ 60,675	$ 60,675
Series B Preferred Stock [Member]
Shareholders' deficit:
Preferred stock
Series C Preferred Stock [Member]
Shareholders' deficit:
Preferred stock

NOTES PAYABLE (Details Narrative) - USD ($)	1 Months Ended			3 Months Ended							4 Months Ended	6 Months Ended		12 Months Ended
NOTES PAYABLE (Details Narrative) - USD ($)	Dec. 31, 2014	Jun. 30, 2014	Sep. 30, 2013	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Sep. 30, 2013	Jun. 30, 2013	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Nov. 30, 2015	Dec. 31, 2013
Short-term Debt [Line Items]
Principal amount				$ 3,476,922								$ 3,476,922
Proceeds from notes payable												$ 257,000	$ 120,000
Loss on settlement of debt													(132,301)
Debt conversion, shares issued		798,825	1,618,235
Loss on conversion of note								$ (43,288)				$ (2,588)	$ (43,288)
10 day Note (Board member) [Member]
Short-term Debt [Line Items]
Proceeds from notes payable	$ 42,500
OID convertible notes [Member]
Short-term Debt [Line Items]
Principal amount				$ 5,882								5,882
1 Year 15% OID Convertible Notes and Warrants [Member]
Short-term Debt [Line Items]
Principal amount				$ 661,177								$ 661,177
Conversion price				$ 0.20								$ 0.20
Proceeds from notes payable					$ 257,000
Proceeds from convertible promissory notes					302,353
Debt discount					$ 45,353
Number of shares called by warrants					755,882
Exercise price of warrants					$ 0.60
Term of warrant					1 year							1 year
Series B Original Issue Discount Convertible Notes And Warrants [Member]
Short-term Debt [Line Items]
Principal amount									$ 80,000
Conversion price	$ 0.23					$ 0.23			$ 0.35					$ 0.23
Shares issued									20,000,000
Proceeds from notes payable									$ 65,000
Debt discount									$ 15,000
Number of shares called by warrants									185,714
Exercise price of warrants	$ 0.33					$ 0.33			$ 0.45					$ 0.33
Term of warrant									4 years
Series A 15% Original Issue Discount Convertible Notes and Warrants [Member]
Short-term Debt [Line Items]
Principal amount									$ 64,706
Conversion price		$ 0.20		$ 0.20				$ 0.20	$ 0.25			$ 0.20	$ 0.20
Proceeds from notes payable									$ 55,000
Debt discount									$ 9,706
Number of shares called by warrants									129,412
Exercise price of warrants									$ 0.60
Term of warrant									2 years
Debt conversion, shares issued						347,826
Loss on conversion of note												$ (2,588)	$ (43,288)
Southridge Convertible Note [Member]
Short-term Debt [Line Items]
Notes payable, term														6 months
Principal amount																$ 12,000
Conversion price																$ 0.25
Note maturity date														Jun. 30, 2014
Debt conversion, shares issued														50,000
Loss on conversion of note							$ 5,500
Southridge Convertible Note [Member] \| Maximum [Member]
Short-term Debt [Line Items]
Debt conversion, Common Stock Conversion Price, percent of closing bid																85.00%
Tonaquint Original Issue Discount Convertible Notes And Warrants [Member]
Short-term Debt [Line Items]
Note issuance date										Sep. 30, 2013
Interest rate			7.00%							7.00%
Principal amount			$ 112,500							$ 112,500
Conversion price			$ 0.30							$ 0.30
Proceeds from notes payable										$ 100,000
Debt discount			$ 10,000							10,000
Transaction expenses										$ 2,500
Note maturity date										May 31, 2014
Frequency of periodic payment										monthly
Debt payments, start date										Jan. 31, 2014
Value of common stock called by warrant			$ 112,500							$ 112,500
Exercise price of warrants			$ 0.35							$ 0.35
Term of warrant										5 years
Cash payment for settlement of warrant									$ 98,000
Loss on settlement of warrant									98,000
Cash payment for settlement of note								$ 124,000	20,000	$ 144,000
Loss on settlement of debt									$ 34,000
24 Month March 2012 Convertible Notes [Member]
Short-term Debt [Line Items]
Principal amount															$ 100,000
24 Month April 2012 Convertible Notes [Member]
Short-term Debt [Line Items]
Principal amount															25,000
24 Month June 2012 Convertible Notes [Member]
Short-term Debt [Line Items]
Principal amount															$ 100,000
24 month Convertible Notes [Member]
Short-term Debt [Line Items]
Interest rate				6.00%								6.00%
Principal amount				$ 225,000								$ 225,000
Conversion price				$ 1.05								$ 1.05
Additional Interest Expense												$ 25,000
24 month Convertible Notes [Member] \| Debt Issuance Three [Member]
Short-term Debt [Line Items]
Interest rate				6.00%								6.00%
Principal amount				$ 100,000								$ 100,000
Conversion price				$ 1.05								$ 1.05
24 month Convertible Notes [Member] \| Debt Issuance Two [Member]
Short-term Debt [Line Items]
Interest rate				6.00%								6.00%
Principal amount				$ 25,000								$ 25,000
Conversion price				$ 1.05								$ 1.05
24 month Convertible Notes [Member] \| Debt Issuance One [Member]
Short-term Debt [Line Items]
Interest rate				6.00%								6.00%
Principal amount				$ 100,000								$ 100,000
Conversion price				$ 1.05								$ 1.05
90 day Convertible Notes Related Party [Member]
Short-term Debt [Line Items]
Notes payable, term												90 days
Interest rate				6.00%								6.00%
Principal amount				$ 2,498,980								$ 2,498,980
Conversion price				$ 1.05								$ 1.05
Debt Instrument Interest Rate Per Month If Extended Original Maturity Dates				1.00%								1.00%
Additional Interest Expense												$ 188,000
Cumulative additional interest												$ 807,000
Proceeds from notes payable											$ 485,980

FAIR VALUE MEASUREMENTS (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Fair Value Measurements Details
Derivaive Liability	$ 77,000	$ 66,000

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid insurance	$ 16,240	$ 71,651
Prepaid consulting services	40,000	37,500
Clinical trial	27,119	109,119
Other	17,301	34,832
Prepaid expenses and other current assets	$ 100,660	$ 253,102

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Receivables allowance	$ 317,659	$ 317,659
Common stock, par value (in dollars per share)	$ .01	$ .01
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares issued (in shares)	28,366,478	25,908,978
Common stock, shares outstanding (in shares)	28,366,478	25,908,978
5% preferred stock [Member]
Preferred stock, par value (in dollars per share)	$ 25	$ 25
Preferred stock, shares authorized (in shares)	35,920	35,920
Preferred stock, shares issued (in shares)	2,427	2,427
Preferred stock, shares outstanding (in shares)	2,427	2,427
Series B Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	20,000	20,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Series C Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 1,000	$ 1,000
Preferred stock, shares authorized (in shares)	750	750
Preferred stock, shares issued (in shares)	375	375
Preferred stock, shares outstanding (in shares)	375	375

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2015	Nov. 30, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	CALMARE THERAPEUTICS Inc
Entity Central Index Key	0000102198
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity a Well-known Seasoned Issuer	No
Entity a Voluntary Filer	No
Entity's Reporting Status Current	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		28,395,888
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2015

AVAILABLE-FOR-SALE AND EQUITY SECURITIES (Details Narrative)	Jun. 30, 2015 USD ($) shares
Security Innovation, Inc. [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, fair value	$ 0
Number of shares held \| shares	223,317
Xion Pharmaceutical Corporation [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, fair value	$ 0
Number of shares held \| shares	60
Percentage of shares outstanding owned	30.00%

RELATED PARTY TRANSACTIONS (Details Narrative)	6 Months Ended
RELATED PARTY TRANSACTIONS (Details Narrative)	Jun. 30, 2015 USD ($)
Related Party Transaction [Line Items]
Director's service charges per day	$ 1,000
Notes payable to related parties	2,598,980
Board of Directors Chairman [Member]
Related Party Transaction [Line Items]
Notes payable to related parties	2,498,980
Director [Member]
Related Party Transaction [Line Items]
Notes payable to related parties	$ 100,000

NOTES PAYABLE (Summary of 90 day Convertible Notes) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
90 day Convertible Notes Related Party [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Notes Payable, amount borrowed during period	$ 2,498,980	$ 1,188,980	$ 1,210,000	$ 100,000

Condensed Consolidated Statement of Changes in Shareholders' Deficit (Unaudited) - 6 months ended Jun. 30, 2015 - USD ($)	Preferred Stock	Common Stock	Capital in excess of par value	Accumulated Deficit	Total
Balance at Dec. 31, 2014	$ 60,675	$ 259,089	$ 47,634,857	$ (55,692,967)	$ (7,738,346)
Balance, shares at Dec. 31, 2014	2,427	25,908,978
Net loss				$ (1,783,011)	(1,783,011)
Common stock issued to directors		$ 125	$ 2,000		2,125
Common stock issued to directors, shares		12,500
Stock option compensation expense			24,175		24,175
Common stock issued for consulting services		$ 6,200	101,400		107,600
Common stock issued for consulting services, shares		620,000
Warrants issued for consulting services			75,000		75,000
Private offering of common stock and warrants		$ 18,250	346,750		365,000
Private offering of common stock and warrants, shares		1,825,000
Warrant and beneficial conversion feature on notes payable			59,480
Balance at Jun. 30, 2015	$ 60,675	$ 283,664	$ 48,243,662	$ (57,475,978)	$ (8,887,977)
Balance, shares at Jun. 30, 2015	2,427	28,366,478

ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Payables and Accruals [Abstract]
Royalties payable	$ 340,139	$ 314,787
Accrued compensation	81,271	23,573
Accrued interest payable	1,264,367	987,659
Other	294,092	264,163
Accrued expenses and other liabilities, net	1,979,869	1,590,182
Accrued expenses and other liabilities - LPA	$ 217,000	$ 217,000