0001615774-16-005521.txt : 20160519 0001615774-16-005521.hdr.sgml : 20160519 20160519120802 ACCESSION NUMBER: 0001615774-16-005521 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 69 CONFORMED PERIOD OF REPORT: 20160331 FILED AS OF DATE: 20160519 DATE AS OF CHANGE: 20160519 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: 161662415 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 s103261_10q.htm FORM 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended March 31, 2016

¨ 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 x 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 x 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 x

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

Yes ¨ No x

The number of shares of the registrant’s common stock outstanding as of March 31, 2016 was 28,525,888 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 March 31, 2016 (unaudited) and December 31, 2015	3

	Condensed Consolidated Statements of Operations (unaudited) for the three months ended March 31, 2016 and March 31, 2015	4

	Condensed Consolidated Statement of Changes in Shareholders’ Deficit for the three months ended March 31, 2016 (unaudited)	5

	Condensed Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2016 and March 31, 2015	6

	Notes to Condensed Consolidated Interim Financial Statements (unaudited)	7-23

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	23-31

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	31

Item 4.	Controls and Procedures	31

PART II.	OTHER INFORMATION

Item 1.	Legal Proceedings	31

Item 1A.	Risk factors	31

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	32

Item 6.	Exhibits	32

Signatures		33

PART I. FINANCIAL INFORMATION

Item 1. Condensed Consolidated Interim Financial Statements

CALMARE THERAPEUTICS INCORPORATED AND SUBSIDIARY

Condensed Consolidated Balance Sheets

	March 31, 2016			December 31, 2015
	(Unaudited)
Assets
Current Assets:
Cash	$	125,931		$	49,801
Receivables, net of allowance of $317,659 at March 31, 2016 and December 31, 2015		74,327			33,081
Inventory		4,018,220			4,028,220
Prepaid expenses and other current assets		39,537			58,034
Total current assets		4,258,015			4,169,136

Property and equipment, net		19,594			23,726
Security deposits		15,000			15,000
TOTAL ASSETS	$	4,292,609		$	4,207,862

Liabilities and Shareholders' Deficit
Current Liabilities:
Accounts payable	$	1,929,063		$	1,895,382
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		2,423,262			2,248,024
Notes payable		4,381,458			3,785,063
Deferred revenue		6,400			6,400
Series C convertible preferred stock derivative liability		66,177			66,177
Series C convertible preferred stock liability		375,000			375,000
Total current liabilities		15,359,060			14,553,746

Note payable – long-term		70,734			67,919

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, 100,000,000 shares authorized, 28,525,888 shares issued and outstanding at March 31, 2016 and 28,515,888 shares issued and outstanding at December 31, 2015		285,258			285,158
Capital in excess of par value		48,765,848			48,611,413
Accumulated deficit		(60,248,966	)		(59,371,049	)
Total shareholders’ deficit		(11,137,185	)		(10,413,803	)

TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT	$	4,292,609		$	4,207,862

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
	March 31, 2016			March 31, 2015
Revenue
Product sales	$	56,250		$	7,950
Cost of product sales		24,446			2,297
Gross profit from product sales		31,804			5,653

Other Revenue
Retained royalties		69			2,392
Other income		13,287			8,507
Total other revenue		13,356			10,899

Operating expenses
Selling expenses		6,557			1,236
Personnel and consulting expenses		449,056			507,478
General and administrative expenses		174,898			323,639
Total operating expenses		630,511			832,353

Operating loss		(585,351	)		(815,801	)

Other expense
Interest expense		292,566			185,862
Loss on conversion of notes		-			2,588
Total other expense		292,566			188,450

Loss before income taxes		(877,917	)		(1,004,251	)
Provision (benefit) for income taxes		-			-

Net loss	$	(877,917	)	$	(1,004,251	)

Basic and diluted loss per share	$	(0.03	)	$	(0.04	)

Basic and diluted weighted average number of common shares outstanding:		28,525,558			26,767,978

See accompanying notes

PART I. FINANCIAL INFORMATION (Continued)

CALMARE THERAPEUTICS INCORPORATED AND SUBSIDIARY

Condensed Consolidated Statement of Changes in Shareholders' Deficit

For the Three Months Ended March 31, 2016

(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, 2016		2,427	$	60,675		28,515,888	$	285,158	$	48,611,413	$	(59,371,049	)	$	(10,413,803	)

Net loss		-		-		-		-		-		(877,917	)		(877,917	)
Common stock issued to directors		-		-		10,000		100		1,800		-			1,900
Stock option compensation expense		-		-		-		-		7,180		-			7,180
Warrant and beneficial conversion feature on notes payable		-		-		-		-		145,455		-			145,455

Balance March 31, 2016		2,427	$	60,675		28,525,888	$	285,258	$	48,765,848	$	(60,248,966	)	$	(11,137,185	)

See accompanying notes

PART I. FINANCIAL INFORMATION (Continued)

CALMARE THERAPEUTICS INCORPORATED AND SUBSIDIARY

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Three months ended			Three months ended
	March 31, 2016			March 31, 2015
Cash flows from operating activities:

Net loss	$	(877,917	)	$	(1,004,251	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		4,132			4,459
Stock option compensation expense		7,180			16,069
Share-based compensation – common stock		1,900			2,125
Common stock and warrants issued to consultants		-			182,600
Debt discount amortization		144,665			49,720
Loss on conversion of notes		-			2,588
Changes in assets and liabilities:
Receivables		(41,246	)		(1,072	)
Prepaid expenses and other current assets		18,497			73,466
Inventory		10,000			-
Accounts payable, accrued expenses and other liabilities		208,919			385,457
Deferred revenue		-			(5,905	)
Net cash used in operating activities		(523,870	)		(294,744	)

Cash flows from financing activities:
Proceeds from notes payable		600,000			257,000
Repayment of note and warrant settlement		-			(42,500	)
Proceeds from common stock and warrants		-			75,000
Net cash provided by financing activities		600,000			289,500

Net increase (decrease) in cash		76,130			(5,244	)

Cash at beginning of period		49,801			5,742

Cash at end of period	$	125,931		$	501

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 of expense in the quarter ended March 31, 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 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.

During the quarter ended March 31, 2016, the Company allocated $145,455 of convertible note proceeds for the fair value of warrants and beneficial conversion feature to additional paid-in capital.

See accompanying notes

PART I. FINANCIAL INFORMATION (Continued)

CALMARE THERAPEUTICS INCORPORATED AND SUBSIDIARY

Notes to Condensed Consolidated Interim Financial Statements

(Unaudited)

BASIS OF PRESENTATION

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

Calmare Therapeutics Incorporated and its majority-owned (56.1%) subsidiary, Vector Vision, Inc., (collectively, the “Company,” "we,” “our,” or “us”), is a medical device company developing and commercializing innovative products and technologies for chronic neuropathic pain and wound care affliction patients. The Company’s flagship medical device, the Calmare^® Pain Therapy Device (the “Calmare Device”), is the world’s only non-invasive and non-addictive modality that can successfully treat chronic, neuropathic pain.

The consolidated financial statements include the accounts of the Company and its majority-owned subsidiary, Vector Vision, Inc. 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 ended March 31, 2016 are not necessarily indicative of the results that can be expected for the full year ending December 31, 2016.

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, 2015 filed with the Securities and Exchange Commission (“SEC”) on April 14, 2016.

During the three months ended March 31, 2016, 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 months ended March 31, 2016 and March 31, 2015, were 89% and 74%, respectively. Additionally, the percentage of gross revenue attributed to other Calmare Device related sales of equipment and training, in the three months ended March 31, 2016 and March 31, 2015, were 10 % and 16%, respectively. 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 deficiency and shareholders’ deficiency at March 31, 2016. 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 2016 and into 2017. 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, the Company 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 March 31, 2016, the Company had outstanding debt in the form of promissory notes with a total principal amount of $5,353,000 and a carrying value of $4,938,000.

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
	March 31, 2016		March 31, 2015
Denominator for basic net loss per share, weighted average shares outstanding		28,525,558		26,767,978

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

Dilutive effect of Series C convertible preferred stock, convertible debt and warrants		N/A		N/A
Denominator for diluted net loss per share, weighted average shares outstanding		28,525,558		26,797,978

Due to the net loss incurred for the three months ended March 31, 2016, and March 31, 2015, 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:

	March 31,2016		March 31, 2015
Exercise of common stock options		1,738,500		1,742,500
Exercise of common stock warrants		12,569,898		5,727,251
Conversion of Series C convertible preferred stock		1,918,159		1,470,588
Conversion of convertible debt		14,971,505		6,306,802
Total		31,198,062		15,247,141

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

In May 2014, the 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 31, 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.

In February 2016, the FASB issued ASU No. 2016-02, Leases, to increase the transparency and comparability about leases among entities. The new guidance requires lessees to recognize a lease liability and a corresponding lease asset for virtually all lease contracts. It also requires additional disclosures about leasing arrangements. The ASU is effective for interim and annual periods beginning after December 15, 2018, and requires a modified retrospective approach to adoption. Early adoption is permitted. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures.

In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation Improvements to Employee Share-Based Payment Accounting, which is intended to simplify certain aspects of the accounting for share-based payments to employees. The guidance in this standard requires all income tax effects of awards to be recognized in the income statement when the awards vest or are settled rather than recording excess tax benefits or deficiencies in additional paid-in capital. The guidance in this standard also allows an employer to repurchase more of an employee’s shares than it can today for tax withholding purposes without triggering liability accounting and to make a policy election to account for forfeitures as they occur. The standard becomes effective for interim and annual periods beginning after December 15, 2016, and requires a modified retrospective approach to adoption. Early adoption is permitted. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures.

RECEIVABLES

Receivables consist of the following:

	March 31, 2016		December 31, 2015
Calmare device sales receivable, net of allowance of $210,284 at March 31, 2016 and December 31, 2015	$	71,200	$	31,827
Royalties, net of allowance of $101,154 at March 31, 2016 and December 31, 2015		-		-
Other, net of allowance of $6,221 at March 31, 2016 and December 31, 2015		3,127		1,254
Total	$	74,327	$	33,081

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”). The Company owns 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. The Company received 60 shares of privately held Xion Pharmaceutical Corporation common stock in June 2010. The Company currently owns 30% of the outstanding stock of Xion Pharmaceutical Corporation.

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 $66,000 at both March 31, 2016 and December 31, 2015, 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, liabilities under the claims purchase agreement, accounts payable, GEOMC, notes payable, deferred revenue, and preferred stock liability approximate fair value due to the short-term maturity of those financial instruments.

PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets consist of the following:

	March 31, 2016		December 31, 2015
Prepaid insurance	$	17,907	$	47,931
Other		21,630		10,103
Prepaid expenses and other current assets	$	39,537	$	58,034

PROPERTY AND EQUIPMENT

Property and equipment, net, consist of the following:

	March 31, 2016			December 31, 2015
Property and equipment, gross	$	220,051		$	220,051
Accumulated depreciation and amortization		(200,457	)		(196,325	)
Property and equipment, net	$	19,594		$	23,726

Depreciation and amortization expense was $4,132 during the three months ended March 31, 2016, and $4,459 for the three months ended March 31, 2015.

ACCRUED EXPENSES AND OTHER LIABILITIES

Accrued expenses and other liabilities consist of the following:

	March 31, 2016		December 31, 2015
Royalties payable	$	500,591	$	487,739
Accrued compensation		49,769		49,769
Commissions payable		22,369		15,900
Accrued interest payable		1,712,187		1,589,256
Other		138,346		105,360
Accrued expenses and other liabilities, net	$	2,423,262	$	2,248,024

Excluded above is approximately $217,000 of accrued expenses and other liabilities at March 31, 2016 and December 31, 2015, 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 the third quarter of 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 May 16, 2016, 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.

11.

NOTES PAYABLE

Notes payable consist of the following:

Short term	March 31, 2016			December 31, 2015
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
Series A-3 OID Convertible Notes and Warrants		14,353			14,353
Series B-2 OID Convertible Notes and Warrants		2,129,105			1,532,710
Short term notes payable, gross		4,867,438			4,271,043
Less LPA amount		(485,980	)		(485,980	)
Short term notes payable, net	$	4,381,458		$	3,785,063

Long term		March 31, 2016				December 31, 2015
Series B-1 OID Convertible Notes and Warrants		$	70,734			$	67,919

Details of notes payable as of March 31, 2016 are as follows:

Short term	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		3/2014 – 6/2014
Series A-3 OID Convertible Notes and Warrants		11,765		14,353	(1)		None		$	0.25		1/2015
Series B-2 OID Convertible Notes and Warrants		2,537,647		2,129,105			None		$	0.20 – 0.25		11/2015 – 12/2016
Short term notes payable, gross	$	5,273,392		4,867,438
Less LPA amount				(485,980	)
Short term notes payable, net			$	4,381,458

Long term
Series B-1 OID Convertible Notes and Warrants	$	80,000	$	70,734			None		$	0.23		3/2017

(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, 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 $102,000 and $92,000 during the three months ended March 31, 2016 and March 31, 2015, respectively, and has recorded additional interest in total of $1,109,000.

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 March 31, 2016, 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 March 31, 2016, there is also unpaid interest of $43,191 related to these notes.

Series A-3 Original Issue Discount 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 Series A-3 OID convertible notes and warrants delivered to the Company a notice of conversion related to the Series A-3 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 Series A-3 OID convertible notes and warrants delivered to the Company a notice of conversion related to the Series A-3 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 March 31, 2016, 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-1 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
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-1 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-1 OID noteholder and the Company agreed that this anti-dilution provision had been triggered and the Series B-1 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
Total	$	65,000

Series B-2 OID Convertible Notes and Warrants

During the quarter ended December 31, 2014, the Company did private offerings of convertible notes and warrants, under which it issued $358,824 of convertible promissory notes for consideration of $305,000, the difference between the proceeds from the notes and principal amount consists of $53,824 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 897,060 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.

	Warrants
Expected term		1 year
Volatility		188.31	%
Risk Free Rate		0.11	%

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

	Proceeds allocated at issue date
Private Offering Notes	$	224,679
Private Offering Warrants		57,854
Beneficial Conversion feature		22,467
Total	$	305,000

During the quarter ended June 30, 2015, a holder of Series B-2 OID convertible notes and warrants delivered to the Company a notice of conversion related to the Series B-2 OID convertible notes, with a principal amount of $5,882. In the quarter ended September 30, 2015, the Company issued 29,410 shares due related to the conversion notice.

As of March 31, 2016, the remaining notes have passed their maturity date. The Company has not repaid the amounts due on these notes and is in default under the terms of the notes.

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
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

As of March 31, 2016, the remaining notes have passed their maturity date. The Company has not repaid the amounts due on these notes and is in default under the terms of the notes.

During the quarter ended September 30, 2015, the Company did an additional private offering of convertible notes and warrants, under which it issued $705,882 of convertible promissory notes for consideration of $600,000, the difference between the proceeds from the notes and principal amount consists of $105,882 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 1,411,764 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
Expected term		1 year
Volatility		171.36	%
Risk Free Rate		0.28	%

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

	Proceeds allocated at issue date
Private Offering Notes	$	342,857
Private Offering Warrants		120,000
Beneficial Conversion feature		137,143
Total	$	600,000

During the quarter ended December 31, 2015, the Company did an additional private offering of convertible notes and warrants, under which it issued $470,588 of convertible promissory notes for consideration of $400,000, the difference between the proceeds from the notes and principal amount consists of $70,588 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 1,176,470 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
Expected term		1 year
Volatility		132.44	%
Risk Free Rate		0.66	%

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

	Proceeds allocated at issue date
Private Offering Notes	$	361,991
Private Offering Warrants		38,009
Beneficial Conversion feature
Total	$	400,000

During the quarter ended March 31, 2016, the Company did an additional private offering of convertible notes and warrants, under which it issued $705,882 of convertible promissory notes for consideration of $600,000, the difference between the proceeds from the notes and principal amount consists of $105,882 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 3,529,412 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
Expected term		1 year
Volatility		136.24	%
Risk Free Rate		0.62	%

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

	Proceeds allocated at issue date
Private Offering Notes	$	454,545
Private Offering Warrants		122,727
Beneficial Conversion feature		22,728
Total	$	600,000

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.

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:

	Three months ended
	March 31, 2015
Dividend yield (1)		0.00	%
Expected volatility (2)		164.5	%
Risk-free interest rates (3)		1.61	%
Expected lives (2)		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 three months ended March 31, 2016, the Company recognized expense of $7,180 for stock options issued to employees.

During the three months ended March 31, 2015, the Company recognized expense of $7,963 for stock options issued to directors and recognized expense of $8,106 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:

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 March 31, 2016, dividends declared were $107,874, of which $4,674 was declared during the three months ended March 31, 2016 and $89,127 have not been paid and are shown in accrued and other liabilities at March 31, 2016.

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 associated with the 375 shares of Series C Convertible Preferred Stock outstanding of $66,177 at both March 31, 2016 and December 31, 2015.

The Company has classified the Series C Convertible Preferred Stock as a liability at March 31, 2016 and December 31, 2015 because the variable conversion feature may require the Company to settle the conversion in a variable number of its common shares.

Common Stock

At its December 2, 2010 meeting, the CTI Board of Directors declared a dividend distribution of one right (each, a “Right”) for each outstanding share of common stock, par value $0.01, of the Company (the “Common Shares”). The dividend was payable to holders of record as of the close of business on December 2, 2010 (the “Record Date”). Issuance of the dividend may be triggered by an investor purchasing more than 20% of the outstanding shares of common stock.

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 March 31, 2016, 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 March 31, 2015, 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 March 31, 2015, the Company issued 333,333 stock warrants with a five year term for consulting services performed and recorded consulting expense of $75,000 for the fair value of the warrants.

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

The Company issued 10,000 and 12,500 shares of its common stock to non-employee directors under its Director Compensation Plan during the three months ended March 31, 2016 and 2015, respectively. The Company recorded expense of $1,900 and $2,125 for director stock compensation expense in the three months ended March 31, 2016 and 2015.

13.

CONTRACTUAL OBLIGATIONS AND CONTINGENCIES

As of March 31, 2016, the Company and its majority owned subsidiary, VVI, have remaining obligations, contingent upon receipt of certain revenues, to repay up to $165,788 and $199,334, respectively, in consideration of grant funding received in 1994 and 1995. The Company 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. On February 4, 2016, the Company announced that it is discussing a settlement with GEOMC, however, to date, no settlement has been reached.

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.

The Company’s Distribution Rights, Marineo and Delta

On April 8, 2014, Mr. Giuseppe Marineo, 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 the Company, stating that the Company did not have authority to sell, distribute and manufacture the Calmare Device as an exclusive agent of the Group. The Company 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.

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 March 31, 2016, the respective firms were being 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 March 31, 2016, $2,598,980 of the outstanding Notes payable were Notes payable to related parties; $2,498,980 to the Chairman of the Board and $100,000 to another director.

Dr. Stephen J. D’Amato, the Company’s chief medical officer is also one of the managing members of Calmar Pain Relief, LLC. During 2010, Calmar Pain Relief, LLC, purchased 10 Calmare devices from the Company for an aggregate purchase price of $550,000. Additionally, during 2015 and 2014, Calmar Pain Relief purchased from the Company electrodes for use with the devices.

Since October 15, 2015, the Company has 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.

15.

SUBSEQUENT EVENTS

During April, 2016, the Company did two additional private offerings of convertible notes and warrants, under which it issued in the aggregate $705,882 of convertible promissory notes for consideration of $600,000, the difference between the proceeds from the notes and principal amount consists of $105,882 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 in the aggregate market-related warrants for 3,000,000 in shares of common stock. The warrants have an exercise price of $0.60 and a 1-year term. The warrants were recorded to additional paid-in-capital.

During April, 2016, the Company issued 261,943 shares of common stock to Conrad Mir, its President & CEO, as payment for unpaid bonus and unused vacation amounts from 2015, per the Board of Directors. 100% of the stock vested immediately.

In May, 2016, the Company announced that it had received final signatures on its supply order contract with the U.S. Government. The Company may now receive and fulfill medical product orders, as per terms of the contract.

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, 2015, filed with the Securities and Exchange Commission (“SEC”) on April 14, 2016, 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 (the “Company”) was incorporated in Delaware in 1971 as Competitive Technologies, Inc., succeeding an Illinois corporation incorporated in 1968. Effective August 20, 2014, the Company changed its name from Competitive Technologies, Inc. to Calmare Therapeutics Incorporated. The Company and its majority-owned subsidiary, Vector Vision, Inc., (collectively, “we,” “our,” or “us”), is a medical device company developing and commercializing innovative products and technologies for chronic neuropathic pain and wound care affliction patients. The Company’s flagship medical device, the Calmare^® Pain Therapy Device (the “Calmare Device”), is the world’s only non-invasive and non-addictive modality that can successfully treat chronic, neuropathic pain.

In 2007, the Company entered into an agreement (the “2007 Agreement”) with Giuseppe Marineo (“Marineo”) and Delta Research and Development (“Delta”), Mr. Marineo’s wholly-owned company, collectively (the “Parties”), that secured the exclusive, worldwide sales and distribution rights to the science behind Calmare Pain Mitigation Therapy™ (the “Technology”). Today, this science is effectuated by the Company’s flagship medical device – the Calmare Device. Sales of our Calmare Device continue to be the major source of revenue for the Company. In 2011, the Company’s 2007 agreement was amended (the “2011 Amendment”) to extend the exclusivity rights afforded to the Company by the 2007 Agreement through March 31, 2016.

In July 2012, the Company and the Parties worked on a five-year extension to the 2011 Agreement (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. Therefore, the Company’s rights are determined by the 2011 Amendment which provides the Company with the exclusive rights to manufacture and sell the Calmare Device worldwide using the Technology. The Company is negotiating an extension to the 2007 Agreement. (see the Company’s Distribution Rights, Marineo and Delta in Footnote 13. CONTRACTUAL OBLIGATIONS AND CONTINGENCIES and below)

In 2010, the Company became its own distributor for the Calmare Device in the U.S, contracting with 15 commissioned sales representatives. During 2011 and 2012, the Company and its representatives developed plans to increase awareness of the Calmare Device among critical medical specialties and began to implement those plans targeting specific customers and locations in 2012. Since then the Company has entered into multiple sales agreements for the Calmare Device. Sales to physicians and medical practices and to others with whom the Company had existing sales agreements continue to generate revenue for the Company. In June 15, 2010, the Company became a government contractor and was granted its first General Services Administration (“GSA”) contract (V797P-4300B) from the U.S. Veterans Administration (the “VA”) for Calmare Devices.

Since 2010 the Company has controlled the sales process for its Calmare^® Device. We are the primary obligor, responsible for delivering devices as well as training our customer in the proper use of the Calmare Device. We deal directly with customers, setting pricing and providing training; work directly with the inventor of the technology to develop specifications and any 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 Calmare device as cost of product sales, with gross profit from product sales being the result. The Technology supporting the Calmare Device has patent protection in Italy and the United States. 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.

The Company’s Distribution Rights, Marineo and Delta

On April 8, 2014, Mr. Giuseppe Marineo 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 the Company, stating that the Company did not have authority to sell, distribute and manufacture the Calmare Device as an exclusive agent of the Group. The Company 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.

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 March 31, 2016 vs. three months ended March 31, 2015

Summary of Results

Our net loss, for the quarter ended March 31, 2016, decreased to $878,000 or $0.03 per basic and diluted share as compared with a net loss of $1,004,000 or $0.04 per basic and diluted share in the three months ended March 31, 2015. This net loss decrease is primarily attributable an increase in revenue and a decrease in operating expenses, partially offset by an increase in interest expense.

Revenue and Gross Profit from Sales

Revenue from the sale and shipment of Calmare Devices in the three months ended March 31, 2016, increased $48,000 to $56,000 as compared with $8,000 in the three months ended March 31, 2015.

Cost of product sales, in the three months ended March 31, 2016, increased $22,000 to $24,000 as compared with $2,000 in the three months ended March 31, 2015. This increase in cost of product sold is attributable to the increase in sales as well as an increase in gross margin.

Calmare Device sales, in the three months ended March 31, 2016, was one (1) Calmare Device to the U.S. military. Device sales for the three months ended March 31, 2015 were comprised of the earning of previously deferred revenue on one (1) U.S. private sector sale that was originally sold in 2014.

Due to the relatively long sales cycle for a Calmare Device, Calmare 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 March 31, 2016, decreased $2,000 to $0 compared to $2,000 in the three months ended March 31, 2015. The decrease is primarily the result of the timing of certain royalties that occurred in the three months ended March 31, 2016 as compared to the three months March 31, 2015.

Other income, for the three months ended March 31, 2016, increased $4,000 to $13,000 as compared with $9,000 in the three months ended March 31, 2015. Other income includes:

	Three Months Ended March 31, 2016		Three Months Ended March 31, 2015
Training payments and the sale of supplies i.e., electrodes and cables for use with Calmare Devices	$	7,000	$	3,000
Rental income from customers who were renting Calmare Devices from the Company	$	6,000	$	6,000

Expenses

Total expenses decreased $98,000 or 10% to $923,000 in the three months ended March 31, 2016 as compared with $1,021,000 in the three months ended March 31, 2015.

Total operating expenses decreased $201,000 or 24% to $631,000 in the three months ended March 31, 2016 as compared with $832,000 in the three months ended March 31, 2015.

Selling expenses increased 600% or $6,000 to $7,000 in the three months ended March 31, 2016 as compared with $1,000 in the three months ended March 31, 2015. This increase is primarily the result the accrual of commission on the first quarter 2016 sale of the Calmare Device.

Personnel and consulting expenses, in the three months ended March 31, 2016, decreased 11% or $58,000 to $449,000 as compared with $507,000 in the three months ended March 31, 2015. This decrease is attributable to an $80,000 decrease in consulting costs offset by a $23,000 increase in personnel expenses as a result of recent hires.

General and administrative expenses, in the three months ended March 31, 2016, decreased 46% or $149,000 to $175,000 as compared with $324,000 in the three months ended March 31, 2015. The decrease was primarily the result of a decrease of $130,000 in corporate legal expense costs related to ongoing litigation. The remaining decrease is attributable to other general and administrative expenses.

Interest expense, in the three months ended March 31, 2016, increased $107,000 or 58% to $293,000 as compared with $186,000 in the three months ended March 31, 2015 primarily as a result of the additional OID borrowings in 2015.

Loss on conversion of notes, in the three months ended March 31, 2016, was $0, as compared with $3,000 in the three months ended March 31, 2015. There were no notes converted in the first quarter of 2016.

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 March 31, 2016, the Company had outstanding debt in the form of promissory notes with a total principal amount of $5,353,000 and a carrying value of $4,938,000.

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 the Company’s 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 the Company’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.

At March 31, 2016, cash was $126,000, as compared with $50,000 at December 31, 2015. Net cash used in operating activities was $(524,000) for the three months ended March 31, 2016 as compared to $(295,000) for the three months ended March 31, 2015, primarily reflecting an increase in non-cash equity expenses and an increase in debt discount amortization. There was no investing activity year to date in both 2016 and 2015. Net cash provided by financing activities was $600,000 for the three months ended March 31, 2016 as compared to $290,000 for the three months ended March 31, 2015, 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 deficiency at March 31, 2016. During the three months ended March 31, 2016 and 2015, we had a significant concentration of revenues from sales of our Calmare Devices. 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 Devices and other technologies not occur, the Company may not have sufficient cash flow to fund operations through 2016 and into 2017. 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, the Company will 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 portfolio of technologies. There can be no assurance that the Company will be successful in such efforts. To return to and sustain profitability, we must increase our revenue through sales of our Calmare Devices and other products and services related to the Devices. Our recent contract with the U.S. Government over five years will significantly improve our revenue streams. Failure to develop a recurring revenue stream sufficient to cover operating expenses would negatively affect the Company’s financial position.

Notes Payable

Details of notes payable as of March 31, 2016 are as follows:

Short term	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		3/2014 – 6/2014
Series A-3 OID Convertible Notes and Warrants		11,765		14,353	⁽¹⁾		None		$	0.25		1/2015
Series B-2 OID Convertible Notes and Warrants		2,537,647		2,129,105			None		$	0.20 – 0.25		11/2015 – 12/2016
Short term notes payable, gross	$	5,273,392		4,867,438
Less LPA amount				(485,980	)
Short term notes payable, net			$	4,381,458

Long term
Series B-1 OID Convertible Notes and Warrants	$	80,000	$	70,734			None		$	0.23		3/2017

(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 $102,000 during the three months ended March 31, 2016, and has recorded additional interest in total of $1,109,000.

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

As of March 31, 2016 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 March 31, 2016, there is also unpaid interest of $43,191 related to these notes.

Series A-3 15% Original Issue Discount Convertible Notes and Warrants

The note holders were also issued market-related warrants for 129,412 (third tranche) and 958,179 (all tranches) in shares of common stock. The warrants have exercise prices that range from $0.40 to $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.

Series B-1 Original Issue Discount Convertible Notes and Warrants

Series B-2 OID Convertible Notes and Warrants

During 2014, the Company did a private offering of convertible notes and warrants, under which it issued $358,824 of convertible promissory notes for consideration of $305,000, the difference between the proceeds from the notes and principal amount consists of $53,824 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 897,060 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.

During 2015, a holder of Series B-2 OID convertible notes and warrants delivered to the Company a notice of conversion related to the Series B-2 OID convertible notes, with a principal amount of $5,882. In 2015, the Company issued 29,410 shares due related to the conversion notice.

As of December 31, 2015, the remaining notes from 2014 have passed their maturity date. The Company has not repaid the amounts due on these notes and is in default under the terms of the notes.

During 2015, the Company did several private offerings of convertible notes and warrants, under which it issued $1,478,823 of convertible promissory notes for consideration of $1,257,000, the difference between the proceeds from the notes and principal amount consists of $221,823 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 3,344,116 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.

As of March 31, 2016, $302,353 of the notes from 2015 have passed their maturity date. The Company has not repaid the amounts due on these notes and is in default under the terms of the notes.

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 2016, 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 March 31, 2016, the Company and its majority-owned subsidiary, VVI, have remaining obligations, contingent upon receipt of certain revenue, to repay up to $165,788 and $199,334, respectively, in consideration of grant funding received in 1994 and 1995. The Company 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, 2015.

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 March 31, 2016.

(b)

Change in Internal Controls

During the period ending March 31, 2016, 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

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

None.

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 14, 2005.(2)	Incorporated by reference

10.1	Securities Purchase Agreement with Tonaquint, Inc. dated July 16, 2013.(3)	Incorporated by reference

10.2	Equity Purchase Agreement with Southridge Partners II, L.P. dated September 10, 2013.(4)	Incorporated by reference

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).	Filed 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).	Filed 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) (2)	Filed as Exhibit 4.1 to the registrant’s registration statement on Form S-8 with the SEC on April 1, 1998. Filed as Exhibit 3.2 to the registrant’s Quarterly Report on Form 10-Q filed with the SEC on December 12, 2005.
	(3)	Filed as Exhibit 10.1 to the registrant’s Current Report on Form 8-K filed with the SEC on September 5, 2013.
	(4)	Filed as Exhibit 10.1 to the registrant’s Current Report on Form 8-K filed with the SEC on September 11, 2013.

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
May 19, 2016		Authorized Signer (Duly Authorized Officer and Principal Executive Officer)

	By	/s/ Thomas P. Richtarich
		Thomas P. Richtarich
		Chief Financial Officer
May 19, 2016		Authorized Signer (Duly Authorized Officer and Principal Financial Officer)

EX-31.1 2 s103261_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 control over financial reporting (as defined in Exchange Act Rules 13-a-15(f) and 15d-15(f)) for the registrant and have:

(a)	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;

(b)	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;

(c)	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; and

(d)	Disclosed in this report any change in the registrant’s internal control over financing reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

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 functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control 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 control over financial reporting.

By:	/s/ Conrad Mir

	Conrad Mir
	Principal Executive Officer

Dated: May 19, 2016

EX-31.2 3 s103261_ex31-2.htm EXHIBIT 31-2

Exhibit 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL 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, Thomas P. Richtarich, 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 control over financial reporting (as defined in Exchange Act Rules 13-a-15(f) and 15d-15(f)) for the registrant and have:

(a)	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;

(b)	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;

(c)	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; and

(d)	Disclosed in this report any change in the registrant’s internal control over financing reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

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 functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control 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 control over financial reporting.

By:	/s/ Thomas P. Richtarich

	Thomas P. Richtarich
	Principal Financial Officer

Dated: May 19, 2016

EX-32.1 4 s103261_ex32-1.htm EXHIBIT 32-1

Exhibit 32.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO 18 U.S.C. 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 March 31, 2016 as filed with the Securities and Exchange Commission on the date hereof (the “Quarterly 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 Quarterly 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 Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

By:	/s/ Conrad Mir

	Conrad Mir
	Principal Executive Officer

Dated: May 19, 2016

EX-32.2 5 s103261_ex32-2.htm EXHIBIT 32-2

Exhibit 32.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

PURSUANT TO 18 U.S.C. 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 March 31, 2016 as filed with the Securities and Exchange Commission on the date hereof (the “Quarterly Report”), Thomas P. Richtarich, 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 Quarterly 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 Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

By:	/s/ Thomas P. Richtarich

	Thomas P. Richtarich
	Principal Financial Officer

Dated: May 19, 2016

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<table cellspacing="0" cellpadding="0" style="width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"> <td style="width: 24px; font: 8pt Times New Roman, Times, Serif">11.</td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: justify">NOTES PAYABLE</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; font: 8pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif">Short term</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">March 31, 2016</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">December 31, 2015</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="width: 74%; font: 8pt Times New Roman, Times, Serif">90 day Convertible Notes (Chairman of the Board)</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 10%; text-align: right; font: 8pt Times New Roman, Times, Serif">2,498,980</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 10%; text-align: right; font: 8pt Times New Roman, Times, Serif">2,498,980</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">24 month Convertible Notes ($100,000 to Board member)</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">225,000</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">225,000</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; 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font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">2,129,105</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">1,532,710</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Short term notes payable, gross</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">4,867,438</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">4,271,043</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">Less LPA amount</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(485,980</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">)</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(485,980</td> <td style="padding-bottom: 1pt; 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font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">Principal  Amount</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">Carrying Value</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">Cash Interest  Rate</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">Common  Stock  Conversion  Price</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Maturity  Date</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="width: 40%; padding-left: 10pt; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif">90 day Convertible Notes (Chairman of the Board)</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif">2,498,980</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif">2,498,980</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif">6</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">%</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif">1.05</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif">Various 2014</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif">24 month Convertible Notes ($100,000 to Board member)</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">225,000</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">225,000</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">6</td> <td style="font: 8pt Times New Roman, Times, Serif">%</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">1.05</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">3/2014 6/2014</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif">Series A-3 OID Convertible Notes and Warrants</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">11,765</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">14,353</td> <td style="font: 8pt Times New Roman, Times, Serif">(1)</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">None</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">0.25</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">1/2015</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif">Series B-2 OID Convertible Notes and Warrants</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">2,537,647</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">2,129,105</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">None</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; text-align: right">0.20 0.25</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; text-align: right">11/2015 12/2016</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif">Short term notes payable, gross</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">5,273,392</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">4,867,438</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif">Less LPA amount</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(485,980</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">)</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif">Short term notes payable, net</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">4,381,458</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; padding-left: 10pt; text-decoration: underline; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif">Long term</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif">Series B-1 OID Convertible Notes and Warrants</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">80,000</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">70,734</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">None</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">0.23</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">3/2017</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"> <td style="width: 24px; font: 8pt Times New Roman, Times, Serif">(1)</td> <td style="font: 8pt Times New Roman, Times, Serif">Includes $2,588 of accrued loss on conversion of OID note. </td></tr> </table>   90 day Convertible Notes The Company has issued 90-day notes payable to borrow funds from a director, now the chairman of our Board, as follows:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="width: 83%; font: 8pt Times New Roman, Times, Serif">2013</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 14%; text-align: right; font: 8pt Times New Roman, Times, Serif">1,188,980</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">2012</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">1,210,000</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">2011</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">100,000</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif">Total</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">2,498,980</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </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, 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 $102,000 and $92,000 during the three months ended March 31, 2016 and March 31, 2015, respectively, and has recorded additional interest in total of $1,109,000.   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 March 31, 2016, 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 March 31, 2016, there is also unpaid interest of $43,191 related to these notes.   Series A-3 Original Issue Discount 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; font: 8pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="text-align: center; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Warrants</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="width: 83%; font: 8pt Times New Roman, Times, Serif">Expected term</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 14%; text-align: right; font: 8pt Times New Roman, Times, Serif">2 years</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Volatility</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">184.88</td> <td style="font: 8pt Times New Roman, Times, Serif">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">%%Risk Free Rate</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">0.32</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">%</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; font: 8pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="text-align: center; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Proceeds allocated  at issue date</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="width: 83%; font: 8pt Times New Roman, Times, Serif">Private Offering Notes</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 14%; text-align: right; font: 8pt Times New Roman, Times, Serif">32,390</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Private Offering Warrants</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">14,845</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">Beneficial Conversion feature</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">7,765</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif">Total</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">55,000</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> </table>   During the quarter ended June 30, 2014, certain holders of Series A-3 OID convertible notes and warrants delivered to the Company a notice of conversion related to the Series A-3 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 $0.20. All other original terms, including the warrant terms, remained the same. Upon notice of conversion and irrespective of whether the shares were delivered in the quarter ended June 30, 2014 or subsequent to June 30, 2014 to the Company: (i) accelerated and recognized as interest expense in the current period any remaining discount, and (ii) recognized a loss for the fair value of the additional shares offered as the conversion inducement.   Presented below is summary information related to the conversion:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="text-decoration: underline; font: 8pt Times New Roman, Times, Serif">Statement of Operations</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="text-align: right; font: 8pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="width: 83%; font: 8pt Times New Roman, Times, Serif">Loss on conversion of notes</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 14%; text-align: right; font: 8pt Times New Roman, Times, Serif">43,288</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Accelerated interest expense</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">35,109</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="text-decoration: underline; font: 8pt Times New Roman, Times, Serif">Balance Sheet</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Shares issued as of June 30, 2014</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">798,825</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Shares to be issued subsequent to June 30, 2014</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">529,415</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Principal amount of notes converted</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">265,648</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> </table>   During the quarter ended March 31, 2015, a holder of Series A-3 OID convertible notes and warrants delivered to the Company a notice of conversion related to the Series A-3 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 $0.20. All other original terms, including the warrant terms, remained the same. Upon notice of conversion, the Company: (i) accelerated and recognized as interest expense in the current period any remaining discount, and (ii) recognized a loss for the fair value of the additional shares offered as the conversion inducement. As of March 31, 2016, the Company had not issued the shares due related to the conversion notice.   Presented below is summary information related to the conversion:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="text-decoration: underline; font: 8pt Times New Roman, Times, Serif">Statement of Operations</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="text-align: right; font: 8pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="width: 83%; font: 8pt Times New Roman, Times, Serif">Loss on conversion of notes</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 14%; text-align: right; font: 8pt Times New Roman, Times, Serif">2,588</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Accelerated interest expense</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">-</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="text-decoration: underline; font: 8pt Times New Roman, Times, Serif">Balance Sheet</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Shares issued</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">-</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Principal amount of notes converted</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">11,765</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> </table>   Series B-1 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; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Warrants</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="width: 83%; font: 8pt Times New Roman, Times, Serif">Expected term</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 14%; text-align: right; font: 8pt Times New Roman, Times, Serif">4 years</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Volatility</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">151.52</td> <td style="font: 8pt Times New Roman, Times, Serif">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Risk Free Rate</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">1.32</td> <td style="font: 8pt Times New Roman, Times, Serif">%</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; font: 8pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="text-align: center; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Proceeds allocated  at issue date</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="width: 83%; font: 8pt Times New Roman, Times, Serif">Private Offering Notes</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 14%; text-align: right; font: 8pt Times New Roman, Times, Serif">34,272</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Private Offering Warrants</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">26,811</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">Beneficial Conversion feature</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">3,917</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif">Total</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">65,000</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> </table>   The Series B-1 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-1 OID noteholder and the Company agreed that this anti-dilution provision had been triggered and the Series B-1 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 $0.33 per share but did not change the number of shares available under the Warrant.   As a result of the triggering of the above noted one time anti-dilution provision, the Company reallocated the proceeds of the Notes during the quarter ended December 31, 2014 as follows:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="text-align: center; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Proceeds allocated  at issue date</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="width: 83%; font: 8pt Times New Roman, Times, Serif">Private Offering Notes</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 14%; text-align: right; font: 8pt Times New Roman, Times, Serif">46,222</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">Private Offering Warrants</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">18,778</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif">Total</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">65,000</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> </table>   Series B-2 OID Convertible Notes and Warrants During the quarter ended December 31, 2014, the Company did private offerings of convertible notes and warrants, under which it issued $358,824 of convertible promissory notes for consideration of $305,000, the difference between the proceeds from the notes and principal amount consists of $53,824 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 897,060 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 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; font: 8pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Warrants</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="width: 83%; font: 8pt Times New Roman, Times, Serif">Expected term</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 14%; text-align: right; font: 8pt Times New Roman, Times, Serif">1 year</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Volatility</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">188.31</td> <td style="font: 8pt Times New Roman, Times, Serif">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Risk Free Rate</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">0.11</td> <td style="font: 8pt Times New Roman, Times, Serif">%</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; font: 8pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="text-align: center; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Proceeds allocated  at issue date</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="width: 83%; font: 8pt Times New Roman, Times, Serif">Private Offering Notes</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 14%; text-align: right; font: 8pt Times New Roman, Times, Serif">224,679</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Private Offering Warrants</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">57,854</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">Beneficial Conversion feature</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">22,467</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif">Total</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">305,000</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> </table>   During the quarter ended June 30, 2015, a holder of Series B-2 OID convertible notes and warrants delivered to the Company a notice of conversion related to the Series B-2 OID convertible notes, with a principal amount of $5,882. In the quarter ended September 30, 2015, the Company issued 29,410 shares due related to the conversion notice.   As of March 31, 2016, the remaining notes have passed their maturity date. The Company has not repaid the amounts due on these notes and is in default under the terms of the notes.   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; font: 8pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Warrants</td> <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="width: 79%; font: 8pt Times New Roman, Times, Serif">Expected term</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 18%; text-align: right; font: 8pt Times New Roman, Times, Serif">1 year</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Volatility</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">180.15-185.71</td> <td style="font: 8pt Times New Roman, Times, Serif">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Risk Free Rate</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">0.18-0.22</td> <td style="font: 8pt Times New Roman, Times, Serif">%</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; font: 8pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="text-align: center; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Proceeds allocated  at issue date</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="width: 83%; font: 8pt Times New Roman, Times, Serif">Private Offering Notes</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 14%; text-align: right; font: 8pt Times New Roman, Times, Serif">197,521</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Private Offering Warrants</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">46,097</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">Beneficial Conversion feature</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">13,382</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif">Total</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">257,000</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> </table>   As of March 31, 2016, the remaining notes have passed their maturity date. The Company has not repaid the amounts due on these notes and is in default under the terms of the notes.   During the quarter ended September 30, 2015, the Company did an additional private offering of convertible notes and warrants, under which it issued $705,882 of convertible promissory notes for consideration of $600,000, the difference between the proceeds from the notes and principal amount consists of $105,882 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 1,411,764 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; font: 8pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Warrants</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="width: 83%; font: 8pt Times New Roman, Times, Serif">Expected term</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 14%; text-align: right; font: 8pt Times New Roman, Times, Serif">1 year</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Volatility</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">171.36</td> <td style="font: 8pt Times New Roman, Times, Serif">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Risk Free Rate</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">0.28</td> <td style="font: 8pt Times New Roman, Times, Serif">%</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; font: 8pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="text-align: center; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Proceeds allocated  at issue date</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="width: 83%; font: 8pt Times New Roman, Times, Serif">Private Offering Notes</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 14%; text-align: right; font: 8pt Times New Roman, Times, Serif">342,857</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Private Offering Warrants</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">120,000</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">Beneficial Conversion feature</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">137,143</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif">Total</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">600,000</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> </table>   During the quarter ended December 31, 2015, the Company did an additional private offering of convertible notes and warrants, under which it issued $470,588 of convertible promissory notes for consideration of $400,000, the difference between the proceeds from the notes and principal amount consists of $70,588 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 1,176,470 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; font: 8pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Warrants</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="width: 83%; font: 8pt Times New Roman, Times, Serif">Expected term</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 14%; text-align: right; font: 8pt Times New Roman, Times, Serif">1 year</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Volatility</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">132.44</td> <td style="font: 8pt Times New Roman, Times, Serif">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Risk Free Rate</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">0.66</td> <td style="font: 8pt Times New Roman, Times, Serif">%</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; font: 8pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="text-align: center; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Proceeds allocated  at issue date</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="width: 83%; font: 8pt Times New Roman, Times, Serif">Private Offering Notes</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 14%; text-align: right; font: 8pt Times New Roman, Times, Serif">361,991</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">Private Offering Warrants</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">38,009</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Beneficial Conversion feature</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif">Total</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">400,000</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> </table>   During the quarter ended March 31, 2016, the Company did an additional private offering of convertible notes and warrants, under which it issued $705,882 of convertible promissory notes for consideration of $600,000, the difference between the proceeds from the notes and principal amount consists of $105,882 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 3,529,412 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; font: 8pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Warrants</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="width: 83%; font: 8pt Times New Roman, Times, Serif">Expected term</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 14%; text-align: right; font: 8pt Times New Roman, Times, Serif">1 year</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Volatility</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">136.24</td> <td style="font: 8pt Times New Roman, Times, Serif">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Risk Free Rate</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">0.62</td> <td style="font: 8pt Times New Roman, Times, Serif">%</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; font: 8pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="text-align: center; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Proceeds allocated  at issue date</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="width: 83%; font: 8pt Times New Roman, Times, Serif">Private Offering Notes</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 14%; text-align: right; font: 8pt Times New Roman, Times, Serif">454,545</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Private Offering Warrants</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">122,727</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">Beneficial Conversion feature</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">22,728</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif">Total</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">600,000</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> </table>

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.   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: 8pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif">Three months ended</td> <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">March 31, 2015</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="width: 83%; font: 8pt Times New Roman, Times, Serif">Dividend yield (1)</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 14%; text-align: right; font: 8pt Times New Roman, Times, Serif">0.00</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">%</td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Expected volatility (2)</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">164.5</td> <td style="font: 8pt Times New Roman, Times, Serif">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Risk-free interest rates (3)</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">1.61</td> <td style="font: 8pt Times New Roman, Times, Serif">%</td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Expected lives (2)</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">5.0 YEARS</td> <td style="font: 8pt Times New Roman, Times, Serif"> </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: 8pt Times New Roman, Times, Serif"> <td style="width: 5%; padding-left: 9pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 5%; font: 8pt Times New Roman, Times, Serif">(1)</td> <td style="width: 90%; font: 8pt Times New Roman, Times, Serif; text-align: justify">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: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif">(2)</td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: justify">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: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif">(3)</td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: justify">Based on the U.S. Treasury constant maturity interest rate with a term consistent with the expected life of the options granted.</td></tr> </table>   During the three months ended March 31, 2016, the Company recognized expense of $7,180 for stock options issued to employees.   During the three months ended March 31, 2015, the Company recognized expense of $7,963 for stock options issued to directors and recognized expense of $8,106 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; font: 8pt Times New Roman, Times, Serif"> <td style="width: 5%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 2%; font: 8pt Times New Roman, Times, Serif">a)</td> <td style="width: 93%; font: 8pt Times New Roman, Times, Serif; text-align: justify">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 March 31, 2016, dividends declared were $107,874, of which $4,674 was declared during the three months ended March 31, 2016 and $89,127 have not been paid and are shown in accrued and other liabilities at March 31, 2016.</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: 8pt Times New Roman, Times, Serif"> <td style="width: 5%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 2%; font: 8pt Times New Roman, Times, Serif">b)</td> <td style="width: 93%; font: 8pt Times New Roman, Times, Serif; text-align: justify">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; font: 8pt Times New Roman, Times, Serif"> <td style="width: 5%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 2%; font: 8pt Times New Roman, Times, Serif">c)</td> <td style="width: 93%; font: 8pt Times New Roman, Times, Serif; text-align: justify">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; font: 8pt Times New Roman, Times, Serif"> <td style="width: 5%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 2%; font: 8pt Times New Roman, Times, Serif">d)</td> <td style="width: 93%; font: 8pt Times New Roman, Times, Serif; text-align: justify">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.</td></tr> </table>   The Company recorded a convertible preferred stock derivative liability associated with the 375 shares of Series C Convertible Preferred Stock outstanding of $66,177 at both March 31, 2016 and December 31, 2015.   The Company has classified the Series C Convertible Preferred Stock as a liability at March 31, 2016 and December 31, 2015 because the variable conversion feature may require the Company to settle the conversion in a variable number of its common shares.   Common Stock At its December 2, 2010 meeting, the CTI Board of Directors declared a dividend distribution of one right (each, a Right) for each outstanding share of common stock, par value $0.01, of the Company (the Common Shares). The dividend was payable to holders of record as of the close of business on December 2, 2010 (the Record Date). Issuance of the dividend may be triggered by an investor purchasing more than 20% of the outstanding shares of common stock.   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 March 31, 2016, 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 March 31, 2015, 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 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 March 31, 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 with a five year term for consulting services performed and recorded consulting expense of $75,000 for the fair value of the warrants.   On October 15, 2015 the shareholders approved an increase in the number of authorized shares of common stock from 40 million to 100 million.   The Company issued 10,000 and 12,500 shares of its common stock to non-employee directors under its Director Compensation Plan during the three months ended March 31, 2016 and 2015, respectively. The Company recorded expense of $1,900 and $2,125 for director stock compensation expense in the three months ended March 31, 2016 and 2015.

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; font: 8pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif">Three months ended</td> <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif">Three months ended</td> <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">March 31, 2016</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">March 31, 2015</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="width: 64%; padding-left: 9pt; text-indent: -9pt; font: 8pt Times New Roman, Times, Serif">Denominator for basic net loss per share, weighted average shares outstanding</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 15%; text-align: right; font: 8pt Times New Roman, Times, Serif">28,525,558</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 15%; text-align: right; font: 8pt Times New Roman, Times, Serif">26,767,978</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Dilutive effect of common stock options</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">N/A</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">N/A</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; padding-left: 9pt; text-indent: -9pt; font: 8pt Times New Roman, Times, Serif">Dilutive effect of Series C convertible preferred stock, convertible debt and warrants</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 9pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 9pt; text-align: right">N/A</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="padding-left: 9pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">N/A</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="padding-left: 9pt; text-indent: -9pt; font: 8pt Times New Roman, Times, Serif">Denominator for diluted net loss per share, weighted average shares outstanding</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">28,525,558</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">26,797,978</td> <td style="font: 8pt Times New Roman, Times, Serif"> </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; font: 8pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">March 31,2016</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">March 31, 2015</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="width: 64%; padding-left: 9pt; text-indent: -9pt; font: 8pt Times New Roman, Times, Serif">Exercise of common stock options</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 15%; text-align: right; font: 8pt Times New Roman, Times, Serif">1,738,500</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 15%; text-align: right; font: 8pt Times New Roman, Times, Serif">1,742,500</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="padding-left: 9pt; text-indent: -9pt; font: 8pt Times New Roman, Times, Serif">Exercise of common stock warrants</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">12,569,898</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">5,727,251</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="padding-left: 9pt; text-indent: -9pt; font: 8pt Times New Roman, Times, Serif">Conversion of Series C convertible preferred stock</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">1,918,159</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">1,470,588</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; padding-left: 9pt; text-indent: -9pt; font: 8pt Times New Roman, Times, Serif">Conversion of convertible debt</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 9pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 9pt; text-align: right">14,971,505</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="padding-left: 9pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">6,306,802</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 2.5pt; padding-left: 9pt; text-indent: -9pt; font: 8pt Times New Roman, Times, Serif">Total</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; padding-left: 9pt"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; padding-left: 9pt; text-align: right">31,198,062</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="padding-left: 9pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">15,247,141</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </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; font: 8pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right">March 31,  2016</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">December 31,  2015</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="width: 65%; padding-left: 0.1in; text-indent: -0.1in; font: 8pt Times New Roman, Times, Serif">Calmare device sales receivable, net of allowance of $210,284 at March 31, 2016 and December 31, 2015</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 2%; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 14%; text-align: right; font: 8pt Times New Roman, Times, Serif">71,200</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 14%; text-align: right; font: 8pt Times New Roman, Times, Serif">31,827</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; padding-left: 0.1in; text-indent: -0.1in; font: 8pt Times New Roman, Times, Serif">Royalties, net of allowance of $101,154 at March 31, 2016 and December 31, 2015</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; padding-left: 0.1in; text-align: right">-</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; padding-left: 0.1in; text-indent: -0.1in; font: 8pt Times New Roman, Times, Serif">Other, net of allowance of $6,221 at March 31, 2016 and December 31, 2015</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 0.1in; text-align: right">3,127</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">1,254</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 2.5pt; padding-left: 16.2pt; text-indent: -0.1in; font: 8pt Times New Roman, Times, Serif">Total</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; padding-left: 16.2pt; text-align: right">74,327</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">33,081</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </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; font: 8pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right">March 31,  2016</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">December 31,  2015</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="width: 64%; padding-left: 9pt; text-indent: -9pt; font: 8pt Times New Roman, Times, Serif">Prepaid insurance</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 15%; text-align: right; font: 8pt Times New Roman, Times, Serif">17,907</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 15%; text-align: right; font: 8pt Times New Roman, Times, Serif">47,931</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">Other</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">21,630</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">10,103</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 2.25pt; font: 8pt Times New Roman, Times, Serif">Prepaid expenses and other current assets</td> <td style="padding-bottom: 2.25pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">39,537</td> <td style="padding-bottom: 2.25pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 2.25pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">58,034</td> <td style="padding-bottom: 2.25pt; font: 8pt Times New Roman, Times, Serif"> </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; font: 8pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right">March 31,  2016</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">December 31,  2015</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="width: 66%; font: 8pt Times New Roman, Times, Serif">Property and equipment, gross</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 14%; text-align: right; font: 8pt Times New Roman, Times, Serif">220,051</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 14%; text-align: right; font: 8pt Times New Roman, Times, Serif">220,051</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">Accumulated depreciation and amortization</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(200,457</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">)</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(196,325</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 2.25pt; padding-left: 9pt; font: 8pt Times New Roman, Times, Serif">Property and equipment, net</td> <td style="padding-bottom: 2.25pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; padding-left: 9pt; text-align: right">19,594</td> <td style="padding-bottom: 2.25pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="padding-left: 9pt; font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">23,726</td> <td style="padding-bottom: 2.25pt; font: 8pt Times New Roman, Times, Serif"> </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; font: 8pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right">March 31,  2016</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">December 31,  2015</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="width: 66%; font: 8pt Times New Roman, Times, Serif">Royalties payable</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 14%; text-align: right; font: 8pt Times New Roman, Times, Serif">500,591</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 14%; text-align: right; font: 8pt Times New Roman, Times, Serif">487,739</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Accrued compensation</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">49,769</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">49,769</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Commissions payable</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">22,369</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">15,900</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Accrued interest payable</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">1,712,187</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">1,589,256</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">Other</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">138,346</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">105,360</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 2.25pt; font: 8pt Times New Roman, Times, Serif">Accrued expenses and other liabilities, net</td> <td style="padding-bottom: 2.25pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">2,423,262</td> <td style="padding-bottom: 2.25pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 2.25pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">2,248,024</td> <td style="padding-bottom: 2.25pt; font: 8pt Times New Roman, Times, Serif"> </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; font: 8pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif">Short term</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">March 31, 2016</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">December 31, 2015</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="width: 74%; font: 8pt Times New Roman, Times, Serif">90 day Convertible Notes (Chairman of the Board)</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 10%; text-align: right; font: 8pt Times New Roman, Times, Serif">2,498,980</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 10%; text-align: right; font: 8pt Times New Roman, Times, Serif">2,498,980</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">24 month Convertible Notes ($100,000 to Board member)</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">225,000</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">225,000</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Series A-3 OID Convertible Notes and Warrants</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">14,353</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">14,353</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">Series B-2 OID Convertible Notes and Warrants</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">2,129,105</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">1,532,710</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Short term notes payable, gross</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">4,867,438</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">4,271,043</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">Less LPA amount</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(485,980</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">)</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(485,980</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Short term notes payable, net</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">4,381,458</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">3,785,063</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Long term</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">March 31, 2016</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">December 31, 2015</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif">Series B-1 OID Convertible Notes and Warrants</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">$</td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right">70,734</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">67,919</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> </table>   Details of notes payable as of March 31, 2016 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; font: 8pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif">Short term</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">Principal  Amount</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">Carrying Value</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">Cash Interest  Rate</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">Common  Stock  Conversion  Price</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Maturity  Date</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="width: 40%; padding-left: 10pt; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif">90 day Convertible Notes (Chairman of the Board)</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif">2,498,980</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif">2,498,980</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif">6</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">%</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif">1.05</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif">Various 2014</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif">24 month Convertible Notes ($100,000 to Board member)</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">225,000</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">225,000</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">6</td> <td style="font: 8pt Times New Roman, Times, Serif">%</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">1.05</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">3/2014 6/2014</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif">Series A-3 OID Convertible Notes and Warrants</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">11,765</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">14,353</td> <td style="font: 8pt Times New Roman, Times, Serif">(1)</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">None</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">0.25</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">1/2015</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif">Series B-2 OID Convertible Notes and Warrants</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">2,537,647</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">2,129,105</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">None</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; text-align: right">0.20 0.25</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; text-align: right">11/2015 12/2016</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif">Short term notes payable, gross</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">5,273,392</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">4,867,438</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif">Less LPA amount</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(485,980</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">)</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif">Short term notes payable, net</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">4,381,458</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; padding-left: 10pt; text-decoration: underline; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif">Long term</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif">Series B-1 OID Convertible Notes and Warrants</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">80,000</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">70,734</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">None</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">0.23</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">3/2017</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"> <td style="width: 24px; font: 8pt Times New Roman, Times, Serif">(1)</td> <td style="font: 8pt Times New Roman, Times, Serif">Includes $2,588 of accrued loss on conversion of OID note. </td></tr> </table>

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; font: 8pt Times New Roman, Times, Serif"> <td style="width: 83%; font: 8pt Times New Roman, Times, Serif">2013</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 14%; text-align: right; font: 8pt Times New Roman, Times, Serif">1,188,980</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">2012</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">1,210,000</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">2011</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">100,000</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif">Total</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">2,498,980</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </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; font: 8pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Warrants</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="width: 83%; font: 8pt Times New Roman, Times, Serif">Expected term</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 14%; text-align: right; font: 8pt Times New Roman, Times, Serif">1 year</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Volatility</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">188.31</td> <td style="font: 8pt Times New Roman, Times, Serif">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Risk Free Rate</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">0.11</td> <td style="font: 8pt Times New Roman, Times, Serif">%</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; font: 8pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Warrants</td> <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="width: 79%; font: 8pt Times New Roman, Times, Serif">Expected term</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 18%; text-align: right; font: 8pt Times New Roman, Times, Serif">1 year</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Volatility</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">180.15-185.71</td> <td style="font: 8pt Times New Roman, Times, Serif">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Risk Free Rate</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">0.18-0.22</td> <td style="font: 8pt Times New Roman, Times, Serif">%</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; font: 8pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Warrants</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="width: 83%; font: 8pt Times New Roman, Times, Serif">Expected term</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 14%; text-align: right; font: 8pt Times New Roman, Times, Serif">1 year</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Volatility</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">171.36</td> <td style="font: 8pt Times New Roman, Times, Serif">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Risk Free Rate</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">0.28</td> <td style="font: 8pt Times New Roman, Times, Serif">%</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; font: 8pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Warrants</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="width: 83%; font: 8pt Times New Roman, Times, Serif">Expected term</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 14%; text-align: right; font: 8pt Times New Roman, Times, Serif">1 year</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Volatility</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">132.44</td> <td style="font: 8pt Times New Roman, Times, Serif">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Risk Free Rate</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">0.66</td> <td style="font: 8pt Times New Roman, Times, Serif">%</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; font: 8pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Warrants</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="width: 83%; font: 8pt Times New Roman, Times, Serif">Expected term</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 14%; text-align: right; font: 8pt Times New Roman, Times, Serif">1 year</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Volatility</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">136.24</td> <td style="font: 8pt Times New Roman, Times, Serif">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Risk Free Rate</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">0.62</td> <td style="font: 8pt Times New Roman, Times, Serif">%</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; font: 8pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="text-align: center; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Proceeds allocated  at issue date</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="width: 83%; font: 8pt Times New Roman, Times, Serif">Private Offering Notes</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 14%; text-align: right; font: 8pt Times New Roman, Times, Serif">32,390</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Private Offering Warrants</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">14,845</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">Beneficial Conversion feature</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">7,765</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif">Total</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">55,000</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </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; font: 8pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="text-align: center; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Proceeds allocated  at issue date</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="width: 83%; font: 8pt Times New Roman, Times, Serif">Private Offering Notes</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 14%; text-align: right; font: 8pt Times New Roman, Times, Serif">34,272</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Private Offering Warrants</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">26,811</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">Beneficial Conversion feature</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">3,917</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif">Total</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">65,000</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </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; font: 8pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="text-align: center; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Proceeds allocated  at issue date</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="width: 83%; font: 8pt Times New Roman, Times, Serif">Private Offering Notes</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 14%; text-align: right; font: 8pt Times New Roman, Times, Serif">46,222</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">Private Offering Warrants</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">18,778</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif">Total</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">65,000</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </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; font: 8pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="text-align: center; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Proceeds allocated  at issue date</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="width: 83%; font: 8pt Times New Roman, Times, Serif">Private Offering Notes</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 14%; text-align: right; font: 8pt Times New Roman, Times, Serif">224,679</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Private Offering Warrants</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">57,854</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">Beneficial Conversion feature</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">22,467</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif">Total</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">305,000</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </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; font: 8pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="text-align: center; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Proceeds allocated  at issue date</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="width: 83%; font: 8pt Times New Roman, Times, Serif">Private Offering Notes</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 14%; text-align: right; font: 8pt Times New Roman, Times, Serif">197,521</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Private Offering Warrants</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">46,097</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">Beneficial Conversion feature</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">13,382</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif">Total</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">257,000</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </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; font: 8pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="text-align: center; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Proceeds allocated  at issue date</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="width: 83%; font: 8pt Times New Roman, Times, Serif">Private Offering Notes</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 14%; text-align: right; font: 8pt Times New Roman, Times, Serif">342,857</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Private Offering Warrants</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">120,000</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">Beneficial Conversion feature</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">137,143</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif">Total</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">600,000</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </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; font: 8pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="text-align: center; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Proceeds allocated  at issue date</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="width: 83%; font: 8pt Times New Roman, Times, Serif">Private Offering Notes</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 14%; text-align: right; font: 8pt Times New Roman, Times, Serif">361,991</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">Private Offering Warrants</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">38,009</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Beneficial Conversion feature</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif">Total</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">400,000</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </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; font: 8pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="text-align: center; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Proceeds allocated  at issue date</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="width: 83%; font: 8pt Times New Roman, Times, Serif">Private Offering Notes</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 14%; text-align: right; font: 8pt Times New Roman, Times, Serif">454,545</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Private Offering Warrants</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">122,727</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">Beneficial Conversion feature</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">22,728</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif">Total</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">600,000</td> <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"> </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: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="text-decoration: underline; font: 8pt Times New Roman, Times, Serif">Statement of Operations</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="text-align: right; font: 8pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="width: 83%; font: 8pt Times New Roman, Times, Serif">Loss on conversion of notes</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 14%; text-align: right; font: 8pt Times New Roman, Times, Serif">43,288</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Accelerated interest expense</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">35,109</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="text-decoration: underline; font: 8pt Times New Roman, Times, Serif">Balance Sheet</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Shares issued as of June 30, 2014</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">798,825</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Shares to be issued subsequent to June 30, 2014</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">529,415</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Principal amount of notes converted</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">265,648</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> </table>   Presented below is summary information related to the conversion:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="text-decoration: underline; font: 8pt Times New Roman, Times, Serif">Statement of Operations</td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="text-align: right; font: 8pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="width: 83%; font: 8pt Times New Roman, Times, Serif">Loss on conversion of notes</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 14%; text-align: right; font: 8pt Times New Roman, Times, Serif">2,588</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Accelerated interest expense</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">-</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="text-decoration: underline; font: 8pt Times New Roman, Times, Serif">Balance Sheet</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Shares issued</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">-</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Principal amount of notes converted</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">11,765</td> <td style="font: 8pt Times New Roman, Times, Serif"> </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: 8pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif">Three months ended</td> <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">March 31, 2015</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="width: 83%; font: 8pt Times New Roman, Times, Serif">Dividend yield (1)</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 14%; text-align: right; font: 8pt Times New Roman, Times, Serif">0.00</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">%</td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Expected volatility (2)</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">164.5</td> <td style="font: 8pt Times New Roman, Times, Serif">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Risk-free interest rates (3)</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">1.61</td> <td style="font: 8pt Times New Roman, Times, Serif">%</td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Expected lives (2)</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">5.0 YEARS</td> <td style="font: 8pt Times New Roman, Times, Serif"> </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: 8pt Times New Roman, Times, Serif"> <td style="width: 5%; padding-left: 9pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 5%; font: 8pt Times New Roman, Times, Serif">(1)</td> <td style="width: 90%; font: 8pt Times New Roman, Times, Serif; text-align: justify">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: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif">(2)</td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: justify">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: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif">(3)</td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: justify">Based on the U.S. Treasury constant maturity interest rate with a term consistent with the expected life of the options granted.</td></tr> </table>

5273392

705882

302353

80000

25000

100000

705882

2498980

225000

11765

2537647

80000

100000

64706

358824

705882

5353000

4938000

0.89

0.74

0.10

0.16

28525558

26767978

28525558

26767978

31198062

15247141

20000000

1738500

12569898

1918159

14971505

1742500

5727251

1470588

6306802

31827

71200

1254

3127

60 223317

0.30

0.20

66000

47931

17907

10103

21630

220051

196325

200457

487739

500591

49769

15900

22369

1589256

1712187

105360

138346

217000 217000 2100000 1618235 80000

27000

18000 1000

2598980

2498980

100000

7500

0.60

P5Y

P1Y

167000 3000000 0.20

1.00

4271043 4867438 2498980 225000 14353 1532710 2498980 225000 14353 2129105 -485980 -485980 485980

100000

4867438

2498980

225000

14353

2129105

70734

0.06

0.00

0.0600

0.06

0.25

0.20

0.35

0.20

1.05

0.25

0.23

0.20

0.25

1.05

0.25

0.23

0.20

0.25

Various 2014

3/2014 – 6/2014

1/2015

1/2015 – 12/2016

3/2017

2588

1188980

1210000

100000

2498980

P4Y

P1Y

P2Y

P1Y

1.5152

1.8831

1.7136

1.3244

1.8571

1.8015

1.8488

1.3624

0.0132

0.0011

0.0028

0.0066

0.0022

0.0018

0.0032

0.0062

26811

57854

46097

120000

38009

14845

122727

3917

22467

13382

137143

7765

22728

65000 305000 257000 600000 400000 600000 55000 600000 43288 2588

35109

102000

92000

29410

798825

529415

265648

11765

0.01 1109000 1109000

43191

105882

45353

15000

9706

53824

105882

0.60

0.33

0.60

0.45

0.60

897060

755882

1411764

1176470

185714

3529412

129412

375000

187500

2500000

1250000

10000

12500

P1Y P1Y P1Y P1Y P4Y P1Y P2Y P3Y P3Y P5Y

347826

5882

0.00

1.645

0.0161

P5Y

50000

0.05

1.25

Equivalent to 1,000 votes per $1,000 par value.

89127

4674

107874

66177

75000

500000

0.20

One-for-ten reverse stock split.

75000

333333

500000

120000

60000

333333

120000

75000

80000

80000 80000 27600 10800 100000000

199334

165788

0.075 0.015 0.15 0.70

0.561

105882

33734 20000 27600 10800

60000

<table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; font: italic 10pt/120% Times New Roman, Times, Serif; text-align: justify">13.</td> <td style="font: italic 10pt/120% Times New Roman, Times, Serif; text-align: justify">CONTRACTUAL OBLIGATIONS AND CONTINGENCIES</td></tr> </table>   As of March 31, 2016, the Company and its majority owned subsidiary, VVI, have remaining obligations, contingent upon receipt of certain revenues, to repay up to $165,788 and $199,334, respectively, in consideration of grant funding received in 1994 and 1995. The Company 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. On February 4, 2016, the Company announced that it is discussing a settlement with GEOMC, however, to date, no settlement has been reached.   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.   The Companys Distribution Rights, Marineo and Delta   On April 8, 2014, Mr. Giuseppe Marineo, 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 the Company, stating that the Company did not have authority to sell, distribute and manufacture the Calmare Device as an exclusive agent of the Group. The Company 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. 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.   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 March 31, 2016, the respective firms were being 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.

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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Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2016 shares
Document and Entity Information [Abstract]
Entity Registrant Name	CALMARE THERAPEUTICS Inc
Entity Central Index Key	0000102198
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
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	28,525,888
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2016

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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Current Assets:
Cash	$ 125,931	$ 49,801
Receivables, net of allowance of $317,659 at March 31, 2016 and December 31, 2015	74,327	33,081
Inventory	4,018,220	4,028,220
Prepaid expenses and other current assets	39,537	58,034
Total current assets	4,258,015	4,169,136
Property and equipment, net	19,594	23,726
Security Deposits	15,000	15,000
TOTAL ASSETS	4,292,609	4,207,862
Current Liabilities:
Accounts payable	1,929,063	1,895,382
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	2,423,262	2,248,024
Notes payable	4,381,458	3,785,063
Deferred revenue	6,400	6,400
Series C convertible preferred stock derivative liability	66,177	66,177
Series C convertible preferred stock liability	375,000	375,000
Total current liabilities	15,359,060	14,553,746
Note payable - long-term	$ 70,734	$ 67,919
Commitments and Contingencies
Shareholders' deficit:
Common stock, $.01 par value, 100,000,000 shares authorized, 28,525,888 shares issued and outstanding at March 31, 2016 and 28,515,888 shares issued and outstanding at December 31, 2015	$ 285,258	$ 285,158
Capital in excess of par value	48,765,848	48,611,413
Accumulated deficit	(60,248,966)	(59,371,049)
Total shareholders' deficit	(11,137,185)	(10,413,803)
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT	4,292,609	4,207,862
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

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Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Allowance for doubtful accounts	$ 317,659	$ 317,659
Common stock, par value (in dollars per share)	$ .01	$ .01
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	28,525,888	28,515,888
Common stock, shares outstanding (in shares)	28,525,888	28,515,888
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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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenue
Product sales	$ 56,250	$ 7,950
Cost of product sales	24,446	2,297
Gross profit from product sales	31,804	5,653
Other Revenue
Retained royalties	69	2,392
Other income	13,287	8,507
Total other revenue	13,356	10,899
Operating expenses
Selling expenses	6,557	1,236
Personnel and consulting expenses	449,056	507,478
General and administrative expenses	174,898	323,639
Total operating expenses	630,511	832,353
Operating loss	(585,351)	(815,801)
Other expense
Interest expense	$ 292,566	185,862
Loss on conversion of notes		2,588
Total other expense	$ 292,566	188,450
Loss before income taxes	$ (877,917)	$ (1,004,251)
Provision (benefit) for income taxes
Net loss	$ (877,917)	$ (1,004,251)
Basic and diluted loss per share	$ (0.03)	$ (0.04)
Basic and diluted weighted average number of common shares outstanding:	28,525,558	26,767,978

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Condensed Consolidated Statement of Changes in Shareholders' Deficit (Unaudited) - 3 months ended Mar. 31, 2016 - USD ($)	Preferred Stock [Member]	Common Stock	Additional Paid-in Capital [Member]	Accumulated deficit	Total
Beginning Balance, Amount at Dec. 31, 2015	$ 60,675	$ 285,158	$ 48,611,413	$ (59,371,049)	$ (10,413,803)
Beginning Balance, Shares at Dec. 31, 2015	2,427	28,515,888
Net loss				$ (877,917)	(877,917)
Common stock issued to directors, Amount		$ 100	$ 1,800		1,900
Common stock issued to directors, Shares		10,000
Stock option compensation expense			7,180		7,180
Warrant and beneficial conversion feature on notes payable			145,455		145,455
Ending Balance, Amount at Mar. 31, 2016	$ 60,675	$ 285,258	$ 48,765,848	$ (60,248,966)	$ (11,137,185)
Ending Balance, Shares at Mar. 31, 2016	2,427	28,525,888

XML 18 R6.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net loss	$ (877,917)	$ (1,004,251)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	4,132	4,459
Stock option compensation expense	7,180	16,069
Share-based compensation - common stock	$ 1,900	2,125
Common stock and warrants issued to consultants		182,600
Debt discount amortization	$ 144,665	49,720
Loss on conversion of notes		2,588
Changes in assets and liabilities:
Receivables	$ (41,246)	(1,072)
Prepaid expenses and other current assets	18,497	$ 73,466
Inventory	10,000
Accounts payable, accrued expenses and other liabilities	$ 208,919	$ 385,457
Deferred revenue		(5,905)
Net cash used in operating activities	$ (523,870)	(294,744)
Cash flows from financing activities:
Proceeds from notes payable	$ 600,000	257,000
Repayment of note and warrant settlement		(42,500)
Proceeds from common stock and warrants		75,000
Net cash provided by financing activities	$ 600,000	289,500
Net increase (decrease) in cash	76,130	(5,244)
Cash at beginning of period	49,801	5,742
Cash at end of period	$ 125,931	$ 501

XML 19 R7.htm IDEA: XBRL DOCUMENT

BASIS OF PRESENTATION

3 Months Ended

Mar. 31, 2016

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.

XML 20 R8.htm IDEA: XBRL DOCUMENT

NET LOSS PER COMMON SHARE

3 Months Ended

Mar. 31, 2016

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
	March 31, 2016		March 31, 2015
Denominator for basic net loss per share, weighted average shares outstanding		28,525,558		26,767,978

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

Dilutive effect of Series C convertible preferred stock, convertible debt and warrants		N/A		N/A
Denominator for diluted net loss per share, weighted average shares outstanding		28,525,558		26,797,978

Potentially dilutive securities outstanding are summarized as follows:

	March 31,2016		March 31, 2015
Exercise of common stock options		1,738,500		1,742,500
Exercise of common stock warrants		12,569,898		5,727,251
Conversion of Series C convertible preferred stock		1,918,159		1,470,588
Conversion of convertible debt		14,971,505		6,306,802
Total		31,198,062		15,247,141

XML 21 R9.htm IDEA: XBRL DOCUMENT

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

3 Months Ended

Mar. 31, 2016

Accounting Changes and Error Corrections [Abstract]

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

3.	RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

- Definition

The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6507316

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Direct Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6510796

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22583-107794

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Indirect Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6515603

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22580-107794

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.10-01.(b)(6))
-URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Accounting Change
-URI http://asc.fasb.org/extlink&oid=6503790

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22499-107794

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Retrospective Application
-URI http://asc.fasb.org/extlink&oid=6523989

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e765-108305

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e725-108305

+ Details

XML 22 R10.htm IDEA: XBRL DOCUMENT

RECEIVABLES

3 Months Ended

Mar. 31, 2016

Receivables [Abstract]

RECEIVABLES

4.	RECEIVABLES

Receivables consist of the following:

	March 31, 2016		December 31, 2015
Calmare device sales receivable, net of allowance of $210,284 at March 31, 2016 and December 31, 2015	$	71,200	$	31,827
Royalties, net of allowance of $101,154 at March 31, 2016 and December 31, 2015		-		-
Other, net of allowance of $6,221 at March 31, 2016 and December 31, 2015		3,127		1,254
Total	$	74,327	$	33,081

XML 23 R11.htm IDEA: XBRL DOCUMENT

AVAILABLE-FOR-SALE AND EQUITY SECURITIES

3 Months Ended

Mar. 31, 2016

Investments, Debt and Equity Securities [Abstract]

AVAILABLE-FOR-SALE AND EQUITY SECURITIES

5.	AVAILABLE-FOR-SALE AND EQUITY SECURITIES

- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References + Details

XML 24 R12.htm IDEA: XBRL DOCUMENT

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2016

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

6.	FAIR VALUE MEASUREMEMENTS

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

- Definition

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.

+ References + Details

XML 25 R13.htm IDEA: XBRL DOCUMENT

PREPAID EXPENSES AND OTHER CURRENT ASSETS

3 Months Ended

Mar. 31, 2016

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:

	March 31, 2016		December 31, 2015
Prepaid insurance	$	17,907	$	47,931
Other		21,630		10,103
Prepaid expenses and other current assets	$	39,537	$	58,034

XML 26 R14.htm IDEA: XBRL DOCUMENT

PROPERTY AND EQUIPMENT

3 Months Ended

Mar. 31, 2016

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

8.	PROPERTY AND EQUIPMENT

Property and equipment, net, consist of the following:

	March 31, 2016			December 31, 2015
Property and equipment, gross	$	220,051		$	220,051
Accumulated depreciation and amortization		(200,457	)		(196,325	)
Property and equipment, net	$	19,594		$	23,726

Depreciation and amortization expense was $4,132 during the three months ended March 31, 2016, and $4,459 for the three months ended March 31, 2015.

XML 27 R15.htm IDEA: XBRL DOCUMENT

ACCRUED EXPENSES AND OTHER LIABILITIES

3 Months Ended

Mar. 31, 2016

Payables and Accruals [Abstract]

ACCRUED EXPENSES AND OTHER LIABILITIES

9.	ACCRUED EXPENSES AND OTHER LIABILITIES

Accrued expenses and other liabilities consist of the following:

	March 31, 2016		December 31, 2015
Royalties payable	$	500,591	$	487,739
Accrued compensation		49,769		49,769
Commissions payable		22,369		15,900
Accrued interest payable		1,712,187		1,589,256
Other		138,346		105,360
Accrued expenses and other liabilities, net	$	2,423,262	$	2,248,024

XML 28 R16.htm IDEA: XBRL DOCUMENT

LIABILITIES ASSIGNED TO LIABILITY PURCHASE AGREEMENT

3 Months Ended

Mar. 31, 2016

Liabilities Assigned To Liability Purchase Agreement [Abstract]

LIABILITIES ASSIGNED TO LIABILITY PURCHASE AGREEMENT

10.

LIABILITIES ASSIGNED TO LIABILITY PURCHASE AGREEMENT

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.

XML 29 R17.htm IDEA: XBRL DOCUMENT

NOTES PAYABLE

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

NOTES PAYABLE

11.

NOTES PAYABLE

Notes payable consist of the following:

Short term	March 31, 2016			December 31, 2015
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
Series A-3 OID Convertible Notes and Warrants		14,353			14,353
Series B-2 OID Convertible Notes and Warrants		2,129,105			1,532,710
Short term notes payable, gross		4,867,438			4,271,043
Less LPA amount		(485,980	)		(485,980	)
Short term notes payable, net	$	4,381,458		$	3,785,063

Long term		March 31, 2016				December 31, 2015
Series B-1 OID Convertible Notes and Warrants		$	70,734			$	67,919

Details of notes payable as of March 31, 2016 are as follows:

Short term	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		3/2014 – 6/2014
Series A-3 OID Convertible Notes and Warrants		11,765		14,353	(1)		None		$	0.25		1/2015
Series B-2 OID Convertible Notes and Warrants		2,537,647		2,129,105			None		$	0.20 – 0.25		11/2015 – 12/2016
Short term notes payable, gross	$	5,273,392		4,867,438
Less LPA amount				(485,980	)
Short term notes payable, net			$	4,381,458

Long term
Series B-1 OID Convertible Notes and Warrants	$	80,000	$	70,734			None		$	0.23		3/2017

(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

24 month Convertible Notes

Series A-3 Original Issue Discount Convertible Notes and Warrants

	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

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

Series B-1 Original Issue Discount Convertible Notes and Warrants

	Warrants
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

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
Total	$	65,000

Series B-2 OID Convertible Notes and Warrants

	Warrants
Expected term		1 year
Volatility		188.31	%
Risk Free Rate		0.11	%

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

	Proceeds allocated at issue date
Private Offering Notes	$	224,679
Private Offering Warrants		57,854
Beneficial Conversion feature		22,467
Total	$	305,000

As of March 31, 2016, the remaining notes have passed their maturity date. The Company has not repaid the amounts due on these notes and is in default under the terms of the notes.

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
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

As of March 31, 2016, the remaining notes have passed their maturity date. The Company has not repaid the amounts due on these notes and is in default under the terms of the notes.

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
Expected term		1 year
Volatility		171.36	%
Risk Free Rate		0.28	%

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

	Proceeds allocated at issue date
Private Offering Notes	$	342,857
Private Offering Warrants		120,000
Beneficial Conversion feature		137,143
Total	$	600,000

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
Expected term		1 year
Volatility		132.44	%
Risk Free Rate		0.66	%

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

	Proceeds allocated at issue date
Private Offering Notes	$	361,991
Private Offering Warrants		38,009
Beneficial Conversion feature
Total	$	400,000

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
Expected term		1 year
Volatility		136.24	%
Risk Free Rate		0.62	%

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

	Proceeds allocated at issue date
Private Offering Notes	$	454,545
Private Offering Warrants		122,727
Beneficial Conversion feature		22,728
Total	$	600,000

XML 30 R18.htm IDEA: XBRL DOCUMENT

SHAREHOLDERS' DEFICIENCY

3 Months Ended

Mar. 31, 2016

Stockholders' Equity Note [Abstract]

SHAREHOLDERS' DEFICIENCY

12. SHAREHOLDERS’ DEFICIENCY

Stock Option Plan

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:

	Three months ended
	March 31, 2015
Dividend yield (1)		0.00	%
Expected volatility (2)		164.5	%
Risk-free interest rates (3)		1.61	%
Expected lives (2)		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 three months ended March 31, 2016, the Company recognized expense of $7,180 for stock options issued to employees.

During the three months ended March 31, 2015, the Company recognized expense of $7,963 for stock options issued to directors and recognized expense of $8,106 for stock options issued to employees.

Preferred 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:

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.

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.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
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-Publisher SEC
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-Number Topic 4
-Section E

Reference 15: http://www.xbrl.org/2003/role/presentationRef
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-Number Topic 4
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+ Details

XML 31 R19.htm IDEA: XBRL DOCUMENT

CONTRACTUAL OBLIGATIONS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

CONTRACTUAL OBLIGATIONS AND CONTINGENCIES

13.	CONTRACTUAL OBLIGATIONS AND CONTINGENCIES

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. On February 4, 2016, the Company announced that it is discussing a settlement with GEOMC, however, to date, no settlement has been reached.

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.

The Company’s Distribution Rights, Marineo and Delta

Unsigned Agreements

XML 32 R20.htm IDEA: XBRL DOCUMENT

RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2016

RELATED PARTY TRANSACTIONS

14.

RELATED PARTY TRANSACTIONS

At March 31, 2016, $2,598,980 of the outstanding Notes payable were Notes payable to related parties; $2,498,980 to the Chairman of the Board and $100,000 to another director.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References + Details

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SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2016

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

15.

SUBSEQUENT EVENTS

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NET LOSS PER COMMON SHARE (Tables)

3 Months Ended

Mar. 31, 2016

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
	March 31, 2016		March 31, 2015
Denominator for basic net loss per share, weighted average shares outstanding		28,525,558		26,767,978

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

Dilutive effect of Series C convertible preferred stock, convertible debt and warrants		N/A		N/A
Denominator for diluted net loss per share, weighted average shares outstanding		28,525,558		26,797,978

Potentially dilutive securities

Potentially dilutive securities outstanding are summarized as follows:

	March 31,2016		March 31, 2015
Exercise of common stock options		1,738,500		1,742,500
Exercise of common stock warrants		12,569,898		5,727,251
Conversion of Series C convertible preferred stock		1,918,159		1,470,588
Conversion of convertible debt		14,971,505		6,306,802
Total		31,198,062		15,247,141

XML 35 R23.htm IDEA: XBRL DOCUMENT

RECEIVABLES (Tables)

3 Months Ended

Mar. 31, 2016

Receivables [Abstract]

Schedule of Receivables

Receivables consist of the following:

	March 31, 2016		December 31, 2015
Calmare device sales receivable, net of allowance of $210,284 at March 31, 2016 and December 31, 2015	$	71,200	$	31,827
Royalties, net of allowance of $101,154 at March 31, 2016 and December 31, 2015		-		-
Other, net of allowance of $6,221 at March 31, 2016 and December 31, 2015		3,127		1,254
Total	$	74,327	$	33,081

XML 36 R24.htm IDEA: XBRL DOCUMENT

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

3 Months Ended

Mar. 31, 2016

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

Schedule of Prepaid Expenses and Other Assets

Prepaid expenses and other current assets consist of the following:

	March 31, 2016		December 31, 2015
Prepaid insurance	$	17,907	$	47,931
Other		21,630		10,103
Prepaid expenses and other current assets	$	39,537	$	58,034

XML 37 R25.htm IDEA: XBRL DOCUMENT

PROPERTY AND EQUIPMENT (Tables)

3 Months Ended

Mar. 31, 2016

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net, consist of the following:

	March 31, 2016			December 31, 2015
Property and equipment, gross	$	220,051		$	220,051
Accumulated depreciation and amortization		(200,457	)		(196,325	)
Property and equipment, net	$	19,594		$	23,726

XML 38 R26.htm IDEA: XBRL DOCUMENT

ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2016

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consist of the following:

	March 31, 2016		December 31, 2015
Royalties payable	$	500,591	$	487,739
Accrued compensation		49,769		49,769
Commissions payable		22,369		15,900
Accrued interest payable		1,712,187		1,589,256
Other		138,346		105,360
Accrued expenses and other liabilities, net	$	2,423,262	$	2,248,024

XML 39 R27.htm IDEA: XBRL DOCUMENT

NOTES PAYABLE (Tables)

3 Months Ended

Mar. 31, 2016

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

Schedule of Notes Payable

Notes payable consist of the following:

Short term	March 31, 2016			December 31, 2015
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
Series A-3 OID Convertible Notes and Warrants		14,353			14,353
Series B-2 OID Convertible Notes and Warrants		2,129,105			1,532,710
Short term notes payable, gross		4,867,438			4,271,043
Less LPA amount		(485,980	)		(485,980	)
Short term notes payable, net	$	4,381,458		$	3,785,063

Long term		March 31, 2016				December 31, 2015
Series B-1 OID Convertible Notes and Warrants		$	70,734			$	67,919

Details of notes payable as of March 31, 2016 are as follows:

Short term	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		3/2014 – 6/2014
Series A-3 OID Convertible Notes and Warrants		11,765		14,353	(1)		None		$	0.25		1/2015
Series B-2 OID Convertible Notes and Warrants		2,537,647		2,129,105			None		$	0.20 – 0.25		11/2015 – 12/2016
Short term notes payable, gross	$	5,273,392		4,867,438
Less LPA amount				(485,980	)
Short term notes payable, net			$	4,381,458

Long term
Series B-1 OID Convertible Notes and Warrants	$	80,000	$	70,734			None		$	0.23		3/2017

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

ScheduleOfDebtTableTextBlock

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 B-2 Original Issue Discount Convertible Notes and Warrants [Member]

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

Schedule of Valuation techniques

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		1 year
Volatility		188.31	%
Risk Free Rate		0.11	%

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		1 year
Volatility		180.15-185.71	%
Risk Free Rate		0.18-0.22	%

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		1 year
Volatility		171.36	%
Risk Free Rate		0.28	%

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		1 year
Volatility		132.44	%
Risk Free Rate		0.66	%

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		1 year
Volatility		136.24	%
Risk Free Rate		0.62	%

Schedule of proceeds from debt

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

	Proceeds allocated at issue date
Private Offering Notes	$	224,679
Private Offering Warrants		57,854
Beneficial Conversion feature		22,467
Total	$	305,000

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

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

	Proceeds allocated at issue date
Private Offering Notes	$	342,857
Private Offering Warrants		120,000
Beneficial Conversion feature		137,143
Total	$	600,000

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

	Proceeds allocated at issue date
Private Offering Notes	$	361,991
Private Offering Warrants		38,009
Beneficial Conversion feature
Total	$	400,000

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

	Proceeds allocated at issue date
Private Offering Notes	$	454,545
Private Offering Warrants		122,727
Beneficial Conversion feature		22,728
Total	$	600,000

Series A-3Original Issue Discount Convertible Notes and Warrants [Member]

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

Schedule of Valuation techniques

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 from debt

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

Series B-1 Original Issue Discount Convertible Notes and Warrants [Member]

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

Schedule of Valuation techniques

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		4 years
Volatility		151.52	%
Risk Free Rate		1.32	%

Schedule of proceeds from debt

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
Total	$	65,000

XML 40 R28.htm IDEA: XBRL DOCUMENT

SHAREHOLDERS' DEFICIENCY (Tables)

3 Months Ended

Mar. 31, 2016

Stockholders' Equity Note [Abstract]

Schedule of fair value of option weighted average assumptions

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:

	Three months ended
	March 31, 2015
Dividend yield (1)		0.00	%
Expected volatility (2)		164.5	%
Risk-free interest rates (3)		1.61	%
Expected lives (2)		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.

XML 41 R29.htm IDEA: XBRL DOCUMENT

Supplemental Disclosure of Non-cash Transactions (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2014
Common stock issued for consulting services		500,000
Common stock issued for consulting services, value		$ 80,000
Consulting expense		20,000
Allocation of proceeds from convertible note for the fair value of warrants and beneficial conversion feature to additional paid-in capital	$ 145,455	59,480
Stock issuance amortized expense		$ 80,000
Vested In Two Tranches [Member]
Common shares issued advisory services, shares		60,000	60,000
Additional Paid-in Capital [Member]
Allocation of proceeds from convertible note for the fair value of warrants and beneficial conversion feature to additional paid-in capital	$ 145,455	$ 59,480
Warrant [Member]
Common stock issued for consulting services		333,333
Common stock issued for consulting services, value		$ 75,000
Advisory Firm [Member]
Common stock issued for consulting services		120,000
Consulting expense		$ 27,600	$ 10,800

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BASIS OF PRESENTATION (Details Narrative) - USD ($)	3 Months Ended
BASIS OF PRESENTATION (Details Narrative) - USD ($)	Mar. 31, 2016	Mar. 31, 2015
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Principal amount	$ 5,273,392
Sales and Rentals [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Percentage of revenue	89.00%	74.00%
Sales of Equipment and Training [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Percentage of revenue	10.00%	16.00%
Promissory Notes [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Principal amount	$ 5,353,000
Carrying amount	$ 4,938,000
Vector Vision, Inc. [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Ownership percentage	56.10%

XML 43 R31.htm IDEA: XBRL DOCUMENT

NET LOSS PER COMMON SHARE (Calculation of Net Income (Loss) Per Common Share) (Details) - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Denominator for basic net loss per share, weighted average shares outstanding	28,525,558	26,767,978
Dilutive effect of common stock options
Dilutive effect of Series C convertible preferred stock, convertible debt and warrants
Denominator for diluted net loss per share, weighted average shares outstanding	28,525,558	26,767,978

XML 44 R32.htm IDEA: XBRL DOCUMENT

NET LOSS PER COMMON SHARE (Potentially dilutive securities) (Details) - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Anti-dilutive securities excluded from computation of earnings per share	31,198,062	15,247,141
Exercise of common stock options [Member]
Anti-dilutive securities excluded from computation of earnings per share	1,738,500	1,742,500
Exercise of common stock warrants [Member]
Anti-dilutive securities excluded from computation of earnings per share	12,569,898	5,727,251
Conversion of Series C convertible preferred stock [Member]
Anti-dilutive securities excluded from computation of earnings per share	1,918,159	1,470,588
Conversion of convertible debt [Member]
Anti-dilutive securities excluded from computation of earnings per share	14,971,505	6,306,802

XML 45 R33.htm IDEA: XBRL DOCUMENT

RECEIVABLES (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Receivables [Abstract]
Calmare device sales receivable, net of allowance of $210,284 at March 31, 2016 and December 31, 2015	$ 71,200	$ 31,827
Royalties, net of allowance of $101,154 at March 31, 2016 and December 31, 2015
Other, net of allowance of $6,221 at March 31, 2016 and December 31, 2015	$ 3,127	$ 1,254
Total	$ 74,327	$ 33,081

XML 46 R34.htm IDEA: XBRL DOCUMENT

AVAILABLE-FOR-SALE AND EQUITY SECURITIES (Details) - USD ($)	Mar. 31, 2016	Sep. 30, 2009
Xion Pharmaceutical Corporation [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of shares held		60
Percentage of shares outstanding owned		30.00%
Security Innovation, Inc. [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, fair value	$ 0
Number of shares held	223,317

XML 47 R35.htm IDEA: XBRL DOCUMENT

FAIR VALUE MEASUREMEMENTS (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	$ 66,000	$ 66,000

XML 48 R36.htm IDEA: XBRL DOCUMENT

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid insurance	$ 17,907	$ 47,931
Other	21,630	10,103
Prepaid expenses and other current assets	$ 39,537	$ 58,034

XML 49 R37.htm IDEA: XBRL DOCUMENT

PROPERTY AND EQUIPMENT (Details) - USD ($)	3 Months Ended
PROPERTY AND EQUIPMENT (Details) - USD ($)	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Property and equipment, gross	$ 220,051		$ 220,051
Accumulated depreciation and amortization	(200,457)		(196,325)
Property and equipment, net	19,594		$ 23,726
Depreciation and amortization expense	$ 4,132	$ 4,459

XML 50 R38.htm IDEA: XBRL DOCUMENT

ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Payables and Accruals [Abstract]
Royalties payable	$ 500,591	$ 487,739
Accrued compensation	49,769	49,769
Commissions payable	22,369	15,900
Accrued interest payable	1,712,187	1,589,256
Other	138,346	105,360
Accrued expenses and other liabilities, net	2,423,262	2,248,024
Accrued expenses and other liabilities - LPA	$ 217,000	$ 217,000

XML 51 R39.htm IDEA: XBRL DOCUMENT

LIABILITIES ASSIGNED TO LIABILITY PURCHASE AGREEMENT (Details) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	Sep. 30, 2013	Mar. 31, 2014	Dec. 31, 2014	Mar. 31, 2016	Dec. 31, 2015	Aug. 31, 2013
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

XML 52 R40.htm IDEA: XBRL DOCUMENT

NOTES PAYABLE (Notes payable) (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2013
Short term
Short term notes payable, gross	$ 4,867,438	$ 4,271,043
Less LPA amount	(485,980)	(485,980)
Short term notes payable, net	4,381,458	3,785,063
Long term
Long term, Notes payable	70,734	67,919
90 Day Convertible Notes [Member]
Short term
Less LPA amount			$ 485,980
90 Day Convertible Notes [Member] \| Chairman of the Board [Member]
Short term
Short term notes payable, gross	2,498,980	2,498,980
24 Month Convertible Notes [Member] \| Borad Members [Member]
Short term
Short term notes payable, gross	225,000	225,000
Notes Payable (Parenthetical):
Due to Board Member	100,000
Series A-3 OID Convertible Notes And Warrants [Member]
Short term
Short term notes payable, gross	14,353	14,353
Series B-2 OID Convertible Notes And Warrants [Member]
Short term
Short term notes payable, gross	2,129,105	1,532,710
Series B-1 OID Convertible Notes And Warrants [Member]
Long term
Long term, Notes payable	$ 70,734	$ 67,919

XML 53 R41.htm IDEA: XBRL DOCUMENT

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

3 Months Ended

Mar. 31, 2016

Dec. 31, 2015

Mar. 31, 2014

Mar. 31, 2013

Jun. 30, 2012

Apr. 30, 2012

Mar. 31, 2012

Principal Amount

$ 5,273,392

Carrying Value

4,867,438

Short term notes payable, gross

4,867,438

$ 4,271,043

Less LPA amount

(485,980)

Short term notes payable, net

$ 4,381,458

3,785,063

90 Day Convertible Notes [Member]

Cash Interest Rate

6.00%

Common Stock Conversion Price

$ 1.05

Less LPA amount

$ 485,980

90 Day Convertible Notes [Member] | Board of Directors Chairman [Member]

Principal Amount

$ 2,498,980

Carrying Value

$ 2,498,980

Cash Interest Rate

6.00%

Common Stock Conversion Price

$ 1.05

Maturity Date

Various 2014

Short term notes payable, gross

$ 2,498,980

2,498,980

24 Month Convertible Notes [Member]

Principal Amount

$ 100,000

$ 25,000

$ 100,000

Cash Interest Rate

6.00%

Common Stock Conversion Price

$ 1.05

24 Month Convertible Notes [Member] | Borad Members [Member]

Principal Amount

$ 225,000

Carrying Value

$ 225,000

Cash Interest Rate

6.00%

Common Stock Conversion Price

$ 1.05

Maturity Date

3/2014 – 6/2014

Short term notes payable, gross

$ 225,000

225,000

Notes Payable (Parenthetical):

Due to Board Member

100,000

Series A-3 OID Convertible Notes And Warrants [Member]

Principal Amount

11,765

Carrying Value

^[1]

$ 14,353

Cash Interest Rate

0.00%

Common Stock Conversion Price

$ 0.25

Maturity Date

1/2015

Short term notes payable, gross

$ 14,353

14,353

Accrued loss on conversion

2,588

Series B-2 OID Convertible Notes And Warrants [Member]

2,537,647

$ 2,129,105

0.00%

1/2015 – 12/2016

Short term notes payable, gross

$ 2,129,105

$ 1,532,710

Series B-2 OID Convertible Notes And Warrants [Member] | Minimum [Member]

Common Stock Conversion Price

$ 0.20

Series B-2 OID Convertible Notes And Warrants [Member] | Maximum [Member]

Common Stock Conversion Price

$ 0.25

Series B-1 OID Convertible Notes And Warrants [Member]

Principal Amount

$ 80,000

Carrying Value

$ 70,734

Cash Interest Rate

0.00%

Common Stock Conversion Price

$ 0.23

Maturity Date

3/2017

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

XML 54 R42.htm IDEA: XBRL DOCUMENT

NOTES PAYABLE (Summary of Issuances of Notes Payable) (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
90 Day Convertible Notes [Member] \| Board of Directors Chairman [Member]
Total	$ 2,498,980	$ 1,188,980	$ 1,210,000	$ 100,000

XML 55 R43.htm IDEA: XBRL DOCUMENT

NOTES PAYABLE (Summary of Fair Value Assumptions) (Details) - Private Placement [Member] - Warrant [Member]	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Mar. 31, 2014
Series A-3 OID Convertible Notes And Warrants [Member]
Expected term						2 years
Volatility						184.88%
Risk Free Rate						0.32%
Series B-1 OID Convertible Notes And Warrants [Member]
Expected term							4 years
Volatility							151.52%
Risk Free Rate							1.32%
Series B-2 OID Convertible Notes And Warrants [Member]
Expected term	1 year	1 year	1 year	1 year	1 year
Volatility	136.24%	132.44%	171.36%		188.31%
Risk Free Rate	0.62%	0.66%	0.28%		0.11%
Series B-2 OID Convertible Notes And Warrants [Member] \| Minimum [Member]
Volatility				180.15%
Risk Free Rate				0.18%
Series B-2 OID Convertible Notes And Warrants [Member] \| Maximum [Member]
Volatility				185.71%
Risk Free Rate				0.22%

XML 56 R44.htm IDEA: XBRL DOCUMENT

NOTES PAYABLE (Schedule of Note Allocation) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014
Private Offering Notes	$ 600,000			$ 257,000
Private Placement [Member] \| Series A-3 OID Convertible Notes And Warrants [Member]
Private Offering Notes						$ 32,390
Private Offering Warrants						14,845
Beneficial Conversion feature						7,765
Total						55,000
Private Placement [Member] \| Series B-1 OID Convertible Notes And Warrants [Member]
Private Offering Notes						34,272
Private Offering Warrants						26,811
Beneficial Conversion feature						3,917
Total						$ 65,000
Private Placement [Member] \| Series B-2 OID Convertible Notes And Warrants [Member]
Private Offering Notes	454,545	$ 361,991	$ 342,857	197,521	$ 224,679
Private Offering Warrants	122,727	$ 38,009	120,000	46,097	57,854
Beneficial Conversion feature	22,728		137,143	13,382	22,467
Total	$ 600,000	$ 400,000	$ 600,000	$ 257,000	$ 305,000

XML 57 R45.htm IDEA: XBRL DOCUMENT

NOTES PAYABLE (Schedule of Debt Conversion) (Details) - PrivatePlacement1Member - Series A-3 OID Convertible Notes And Warrants [Member] - USD ($)	3 Months Ended
	Mar. 31, 2015	Jun. 30, 2014
Statement of Operations
Loss on conversion of notes	$ 2,588	$ 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	$ 11,765	$ 265,648

XML 58 R46.htm IDEA: XBRL DOCUMENT

NOTES PAYABLE (Details Narrative)	3 Months Ended
NOTES PAYABLE (Details Narrative)	Mar. 31, 2016 USD ($) $ / shares shares	Dec. 31, 2015 USD ($) $ / shares shares	Sep. 30, 2015 USD ($) $ / shares shares	Jun. 30, 2015 USD ($)	Mar. 31, 2015 USD ($) $ / shares shares	Dec. 31, 2014 USD ($) $ / shares shares	Jun. 30, 2014 USD ($) $ / shares shares	Mar. 31, 2014 USD ($) $ / shares shares	Mar. 31, 2013 USD ($)	Jun. 30, 2012 USD ($)	Apr. 30, 2012 USD ($)	Mar. 31, 2012 USD ($)
Liability purchase agreement amount	$ (485,980)	$ (485,980)
Principal amount	$ 5,273,392
Number of anti diluted securities \| shares	31,198,062				15,247,141
Warrant [Member] \| Private Placement [Member]
Warrant exercise price (in dollars per share) \| $ / shares					$ 0.60
Number of shares issued \| shares					187,500
Warrant term					3 years
90 Day Convertible Notes [Member]
Interest rate	6.00%
Conversion price (in dollars per share) \| $ / shares	$ 1.05
Additional interest rate per month	1.00%
Liability purchase agreement amount									$ 485,980
90 Day Convertible Notes [Member] \| Board of Directors Chairman [Member]
Interest rate	6.00%
Conversion price (in dollars per share) \| $ / shares	$ 1.05
Additonal interest expenses	$ 102,000				$ 92,000
Total additonal interest expenses	1,109,000				$ 1,109,000
Principal amount	$ 2,498,980
24 Month Convertible Notes [Member]
Interest rate	6.00%
Conversion price (in dollars per share) \| $ / shares	$ 1.05
Principal amount										$ 100,000	$ 25,000	$ 100,000
Accrued interest payable	$ 43,191
Series A-3 OID Convertible Notes And Warrants [Member]
Interest rate	0.00%
Conversion price (in dollars per share) \| $ / shares	$ 0.25
Principal amount	$ 11,765
Series A-3 OID Convertible Notes And Warrants [Member] \| Private Placement [Member]
Conversion price (in dollars per share) \| $ / shares								$ 0.25
Principal amount								$ 64,706
Proceeds from notes payable								55,000
Debt issue discount								$ 9,706
Warrant exercise price (in dollars per share) \| $ / shares								$ 0.60
Number of shares issued \| shares								129,412
Warrant term								2 years
Series A-3 OID Convertible Notes And Warrants [Member] \| PrivatePlacement1Member
Conversion price (in dollars per share) \| $ / shares					$ 0.20		$ 0.20
Additonal interest expenses							$ 35,109
Number of shares issued upon conversion \| shares							798,825
Series B-1 OID Convertible Notes And Warrants [Member]
Interest rate	0.00%
Conversion price (in dollars per share) \| $ / shares	$ 0.23							$ 0.23
Principal amount	$ 80,000
Number of shares available for conversion						347,826
Series B-1 OID Convertible Notes And Warrants [Member] \| Private Placement [Member]
Conversion price (in dollars per share) \| $ / shares								$ 0.35
Principal amount								$ 80,000
Proceeds from notes payable								65,000
Debt issue discount								$ 15,000
Number of anti diluted securities \| shares								20,000,000
Series B-1 OID Convertible Notes And Warrants [Member] \| Warrant [Member] \| Private Placement [Member]
Warrant exercise price (in dollars per share) \| $ / shares						$ 0.33		$ 0.45
Number of shares issued \| shares								185,714
Warrant term								4 years
Series B-2 OID Convertible Notes And Warrants [Member]
Interest rate	0.00%
Principal amount	$ 2,537,647
Series B-2 OID Convertible Notes And Warrants [Member] \| Private Placement [Member]
Conversion price (in dollars per share) \| $ / shares	$ 0.20	$ 0.25	$ 0.25		$ 0.20	$ 0.20
Principal amount	$ 705,882	$ 705,882	$ 705,882		$ 302,353	$ 358,824
Proceeds from notes payable	600,000	400,000	600,000		257,000	305,000
Debt issue discount	$ 105,882	$ 105,882	$ 105,882		$ 45,353	$ 53,824
Debt original conversion				$ 5,882
Number of shares issued upon conversion \| shares			29,410
Series B-2 OID Convertible Notes And Warrants [Member] \| Warrant [Member] \| Private Placement [Member]
Warrant exercise price (in dollars per share) \| $ / shares	$ 0.60	$ 0.60	$ 0.60		$ 0.60	$ 0.60
Number of shares issued \| shares	3,529,412	1,176,470	1,411,764		755,882	897,060
Warrant term	1 year	1 year	1 year		1 year	1 year

XML 59 R47.htm IDEA: XBRL DOCUMENT

SHAREHOLDERS' DEFICIENCY (Details)

3 Months Ended

Mar. 31, 2015

Stockholders' Equity Note [Abstract]

Dividend yield

0.00%

^[1]

Expected volatility

164.50%

^[2]

Risk-free interest rates

1.61%

^[3]

Expected lives

5 years

^[2]

[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.

XML 60 R48.htm IDEA: XBRL DOCUMENT

SHAREHOLDERS' DEFICIENCY (Details Narrative) - USD ($)	3 Months Ended
SHAREHOLDERS' DEFICIENCY (Details Narrative) - USD ($)	Mar. 31, 2016	Mar. 31, 2015
Recognized share based compensation expense	$ 1,900	$ 2,125
Preferred Stock [Member]
Divdend rate	5.00%
Preferential non-cumulative dividends, payable quarterly (in dollars per share)	$ 1.25
Preferred stock redemption price (in dollars per share)	25
Preferred stock liquidation preference price (in dollars per share)	$ 25
Series C Convertible Preferred Stock [Member]
Divdend rate	5.00%
Employees' Directors' And Consultants Stock Option Plan [Member] \| Employees [Member]
Recognized share based compensation expense	$ 7,180	$ 8,106
Employees' Directors' And Consultants Stock Option Plan [Member] \| Non Employee Directors [Member]
Options granted		50,000
Recognized share based compensation expense		$ 7,963

XML 61 R49.htm IDEA: XBRL DOCUMENT

SHAREHOLDERS' DEFICIENCY (Details Narrative 1) - USD ($)		3 Months Ended
	Aug. 14, 2014	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Oct. 15, 2015	Dec. 02, 2010
Common stock, par value		$ .01			$ .01
Description of reverse stock split	One-for-ten reverse stock split.
Number of shares issued upon services			500,000
Value of shares issued upon services			$ 80,000
Stock issuance amortized expense			80,000
Common stock, authorized revised						100,000,000
Common stock, authorized		100,000,000			100,000,000	40,000,000
Share based compensation expense		$ 7,180	$ 16,069
Non-employee directors [Member] \| Director Compensation Plan [Member]
Number of shares issued upon new issue		10,000	12,500
Share based compensation expense		$ 1,900	$ 2,125
Advisory Firm [Member]
Number of shares issued upon services			500,000
Value of shares issued upon services			$ 80,000
Stock issuance amortized expense			80,000
Share based compensation expense			$ 20,000
Advisory Firm (Consulting Services) 1 [Member]
Number of shares issued upon services			120,000
Stock issuance amortized expense			$ 27,600	$ 10,800
Tranche Two [Member] \| Advisory Firm (Consulting Services) 1 [Member]
Number of shares issued upon services			60,000	60,000
Private Placement [Member]
Value of shares issued upon new issue			$ 75,000
Private Placement [Member] \| Tranche One [Member]
Value of shares issued upon new issue			$ 500,000
Series C Convertible Preferred Stock [Member]
Description of voting rights		Equivalent to 1,000 votes per $1,000 par value.
Cumulative dividend rate		5.00%
Dividends declared		$ 4,674
Dividend paid		107,874
Derivative liability		$ 66,177			$ 66,177
Preferred stock, outstanding		375			375
Common Stock \| CTI Board of Directors [Member]
Common stock, par value							$ 0.01
Ownership of outstanding shares of common stock							20.00%
Common Stock \| Private Placement [Member]
Number of shares issued upon new issue			375,000
Share price (in dollars per share)			$ 0.20
Common Stock \| Private Placement [Member] \| Tranche One [Member]
Number of shares issued upon new issue			2,500,000
Share price (in dollars per share)			$ 0.20
Warrant [Member]
Number of shares issued upon services			333,333
Value of shares issued upon services			$ 75,000
Warrant [Member] \| Advisory Firm [Member]
Warrant term			5 years
Fair value of warrants			$ 75,000
Number of shares issued upon services			333,333
Warrant [Member] \| Private Placement [Member]
Number of shares issued upon new issue			187,500
Exercise price (in dollars per share)			$ 0.60
Warrant term			3 years
Warrant [Member] \| Private Placement [Member] \| Tranche One [Member]
Number of shares issued upon new issue			1,250,000
Exercise price (in dollars per share)			$ 0.60
Warrant term			3 years
Series C Convertible Preferred Stock [Member]
Preferred stock, outstanding		375			375
Series C Convertible Preferred Stock [Member] \| Accounts Payable and Accrued Liabilities [Member]
Dividend payable		$ 89,127

XML 62 R50.htm IDEA: XBRL DOCUMENT

CONTRACTUAL OBLIGATIONS AND CONTINGENCIES (Details Narrative) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2011
Loss Contingencies [Line Items]
Percentage of revenues obligation	7.50%
Gross Calmare Device sales, percentage		70.00%
Grant Funding Received In Nineteen Ninety Five [Member]
Loss Contingencies [Line Items]
Funding repayment obligation	$ 199,334
Grant Funding Received In Nineteen Ninety Four [Member]
Loss Contingencies [Line Items]
Funding repayment obligation	$ 165,788
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%

XML 63 R51.htm IDEA: XBRL DOCUMENT

RELATED PARTY TRANSACTIONS (Details Narrtive) - USD ($)		3 Months Ended		12 Months Ended
RELATED PARTY TRANSACTIONS (Details Narrtive) - USD ($)	Oct. 15, 2015	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2010
Related Party Transaction [Line Items]
Director's service charges per day		$ 1,000
Notes payable to related parties		2,598,980
Sales revenue		56,250	$ 7,950
Mr.Stephen J.D'Amato, M.D (Calmar Pain Relief, LLC.) [Member]
Related Party Transaction [Line Items]
Sales revenue				$ 550,000
Robert T. Conway [Member]
Related Party Transaction [Line Items]
Officers compensation	$ 7,500
Exercise price of warrants	$ 0.60
Warrants term	5 years
Issued warrants to purchase shares of common stock	167,000
Aggregate estimate fair value of warrant	$ 33,734
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

XML 64 R52.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS (Details Narrative) - USD ($)	1 Months Ended
SUBSEQUENT EVENTS (Details Narrative) - USD ($)	Apr. 30, 2016	Mar. 31, 2016	Dec. 31, 2015
Subsequent Event [Line Items]
Common stock issued		28,525,888	28,515,888
Principal amount		$ 5,273,392
Subsequent Event [Member]
Subsequent Event [Line Items]
Convertible promissory notes conversion price	$ 0.20
Issued warrants to purchase shares of common stock	3,000,000
Exercise price of warrants	$ 0.60
Warrants term	1 year
Principal amount	$ 705,882
Proceeds from notes payable	600,000
Original issue discount	$ 105,882
Subsequent Event [Member] \| President and CEO [Member]
Subsequent Event [Line Items]
Common stock issued	261,943
Percentage of stock vested	100.00%

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