FINANCING TRANSACTIONS (Tables)

6 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

Schedule of assumptions for embedded converstion feature valuation

Risk-free interest rate %		0.38 – 0.53
Expected dividend yield		—
Expected term - years (contractual term)		0.59 – 1.01
Forfeiture rate		—
Expected volatility %		103
Timing of down-round triggering event	August 2016

Summary of the Notes and related discounts

Follows is a summary of the Notes and related discounts and the loss on the early extinguishment of bridge loans:

	Original Value		Loss on Early Extinguishment of Bridge Loans			Secured Convertible Notes, net
Cash and other proceeds received from financing		—		—		$	5,148,620
Warrants	$	2,147,574		(831,109	)		(1,316,465	)
Embedded conversion feature in notes	$	3,173,896		(1,312,851	)		(1,861,045	)
Financing costs		—		—			(515,011	)
Amortization of debt discount		—		—			895,218
Totals, net	$	5,321,470	$	(2,143,960	)	$	2,351,317