Quarterly Report

0001553350-16-002356.txt : 20160815 0001553350-16-002356.hdr.sgml : 20160815 20160815160127 ACCESSION NUMBER: 0001553350-16-002356 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 49 CONFORMED PERIOD OF REPORT: 20160630 FILED AS OF DATE: 20160815 DATE AS OF CHANGE: 20160815 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Lightwave Logic, Inc. CENTRAL INDEX KEY: 0001325964 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS PLASTIC PRODUCTS [3080] IRS NUMBER: 820497368 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-52567 FILM NUMBER: 161832480 BUSINESS ADDRESS: STREET 1: 1831 LEFTHAND CIRCLE STREET 2: SUITE C CITY: LONGMONT STATE: CO ZIP: 80501 BUSINESS PHONE: (720) 340-4949 MAIL ADDRESS: STREET 1: 1831 LEFTHAND CIRCLE STREET 2: SUITE C CITY: LONGMONT STATE: CO ZIP: 80501 FORMER COMPANY: FORMER CONFORMED NAME: THIRD-ORDER NANOTECHNOLOGIES INC DATE OF NAME CHANGE: 20070320 FORMER COMPANY: FORMER CONFORMED NAME: THIRD-ORDER NANOTECHNOLOIES INC DATE OF NAME CHANGE: 20070222 FORMER COMPANY: FORMER CONFORMED NAME: PSI TEC HOLDINGS INC DATE OF NAME CHANGE: 20050503 10-Q 1 lwlg_10q.htm QUARTERLY REPORT Quarterly Report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________

FORM 10-Q

____________________

(Mark One)


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

For the quarterly period ended June 30, 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 0-52567

Lightwave Logic, Inc.

(Exact name of registrant as specified in its charter)

Nevada

(State or other jurisdiction of

Incorporation or Organization)

82-049-7368

(I.R.S. Employer Identification No.)

1831 Lefthand Circle, Suite C

Longmont, CO

(Address of principal executive offices)

80501

(Zip Code)

(720) 340-4949

(Registrant’s telephone number, including area code)

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 þ No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Date File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).Yes þ 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 the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act (Check one):


Large accelerated filer	¨	Accelerated filer	¨
Non-accelerated filer	¨	Smaller reporting company	þ

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.) Yes ¨ No þ

The number of shares of the registrant’s Common Stock outstanding as of August 12, 2016 was 66,122,783.

TABLE OF CONTENTS


			Page

Part I	Financial Information

	Item 1	Financial Statements	1

	Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	15

	Item 4	Controls and Procedures	24

Part II	Other Information

	Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	25

	Item 6	Exhibits	25

		Signatures	26

Forward-Looking Statements

This report on Form 10-Q contains, and our officers and representatives may from time to time make, "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," “continuing,” “ongoing,” "strategy," "future," "likely," "may," "should," “could,” "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding expected operating results, such as anticipated revenue; anticipated levels of capital expenditures for our current fiscal year; our belief that we have sufficient liquidity to fund our business operations during the next 12 months; strategy for gaining customers, growth, product development, market position, financial results and reserves.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: lack of available funding; general economic and business conditions; competition from third parties; intellectual property rights of third parties; regulatory constraints; changes in technology and methods of marketing; delays in completing various engineering and manufacturing programs; changes in customer order patterns; changes in product mix; success in technological advances and delivering technological innovations; shortages in components; production delays due to performance quality issues with outsourced components; those events and factors described by us in Item 1.A “Risk Factors” in our most recent Annual Report on Form 10-K; other risks to which our Company is subject; other factors beyond the Company's control.

Any forward-looking statement made by us in this report on Form 10-Q is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

PART I – FINANCIAL INFORMATION

Item 1

Financial Statements

LIGHTWAVE LOGIC, INC.

FINANCIAL STATEMENTS

JUNE 30, 2016

(UNAUDITED)


		Page

Balance Sheets		2

Statements of Operations		3

Statement of Stockholders’ Equity		4

Statements of Cash Flows		5

Notes to Financial Statements		6

LIGHTWAVE LOGIC, INC.

BALANCE SHEETS


	June 30, 2016			December 31, 2015
	(Unaudited)			(Audited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	2,103,903		$	3,730,705
Prepaid expenses and other current assets		204,995			264,491
		2,308,898			3,995,196

PROPERTY AND EQUIPMENT - NET		410,484			495,062

OTHER ASSETS
Intangible assets - net		627,386			619,767

TOTAL ASSETS	$	3,346,768		$	5,110,025


LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable	$	34,731		$	32,852
Accounts payable and accrued expenses- related parties		23,344			5,069
Accrued expenses		56,824			65,036

TOTAL LIABILITIES		114,899			102,957

STOCKHOLDERS' EQUITY
Preferred stock, $0.001 par value, 1,000,000 authorized
No shares issued or outstanding		—			—
Common stock $0.001 par value, 250,000,000 authorized
65,608,306 and 65,237,879 issued and outstanding at
June 30, 2016 and December 31, 2015		65,608			65,238
Additional paid-in-capital		47,102,159			46,541,251
Accumulated deficit		(43,935,898	)		(41,599,421	)

TOTAL STOCKHOLDERS' EQUITY		3,231,869			5,007,068

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	3,346,768		$	5,110,025

See accompanying notes to these financial statements.

LIGHTWAVE LOGIC, INC.

STATEMENTS OF OPERATIONS

FOR THE THREE MONTHS AND SIX MONTHS ENDING JUNE 30, 2016 AND 2015

(UNAUDITED)


	For the Three Months Ending						For the Six Months Ending
	June 30,						June 30,
	2016			2015			2016			2015


NET SALES	$	—		$	—		$	—		$	—

COST AND EXPENSE
Research and development		592,570			619,492			1,195,833			1,264,698
General and administrative		446,760			432,846			902,808			853,092
		1,039,330			1,052,338			2,098,641			2,117,790

LOSS FROM OPERATIONS		(1,039,330	)		(1,052,338	)		(2,098,641	)		(2,117,790	)

OTHER INCOME (EXPENSE)
Interest income		62			62			129			123
Commitment fee		—			—			(237,965	)		—


NET LOSS	$	(1,039,268	)	$	(1,052,276	)	$	(2,336,477	)	$	(2,117,667	)

Basic and Diluted Loss per Share	$	(0.02	)	$	(0.02	)	$	(0.04	)	$	(0.04	)

Basic and Diluted Weighted Average Number of Shares		65,601,676			58,949,676			65,542,773			58,968,556

See accompanying notes to these financial statements.

LIGHTWAVE LOGIC, INC.

STATEMENT OF STOCKHOLDERS’ EQUITY

JUNE 30, 2016

(UNAUDITED)


	Number of		Common		Paid-in		Accumulated
	Shares		Stock		Capital		Deficit			Total

BALANCE AT DECEMBER 31, 2015 (AUDITED)		65,237,879	$	65,238	$	46,541,251	$	(41,599,421	)	$	5,007,068

Common stock issued for services		370,427		370		249,595		—			249,965
Options issued for services		—		—		264,575		—			264,575
Warrants issued for services		—		—		46,738		—			46,738
Net loss for the six months ending June 30, 2016		—		—		—		(2,336,477	)		(2,336,477	)

BALANCE AT JUNE 30, 2016 (UNAUDITED)		65,608,306	$	65,608	$	47,102,159	$	(43,935,898	)	$	3,231,869

See accompanying notes to these financial statements.

LIGHTWAVE LOGIC, INC.

STATEMENTS OF CASH FLOW

(UNAUDITED)


	For the Six Months Ending
	June 30,
	2016			2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(2,336,477	)	$	(2,117,667	)
Adjustment to reconcile net loss to net cash used in operating activities
Warrants issued for services		46,738			55,654
Stock options issued for services		264,575			221,511
Common stock issued for services and fees		249,965			40,576
Depreciation and amortization		97,573			81,584
Gain on disposal of property and equipment		(644	)		—
(Increase) decrease in assets
Prepaid expenses and other current assets		59,496			(138,827	)
Increase (decrease) in liabilities
Accounts payable		1,879			(99,978	)
Accounts payable and accrued expenses- related parties		18,275			5,349
Accrued expenses		(8,212	)		22,557

Net cash used in operating activities		(1,606,832	)		(1,929,241	)

CASH FLOWS FROM INVESTING ACTIVITIES
Cost of intangibles		(15,565	)		(10,250	)
Purchase of property and equipment		(23,905	)		(221,097	)
Sale of property and equipment		19,500			—

Net cash used in investing activities		(19,970	)		(231,347	)

CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of common stock, private placement		—			1,915,000

Net cash provided by financing activities		—			1,915,000

NET DECREASE IN CASH AND CASH EQUIVALENTS		(1,626,802	)		(245,588	)

CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD		3,730,705			3,165,940

CASH AND CASH EQUIVALENTS - END OF PERIOD	$	2,103,903		$	2,920,352

See accompanying notes to these financial statements.

LIGHTWAVE LOGIC, INC.

NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2016 AND 2015

NOTE 1- NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Financial Statements

The accompanying unaudited financial statements have been prepared by Lightwave Logic, Inc. (the Company). These statements include all adjustments (consisting only of its normal recurring adjustments) which management believes necessary for a fair presentation of the statements and have been prepared on a consistent basis using the accounting polices described in the Summary of Accounting Policies included in the 2015 Annual Report. Certain financial information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission, although the Company firmly believes that the accompanying disclosures are adequate to make the information presented not misleading. The financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, as filed with the Securities and Exchange Commission. The interim operating results for the three and six months ending June 30, 2016 may not be indicative of operating results expected for the full year.

Nature of Business

Lightwave Logic, Inc. is a technology Company focused on the development of next generation photonic devices and non-linear optical polymer materials systems for applications in high speed fiber-optic data communications and optical computing markets. Currently the Company is in various stages of photonic device and materials development and evaluation with potential customers and strategic partners. The Company expects the next revenue stream to be in sales of non-linear optical polymers, prototype devices and product development agreements prior to moving into production.

The Company’s current development activities are subject to significant risks and uncertainties, including failing to secure additional funding to operationalize the Company’s technology now under development.

Stock-based Payments

The Company accounts for stock-based compensation under the provisions of FASB ASC 718, "Compensation - Stock Compensation" which requires the measurement and recognition of compensation expense for all stock-based awards made to employees and directors based on estimated fair values on the grant date. The Company estimates the fair value of stock-based awards on the date of grant using the Black-Scholes model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods using the straightline method. The Company accounts for stock-based compensation awards to nonemployees in accordance with FASB ASC 505-50, "Equity-Based Payments to Non-Employees (“ASC 505-50”). Under ASC 505-50, the Company determines the fair value of the warrants or stock-based compensation awards granted as either the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. All issuances of stock options or other equity instruments to non-employees as consideration for goods or services received by the Company are accounted for based on the fair value of the equity instruments issued. Any stock options issued to non-employees are recorded as an expense and additional paid in capital in stockholders’ equity over the applicable service periods. Non-employee equity based payments are recorded as an expense over the service period, as if the Company had paid cash for the services. At the end of each financial reporting period, prior to vesting or prior to the completion of the services, the fair value of the equity based payments will be re-measured and the non-cash expense recognized during the period will be adjusted accordingly. Since the fair value of equity based payments granted to non-employees is subject to change in the future, the amount of the future expense will include fair value re-measurements until the equity based payments are fully vested or the service completed.

LIGHTWAVE LOGIC, INC.

NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2016 AND 2015

NOTE 1- NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Loss per Share

The Company follows Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) 260, “Earnings per Share”, resulting in the presentation of basic and diluted earnings per share. Because the Company reported a net loss in 2016 and 2015, common stock equivalents, including stock options and warrants were anti-dilutive; therefore, the amounts reported for basic and dilutive loss per share were the same.

Comprehensive Income

The Company follows FASB ASC 220.10, “Reporting Comprehensive Income.” Comprehensive income is a more inclusive financial reporting methodology that includes disclosure of certain financial information that historically has not been recognized in the calculation of net income. Since the Company has no items of other comprehensive income, comprehensive income (loss) is equal to net income (loss).

Recently Adopted Accounting Pronouncements

As of June 30, 2016 and for the period then ended, there were no recently adopted accounting pronouncements that had a material effect on the Company’s financial statements.

Recently Issued Accounting Pronouncements Not Yet Adopted

As of June 30, 2016, there are no recently issued accounting standards not yet adopted which would have a material effect on the Company’s financial statements through 2017.

NOTE 2 – MANAGEMENT’S PLANS

As a technology company focusing on the development of the next generation photonic devices and non-linear optical polymer materials systems, substantial net losses have been incurred since inception. The Company has satisfied capital requirements since inception primarily through the issuance and sale of its common stock. The Company currently has a cash position of approximately $2,150,000. Based upon the current cash position and expenditures of approximately $300,000 per month and no debt service, management believes the Company has sufficient funds currently to finance its operations through February 2017. In January 2016, the Company signed a Purchase Agreement with an institutional investor to sell up to $20,000,000 of common stock. A Registration Statement related to the transaction with the U.S. Securities and Exchange Commission registering 5,000,000 shares of the Company’s common stock went effective on April 7, 2016. Under the Purchase Agreement and at Company's sole discretion, the institutional investor has committed to invest up to $20,000,000 in common stock over a 36-month period.

LIGHTWAVE LOGIC, INC.

NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2016 AND 2015

NOTE 3 – PROPERTY AND EQUIPMENT

Property and equipment consists of the following:


	June 30, 2016		December 31 2015

Office equipment	$	52,488	$	51,323
Lab equipment		693,869		722,555
Furniture		26,028		26,028
Leasehold Improvements		231,859		231,859
		1,004,244		1,031,765
Less: Accumulated depreciation		593,760		536,703

	$	410,484	$	495,062

Depreciation expense for the six months ending June 30, 2016 and 2015 was $89,627 and $74,153. Depreciation expense for the three months ending June 30, 2016 and 2015 was $44,169 and $37,407. During the second quarter of 2016, the company sold equipment for proceeds of $19,500 and a gain of $644.

NOTE 4 – INTANGIBLE ASSETS

This represents legal fees and patent fees associated with the prosecution of patent applications. The Company has recorded amortization expenses on the Spacer and Chromophore patents granted by the United States Patent and Trademark Office in February 2011, April 2011 and September 2012, which are amortized over the remaining legal life and Chromophore patent granted by the Australian Patent Office in November 2012 which is amortized over the remaining legal life. Certain patent applications are abandoned by the Company when the claims are covered by patents already granted to the Company. Patent applications abandoned have been written off at full capitalized cost. No amortization expense has been recorded on the remaining patent applications since patents have yet to be granted.

Patents consists of the following:


	June 30, 2016		December 31, 2015

Patents	$	705,727	$	690,162
Less: Accumulated amortization		78,341		70,395

	$	627,386	$	619,767

Amortization expense for the six months ending June 30, 2016 and 2015 was $7,946 and $7,431. Amortization expense for the three months ending June 30, 2016 and 2015 was $3,973 and $3,716. Expense for abandoned patents for claims covered by patents already granted to the Company are recorded in research and development expenses and for the three months and six months ending June 30, 2016 and 2015 were $0 and $0.

LIGHTWAVE LOGIC, INC.

NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2016 AND 2015

NOTE 5 – INCOME TAXES

There is no income tax benefit for the losses for the three and six months ended June 30, 2016 and 2015 since management has determined that the realization of the net deferred tax asset is not assured and has created a valuation allowance for the entire amount of such benefits.

The Company’s policy is to record interest and penalties associated with unrecognized tax benefits as additional income taxes in the statement of operations. As of January 1, 2016, the Company had no unrecognized tax benefits, or any tax related interest or penalties. There were no changes in the Company’s unrecognized tax benefits during the period ended June 30, 2016. The Company did not recognize any interest or penalties during 2016 related to unrecognized tax benefits. With few exceptions, the U.S. and state income tax returns filed for the tax years ending on December 31, 2012 and thereafter are subject to examination by the relevant taxing authorities.

NOTE 6 – STOCKHOLDERS’ EQUITY

Preferred Stock

Pursuant to the Company’s Articles of Incorporation, the Company’s board of directors is empowered, without stockholder approval, to issue series of preferred stock with any designations, rights and preferences as they may from time to time determine. The rights and preferences of this preferred stock may be superior to the rights and preferences of the Company’s common stock; consequently, preferred stock, if issued could have dividend, liquidation, conversion, voting or other rights that could adversely affect the voting power or other rights of the common stock. Additionally, preferred stock, if issued, could be utilized, under special circumstances, as a method of discouraging, delaying or preventing a change in control of the Company’s business or a takeover from a third party.

Common Stock Options and Warrants

In October 2013, the Company issued an option to a new director to purchase 200,000 shares of common stock at a purchase price of $0.93 per share for a directorship commencing November 1, 2013. The option was valued at $174,106 using the Black-Scholes option pricing model. The option expires in 10 years with 50,000 vesting in annual installments commencing November 1, 2013. The option is expensed over the vesting terms. For the six month ending June 30, 2016, the Company recognized $21,704 of expense. For the three months ending June 30, 2016, the Company recognized $10,852 of expense. As of June 30, 2016, the option to purchase 200,000 shares of common stock is still outstanding.

In March 2014, the Company issued options to a new employee to purchase 30,000 shares of common stock at a purchase price of $0.92 per share. The options were valued at $23,304, fair value, using the Black-Scholes Option Pricing Formula. The options expire in 10 years vesting in quarterly equal installments of 3,750 from date of employment. The options are expensed over the vesting terms. For the three and six months ending June 30, 2016, the Company recognized $0 and $1,552 of expense. As of June 30, 2016, the options to purchase 30,000 shares of common stock are still outstanding.

In March 2014, the Company issued options to a new employee to purchase 75,000 shares of common stock at a purchase price of $0.92 per share. The options were valued at $58,384, fair value, using the Black-Scholes Option Pricing Formula. The options expire in 10 years vesting in quarterly equal installments of 9,375 from date of employment. The options are expensed over the vesting terms. For the three and six months ending June 30, 2016, the Company recognized $0 and $4,363 of expense. As of June 30, 2016, the options to purchase 75,000 shares of common stock are still outstanding.

In March 2014, the Company issued options to a new employee to purchase 50,000 shares of common stock at a purchase price of $0.92 per share. The options were valued at $38,922, fair value, using the Black-Scholes Option Pricing Formula. The options expire in 10 years vesting in quarterly equal installments of 6,250 from date of employment. The options are expensed over the vesting terms. For the three and six month ending June 30, 2016, the Company recognized $0 and $3,331 of expense. As of June 30, 2016, the options to purchase 50,000 shares of common stock are still outstanding.

LIGHTWAVE LOGIC, INC.

NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2016 AND 2015

NOTE 6 – STOCKHOLDERS’ EQUITY (CONTINUED)

Common Stock Options and Warrants (Continued)

In May 2014, the Company issued options to a new director to purchase 200,000 shares of common stock at a purchase price of $0.763 per share. The options were valued at $122,515 using the Black-Scholes Option Pricing Formula. The options expire in 10 years with 50,000 vesting immediately and the remainder vesting in annual equal installments of 50,000 commencing on the one year anniversary of the date of grant. The options are expensed over the vesting terms. For the six month ending June 30, 2016, the Company recognized $15,272 of expense. For the three months ending June 30, 2016, the Company recognized $7,636 of expense. As of June 30, 2016, the options to purchase 200,000 shares of common stock are still outstanding.

During July 2015, the Company issued a warrant to purchase 125,000 shares of common stock at a purchase price of $0.70 per share for accounting services to be rendered over a twelve month period commencing July 1, 2015. The warrant was valued at $46,897, fair value at December 31, 2015, using the Black-Scholes Option Pricing Formula, vesting over the next twelve months with 10,416 vesting immediately, 10,416 vesting per month on the first day of the next ten months and 10,424 vesting on the first day of the twelfth month of the corresponding service agreement. The warrant expires in five years. The expense is being recognized based on service terms of the agreement over a twelve month period. For the six months ending June 30, 2016, the Company recognized $23,452 of expense. For the three months ending June 30, 2016, the Company recognized $11,336 of expense. As of June 30, 2016, the warrants to purchase 125,000 shares of common stock are still outstanding.

During August 2015, under the 2007 Employee Stock Option Plan, the Company issued an option to an employee to purchase 50,000 shares of common stock at a purchase price of $0.67 per share. The option was valued at $19,930, fair value, using the Black-Scholes Option Pricing Formula. The option expires in 10 years and vests 12,500 immediately and the remaining in equal quarterly installments of 12,500 over the next three quarters. The option is expensed over the vesting terms. For the six month ending June 30, 2016, the Company recognized $7,203 of expense. For the three months ending June 30, 2016, the Company recognized $2,213 of expense. As of June 30, 2016, the options to purchase 50,000 shares of common stock are still outstanding.

During August 2015, under the 2007 Employee Stock Option Plan, the Company issued an option to three employees to purchase 75,000 shares of common stock at a purchase price of $0.69 per share. The option was valued at $32,734, fair value, using the Black-Scholes Option Pricing Formula. The option expires in 10 years and vests 15,000 immediately and the remaining in equal quarterly installments of 15,000 over the next four quarters. The option is expensed over the vesting terms. For the six month ending June 30, 2016, the Company recognized $13,089 of expense. For the three months ending June 30, 2016, the Company recognized $6,561 of expense. As of June 30, 2016, the options to purchase 75,000 shares of common stock are still outstanding.

LIGHTWAVE LOGIC, INC.

NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2016 AND 2015

NOTE 6 – STOCKHOLDERS’ EQUITY (CONTINUED)

Common Stock Options and Warrants (Continued)

During August 2015, under the 2007 Employee Stock Option Plan, the Company issued an option to a new director to purchase 200,000 shares of common stock at a purchase price of $0.69 per share. The option was valued at $90,615, fair value, using the Black-Scholes Option Pricing Formula. The option expires in 10 years and vests 50,000 immediately and the remaining in equal annual installments of 50,000 over the next three years. The option is expensed over the vesting terms. For the six month ending June 30, 2016, the Company recognized $11,296 of expense. For the three months ending June 30, 2016, the Company recognized $5,648 of expense. As of June 30, 2016, the options to purchase 200,000 shares of common stock are still outstanding.

During October 2015, under the 2007 Employee Stock Option Plan, the Company issued options to a new employee to purchase 35,000 shares of common stock at a purchase price of $0.74 per share. The option was valued at $16,393, fair value, using the Black-Scholes Option Pricing Formula. The options expire October 12, 2025 with 4,375 shares vesting on the anniversary date of the third month of employment and the remaining vesting in seven equal installments of 4,375 at the end of every three month period thereafter. The option is expensed over the vesting terms. For the six month ending June 30, 2016, the Company recognized $4,095 of expense. For the three month ending June 30, 2016, the Company recognized $2,049 of expense. As of June 30, 2016, the options to purchase 35,000 shares of common stock are still outstanding.

During November 2015, under the 2007 Employee Stock Option Plan, the Company granted options effective January 1, 2016 to the Chief Executive Officer to purchase 100,000 shares of common stock at a purchase price of $0.86 per share. The options expire November 9, 2025 with 12,500 shares vesting on January 1, 2016 and the remaining vesting quarterly in equal installments of 12,500 options commencing April 1, 2016. The options were valued at $33,108, fair value, using the Black-Scholes Option Pricing Formula. The option is expensed over the vesting terms. For the six month ending June 30, 2016, the Company recognized $12,371 of expense. For the three month ending June 30, 2016, the Company recognized $4,139 of expense. As of June 30, 2016, the options to purchase 100,000 shares of common stock are still outstanding.

In December 2015, the board of directors approved a grant to a senior advisor effective January 1, 2016 of a warrant to purchase up to 125,000 shares of common stock at a purchase price of $0.60 per share. Using the Black-Scholes Option Pricing Formula, the warrant was valued at $44,868, fair value. The warrant expires in 5 years and vests 31,250 immediately and the remaining in equal monthly installments of 9,375 over the next 10 months. The warrant is expensed over the vesting terms. For the six months ending June 30, 2016, the Company recognized $23,286 of expense. For the three months ending June 30, 2016, the Company recognized $11,687 of expense. As of June 30, 2016, the warrant to purchase 125,000 shares of common stock is still outstanding.

LIGHTWAVE LOGIC, INC.

NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2016 AND 2015

NOTE 6 – STOCKHOLDERS’ EQUITY (CONTINUED)

Common Stock Options and Warrants (Continued)

In January 2016, the Company signed a Purchase Agreement with an institutional investor to sell up to $20,000,000 of common stock. The Company also entered into a Registration Rights Agreement with the institutional investor whereby the Company agreed to file a registration statement related to the transaction with the U.S. Securities and Exchange Commission registering 5,000,000 shares of the Company’s common stock. The registration statement was filed on March 25, 2016. The registration became effective April 7, 2016. Under the Purchase Agreement and at Company's sole discretion, the institutional investor has committed to invest up to $20,000,000 in common stock over a 36-month period. The Company issued 350,000 shares of restricted common stock to the institutional investor as an initial commitment fee valued at $237,965, fair value and 650,000 shares of common stock are reserved for additional commitment fees to the institutional investor in accordance with the terms of the agreement. During August 2016, the institutional investor purchased 500,000 shares of common stock for proceeds of $361,960 and the Company issued 11,763 shares of common stock as additional commitment fee, valued at $8,699, fair value.

In February 2016, the Company issued options to the Company’s six independent directors to each purchase 50,000 shares of common stock at a purchase price of $0.68 per share. The options were each valued at $21,475, fair value, using the Black-Scholes Option Pricing Formula. The options expire in 10 years with 20,000 vesting immediately and the remainder vesting in quarterly equal installments of 10,000 commencing April 1, 2016. The options are expensed over the vesting terms. For the six month ending June 30, 2016, the Company recognized $102,792 of expense. For the three months ending June 30, 2016, the Company recognized $25,914 of expense. As of June 30, 2016, the options to purchase 300,000 shares of common stock are still outstanding.

For the three months ending June 30, 2016 the Company issued 10,145 shares, with a fair value of $6,000, to a director serving as a member of the Company’s Operations Committee commencing August 2015. For the three months ending June 30, 2016, the Company recognized $6,000 of expense. For the six months ending June 30, 2016 the Company issued 20,427 shares, with a fair value of $12,000. For the six months ending June 30, 2016, the Company recognized $12,000 of expense. During July 2016, the Company issued 3,273 additional shares of common stock valued at $2,000.

In May 2016, the Company issued an option to a director to purchase 200,000 shares of common stock at a purchase price of $0.60 per share. The option was valued at $67,376, fair value, using the Black-Scholes Option Pricing Formula. The option expires in 10 years and vests immediately. The option is expensed over the vesting terms. For the three and six month ending June 30, 2016, the Company recognized $67,376 of expense. As of June 30, 2016, the option to purchase 200,000 shares of common stock is still outstanding.

In May 2016, the Company issued an option to an employee to purchase 5,000 shares of common stock at a purchase price of $0.60 per share. The option was valued at $1,738, fair value, using the Black-Scholes Option Pricing Formula. The option expires in 10 years and vesting in quarterly equal installments of 625 commencing August 4, 2016. The option is expensed over the vesting terms. For the three and six month ending June 30, 2016, the Company recognized $131 of expense. As of June 30, 2016, the option to purchase 5,000 shares of common stock is still outstanding.

LIGHTWAVE LOGIC, INC.

NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2016 AND 2015

NOTE 6 – STOCKHOLDERS’ EQUITY (CONTINUED)

Common Stock Options and Warrants (Continued)

During the three month period ending June 30, 2016, an option issued in May 2011 to purchase 200,000 shares of common stock at an exercise price of $1.12 expired and warrants issued in April 2011 to purchase 150,000 shares of common stock at an exercise price of $1.18 expired.

NOTE 7 – STOCK BASED COMPENSATION

The Company uses the Black-Scholes option pricing model to calculate the grant-date fair value of an award, with the following assumptions for 2016: no dividend yield, expected volatility, based on the Company’s historical volatility, 66% to 78%, risk-free interest rate 1.20 to 1.80% and expected option life of 5 to 5.6 years.

As of June 30, 2016, there was $175,952 of unrecognized compensation expense related to non-vested market-based share awards that is expected to be recognized through August 2018.

The following tables summarize all stock option and warrant activity of the Company during the six months ended June 30, 2016:


	Non-Qualified Stock Options and Warrants Outstanding and Exercisable
						Weighted
	Number of			Exercise		Average
	Shares			Price		Exercise Price

Outstanding, December 31, 2015		18,528,367		$	0.63 - $1.69	$	0.92

Granted		730,000		$	0.60 - $0.86	$	0.67
Expired		(385,000	)	$	1.00 - $1.18	$	1.13
Forfeited
Exercised

Outstanding, June 30, 2016		18,873,367		$	0.60 - $1.69	$	0.91

Exercisable, June 30, 2016		18,335,242		$	0.60 - $1.69	$	0.91

LIGHTWAVE LOGIC, INC.

NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2016 AND 2015

NOTE 7 – STOCK BASED COMPENSATION (Continued)

The aggregate intrinsic value of options and warrants outstanding and exercisable as of June 30, 2016 was $8,344. The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and warrants and the closing stock price of $.63 for the Company’s common stock on June 30, 2016. No options or warrants were exercised during the three and six month periods ending June 30, 2016.


Non-Qualified Stock Options and Warrants Outstanding
	Number Outstanding	Weighted Average	Weighted Average
Range of	Currently Exercisable	Remaining	Exercise Price of Options and
Exercise Prices	at June 30, 2016	Contractual Life	Warrants Currently Exercisable

$0.60 - $1.69	18,335,242	4.62 Years	$0.91

NOTE 8 – RELATED PARTY

At June 30, 2016 the Company had a legal accrual to related party of $23,344. At December 31, 2015 the Company had a legal accrual to related party of $1,420 and travel and office expense accruals of officers in the amount of $3,649.

NOTE 9 – RETIREMENT PLAN

The Company established a 401(k) retirement plan covering all eligible employees beginning November 15, 2013. A contribution of $10,000 was charged to expense and accrued for the six months ending June 30, 2016 to all eligible non-executive participants. A contribution of $5,000 was charged to expense and accrued for the three months ending June 30, 2016 to all eligible non-executive participants. There were no contributions charged to expense in 2015.

NOTE 10 – SUBSEQUENT EVENTS

In July 2016, the board of directors approved a grant to a new employee of an option to purchase up to 15,000 shares of common stock at a purchase price of $0.63 per share. Using the Black-Scholes Option Pricing Formula, the option was valued at $6,216, fair value. The option expires in 10 years and vests 1,875 on September 27, 2016 and the remaining in equal quarterly installments of 1,875 over the next 21 months. The option is expensed over the vesting terms.

During July 2016, the Company issued a warrant to purchase 150,000 shares of common stock at a purchase price of $0.63 per share for accounting services to be rendered over a twelve month period commencing July 1, 2016. The warrant was valued at $60,272, fair value, using the Black-Scholes Option Pricing Formula, vesting over the next twelve months with 12,500 vesting immediately, 12,500 vesting per month on the first day of the next ten months and 12,500 vesting on the first day of the twelfth month of the corresponding service agreement. The warrant expires in five years. The expense is being recognized based on service terms of the agreement over a twelve month period.

Item 2

Management's Discussion and Analysis of Financial Condition and Results of Operations

Overview

Lightwave Logic, Inc. (the “Company”) is a development stage, electro-optical device and organic nonlinear materials company. Our primary area of expertise is the chemical synthesis of chromophore dyes used in the development of organic Application Specific Electro-Optic Polymers (ASEOP) and organic Non-Linear All-Optical Polymers (NLAOP) that have high electro-optic and optical activity. Our family of materials are thermally and photo-chemically stable, which we believe could have utility across a broad range of applications in devices that address markets such as telecommunication, data communications, high-speed computing and photovoltaic cells. Secondarily, our Company is developing proprietary electro-optical and all-optical devices utilizing the advanced capabilities of our materials for applications in the fields mentioned above.

Electro-optic devices convert data from electric signals into optical signals for use in communications systems and in optical interconnects for high-speed data transfer. We expect our patented and patent-pending optical materials (chromophores), when combined with selected polymers to make ASEOP and NLAOP material systems and when completed and tested, to be the core of the future generations of optical devices, modules, sub-systems and systems that we will develop or be licensed by electro-optic device manufacturers, such as telecommunications component and systems manufacturers, networking and switching suppliers, semiconductor companies, aerospace companies and government agencies.

Our ASEOP material systems are property-engineered at the molecular level (nanotechnology level) to meet the exacting thermal, environmental and performance specifications demanded by electro-optic devices. We believe that our patented and patent pending technologies will enable us to design polymer based material systems that are free from the numerous diverse and inherent flaws that plague competitive polymer technologies employed by other companies and research groups. We engineer our polymer based material systems with the intent to have temporal, thermal, chemical and photochemical stability within our patented and patent pending molecular chromophore architectures.

Our non-linear all optical NLAOP material systems have demonstrated resonantly enhanced third-order properties approximately 2,630 times larger than fused silica, which means that they are highly photo-optically active in the absence of an RF circuit. In this way they differ from other polymer technologies and are considered more advanced next-generation materials.

Our revenue model relies substantially on the assumption that we will be able to successfully develop our polymer based material systems and photonic device products, which will use our polymer based material systems, for applications within the industries named below. When appropriate, we intend to create specific materials for each of these applications and use our proprietary knowledge base to continue to enhance its discoveries.

cloud computing and data centers

telecommunications/data communications

backplane optical interconnects

photovoltaic cells

medical applications

satellite reconnaissance

navigation systems

radar applications

optical filters

spatial light modulators

all-optical switches

To be successful, we must, among other things:

Develop and maintain collaborative relationships with strategic partners;

Continue to expand our research and development efforts for our products;

Develop and continue to improve on our manufacturing processes and maintain stringent quality controls;

Produce commercial quantities of our products at commercially acceptable prices;

Rapidly respond to technological advancements;

Attract, retain and motivate qualified personnel; and

Obtain and retain effective intellectual property protection for our products and technology.

We believe that Moore's Law (a principle which states the number of transistors on a silicon chip doubles approximately every eighteen months) will create markets for our high-performance electro-optic materials and photonic device products.

Plan of Operation

Since inception, we have been engaged primarily in the research and development of our polymer based material systems and photonic device products. We are devoting significant resources to engineer next-generation polymer based material systems for future applications to be utilized by electro-optic device manufacturers, such as telecommunications component and systems manufacturers, networking and switching suppliers, semiconductor companies, aerospace companies, government agencies and internal device development. We expect to continue to develop products that we intend to introduce to these rapidly changing markets and to seek to identify new markets. We expect to continue to make significant operating and capital expenditures for research and development activities.

As we move from a development stage company to a product supplier, we expect that our financial condition and results of operations will undergo substantial change. In particular, we expect to record both revenue and expense from product sales, to incur increased costs for sales and marketing and to increase general and administrative expense. Accordingly, the financial condition and results of operations reflected in our historical financial statements are not expected to be indicative of our future financial condition and results of operations.

Some of our more significant milestones that we achieved during 2014-2016 include:

In January 2014 we created a new methodology to combine multiple chromophores into a single polymer host that significantly improves their ability to generate more powerful organic, nonlinear electro-optical polymer systems. The new synthetic chemistry process can enable multiple chromophores (dyes) to work in concert with each other within a single polymer host. This proprietary process has created two new material systems, which have demonstrated outstanding electro-optic values. In addition, we now have a significant amount of data on the thermal aging of our materials. We have demonstrated that our materials can withstand more than 2,000 hours at 110 degrees C with little to no change in electro-optic activity in our materials, which is a significant milestone. To our knowledge, this is something that has not been achieved before in any polymer. We are also concurrently coating prototype waveguides with our proprietary material system.

In February 2014 we received our first purchase order for our advanced organic nonlinear electro-optic polymer from Boulder Nonlinear Systems (BNS) of Boulder, Colorado in connection with the development of a next generation LADAR system. A LADAR system is a radar system that utilizes a pulse laser to calculate the distance to a target, but is also capable of rendering a 3-D image. In the event BNS continues to move forward with the development of this LADAR system, we expect to receive additional purchase orders from BNS.

In March 2014 we began the process of manufacturing an advanced design Silicon Organic Hybrid Transceiver prototype and we released the completed chip design to the OpSIS Center at the University of Delaware who contracted with a third party to produce the initial silicon chips, which were delivered to us in December 2014 and January 2015. We will qualify and test these chips for utilization in our Silicon Organic Transceiver as our device development program continues. The initial application will target inter-data center interconnections of more than 10 kilometers. Our next design will utilize a different frequency and address the current bottleneck in the rack-to-server layer at distances greater than 500 meters.

In April 2014 we entered into a sole worldwide license agreement with Corning Incorporated enabling us to integrate Corning's organic electro-optical chromophores into our portfolio of electro-optic polymer materials. The agreement allows us to use the licensed patents within a defined license field that includes communications, computing, power, and power storage applications utilizing the nonlinear optical properties of their materials.

In August 2014 the University of Colorado successfully fabricated and tested a bleached electro-optic waveguide modulator designed and fabricated through a sponsored collaborative research agreement. The results of this initial bleached waveguide modulator correlated well with previous electro-optic thin film properties. These initial results of our first in-house device were significant to our entire device program and were an important starting point for our current modulators being developed for target markets.

In October 2014 we submitted an order with Reynard Corporation to produce gold-layered fused silica substrates for our bleached waveguide modulators to be coated with several of our organic electro-optical polymers, which we received in early November 2014 and performance tested throughout December 2014. In May, 2015, we subsequently decided to eliminate this product from our commercial development plans due to its limited commercial value, low speed characteristics, difficulty to mass-produce and limited ability to integrate with existing architectures. In lieu of this development program, a commercially viable prototype ridge waveguide modulator program was started to replace the bleached waveguide development. We believe that the ridge waveguide modulator represents a viable telecom device opportunity for the Company that does not have the inherent limitations seen in bleached waveguide structures.

In May 2015 we achieved operating capability of our in-house Class 100 Clean Room where we do thin film processing and expect to complete the development of prototype photonic devices enabled by our advanced organic electro-optic polymer material systems in a timelier manner. Additionally, the Joint Institute for Laboratory Astrophysics (JILA) certified three of our employees, which allows us access to JILA’s world-class semiconductor facility located at the University of Colorado, Boulder. Access to this facility provides us with better control over the quality of our development work and the speed at which it progresses.

In August 2015 we completed 2,000+ hours of thermal aging tests on several blends of materials created by our multi-chromophore process, which included lengthy exposure to high temperatures (85⁰C and 110⁰C). The data collected indicated minimal loss of electro-optical activity (R₃₃) of our materials, which means that our organic polymers are expected to provide decades of operational performance. These results exceed previously published efforts for other organic polymers and are an important part of our commercialization effort as we begin to implement these material systems into advanced photonic devices for the telecom and datacom markets.

Additionally, in August 2015, we completed 500+ hours of photochemical stability testing of our material candidates by exposing them to the visible light spectrum. The data collected indicated no discernible change in the chemical structures in an oxygen free environment. An accepted industry standard is 2,000 hours. This stability testing was begun to help us understand more clearly the processing and manufacturing requirements of our future commercial products, and provide initial assurances to expect the same results as we move these materials into actual photonic device structures.

In October 2015, we successfully surpassed 2,000 hours of photochemical stability testing of our material candidates with little to no change in the electro-optic characteristics (R₃₃) of our material; and, in January 2016, we successfully surpassed 4,000 hours of photochemical stability testing of our material candidates with little to no change in the optical density of our material. These photochemical stability test results, along with the thermal stability at 110°C, should enable the Company to demonstrate that organic polymers can compete head-to-head with inorganic crystalline legacy telecom and datacom devices which currently provide the backbone for the entire infrastructure that converts almost incalculable amounts of electronic (binary) data into pulses of light and back on a daily basis.

In November of 2015, we successfully fabricated ridge waveguide structures from our core polymer material system. At the same time we successfully developed a proprietary methodology to segment individual chips from our silicon wafers that contain our ridge waveguide devices. These critical steps in our process provide us with a clear path towards a commercial telecommunication device. These same processes can be used for the fabrication of modulators to be used in data centers. The individual chips are being analyzed and passively tested in our Longmont, CO optical test facility. We continue to move towards completion of an operating organic polymer-enabled ridge waveguide modulator prototype using our new multi-chromophore material systems.

In February 2016, we successfully guided laser single-mode light through 16 of our passive single-mode ridge waveguides made entirely out of our advanced organic polymer systems, which are the building block of waveguide modulators that achieve high modulator performance. As a result, our commercialization effort has entered the next phases of development: passive-waveguide loss measurements, followed by the development and active testing of electro-optic modulators. Utilizing continuous-wave input laser light, electro-optic modulators convert digital (binary) electrical data into output pulses of light that can be transported across fiber optical communication networks. Active testing is accomplished by applying an electrical signal to a modulator and evaluating the resulting output optical signal.

In April 2016, we successfully achieved modulation of light in our first in-house all-polymer ridge waveguide modulator prototype. This important step towards commercialization proved that our proprietary organic polymer systems could modulate light in an in-house designed and produced polymer ridge waveguide modulator. We expect this significant achievement to eventually lead to high-speed, low input voltage modulators capable of penetrating the current market. We are still testing and modifying the poling profiles in prototype devices to duplicate the results seen in previous Teng Mann R₃₃ material testing.

In May 2016, we broadened our photonic device development to include our new P2IC™ (Polymer Photonics Integrated Circuit) design platform. The P²IC™ design platform utilizes high-speed ridge waveguide and slot waveguide modulator designs that scale up in performance as well as down in cost structure. Furthermore, the Lightwave Logic P²IC™ design platform combines the best of Polymer Photonics with the best of Silicon Photonics (SiP) to create a powerful, yet scalable platform that addresses the desires of both the telecom and datacom industries.

Presently, we are continuing to move towards completion of our operating organic polymer-enabled ridge waveguide modulator prototype using our new multi-chromophore material systems.

We ultimately intend to use our next-generation electro-optic polymer material systems and non-linear all-optical polymer material systems for future applications vital to the following industries. We expect to create specific materials for each of these applications as appropriate:

Cloud computing and data centers

Telecommunications/data communications

Backplane optical interconnects

Photovoltaic cells

Medical applications

Satellite reconnaissance

Navigation systems

Radar applications

Optical filters

Spatial light modulators

All-optical switches

In an effort to maximize our future revenue stream from our electro-optic polymer material systems and non-linear all-optical polymer material systems, our business model anticipates that our revenue stream will be derived from one or some combination of the following: (i) technology licensing for specific product applications; (ii) joint venture relationships with significant industry leaders; (iii) the production and direct sale of our own photonic device components; or (iv) the vertical integration of our modulator into a transceiver device. Our objective is to be a leading provider of proprietary technology and know-how in the photonic device markets. In order to meet this objective, subject to successful testing of our technology and having available financial resources, we intend to:

Develop electro-optic polymer material systems and non-linear all-optical polymer material systems and photonic devices;

Continue to develop proprietary intellectual property;

Streamline our product development process;

Develop a comprehensive marketing plan;

Maintain/develop strategic relationships with government agencies, private firms, and academic institutions; and

Continue to attract and retain high level science and technology personnel to our Company

Our Proprietary Products in Development

As part of a two-pronged marketing strategy, our Company is developing several devices, which are in various stages of development that utilize our organic nonlinear optical materials. They include:

Ridge waveguide modulator

Slot waveguide modulator

Spatial light modulator

100 Gbps telecommunications modulator

200 Gbps datacomm/telecomm photonic transceiver

Integrated photonic system

Additionally, we must continue to create and maintain an infrastructure, including operational and financial systems, and related internal controls, and recruit qualified personnel. Failure to do so could adversely affect our ability to support our operations.

Capital Requirements

As a development stage company, we do not generate revenues. We have incurred substantial net losses since inception. We have satisfied our capital requirements since inception primarily through the issuance and sale of our common stock.

Results of Operations

Comparison of three months ended June 30, 2016 to three months ended June 30, 2015

Revenues

As a development stage company, we had no revenues during the three months ended June 30, 2016 and June 30, 2015. The Company is in various stages of material and photonic device development and evaluation. We expect the next revenue stream to be in sales of non-linear optical polymers, prototype devices and product development agreements prior to moving into production.

Operating Expenses

Our operating expenses were $1,039,330 and $1,052,338 for the three months ended June 30, 2016 and 2015, respectively, for a decrease of $13,008. This decrease in operating expenses is primarily due to decreases in outsourced testing and product development expenses, investor relations expenses, laboratory materials and supplies and travel expenses offset by increases in research and development consulting fees, legal expenses, research and development non-cash stock option and warrant amortization and general and administrative salaries and wages.

Included in our operating expenses for the three months ended June 30, 2016 was $592,570 for research and development expenses compared to $619,492 for the three months ended June 30, 2015, for a decrease of $26,922. Outsourced testing and prototype development were brought in-house with the completion of the Company’s clean room and optical testing operations. The decrease in research and development expenses is primarily due to decreases in outsourced testing and product development expenses, laboratory materials and supplies and travel expenses offset by increases in non-cash stock option and warrant amortization and consulting fees.

Research and development expenses currently consist primarily of compensation for employees engaged in internal research, product development activities; laboratory operations, internal material and device testing and prototype electro-optic device design, development and prototype device processing; costs; and related operating expenses.

We expect to continue to incur substantial research and development expense to develop and commercialize our photonic devices and electro-optic materials platform. These expenses will increase as a result of accelerated development effort to support commercialization of our non-linear optical polymer materials technology; to build photonic device prototypes in our in-house laboratories; hiring additional technical and support personnel; engaging a senior technical advisor; pursuing other potential business opportunities and collaborations; customer testing and evaluation; and incurring related operating expenses.

Laboratory material testing expense and electro-optic device development decreased $60,256 from $83,229 for the three months ended June 30, 2015 to $22,973 for the three months ended June 30, 2016.

Laboratory materials and supplies decreased $40,947 from $70,044 for the three months ended June 30, 2015 to $29,097 for the three months ended June 30, 2016.

Travel expenses decreased $9,387 from $24,824 for the three months ended June 30, 2015 to $15,437 for the three months ended June 30, 2016.

Research and development non-cash stock option amortization increased $43,893 from $69,735 for the three months ended June 30, 2015 to $113,628 for the three months ended June 30, 2016.

Consulting expenses increased $39,299 from $22,973 for the three months ended June 30, 2015 to $62,272 for the three months ended June 30, 2016.

General and administrative expense consists primarily of compensation and support costs for management staff, and for other general and administrative costs, including executive, sales and marketing, investor relations, accounting and finance, legal, consulting and other operating expenses.

General and administrative expenses increased $13,914 to $446,760 for the three months ended June 30, 2016 compared to $432,846 for the three months ended June 30, 2015. The increase is due primarily to increases in legal expenses and salaries and wages offset by a decrease in investor relations expenses.

Legal fees increased $39,687 to $91,601 for the three months ending June 30, 2016 from $51,914 for the three months ended June 30, 2015.

Salary and wages increased $8,126 to $156,560 for the three months ending June 30, 2016 from $148,434 for the three months ended June 30, 2015.

Investor relations expenses decreased by $38,044 from $41,947 for the three months ended June 30, 2015 to $3,903 for the three months ended June 30, 2016.

We expect general and administrative expense to increase in future periods as we increase the level of corporate and administrative activity, including increases associated with our operation as a public company; and significantly increase expenditures related to the future production and sales of our products.

Net Loss

Net loss was $1,039,268 and $1,052,276 for the three months ended June 30, 2016 and 2015, respectively, for a decrease of $13,008, due primarily to decreases in outsourced testing and product development expenses, investor relations expenses, laboratory materials and supplies and travel expenses offset by increases in research and development consulting fees, legal expenses, research and development non-cash stock option and warrant amortization and general and administrative salaries and wages.

Comparison of six months ended June 30, 2016 to six months ended June 30, 2015

Revenues

As a development stage company, we had no revenues during the six months ended June 30, 2016 and June 30, 2015. The Company is in various stages of material and photonic device development and evaluation. We expect the next revenue stream to be in product development agreements, prototype devices and sale of nonlinear optical polymer materials prior to moving into production.

Operating Expenses

Our operating expenses were $2,098,641 and $2,117,790 for the six months ended June 30, 2016 and 2015, respectively, for a decrease of $19,149. The decrease in operating expenses is primarily due to decreases in outsourced testing and product development expenses, investor relations expenses, laboratory materials and supplies and travel expenses offset by increases in research and development consulting fees, legal expenses, non-cash stock option and warrant amortization, salaries and wages and depreciation.

Included in our operating expenses for the six months ended June 30, 2016 was $1,195,833 for research and development expenses compared to $1,264,698 for the six months ended June 30, 2015, for a decrease of $68,865. Outsourced testing and prototype development were brought in-house with the completion of the Company’s clean room and optical testing operations. The decrease in research and development expenses is primarily due to decreases in outsourced testing and product development expenses, laboratory materials and supplies and travel expenses offset by increases in consulting fees, non-cash stock option and warrant amortization, salaries and wages and depreciation.

Laboratory material testing expense and electro-optic device development decreased $149,189 from $196,879 for the year ended June 30, 2015 to $47,690 for the six months ended June 30, 2016.

Laboratory materials and supplies decreased $34,182 from $110,966 for the six months ended June 30, 2015 to $76,784 for the six months ended June 30, 2016.

Travel expenses decreased $15,506 from $44,379 for the six months ended June 30, 2015 to $28,873 for the six months ended June 30, 2016.

Consulting expenses increased $72,058 from $45,567 for the six months ended June 30, 2015 to $117,625 for the six months ended June 30, 2016.

Non-cash stock option and warrant amortization increased $27,861 from $173,303 for the six months ended June 30, 2015 to $201,164 for the six months ended June 30, 2016.

Wages and salaries increased $23,253 from $485,339 for the six months ended June 30, 2015 to $508,592 for the six months ended June 30, 2016.

Depreciation increased $15,587 from $70,612 for the six months ended June 30, 2015 to $86,199 for the six months ended June 30, 2016.

General and administrative expenses increased $49,716 to $902,808 for the six months ended June 30, 2016 compared to $853,092 for the six months ended June 30, 2015. The increase is due primarily to increases in legal expenses, salaries and wages and non-cash stock option and warrant amortization offset by a decrease in investor relations expenses.

Legal fees increased $51,203 to $146,411 for the six months ended June 30, 2016 compared to $95,208 for the six months ended June 30, 2015.

Salary and wages increased $27,107 from $296,550 for the six months ended June 30, 2015 to $323,657 for the six months ended June 30, 2016.

Non-cash stock option and warrant amortization increased $6,287 from $103,862 for the six months ended June 30, 2015 to $110,149 for the six months ended June 30, 2016.

Investor relations expenses decreased by $41,396 from $69,945 for the six months ended June 30, 2015 to $28,549 for the six months ended June 30, 2016.

Other Income (Expense)

Other income (expense) increased ($237,959) to ($237,836) for the six months ended June 30, 2016 from $123 for the six months June 30, 2015, relating primarily to the initial commitment fee associated with the 2016 Purchase Agreement with an institutional investor.

Net Loss

Net loss was $2,336,477 and $2,117,667 for the six months ended June 30, 2016 and 2015, respectively, for an increase of $218,810, due primarily to increases in commitment fee associated with the 2016 Purchase Agreement with an institutional investor, research and development consulting fees, legal expenses, non-cash stock option and warrant amortization, salaries and wages and depreciation offset by decreases in outsourced testing and product development expenses, investor relations expenses, laboratory materials and supplies and travel expenses.

Significant Accounting Policies

Our discussion and analysis of our financial condition and results of operations are based on our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates based upon historical experience and various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Our actual results may differ materially from these estimates.

We believe our significant accounting policies affect our more significant estimates and judgments used in the preparation of our financial statements. Our Annual Report on Form 10-K for the year ended December 31, 2015 contains a discussion of these significant accounting policies. There have been no significant changes in our significant accounting policies since December 31, 2015. See our Note 1 in our unaudited financial statements for the six months ended June 30, 2016 as set forth herein for a complete discussion of our Company’s accounting policies.

Liquidity and Capital Resources

During the six months ended June 30, 2016, net cash used in operating activities was $1,606,832 and net cash used in investing activities was $19,970, which was due primarily to the Company’s research and development activities and general and administrative expenditures. Net cash provided by financing activities for the six months ended June 30, 2016 was $0. At June 30, 2016, our cash and cash equivalents totaled $2,103,903, our assets totaled $3,346,768, our liabilities totaled $114,899, and we had stockholders’ equity of $3,231,869.

Sources and Uses of Cash

Our future expenditures and capital requirements will depend on numerous factors, including: the progress of our research and development efforts; the rate at which we can, directly or through arrangements with original equipment manufacturers, introduce and sell products incorporating our polymer materials technology; the costs of filing, prosecuting, defending and enforcing any patent claims and other intellectual property rights; market acceptance of our products and competing technological developments; and our ability to establish cooperative development, joint venture and licensing arrangements. We expect that we will incur approximately $3,600,000 of expenditures over the next 12 months. Our cash requirements are expected to increase at a rate consistent with the Company’s path to revenue growth as we expand our activities and operations with the objective of commercializing our electro-optic polymer technology during 2016.

Our business does not presently generate the cash needed to finance our current and anticipated operations. We believe we have raised sufficient capital to finance our operations through February 2017; however, we will need to obtain additional future financing after that time to finance our operations until such time that we can conduct profitable revenue-generating activities. Such future sources of financing may include cash from equity offerings, exercise of stock options, warrants and proceeds from debt instruments; but we cannot assure you that such equity or borrowings will be available or, if available, will be at rates or prices acceptable to us.

On January 29, 2016, we signed a purchase agreement with Lincoln Park Capital Fund, LLC (“Lincoln Park”) to sell up to $20,000,000 of common stock whereby subject to certain conditions and at our sole discretion, Lincoln Park has committed to purchase up to $20,000,000 of our common stock over a 36-month period. In April 2016 our registration statement became effective, which registered for resale by Lincoln Park under the purchase agreement 5,000,000 shares of our common stock, 350,000 of which have already been issued as a commitment fee and 4,650,000 of which may be sold by us to Lincoln Park during the term of the purchase agreement. Pursuant to the purchase agreement, Lincoln Park is obligated to make purchases as the Company directs in accordance with the purchase agreement, which may be terminated by the Company at any time, without cost or penalty. Sales of shares will be made in specified amounts and at prices that are based upon the market prices of our common stock immediately preceding the sales to Lincoln Park. We expect this financing to provide us with sufficient funds to maintain our operations for the foreseeable future. With the additional capital, we expect to achieve a level of revenues attractive enough to fulfill our development activities and adequate enough to support our business model for the foreseeable future. We cannot assure you that we will meet the conditions of the purchase agreement with Lincoln Park in order to obligate Lincoln Park to purchase our shares of common stock. In the event we fail to do so, and other adequate funds are not available to satisfy long-term capital requirements, or if planned revenues are not generated, we may be required to substantially limit our operations. This limitation of operations may include reductions in capital expenditures and reductions in staff and discretionary costs.

There are no trading volume requirements or restrictions under the purchase agreement and we will control the timing and amount of any sales of our common stock to Lincoln Park. Lincoln Park has no right to require any sales by us, but is obligated to make purchases from us as we direct in accordance with the purchase agreement. We can also accelerate the amount of common stock to be purchased under certain circumstances. There are no limitations on use of proceeds, financial or business covenants, restrictions on future funding, rights of first refusal, participation rights, penalties or liquidated damages in the purchase agreement. Lincoln Park may not assign or transfer its rights and obligations under stock the purchase agreement.

We expect that our cash used in operations will increase during 2016 and beyond as a result of the following planned activities:

The addition of management, sales, marketing, technical and other staff to our workforce;

Increased spending for the expansion of our research and development efforts, including purchases of additional laboratory and production equipment;

Increased spending in marketing as our products are introduced into the marketplace;

Developing and maintaining collaborative relationships with strategic partners;

Developing and improving our manufacturing processes and quality controls; and

Increases in our general and administrative activities related to our operations as a reporting public company and related corporate compliance requirements.

Analysis of Cash Flows

For the six months ended June 30, 2016

Net cash used in operating activities was $1,606,832 for the six months ended June 30, 2016, primarily attributable to the net loss of $2,336,477 adjusted by $46,738 in warrants issued for services, $264,575 in options issued for services, $249,965 in common stock issued for services, $97,573 in depreciation expenses and patent amortization expenses, $59,496 in prepaid expenses, $11,942 in accounts payable and accrued expenses and $644 gain on disposal of property and equipment. Net cash used in operating activities consisted of payments for research and development, legal, professional and consulting expenses, rent and other expenditures necessary to develop our business infrastructure.

Net cash used by investing activities was $19,970 for the six months ended June 30, 2016, consisting of $15,565 in cost for intangibles, $23,905 in asset additions primarily for the new lab facility and $19,500 in proceeds from sale of equipment.

Net cash provided by financing activities was $0 for the six months ended June 30, 2016.

Inflation and Seasonality

We do not believe that our operations are significantly impacted by inflation. Our business is not seasonal in nature.

Item 4

Controls and Procedures

Evaluation of Disclosure Controls and Procedures. The Company’s management, with the participation of the Company’s Principal Executive Officer and Principal Financial Officer, evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of June 30, 2016. Based on this evaluation, the Company’s Principal Executive Officer and Principal Financial Officer concluded that, as of June 30, 2016 the Company’s disclosure controls and procedures were effective, in that they provide reasonable assurance that information required to be disclosed by the Company in the reports that it files or submits under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and is accumulated and communicated to the Company’s management, including the Company’s Principal Executive Officer and Principal Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting. There were no changes in our internal control over financial reporting during the quarter ended June 30, 2016 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

Item 2

Unregistered Sales of Equity Securities and Use of Proceeds


Date		Security/Value

May 2016		Options – right to buy 205,000 shares of common stock at $0.60 per share issued for services.
April –June 2016		Common Stock – 10,145 shares of common stock at average price of $.59 per share issued for services.

No underwriters were utilized and no commissions or fees were paid with respect to any of the above transactions. We relied on Section 4(a)(2) and/or Regulation D of the Securities Act of 1933, as amended, since the transactions did not involve any public offering.

Item 6

Exhibits

The following exhibits are included herein:


Exhibit No.	Description of Exhibit	Location
10.1	2016 Equity Incentive Plan	Incorporated by reference to Appendix A to the Company's Definitive Schedule 14A filed with the SEC on April 20, 2016
10.2	Operations Committee Charter – August 2016	Filed herewith
31.1	Certification pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, executed by the Principal Executive Officer of the Company.	Filed herewith
31.2	Certification pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, executed by the Principal Financial Officer of the Company.	Filed herewith
32.1	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, executed by the Principal Executive Officer of the Company.	Filed herewith
32.2	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, executed by the Principal Financial Officer of the Company.	Filed herewith
101	XBRL	Filed herewith

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.

LIGHTWAVE LOGIC, INC.

Registrant


By:	/s/ Thomas E. Zelibor
	Thomas E. Zelibor,
	Chief Executive Officer
	(Principal Executive Officer)

Date: August 15, 2016


By:	/s/ James S. Marcelli
	James S. Marcelli,
	President, Chief Operating Officer
	(Principal Financial Officer)

Date: August 15, 2016

EX-10.2 2 lwlg_ex10z1.htm OPERATIONS COMMITTEE CHARTER Operations Committee Charter

EXHIBIT 10.2

Operations Committee Charter

August 11, 2016

Membership

The Operations Committee shall consist of at least one director at any time that the board of directors determines the Committee is needed to assist the Company with certain of its operations where such operational depth is not yet developed. Each of the members must be determined by the board of directors to be (i) independent in accordance with applicable NYSE AMEX listing standards and the rules of the Securities and Exchange Commissionand (ii) possess the applicable expertise to assist the Company with its current operational needs. The term of a director’s membership on the Operations Committee shall be determined by the board of directors at the time of a director’s initial appointment, except that such membership may be extended or terminated by the board of directors at any time.

Purpose

The Company is a development stage company that has yet to fully develop it management depth; therefore, the Company has established this Operations Committee in order to utilize the talent of its members of the board of directors on a temporary basis for various short term Company projects. The Operations Committee shall be an “as needed” committee. The Operations Committee shall assist the board of directors and the Company’s management by providing general assistance relating to the applicable needs of the Company during the time the board of directors activates the committee. The Operations Committee may be activated and deactivated at any time by the board of directors.

Duties and Responsibilities

The Operations Committee member(s) shall work directly with the Chief Executive Officer and shall have the responsibility to:

Review and discuss certain corporate goals and objectives of the Company where the Company has yet to develop adequate personnel depth.

Evaluate and set a plan of action to accomplish such corporate goals and objectives and utilize their respective talents to assist the Company in meeting such corporate goals and objectives by active participation in the plan of action.

Present to the board of directors for its approval a Statement of Operations Committee Work, which shall contain a plan of action, and which shall be approved by a majority of the board of directors and a majority of the independent directors.

Meetings

The Operations Committee shall meet at such times as it deems necessary to fulfill its responsibilities. The Operations Committee shall make regular reports to the board of directors while it is activated.

Compensation of Committee Members

The Operations Committee members shall be entitled to compensation for their work on the Operations Committee which shall be in addition to the compensation received for serving as a member of the board of directors, as shall be set forth on the Statement of Operations Committee Work. No Committee member shall receive as compensation from the Company for service on this Committee any amount in excess of $120,000 during any period of 12 consecutive months.

As amended by the Board of Directors on August 11, 2016

EX-31.1 3 lwlg_ex31z1.htm CERTIFICATION Exhibit 31.1

Exhibit 31.1

CERTIFICATION

I, Thomas E. Zelibor, certify that:

I have reviewed this Quarterly Report on Form 10-Q of Lightwave Logic, Inc.;

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;

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;

The registrant's other certifying officer(s) 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 13a-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 financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer(s) 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.


Date: August 15, 2016	/s/ Thomas E. Zelibor
	Thomas E. Zelibor,
	Chief Executive Officer
	(Principal Executive Officer)

EX-31.2 4 lwlg_ex31z2.htm CERTIFICATION Exhibit 31.2

Exhibit 31.2

CERTIFICATION

I, James S. Marcelli, certify that:

I have reviewed this Quarterly Report on Form 10-Q of Lightwave Logic, Inc.;

(a)

(b)

(c)

(d)

(a)

(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.


Date: August 15, 2016	/s/ James S. Marcelli
	James S. Marcelli,
	President, Chief Operating Officer
	(Principal Financial Officer)

EX-32.1 5 lwlg_ex32z1.htm CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 18 U.S.C. SECTION 1350 Exhibit 32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
18 U.S.C. SECTION 1350

In connection with the Quarterly Report on Form 10-Q of Lightwave Logic, Inc. (the “Company”) for the period ending June 30, 2016 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Thomas E. Zelibor, Chief Executive Officer of our Company, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that, to my knowledge:

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

The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of our Company.


Date: August 15, 2016	/s/ Thomas E. Zelibor
	Thomas E. Zelibor,
	Chief Executive Officer
	(Principal Executive Officer)

EX-32.2 6 lwlg_ex32z2.htm CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 18 U.S.C. SECTION 1350 Exhibit 32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
18 U.S.C. SECTION 1350

In connection with the Quarterly Report on Form 10-Q of Lightwave Logic, Inc. (the “Company”) for the period ending June 30, 2016 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, James S. Marcelli, Chief Operating Officer of our Company, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that, to my knowledge:

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

The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of our Company.


Date: August 15, 2016	/s/ James S. Marcelli
	James S. Marcelli,
	President, Chief Operating Officer
	(Principal Financial Officer)

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NOTE 1- NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES   Financial Statements   The accompanying unaudited financial statements have been prepared by Lightwave Logic, Inc. (the Company). These statements include all adjustments (consisting only of its normal recurring adjustments) which management believes necessary for a fair presentation of the statements and have been prepared on a consistent basis using the accounting polices described in the Summary of Accounting Policies included in the 2015 Annual Report. Certain financial information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission, although the Company firmly believes that the accompanying disclosures are adequate to make the information presented not misleading. The financial statements should be read in conjunction with the financial statements and notes thereto included in the Companys Annual Report on Form 10-K for the year ended December 31, 2015, as filed with the Securities and Exchange Commission.  The interim operating results for the three and six months ending June 30, 2016 may not be indicative of operating results expected for the full year.   Nature of Business   Lightwave Logic, Inc. is a technology Company focused on the development of next generation photonic devices and non-linear optical polymer materials systems for applications in high speed fiber-optic data communications and optical computing markets. Currently the Company is in various stages of photonic device and materials development and evaluation with potential customers and strategic partners. The Company expects the next revenue stream to be in sales of non-linear optical polymers, prototype devices and product development agreements prior to moving into production.   The Companys current development activities are subject to significant risks and uncertainties, including failing to secure additional funding to operationalize the Companys technology now under development.   Stock-based Payments   The Company accounts for stock-based compensation under the provisions of FASB ASC 718, "Compensation - Stock Compensation" which requires the measurement and recognition of compensation expense for all stock-based awards made to employees and directors based on estimated fair values on the grant date. The Company estimates the fair value of stock-based awards on the date of grant using the Black-Scholes model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods using the straightline method. The Company accounts for stock-based compensation awards to nonemployees in accordance with FASB ASC 505-50, "Equity-Based Payments to Non-Employees (ASC 505-50). Under ASC 505-50, the Company determines the fair value of the warrants or stock-based compensation awards granted as either the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. All issuances of stock options or other equity instruments to non-employees as consideration for goods or services received by the Company are accounted for based on the fair value of the equity instruments issued. Any stock options issued to non-employees are recorded as an expense and additional paid in capital in stockholders equity over the applicable service periods. Non-employee equity based payments are recorded as an expense over the service period, as if the Company had paid cash for the services. At the end of each financial reporting period, prior to vesting or prior to the completion of the services, the fair value of the equity based payments will be re-measured and the non-cash expense recognized during the period will be adjusted accordingly. Since the fair value of equity based payments granted to non-employees is subject to change in the future, the amount of the future expense will include fair value re-measurements until the equity based payments are fully vested or the service completed.   Loss per Share   The Company follows Financial Accounting Standards Board Accounting Standards Codification (FASB ASC) 260, Earnings per Share, resulting in the presentation of basic and diluted earnings per share. Because the Company reported a net loss in 2016 and 2015, common stock equivalents, including stock options and warrants were anti-dilutive; therefore, the amounts reported for basic and dilutive loss per share were the same.   Comprehensive Income   The Company follows FASB ASC 220.10, Reporting Comprehensive Income. Comprehensive income is a more inclusive financial reporting methodology that includes disclosure of certain financial information that historically has not been recognized in the calculation of net income. Since the Company has no items of other comprehensive income, comprehensive income (loss) is equal to net income (loss).   Recently Adopted Accounting Pronouncements   As of June 30, 2016 and for the period then ended, there were no recently adopted accounting pronouncements that had a material effect on the Companys financial statements.   Recently Issued Accounting Pronouncements Not Yet Adopted   As of June 30, 2016, there are no recently issued accounting standards not yet adopted which would have a material effect on the Companys financial statements through 2017.

NOTE 3 PROPERTY AND EQUIPMENT   Property and equipment consists of the following:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr> <td> </td> <td style="width: 6px"> </td> <td style="width: 6px"> </td> <td style="width: 67px"> </td> <td style="width: 6px"> </td> <td style="width: 6px"> </td> <td style="width: 6px"> </td> <td style="width: 67px"> </td> <td style="width: 6px"> </td></tr> <tr> <td style="vertical-align: top; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td colspan="2" style="vertical-align: top; border-bottom: black 1pt solid"> June 30, 2016</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td colspan="2" style="vertical-align: top; border-bottom: black 1pt solid"> December 31 2015</td> <td style="vertical-align: bottom; line-height: 115%"> </td></tr> <tr> <td style="vertical-align: top; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td colspan="2" style="vertical-align: top; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td colspan="2" style="vertical-align: top; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td></tr> <tr style="background-color: #CCFFCC"> <td style="vertical-align: top; line-height: 115%">Office equipment</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%">$</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">52,488</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%">$</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">51,323</td> <td style="vertical-align: bottom; line-height: 115%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%">Lab equipment</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">693,869</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">722,555</td> <td style="vertical-align: bottom; line-height: 115%"> </td></tr> <tr style="background-color: #CCFFCC"> <td style="vertical-align: top; line-height: 115%">Furniture</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">26,028</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">26,028</td> <td style="vertical-align: bottom; line-height: 115%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%">Leasehold Improvements</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 115%">231,859</td> <td style="vertical-align: bottom; border-bottom: white 1pt solid; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 115%">231,859</td> <td style="vertical-align: bottom; border-bottom: white 1pt solid; line-height: 115%"> </td></tr> <tr style="background-color: #CCFFCC"> <td style="vertical-align: top; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">1,004,244</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">1,031,765</td> <td style="vertical-align: bottom; line-height: 115%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%">Less: Accumulated depreciation</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 115%">593,760</td> <td style="vertical-align: bottom; border-bottom: white 1pt solid; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 115%">536,703</td> <td style="vertical-align: bottom; border-bottom: white 1pt solid; line-height: 115%"> </td></tr> <tr style="background-color: #CCFFCC"> <td style="vertical-align: top; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 1.5pt double; line-height: 115%">$</td> <td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right; line-height: 115%">410,484</td> <td style="vertical-align: bottom; border-bottom: white 1.5pt double; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 1.5pt double; line-height: 115%">$</td> <td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right; line-height: 115%">495,062</td> <td style="vertical-align: bottom; border-bottom: white 1.5pt double; line-height: 115%"> </td></tr> </table>   Depreciation expense for the six months ending June 30, 2016 and 2015 was $89,627 and $74,153. Depreciation expense for the three months ending June 30, 2016 and 2015 was $44,169 and $37,407. During the second quarter of 2016, the company sold equipment for proceeds of $19,500 and a gain of $644.

NOTE 4 INTANGIBLE ASSETS   This represents legal fees and patent fees associated with the prosecution of patent applications. The Company has recorded amortization expenses on the Spacer and Chromophore patents granted by the United States Patent and Trademark Office in February 2011, April 2011 and September 2012, which are amortized over the remaining legal life and Chromophore patent granted by the Australian Patent Office in November 2012 which is amortized over the remaining legal life. Certain patent applications are abandoned by the Company when the claims are covered by patents already granted to the Company. Patent applications abandoned have been written off at full capitalized cost. No amortization expense has been recorded on the remaining patent applications since patents have yet to be granted.   Patents consists of the following:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr> <td> </td> <td style="width: 6px"> </td> <td style="width: 6px"> </td> <td style="width: 67px"> </td> <td style="width: 6px"> </td> <td style="width: 6px"> </td> <td style="width: 6px"> </td> <td style="width: 67px"> </td> <td style="width: 6px"> </td></tr> <tr> <td style="vertical-align: top; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td colspan="2" style="vertical-align: top; border-bottom: black 1pt solid"> June 30, 2016</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td colspan="2" style="vertical-align: top; border-bottom: black 1pt solid"> December 31, 2015</td> <td style="vertical-align: bottom; line-height: 115%"> </td></tr> <tr> <td style="vertical-align: top; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td colspan="2" style="vertical-align: top; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td colspan="2" style="vertical-align: top; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td></tr> <tr style="background-color: #CCFFCC"> <td style="vertical-align: top; line-height: 115%">Patents</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%">$</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">705,727</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%">$</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">690,162</td> <td style="vertical-align: bottom; line-height: 115%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%">Less: Accumulated amortization</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 115%">78,341</td> <td style="vertical-align: bottom; border-bottom: white 1pt solid; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 115%">70,395</td> <td style="vertical-align: bottom; border-bottom: white 1pt solid; line-height: 115%"> </td></tr> <tr style="background-color: #CCFFCC"> <td style="vertical-align: top; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 1.5pt double; line-height: 115%">$</td> <td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right; line-height: 115%">627,386</td> <td style="vertical-align: bottom; border-bottom: white 1.5pt double; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 1.5pt double; line-height: 115%">$</td> <td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right; line-height: 115%">619,767</td> <td style="vertical-align: bottom; border-bottom: white 1.5pt double; line-height: 115%"> </td></tr> </table>   Amortization expense for the six months ending June 30, 2016 and 2015 was $7,946 and $7,431. Amortization expense for the three months ending June 30, 2016 and 2015 was $3,973 and $3,716. Expense for abandoned patents for claims covered by patents already granted to the Company are recorded in research and development expenses and for the three months and six months ending June 30, 2016 and 2015 were $0 and $0.

NOTE 5 INCOME TAXES   There is no income tax benefit for the losses for the three and six months ended June 30, 2016 and 2015 since management has determined that the realization of the net deferred tax asset is not assured and has created a valuation allowance for the entire amount of such benefits.   The Companys policy is to record interest and penalties associated with unrecognized tax benefits as additional income taxes in the statement of operations. As of January 1, 2016, the Company had no unrecognized tax benefits, or any tax related interest or penalties. There were no changes in the Companys unrecognized tax benefits during the period ended June 30, 2016. The Company did not recognize any interest or penalties during 2016 related to unrecognized tax benefits. With few exceptions, the U.S. and state income tax returns filed for the tax years ending on December 31, 2012 and thereafter are subject to examination by the relevant taxing authorities.

NOTE 7 STOCK BASED COMPENSATION   The Company uses the Black-Scholes option pricing model to calculate the grant-date fair value of an award, with the following assumptions for 2016: no dividend yield, expected volatility, based on the Companys historical volatility, 66% to 78%, risk-free interest rate 1.20 to 1.80% and expected option life of 5 to 5.6 years.   As of June 30, 2016, there was $175,952 of unrecognized compensation expense related to non-vested market-based share awards that is expected to be recognized through August 2018.   The following tables summarize all stock option and warrant activity of the Company during the six months ended June 30, 2016:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr> <td> </td> <td style="width: 6px"> </td> <td style="width: 6px"> </td> <td style="width: 67px"> </td> <td style="width: 6px"> </td> <td style="width: 6px"> </td> <td style="width: 6px"> </td> <td style="width: 67px"> </td> <td style="width: 6px"> </td> <td style="width: 6px"> </td> <td style="width: 6px"> </td> <td style="width: 67px"> </td> <td style="width: 6px"> </td></tr> <tr> <td style="vertical-align: top; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td colspan="10" style="vertical-align: top; border-bottom: black 1pt solid; text-align: center; line-height: 115%">Non-Qualified Stock Options and Warrants Outstanding and Exercisable</td> <td style="vertical-align: bottom; line-height: 115%"> </td></tr> <tr> <td style="vertical-align: top; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td colspan="2" style="vertical-align: top; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td colspan="2" style="vertical-align: top; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td colspan="2" style="vertical-align: top; text-align: center; line-height: 115%">Weighted</td> <td style="vertical-align: bottom; line-height: 115%"> </td></tr> <tr> <td style="vertical-align: top; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td colspan="2" style="vertical-align: top; text-align: center; line-height: 115%">Number of</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td colspan="2" style="vertical-align: top; text-align: center; line-height: 115%">Exercise</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td colspan="2" style="vertical-align: top; text-align: center; line-height: 115%">Average</td> <td style="vertical-align: bottom; line-height: 115%"> </td></tr> <tr> <td style="vertical-align: top; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td colspan="2" style="vertical-align: top; border-bottom: black 1pt solid; text-align: center; line-height: 115%">Shares</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td colspan="2" style="vertical-align: top; border-bottom: black 1pt solid; text-align: center; line-height: 115%">Price</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td colspan="2" style="vertical-align: top; border-bottom: black 1pt solid; text-align: center; line-height: 115%">Exercise Price</td> <td style="vertical-align: bottom; line-height: 115%"> </td></tr> <tr> <td style="vertical-align: top; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td colspan="2" style="vertical-align: top; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td colspan="2" style="vertical-align: top; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td colspan="2" style="vertical-align: top; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td></tr> <tr style="background-color: #CCFFCC"> <td style="vertical-align: top; line-height: 115%">Outstanding, December 31, 2015</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">18,528,367</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%">$</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">0.63 - $1.69</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%">$</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">0.92</td> <td style="vertical-align: bottom; line-height: 115%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td></tr> <tr style="background-color: #CCFFCC"> <td style="vertical-align: top; line-height: 115%">Granted</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">730,000</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%">$</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">0.60 - $0.86</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%">$</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">0.67</td> <td style="vertical-align: bottom; line-height: 115%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%">Expired</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">(385,000</td> <td style="vertical-align: bottom; line-height: 115%">)</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%">$</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">1.00 - $1.18</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%">$</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">1.13</td> <td style="vertical-align: bottom; line-height: 115%"> </td></tr> <tr style="background-color: #CCFFCC"> <td style="vertical-align: top; line-height: 115%">Forfeited</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%">Exercised</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: white 1pt solid; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: white 1pt solid; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: white 1pt solid; line-height: 115%"> </td></tr> <tr style="background-color: #CCFFCC"> <td style="vertical-align: top; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%">Outstanding, June 30, 2016</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 115%">18,873,367</td> <td style="vertical-align: bottom; border-bottom: white 2.25pt double; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 115%">0.60 - $1.69</td> <td style="vertical-align: bottom; border-bottom: white 2.25pt double; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 115%">0.91</td> <td style="vertical-align: bottom; border-bottom: white 2.25pt double; line-height: 115%"> </td></tr> <tr style="background-color: #CCFFCC"> <td style="vertical-align: top; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%">Exercisable, June 30, 2016</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 115%">18,335,242</td> <td style="vertical-align: bottom; border-bottom: white 2.25pt double; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 115%">0.60 - $1.69</td> <td style="vertical-align: bottom; border-bottom: white 2.25pt double; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 115%">0.91</td> <td style="vertical-align: bottom; border-bottom: white 2.25pt double; line-height: 115%"> </td></tr> </table>   The aggregate intrinsic value of options and warrants outstanding and exercisable as of June 30, 2016 was $8,344.  The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and warrants and the closing stock price of $.63 for the Companys common stock on June 30, 2016. No options or warrants were exercised during the three and six month periods ending June 30, 2016.   <table cellspacing="0" cellpadding="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif"> <tr> <td style="width: 19%"> </td> <td style="width: 2%"> </td> <td style="width: 22%"> </td> <td style="width: 2%"> </td> <td style="width: 22%"> </td> <td style="width: 2%"> </td> <td style="width: 31%"> </td></tr> <tr style="vertical-align: top"> <td colspan="7" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Non-Qualified Stock Options and Warrants Outstanding</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">Number Outstanding</td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">Weighted Average</td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">Weighted Average</td></tr> <tr style="vertical-align: top"> <td style="text-align: center; line-height: 115%">Range of</td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">Currently Exercisable</td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">Remaining</td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">Exercise Price of Options and</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Exercise Prices</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">at June 30, 2016</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Contractual Life</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Warrants Currently Exercisable</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: top; background-color: #CCFFCC"> <td style="text-align: center; line-height: 115%">$0.60 - $1.69</td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">18,335,242</td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">4.62 Years</td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">$0.91</td></tr> </table>

NOTE 8 RELATED PARTY   At June 30, 2016 the Company had a legal accrual to related party of $23,344. At December 31, 2015 the Company had a legal accrual to related party of $1,420 and travel and office expense accruals of officers in the amount of $3,649.

NOTE 9 RETIREMENT PLAN   The Company established a 401(k) retirement plan covering all eligible employees beginning November 15, 2013. A contribution of $10,000 was charged to expense and accrued for the six months ending June 30, 2016 to all eligible non-executive participants. A contribution of $5,000 was charged to expense and accrued for the three months ending June 30, 2016 to all eligible non-executive participants. There were no contributions charged to expense in 2015.

NOTE 10 SUBSEQUENT EVENTS   In July 2016, the board of directors approved a grant to a new employee of an option to purchase up to 15,000 shares of common stock at a purchase price of $0.63 per share. Using the Black-Scholes Option Pricing Formula, the option was valued at $6,216, fair value. The option expires in 10 years and vests 1,875 on September 27, 2016 and the remaining in equal quarterly installments of 1,875 over the next 21 months. The option is expensed over the vesting terms.   During July 2016, the Company issued a warrant to purchase 150,000 shares of common stock at a purchase price of $0.63 per share for accounting services to be rendered over a twelve month period commencing July 1, 2016. The warrant was valued at $60,272, fair value, using the Black-Scholes Option Pricing Formula, vesting over the next twelve months with 12,500 vesting immediately, 12,500 vesting per month on the first day of the next ten months and 12,500 vesting on the first day of the twelfth month of the corresponding service agreement. The warrant expires in five years. The expense is being recognized based on service terms of the agreement over a twelve month period.

Financial Statements   The accompanying unaudited financial statements have been prepared by Lightwave Logic, Inc. (the Company). These statements include all adjustments (consisting only of its normal recurring adjustments) which management believes necessary for a fair presentation of the statements and have been prepared on a consistent basis using the accounting polices described in the Summary of Accounting Policies included in the 2015 Annual Report. Certain financial information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission, although the Company firmly believes that the accompanying disclosures are adequate to make the information presented not misleading. The financial statements should be read in conjunction with the financial statements and notes thereto included in the Companys Annual Report on Form 10-K for the year ended December 31, 2015, as filed with the Securities and Exchange Commission.  The interim operating results for the three and six months ending June 30, 2016 may not be indicative of operating results expected for the full year.

Nature of Business   Lightwave Logic, Inc. is a technology Company focused on the development of next generation photonic devices and non-linear optical polymer materials systems for applications in high speed fiber-optic data communications and optical computing markets. Currently the Company is in various stages of photonic device and materials development and evaluation with potential customers and strategic partners. The Company expects the next revenue stream to be in sales of non-linear optical polymers, prototype devices and product development agreements prior to moving into production.   The Companys current development activities are subject to significant risks and uncertainties, including failing to secure additional funding to operationalize the Companys technology now under development.

Stock-based Payments   The Company accounts for stock-based compensation under the provisions of FASB ASC 718, "Compensation - Stock Compensation" which requires the measurement and recognition of compensation expense for all stock-based awards made to employees and directors based on estimated fair values on the grant date. The Company estimates the fair value of stock-based awards on the date of grant using the Black-Scholes model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods using the straightline method. The Company accounts for stock-based compensation awards to nonemployees in accordance with FASB ASC 505-50, "Equity-Based Payments to Non-Employees (ASC 505-50). Under ASC 505-50, the Company determines the fair value of the warrants or stock-based compensation awards granted as either the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. All issuances of stock options or other equity instruments to non-employees as consideration for goods or services received by the Company are accounted for based on the fair value of the equity instruments issued. Any stock options issued to non-employees are recorded as an expense and additional paid in capital in stockholders equity over the applicable service periods. Non-employee equity based payments that do not vest immediately upon grant are recorded as an expense over the service period, as if the Company had paid cash for the services. At the end of each financial reporting period, prior to vesting or prior to the completion of the services, the fair value of the equity based payments will be re-measured and the non-cash expense recognized during the period will be adjusted accordingly. Since the fair value of equity based payments granted to non-employees is subject to change in the future, the amount of the future expense will include fair value re-measurements until the equity based payments are fully vested or the service completed.

Loss per Share   The Company follows Financial Accounting Standards Board Accounting Standards Codification (FASB ASC) 260, Earnings per Share, resulting in the presentation of basic and diluted earnings per share. Because the Company reported a net loss in 2016 and 2015, common stock equivalents, including stock options and warrants were anti-dilutive; therefore, the amounts reported for basic and dilutive loss per share were the same.

Comprehensive Income   The Company follows FASB ASC 220.10, Reporting Comprehensive Income. Comprehensive income is a more inclusive financial reporting methodology that includes disclosure of certain financial information that historically has not been recognized in the calculation of net income. Since the Company has no items of other comprehensive income, comprehensive income (loss) is equal to net income (loss).

Recently Adopted Accounting Pronouncements   As of June 30, 2016 and for the period then ended, there were no recently adopted accounting pronouncements that had a material effect on the Companys financial statements.

Recently Issued Accounting Pronouncements Not Yet Adopted   As of June 30, 2016, there are no recently issued accounting standards not yet adopted which would have a material effect on the Companys financial statements through 2017.

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr> <td> </td> <td style="width: 6px"> </td> <td style="width: 6px"> </td> <td style="width: 67px"> </td> <td style="width: 6px"> </td> <td style="width: 6px"> </td> <td style="width: 6px"> </td> <td style="width: 67px"> </td> <td style="width: 6px"> </td></tr> <tr> <td style="vertical-align: top; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td colspan="2" style="vertical-align: top; border-bottom: black 1pt solid"> June 30, 2016</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td colspan="2" style="vertical-align: top; border-bottom: black 1pt solid"> December 31 2015</td> <td style="vertical-align: bottom; line-height: 115%"> </td></tr> <tr> <td style="vertical-align: top; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td colspan="2" style="vertical-align: top; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td colspan="2" style="vertical-align: top; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td></tr> <tr style="background-color: #CCFFCC"> <td style="vertical-align: top; line-height: 115%">Office equipment</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%">$</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">52,488</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%">$</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">51,323</td> <td style="vertical-align: bottom; line-height: 115%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%">Lab equipment</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">693,869</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">722,555</td> <td style="vertical-align: bottom; line-height: 115%"> </td></tr> <tr style="background-color: #CCFFCC"> <td style="vertical-align: top; line-height: 115%">Furniture</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">26,028</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">26,028</td> <td style="vertical-align: bottom; line-height: 115%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%">Leasehold Improvements</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 115%">231,859</td> <td style="vertical-align: bottom; border-bottom: white 1pt solid; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 115%">231,859</td> <td style="vertical-align: bottom; border-bottom: white 1pt solid; line-height: 115%"> </td></tr> <tr style="background-color: #CCFFCC"> <td style="vertical-align: top; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">1,004,244</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">1,031,765</td> <td style="vertical-align: bottom; line-height: 115%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%">Less: Accumulated depreciation</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 115%">593,760</td> <td style="vertical-align: bottom; border-bottom: white 1pt solid; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 115%">536,703</td> <td style="vertical-align: bottom; border-bottom: white 1pt solid; line-height: 115%"> </td></tr> <tr style="background-color: #CCFFCC"> <td style="vertical-align: top; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 1.5pt double; line-height: 115%">$</td> <td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right; line-height: 115%">410,484</td> <td style="vertical-align: bottom; border-bottom: white 1.5pt double; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 1.5pt double; line-height: 115%">$</td> <td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right; line-height: 115%">495,062</td> <td style="vertical-align: bottom; border-bottom: white 1.5pt double; line-height: 115%"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr> <td> </td> <td style="width: 6px"> </td> <td style="width: 6px"> </td> <td style="width: 67px"> </td> <td style="width: 6px"> </td> <td style="width: 6px"> </td> <td style="width: 6px"> </td> <td style="width: 67px"> </td> <td style="width: 6px"> </td> <td style="width: 6px"> </td> <td style="width: 6px"> </td> <td style="width: 67px"> </td> <td style="width: 6px"> </td></tr> <tr> <td style="vertical-align: top; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td colspan="10" style="vertical-align: top; border-bottom: black 1pt solid; text-align: center; line-height: 115%">Non-Qualified Stock Options and Warrants Outstanding and Exercisable</td> <td style="vertical-align: bottom; line-height: 115%"> </td></tr> <tr> <td style="vertical-align: top; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td colspan="2" style="vertical-align: top; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td colspan="2" style="vertical-align: top; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td colspan="2" style="vertical-align: top; text-align: center; line-height: 115%">Weighted</td> <td style="vertical-align: bottom; line-height: 115%"> </td></tr> <tr> <td style="vertical-align: top; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td colspan="2" style="vertical-align: top; text-align: center; line-height: 115%">Number of</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td colspan="2" style="vertical-align: top; text-align: center; line-height: 115%">Exercise</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td colspan="2" style="vertical-align: top; text-align: center; line-height: 115%">Average</td> <td style="vertical-align: bottom; line-height: 115%"> </td></tr> <tr> <td style="vertical-align: top; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td colspan="2" style="vertical-align: top; border-bottom: black 1pt solid; text-align: center; line-height: 115%">Shares</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td colspan="2" style="vertical-align: top; border-bottom: black 1pt solid; text-align: center; line-height: 115%">Price</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td colspan="2" style="vertical-align: top; border-bottom: black 1pt solid; text-align: center; line-height: 115%">Exercise Price</td> <td style="vertical-align: bottom; line-height: 115%"> </td></tr> <tr> <td style="vertical-align: top; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td colspan="2" style="vertical-align: top; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td colspan="2" style="vertical-align: top; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td colspan="2" style="vertical-align: top; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td></tr> <tr style="background-color: #CCFFCC"> <td style="vertical-align: top; line-height: 115%">Outstanding, December 31, 2015</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">18,528,367</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%">$</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">0.63 - $1.69</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%">$</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">0.92</td> <td style="vertical-align: bottom; line-height: 115%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td></tr> <tr style="background-color: #CCFFCC"> <td style="vertical-align: top; line-height: 115%">Granted</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">730,000</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%">$</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">0.60 - $0.86</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%">$</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">0.67</td> <td style="vertical-align: bottom; line-height: 115%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%">Expired</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">(385,000</td> <td style="vertical-align: bottom; line-height: 115%">)</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%">$</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">1.00 - $1.18</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%">$</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">1.13</td> <td style="vertical-align: bottom; line-height: 115%"> </td></tr> <tr style="background-color: #CCFFCC"> <td style="vertical-align: top; line-height: 115%">Forfeited</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%">Exercised</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: white 1pt solid; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: white 1pt solid; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: white 1pt solid; line-height: 115%"> </td></tr> <tr style="background-color: #CCFFCC"> <td style="vertical-align: top; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%">Outstanding, June 30, 2016</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 115%">18,873,367</td> <td style="vertical-align: bottom; border-bottom: white 2.25pt double; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 115%">0.60 - $1.69</td> <td style="vertical-align: bottom; border-bottom: white 2.25pt double; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 115%">0.91</td> <td style="vertical-align: bottom; border-bottom: white 2.25pt double; line-height: 115%"> </td></tr> <tr style="background-color: #CCFFCC"> <td style="vertical-align: top; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%">Exercisable, June 30, 2016</td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 115%">18,335,242</td> <td style="vertical-align: bottom; border-bottom: white 2.25pt double; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 115%">0.60 - $1.69</td> <td style="vertical-align: bottom; border-bottom: white 2.25pt double; line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 115%">0.91</td> <td style="vertical-align: bottom; border-bottom: white 2.25pt double; line-height: 115%"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif"> <tr> <td style="width: 19%"> </td> <td style="width: 2%"> </td> <td style="width: 22%"> </td> <td style="width: 2%"> </td> <td style="width: 22%"> </td> <td style="width: 2%"> </td> <td style="width: 31%"> </td></tr> <tr style="vertical-align: top"> <td colspan="7" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Non-Qualified Stock Options and Warrants Outstanding</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">Number Outstanding</td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">Weighted Average</td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">Weighted Average</td></tr> <tr style="vertical-align: top"> <td style="text-align: center; line-height: 115%">Range of</td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">Currently Exercisable</td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">Remaining</td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">Exercise Price of Options and</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Exercise Prices</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">at June 30, 2016</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Contractual Life</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Warrants Currently Exercisable</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: top; background-color: #CCFFCC"> <td style="text-align: center; line-height: 115%">$0.60 - $1.69</td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">18,335,242</td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">4.62 Years</td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">$0.91</td></tr> </table>

174106

23304

58384

38922

122515

19930

90615

16393

33108

44868

21475

67376

1738

32734

10000

5000

NOTE 2 MANAGEMENTS PLANS   As a technology company focusing on the development of the next generation photonic devices and non-linear optical polymer materials systems, substantial net losses have been incurred since inception. The Company has satisfied capital requirements since inception primarily through the issuance and sale of its common stock. The Company currently has a cash position of approximately $2,150,000. Based upon the current cash position and expenditures of approximately $300,000 per month and no debt service, management believes the Company has sufficient funds currently to finance its operations through February 2017. In January 2016, the Company signed a Purchase Agreement with an institutional investor to sell up to $20,000,000 of common stock. A Registration Statement related to the transaction with the U.S. Securities and Exchange Commission registering 5,000,000 shares of the Companys common stock went effective on April 7, 2016. Under the Purchase Agreement and at Company's sole discretion, the institutional investor has committed to invest up to $20,000,000 in common stock over a 36-month period.

NOTE 6 STOCKHOLDERS EQUITY   Preferred Stock   Pursuant to the Companys Articles of Incorporation, the Companys board of directors is empowered, without stockholder approval, to issue series of preferred stock with any designations, rights and preferences as they may from time to time determine. The rights and preferences of this preferred stock may be superior to the rights and preferences of the Companys common stock; consequently, preferred stock, if issued could have dividend, liquidation, conversion, voting or other rights that could adversely affect the voting power or other rights of the common stock. Additionally, preferred stock, if issued, could be utilized, under special circumstances, as a method of discouraging, delaying or preventing a change in control of the Companys business or a takeover from a third party.   Common Stock Options and Warrants   In October 2013, the Company issued an option to a new director to purchase 200,000 shares of common stock at a purchase price of $0.93 per share for a directorship commencing November 1, 2013. The option was valued at $174,106 using the Black-Scholes option pricing model. The option expires in 10 years with 50,000 vesting in annual installments commencing November 1, 2013. The option is expensed over the vesting terms. For the six month ending June 30, 2016, the Company recognized $21,704 of expense. For the three months ending June 30, 2016, the Company recognized $10,852 of expense. As of June 30, 2016, the option to purchase 200,000 shares of common stock is still outstanding.   In March 2014, the Company issued options to a new employee to purchase 30,000 shares of common stock at a purchase price of $0.92 per share. The options were valued at $23,304, fair value, using the Black-Scholes Option Pricing Formula. The options expire in 10 years vesting in quarterly equal installments of 3,750 from date of employment. The options are expensed over the vesting terms. For the three and six months ending June 30, 2016, the Company recognized $0 and $1,552 of expense. As of June 30, 2016, the options to purchase 30,000 shares of common stock are still outstanding.   In March 2014, the Company issued options to a new employee to purchase 75,000 shares of common stock at a purchase price of $0.92 per share. The options were valued at $58,384, fair value, using the Black-Scholes Option Pricing Formula. The options expire in 10 years vesting in quarterly equal installments of 9,375 from date of employment. The options are expensed over the vesting terms. For the three and six months ending June 30, 2016, the Company recognized $0 and $4,363 of expense. As of June 30, 2016, the options to purchase 75,000 shares of common stock are still outstanding.   In March 2014, the Company issued options to a new employee to purchase 50,000 shares of common stock at a purchase price of $0.92 per share. The options were valued at $38,922, fair value, using the Black-Scholes Option Pricing Formula. The options expire in 10 years vesting in quarterly equal installments of 6,250 from date of employment. The options are expensed over the vesting terms. For the three and six month ending June 30, 2016, the Company recognized $0 and $3,331 of expense. As of June 30, 2016, the options to purchase 50,000 shares of common stock are still outstanding.   In May 2014, the Company issued options to a new director to purchase 200,000 shares of common stock at a purchase price of $0.763 per share. The options were valued at $122,515 using the Black-Scholes Option Pricing Formula. The options expire in 10 years with 50,000 vesting immediately and the remainder vesting in annual equal installments of 50,000 commencing on the one year anniversary of the date of grant. The options are expensed over the vesting terms. For the six month ending June 30, 2016, the Company recognized $15,272 of expense. For the three months ending June 30, 2016, the Company recognized $7,636 of expense. As of June 30, 2016, the options to purchase 200,000 shares of common stock are still outstanding.   During July 2015, the Company issued a warrant to purchase 125,000 shares of common stock at a purchase price of $0.70 per share for accounting services to be rendered over a twelve month period commencing July 1, 2015. The warrant was valued at $46,897, fair value at December 31, 2015, using the Black-Scholes Option Pricing Formula, vesting over the next twelve months with 10,416 vesting immediately, 10,416 vesting per month on the first day of the next ten months and 10,424 vesting on the first day of the twelfth month of the corresponding service agreement. The warrant expires in five years. The expense is being recognized based on service terms of the agreement over a twelve month period. For the six months ending June 30, 2016, the Company recognized $23,452 of expense. For the three months ending June 30, 2016, the Company recognized $11,336 of expense. As of June 30, 2016, the warrants to purchase 125,000 shares of common stock are still outstanding.   During August 2015, under the 2007 Employee Stock Option Plan, the Company issued an option to an employee to purchase 50,000 shares of common stock at a purchase price of $0.67 per share. The option was valued at $19,930, fair value, using the Black-Scholes Option Pricing Formula. The option expires in 10 years and vests 12,500 immediately and the remaining in equal quarterly installments of 12,500 over the next three quarters. The option is expensed over the vesting terms. For the six month ending June 30, 2016, the Company recognized $7,203 of expense. For the three months ending June 30, 2016, the Company recognized $2,213 of expense. As of June 30, 2016, the options to purchase 50,000 shares of common stock are still outstanding.   During August 2015, under the 2007 Employee Stock Option Plan, the Company issued an option to three employees to purchase 75,000 shares of common stock at a purchase price of $0.69 per share. The option was valued at $32,734, fair value, using the Black-Scholes Option Pricing Formula. The option expires in 10 years and vests 15,000 immediately and the remaining in equal quarterly installments of 15,000 over the next four quarters. The option is expensed over the vesting terms. For the six month ending June 30, 2016, the Company recognized $13,089 of expense. For the three months ending June 30, 2016, the Company recognized $6,561 of expense. As of June 30, 2016, the options to purchase 75,000 shares of common stock are still outstanding.   During August 2015, under the 2007 Employee Stock Option Plan, the Company issued an option to a new director to purchase 200,000 shares of common stock at a purchase price of $0.69 per share. The option was valued at $90,615, fair value, using the Black-Scholes Option Pricing Formula. The option expires in 10 years and vests 50,000 immediately and the remaining in equal annual installments of 50,000 over the next three years. The option is expensed over the vesting terms. For the six month ending June 30, 2016, the Company recognized $11,296 of expense. For the three months ending June 30, 2016, the Company recognized $5,648 of expense. As of June 30, 2016, the options to purchase 200,000 shares of common stock are still outstanding.   During October 2015, under the 2007 Employee Stock Option Plan, the Company issued options to a new employee to purchase 35,000 shares of common stock at a purchase price of $0.74 per share. The option was valued at $16,393, fair value, using the Black-Scholes Option Pricing Formula. The options expire October 12, 2025 with 4,375 shares vesting on the anniversary date of the third month of employment and the remaining vesting in seven equal installments of 4,375 at the end of every three month period thereafter. The option is expensed over the vesting terms.  For the six month ending June 30, 2016, the Company recognized $4,095 of expense. For the three month ending June 30, 2016, the Company recognized $2,049 of expense. As of June 30, 2016, the options to purchase 35,000 shares of common stock are still outstanding.    During November 2015, under the 2007 Employee Stock Option Plan, the Company granted options effective January 1, 2016 to the Chief Executive Officer to purchase 100,000 shares of common stock at a purchase price of $0.86 per share. The options expire November 9, 2025 with 12,500 shares vesting on January 1, 2016 and the remaining vesting quarterly in equal installments of 12,500 options commencing April 1, 2016. The options were valued at $33,108, fair value, using the Black-Scholes Option Pricing Formula. The option is expensed over the vesting terms. For the six month ending June 30, 2016, the Company recognized $12,371 of expense. For the three month ending June 30, 2016, the Company recognized $4,139 of expense. As of June 30, 2016, the options to purchase 100,000 shares of common stock are still outstanding.    In December 2015, the board of directors approved a grant to a senior advisor effective January 1, 2016 of a warrant to purchase up to 125,000 shares of common stock at a purchase price of $0.60 per share. Using the Black-Scholes Option Pricing Formula, the warrant was valued at $44,868, fair value. The warrant expires in 5 years and vests 31,250 immediately and the remaining in equal monthly installments of 9,375 over the next 10 months. The warrant is expensed over the vesting terms. For the six months ending June 30, 2016, the Company recognized $23,286 of expense. For the three months ending June 30, 2016, the Company recognized $11,687 of expense. As of June 30, 2016, the warrant to purchase 125,000 shares of common stock is still outstanding.   In January 2016, the Company signed a Purchase Agreement with an institutional investor to sell up to $20,000,000 of common stock. The Company also entered into a Registration Rights Agreement with the institutional investor whereby the Company agreed to file a registration statement related to the transaction with the U.S. Securities and Exchange Commission registering 5,000,000 shares of the Companys common stock. The registration statement was filed on March 25, 2016. The registration became effective April 7, 2016. Under the Purchase Agreement and at Company's sole discretion, the institutional investor has committed to invest up to $20,000,000 in common stock over a 36-month period. The Company issued 350,000 shares of restricted common stock to the institutional investor as an initial commitment fee valued at $237,965, fair value and 650,000 shares of common stock are reserved for additional commitment fees to the institutional investor in accordance with the terms of the agreement. During August 2016, the institutional investor purchased 500,000 shares of common stock for proceeds of $361,960 and the Company issued 11,763 shares of common stock as additional commitment fee, valued at $8,699, fair value.   In February 2016, the Company issued options to the Companys six independent directors to each purchase 50,000 shares of common stock at a purchase price of $0.68 per share. The options were each valued at $21,475, fair value, using the Black-Scholes Option Pricing Formula. The options expire in 10 years with 20,000 vesting immediately and the remainder vesting in quarterly equal installments of 10,000 commencing April 1, 2016. The options are expensed over the vesting terms. For the six month ending June 30, 2016, the Company recognized $102,792 of expense. For the three months ending June 30, 2016, the Company recognized $25,914 of expense. As of June 30, 2016, the options to purchase 300,000 shares of common stock are still outstanding.   For the three months ending June 30, 2016 the Company issued 10,145 shares, with a fair value of $6,000, to a director serving as a member of the Companys Operations Committee commencing August 2015. For the three months ending June 30, 2016, the Company recognized $6,000 of expense. For the six months ending June 30, 2016 the Company issued 20,427 shares, with a fair value of $12,000. For the six months ending June 30, 2016, the Company recognized $12,000 of expense. During July 2016, the Company issued 3,273 additional shares of common stock valued at $2,000.   In May 2016, the Company issued an option to a director to purchase 200,000 shares of common stock at a purchase price of $0.60 per share. The option was valued at $67,376, fair value, using the Black-Scholes Option Pricing Formula. The option expires in 10 years and vests immediately. The option is expensed over the vesting terms. For the three and six month ending June 30, 2016, the Company recognized $67,376 of expense. As of June 30, 2016, the option to purchase 200,000 shares of common stock is still outstanding.   In May 2016, the Company issued an option to an employee to purchase 5,000 shares of common stock at a purchase price of $0.60 per share. The option was valued at $1,738, fair value, using the Black-Scholes Option Pricing Formula. The option expires in 10 years and vesting in quarterly equal installments of 625 commencing August 4, 2016. The option is expensed over the vesting terms. For the three and six month ending June 30, 2016, the Company recognized $131 of expense. As of June 30, 2016, the option to purchase 5,000 shares of common stock is still outstanding.   During the three month period ending June 30, 2016, an option issued in May 2011 to purchase 200,000 shares of common stock at an exercise price of $1.12 expired and warrants issued in April 2011 to purchase 150,000 shares of common stock at an exercise price of $1.18 expired.

66122783

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NET OTHER ASSETS Intangible assets - net TOTAL ASSETS LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable Accounts payable and accrued expenses- related parties Accrued expenses TOTAL LIABILITIES STOCKHOLDERS' EQUITY Preferred stock, $0.001 par value, 1,000,000 authorized No shares issued or outstanding Common stock $0.001 par value, 250,000,000 authorized 65,608,306 and 65,237,879 issued and outstanding at June 30, 2016 and December 31, 2015 Additional paid-in-capital Accumulated deficit TOTAL STOCKHOLDERS' EQUITY TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY Preferred stock, par value Preferred stock, shares authorized Preferred stock, shares issued Preferred stock, shares outstanding Common stock, par value Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Income Statement [Abstract] NET SALES COST AND EXPENSE Research and development General and administrative TOTAL COST AND EXPENSE LOSS FROM OPERATIONS OTHER INCOME (EXPENSE) Interest income Commitment fee Dividend income Realized gain on investment Realized gain on disposal of assets Litigation settlement NET LOSS Basic and Diluted Loss per Share Basic and Diluted Weighted Average Number of Shares Statement [Table] Statement [Line Items] Equity Components [Axis] Balance Balance, shares Common stock issued for services Common stock issued for services, shares Options issued for services Warrants issued for services Net loss Balance Balance, shares Statement of Cash Flows [Abstract] CASH FLOWS FROM OPERATING ACTIVITIES Adjustment to reconcile net loss to net cash used in operating activities Warrants issued for services Stock options issued for services Common stock issued for services and fees Depreciation and amortization Gain on disposal of property and equipment (Increase) decrease in assets Prepaid expenses and other current assets Receivables Increase (decrease) in liabilities Accounts payable Accounts payable and accrued expenses-related parties Accrued expenses Amortization of deferred charges Realized gain on investments Realized gain on disposal of assets Net cash used in operating activities CASH FLOWS FROM INVESTING ACTIVITIES Cost of intangibles Purchase of property and equipment Sale of property and equipment Proceeds from sale of available for sale securities Proceeds from receipt of note receivable Purchase of available for sale securities Net cash used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES Issuance of common stock, private placement Issuance of common stock, exercise of options and warrants Issuance of common stock, institutional investor Net cash provided by financing activities Repayment of notes payable Proceeds from subscription receivable Advances to stockholders Proceeds from convertible notes Advances from officers NET DECREASE IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS - 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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2016	Aug. 12, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	Lightwave Logic, Inc.
Entity Central Index Key	0001325964
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		66,122,783
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2016

XML 14 R2.htm IDEA: XBRL DOCUMENT

BALANCE SHEETS - USD ($)	Jun. 30, 2016	Dec. 31, 2015
CURRENT ASSETS
Cash and cash equivalents	$ 2,103,903	$ 3,730,705
Prepaid expenses and other current assets	204,995	264,491
Total Current Assets	2,308,898	3,995,196
PROPERTY AND EQUIPMENT - NET	410,484	495,062
OTHER ASSETS
Intangible assets - net	627,386	619,767
TOTAL ASSETS	3,346,768	5,110,025
CURRENT LIABILITIES
Accounts payable	34,731	32,852
Accounts payable and accrued expenses- related parties	23,344	5,069
Accrued expenses	56,824	65,036
TOTAL LIABILITIES	114,899	102,957
STOCKHOLDERS' EQUITY
Preferred stock, $0.001 par value, 1,000,000 authorized No shares issued or outstanding
Common stock $0.001 par value, 250,000,000 authorized 65,608,306 and 65,237,879 issued and outstanding at June 30, 2016 and December 31, 2015	65,608	65,238
Additional paid-in-capital	47,102,159	46,541,251
Accumulated deficit	(43,935,898)	(41,599,421)
TOTAL STOCKHOLDERS' EQUITY	3,231,869	5,007,068
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 3,346,768	$ 5,110,025

XML 15 R3.htm IDEA: XBRL DOCUMENT

BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	65,608,306	65,237,879
Common stock, shares outstanding	65,608,306	65,237,879

XML 16 R4.htm IDEA: XBRL DOCUMENT

STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
STATEMENTS OF OPERATIONS - USD ($)	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement [Abstract]
NET SALES
COST AND EXPENSE
Research and development	592,570	619,492	1,195,833	1,264,698
General and administrative	446,760	432,846	902,808	853,092
TOTAL COST AND EXPENSE	1,039,330	1,052,338	2,098,641	2,117,790
LOSS FROM OPERATIONS	(1,039,330)	(1,052,338)	(2,098,641)	(2,117,790)
OTHER INCOME (EXPENSE)
Interest income	62	62	129	123
Commitment fee			(237,965)
NET LOSS	$ (1,039,268)	$ (1,052,276)	$ (2,336,477)	$ (2,117,667)
Basic and Diluted Loss per Share	$ (0.02)	$ (0.02)	$ (0.04)	$ (0.04)
Basic and Diluted Weighted Average Number of Shares	65,601,676	58,949,676	65,542,773	58,968,556

XML 17 R5.htm IDEA: XBRL DOCUMENT

STATEMENT OF STOCKHOLDERS' EQUITY - 6 months ended Jun. 30, 2016 - USD ($)	Common Stock [Member]	Paid-in Capital [Member]	Accumulated Deficit [Member]	Total
Balance at Dec. 31, 2015	$ 65,238	$ 46,541,251	$ (41,599,421)	$ 5,007,068
Balance, shares at Dec. 31, 2015	65,237,879			65,237,879
Common stock issued for services	$ 370	$ 249,595		$ 249,965
Common stock issued for services, shares	370,427
Options issued for services		$ 264,575		$ 264,575
Warrants issued for services		46,738		46,738
Net loss			(2,336,477)	(2,336,477)
Balance at Jun. 30, 2016	$ 65,608	$ 47,102,159	$ (43,935,898)	$ 3,231,869
Balance, shares at Jun. 30, 2016	65,608,306			65,608,306

XML 18 R6.htm IDEA: XBRL DOCUMENT

STATEMENTS OF CASH FLOW - USD ($)	6 Months Ended
STATEMENTS OF CASH FLOW - USD ($)	Jun. 30, 2016	Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (2,336,477)	$ (2,117,667)
Adjustment to reconcile net loss to net cash used in operating activities
Warrants issued for services	46,738	55,654
Stock options issued for services	264,575	221,511
Common stock issued for services and fees	249,965	40,576
Depreciation and amortization	97,573	81,584
Gain on disposal of property and equipment	(644)
(Increase) decrease in assets
Prepaid expenses and other current assets	59,496	(138,827)
Increase (decrease) in liabilities
Accounts payable	1,879	(99,978)
Accounts payable and accrued expenses-related parties	18,275	5,349
Accrued expenses	(8,212)	22,557
Net cash used in operating activities	(1,606,832)	(1,929,241)
CASH FLOWS FROM INVESTING ACTIVITIES
Cost of intangibles	(15,565)	(10,250)
Purchase of property and equipment	(23,905)	(221,097)
Sale of property and equipment	19,500
Net cash used in investing activities	(19,970)	(231,347)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of common stock, private placement		1,915,000
Net cash provided by financing activities		1,915,000
NET DECREASE IN CASH AND CASH EQUIVALENTS	(1,626,802)	(245,588)
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD	3,730,705	3,165,940
CASH AND CASH EQUIVALENTS - END OF PERIOD	$ 2,103,903	$ 2,920,352

XML 19 R7.htm IDEA: XBRL DOCUMENT

NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 1- NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Financial Statements

Nature of Business

Stock-based Payments

Loss per Share

Comprehensive Income

Recently Adopted Accounting Pronouncements

As of June 30, 2016 and for the period then ended, there were no recently adopted accounting pronouncements that had a material effect on the Company’s financial statements.

Recently Issued Accounting Pronouncements Not Yet Adopted

As of June 30, 2016, there are no recently issued accounting standards not yet adopted which would have a material effect on the Company’s financial statements through 2017.

XML 20 R8.htm IDEA: XBRL DOCUMENT

MANAGEMENT'S PLANS

6 Months Ended

Jun. 30, 2016

MANAGEMENT'S PLANS [Abstract]

MANAGEMENT'S PLANS

NOTE 2 – MANAGEMENT’S PLANS

XML 21 R9.htm IDEA: XBRL DOCUMENT

PROPERTY AND EQUIPMENT

6 Months Ended

Jun. 30, 2016

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

NOTE 3 – PROPERTY AND EQUIPMENT

Property and equipment consists of the following:


	June 30, 2016		December 31 2015

Office equipment	$	52,488	$	51,323
Lab equipment		693,869		722,555
Furniture		26,028		26,028
Leasehold Improvements		231,859		231,859
		1,004,244		1,031,765
Less: Accumulated depreciation		593,760		536,703

	$	410,484	$	495,062

XML 22 R10.htm IDEA: XBRL DOCUMENT

INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

NOTE 4 – INTANGIBLE ASSETS

Patents consists of the following:


	June 30, 2016		December 31, 2015

Patents	$	705,727	$	690,162
Less: Accumulated amortization		78,341		70,395

	$	627,386	$	619,767

XML 23 R11.htm IDEA: XBRL DOCUMENT

INCOME TAXES

6 Months Ended

Jun. 30, 2016

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 5 – INCOME TAXES

XML 24 R12.htm IDEA: XBRL DOCUMENT

STOCKHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2016

Equity [Abstract]

STOCKHOLDERS' EQUITY

NOTE 6 – STOCKHOLDERS’ EQUITY

Preferred Stock

Common Stock Options and Warrants

- 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 310
-SubTopic 10
-Section S99
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+ Details

XML 25 R13.htm IDEA: XBRL DOCUMENT

STOCK BASED COMPENSATION

6 Months Ended

Jun. 30, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

STOCK BASED COMPENSATION

NOTE 7 – STOCK BASED COMPENSATION

As of June 30, 2016, there was $175,952 of unrecognized compensation expense related to non-vested market-based share awards that is expected to be recognized through August 2018.

The following tables summarize all stock option and warrant activity of the Company during the six months ended June 30, 2016:


	Non-Qualified Stock Options and Warrants Outstanding and Exercisable
						Weighted
	Number of			Exercise		Average
	Shares			Price		Exercise Price

Outstanding, December 31, 2015		18,528,367		$	0.63 - $1.69	$	0.92

Granted		730,000		$	0.60 - $0.86	$	0.67
Expired		(385,000	)	$	1.00 - $1.18	$	1.13
Forfeited
Exercised

Outstanding, June 30, 2016		18,873,367		$	0.60 - $1.69	$	0.91

Exercisable, June 30, 2016		18,335,242		$	0.60 - $1.69	$	0.91


Non-Qualified Stock Options and Warrants Outstanding
	Number Outstanding	Weighted Average	Weighted Average
Range of	Currently Exercisable	Remaining	Exercise Price of Options and
Exercise Prices	at June 30, 2016	Contractual Life	Warrants Currently Exercisable

$0.60 - $1.69	18,335,242	4.62 Years	$0.91

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

XML 26 R14.htm IDEA: XBRL DOCUMENT

RELATED PARTY

6 Months Ended

Jun. 30, 2016

RELATED PARTY

NOTE 8 – RELATED PARTY

XML 27 R15.htm IDEA: XBRL DOCUMENT

RETIREMENT PLAN

6 Months Ended

Jun. 30, 2016

Compensation and Retirement Disclosure [Abstract]

RETIREMENT PLAN

NOTE 9 – RETIREMENT PLAN

XML 28 R16.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2016

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 10 – SUBSEQUENT EVENTS

XML 29 R17.htm IDEA: XBRL DOCUMENT

NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Financial Statements	Financial Statements The accompanying unaudited financial statements have been prepared by Lightwave Logic, Inc. (the Company). These statements include all adjustments (consisting only of its normal recurring adjustments) which management believes necessary for a fair presentation of the statements and have been prepared on a consistent basis using the accounting polices described in the Summary of Accounting Policies included in the 2015 Annual Report. Certain financial information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission, although the Company firmly believes that the accompanying disclosures are adequate to make the information presented not misleading. The financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, as filed with the Securities and Exchange Commission. The interim operating results for the three and six months ending June 30, 2016 may not be indicative of operating results expected for the full year.
Nature of Business	Nature of Business Lightwave Logic, Inc. is a technology Company focused on the development of next generation photonic devices and non-linear optical polymer materials systems for applications in high speed fiber-optic data communications and optical computing markets. Currently the Company is in various stages of photonic device and materials development and evaluation with potential customers and strategic partners. The Company expects the next revenue stream to be in sales of non-linear optical polymers, prototype devices and product development agreements prior to moving into production. The Company’s current development activities are subject to significant risks and uncertainties, including failing to secure additional funding to operationalize the Company’s technology now under development.
Stock-based Payments	Stock-based Payments The Company accounts for stock-based compensation under the provisions of FASB ASC 718, "Compensation - Stock Compensation" which requires the measurement and recognition of compensation expense for all stock-based awards made to employees and directors based on estimated fair values on the grant date. The Company estimates the fair value of stock-based awards on the date of grant using the Black-Scholes model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods using the straightline method. The Company accounts for stock-based compensation awards to nonemployees in accordance with FASB ASC 505-50, "Equity-Based Payments to Non-Employees (“ASC 505-50”). Under ASC 505-50, the Company determines the fair value of the warrants or stock-based compensation awards granted as either the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. All issuances of stock options or other equity instruments to non-employees as consideration for goods or services received by the Company are accounted for based on the fair value of the equity instruments issued. Any stock options issued to non-employees are recorded as an expense and additional paid in capital in stockholders’ equity over the applicable service periods. Non-employee equity based payments that do not vest immediately upon grant are recorded as an expense over the service period, as if the Company had paid cash for the services. At the end of each financial reporting period, prior to vesting or prior to the completion of the services, the fair value of the equity based payments will be re-measured and the non-cash expense recognized during the period will be adjusted accordingly. Since the fair value of equity based payments granted to non-employees is subject to change in the future, the amount of the future expense will include fair value re-measurements until the equity based payments are fully vested or the service completed.
Loss Per Share	Loss per Share The Company follows Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) 260, “Earnings per Share”, resulting in the presentation of basic and diluted earnings per share. Because the Company reported a net loss in 2016 and 2015, common stock equivalents, including stock options and warrants were anti-dilutive; therefore, the amounts reported for basic and dilutive loss per share were the same.
Comprehensive Income	Comprehensive Income The Company follows FASB ASC 220.10, “Reporting Comprehensive Income.” Comprehensive income is a more inclusive financial reporting methodology that includes disclosure of certain financial information that historically has not been recognized in the calculation of net income. Since the Company has no items of other comprehensive income, comprehensive income (loss) is equal to net income (loss).
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements As of June 30, 2016 and for the period then ended, there were no recently adopted accounting pronouncements that had a material effect on the Company’s financial statements.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted As of June 30, 2016, there are no recently issued accounting standards not yet adopted which would have a material effect on the Company’s financial statements through 2017.

XML 30 R18.htm IDEA: XBRL DOCUMENT

PROPERTY AND EQUIPMENT (Tables)

6 Months Ended

Jun. 30, 2016

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment


	June 30, 2016		December 31 2015

Office equipment	$	52,488	$	51,323
Lab equipment		693,869		722,555
Furniture		26,028		26,028
Leasehold Improvements		231,859		231,859
		1,004,244		1,031,765
Less: Accumulated depreciation		593,760		536,703

	$	410,484	$	495,062

XML 31 R19.htm IDEA: XBRL DOCUMENT

INTANGIBLE ASSETS (Tables)

6 Months Ended

Jun. 30, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Patents


	June 30, 2016		December 31, 2015

Patents	$	705,727	$	690,162
Less: Accumulated amortization		78,341		70,395

	$	627,386	$	619,767

XML 32 R20.htm IDEA: XBRL DOCUMENT

STOCK BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Non-Qualified Stock Options and Warrants Outstanding and Exercisable


	Non-Qualified Stock Options and Warrants Outstanding and Exercisable
						Weighted
	Number of			Exercise		Average
	Shares			Price		Exercise Price

Outstanding, December 31, 2015		18,528,367		$	0.63 - $1.69	$	0.92

Granted		730,000		$	0.60 - $0.86	$	0.67
Expired		(385,000	)	$	1.00 - $1.18	$	1.13
Forfeited
Exercised

Outstanding, June 30, 2016		18,873,367		$	0.60 - $1.69	$	0.91

Exercisable, June 30, 2016		18,335,242		$	0.60 - $1.69	$	0.91

Schedule of Non-Qualified Stock Options and Warrants Outstanding, by Exercise Price Range


Non-Qualified Stock Options and Warrants Outstanding
	Number Outstanding	Weighted Average	Weighted Average
Range of	Currently Exercisable	Remaining	Exercise Price of Options and
Exercise Prices	at June 30, 2016	Contractual Life	Warrants Currently Exercisable

$0.60 - $1.69	18,335,242	4.62 Years	$0.91

XML 33 R21.htm IDEA: XBRL DOCUMENT

MANAGEMENT'S PLANS (Details) - USD ($)	1 Months Ended	6 Months Ended
MANAGEMENT'S PLANS (Details) - USD ($)	Jan. 31, 2016	Jun. 30, 2016
MANAGEMENT'S PLANS [Abstract]
Approximate cash position		$ 2,150,000
Approximate monthly expenditures		$ 300,000
Agreement with an institutional investor to sell common stock and investor committed to invest in common stock (upper limit)	$ 20,000,000
Term of agreement with institutional investor	36 months
Registering shares of common stock	5,000,000

XML 34 R22.htm IDEA: XBRL DOCUMENT

PROPERTY AND EQUIPMENT (Schedule of Equipment) (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,004,244	$ 1,031,765
Less: Accumulated depreciation	593,760	536,703
Property and equipment, net	410,484	495,062
Office equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	52,488	51,323
Lab equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	693,869	722,555
Furniture [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	26,028	26,028
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 231,859	$ 231,859

XML 35 R23.htm IDEA: XBRL DOCUMENT

PROPERTY AND EQUIPMENT (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
PROPERTY AND EQUIPMENT (Narrative) (Details) - USD ($)	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 44,169	$ 37,407	$ 89,627	$ 74,153
Proceeds from sale of equipment			19,500
Gain on sale of equipment			$ 644

XML 36 R24.htm IDEA: XBRL DOCUMENT

INTANGIBLE ASSETS (Schedule of Patents) (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Patents	$ 705,727	$ 690,162
Less: Accumulated amortization	78,341	70,395
Intangible assets - net	$ 627,386	$ 619,767

XML 37 R25.htm IDEA: XBRL DOCUMENT

INTANGIBLE ASSETS (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
INTANGIBLE ASSETS (Narrative) (Details) - USD ($)	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Amortization expense	$ 3,973	$ 3,716	$ 7,946	$ 7,431
Research and development expenses	592,570	619,492	1,195,833	1,264,698
Patents [Member]
Research and development expenses	$ 0	$ 0	$ 0	$ 0

XML 38 R26.htm IDEA: XBRL DOCUMENT

STOCKHOLDERS' EQUITY (Details) - USD ($)	1 Months Ended															3 Months Ended	6 Months Ended
STOCKHOLDERS' EQUITY (Details) - USD ($)	Aug. 30, 2016	Jul. 31, 2016	May 30, 2016	Feb. 28, 2016	Jan. 31, 2016	Dec. 31, 2015	Nov. 30, 2015	Oct. 31, 2015	Aug. 31, 2015	Jul. 31, 2015	May 31, 2014	Mar. 31, 2014	Oct. 31, 2013	May 30, 2011	Apr. 30, 2011	Jun. 30, 2016	Jun. 30, 2016
Equity Issuance [Line Items]
Shares Expired																200,000
Options issued														200,000
Purchase price of options granted														$ 1.12
Agreement with an institutional investor to sell common stock and investor committed to invest in common stock (upper limit)					$ 20,000,000
Term of agreement with institutional investor					36 months
Common stock, shares authorized						250,000,000										250,000,000	250,000,000
Warrant [Member]
Equity Issuance [Line Items]
Shares Expired																150,000
Options issued															150,000
Purchase price of options granted															$ 1.18
Subsequent Event [Member]
Equity Issuance [Line Items]
Additional shares issued		3,273
Additional shares issued, Amount		$ 2,000
Subsequent Event [Member] \| Warrant [Member]
Equity Issuance [Line Items]
Option granted, number of shares vesting in installments		12,500
Options vesting		12,500
Options issued		150,000
Purchase price of options granted		$ 0.63
Vesting period		5 years
Senior advisor [Member]
Equity Issuance [Line Items]
Expiration period						5 years
Option granted, number of shares vesting in installments						9,375
Stock option expense																$ 11,687	$ 23,286
Options outstanding																125,000	125,000
Options vesting						31,250
Options issued						125,000
Purchase price of options granted						$ 0.60
Option granted, value						$ 44,868
Investor [Member]
Equity Issuance [Line Items]
Number of common shares that can be purchased through option issuance					20,000,000
Purchase of options, shares					5,000,000
Term of agreement with institutional investor					36 months
Issued restricted common stock					350,000
Initial commitment fee																	$ 237,965
Stock reserved for additional commitment fees																	650,000
Independent Director [Member]
Equity Issuance [Line Items]
Expiration period				10 years
Option granted, number of shares vesting in installments				10,000
Stock option expense																$ 25,914	$ 102,792
Options outstanding																300,000	300,000
Options vesting				20,000
Options issued				50,000
Purchase price of options granted				$ 0.68
Option granted, value				$ 21,475
Directors [Member]
Equity Issuance [Line Items]
Stock option expense																$ 6,000	$ 12,000
Share issued, shares																10,145	20,427
Share issued, value																$ 6,000	$ 12,000
Directors One [Member]
Equity Issuance [Line Items]
Expiration period			10 years
Stock option expense																$ 67,376	$ 67,376
Options outstanding																200,000	200,000
Options issued			200,000
Purchase price of options granted			$ 0.60
Option granted, value			$ 67,376
Employee [Member]
Equity Issuance [Line Items]
Expiration period			10 years
Stock option expense																$ 131	$ 131
Options outstanding																5,000	5,000
Options vesting			625
Options issued			5,000
Purchase price of options granted			$ 0.60
Option granted, value			$ 1,738
Employee [Member] \| Vesting in first quarter [Member]
Equity Issuance [Line Items]
Options vesting			625
Employee [Member] \| Vesting in second quarter [Member]
Equity Issuance [Line Items]
Options vesting			625
Employee [Member] \| Vesting in third quarter [Member]
Equity Issuance [Line Items]
Options vesting			625
Employee [Member] \| Vesting in fourth quarter [Member]
Equity Issuance [Line Items]
Options vesting			625
Warrant One [Member]
Equity Issuance [Line Items]
Expiration period										5 years
Option granted, number of shares vesting in installments										10,416
Stock option expense																$ 11,336	$ 23,452
Options outstanding																125,000	125,000
Options vesting										10,416
Fair value of warrant										$ 46,897
Options issued										125,000
Purchase price of options granted										$ 0.70
Vesting period										12 months
Beginning date of shares vesting										Jul. 01, 2015
Number of common shares that can be purchased through warrant										125,000
New Director Two [Member]
Equity Issuance [Line Items]
Expiration period													10 years
Option granted, number of shares vesting in installments													50,000
Stock option expense																$ 10,852	$ 21,704
Options outstanding																200,000	200,000
Options issued													200,000
Purchase price of options granted													$ 0.93
Option granted, value													$ 174,106
Frequency of vesting installments																	Annual
Beginning date of shares vesting													Nov. 01, 2013
March 2014 New Employee1 [Member]
Equity Issuance [Line Items]
Expiration period												10 years
Option granted, number of shares vesting in installments												3,750
Stock option expense																$ 0	$ 1,552
Options outstanding																30,000	30,000
Options issued												30,000
Purchase price of options granted												$ 0.92
Option granted, value												$ 23,304
Frequency of vesting installments																	Quarterly
March 2014 New Employee 2 [Member]
Equity Issuance [Line Items]
Expiration period												10 years
Option granted, number of shares vesting in installments												9,375
Stock option expense																$ 0	$ 4,363
Options outstanding																75,000	75,000
Options issued												75,000
Purchase price of options granted												$ 0.92
Option granted, value												$ 58,384
Frequency of vesting installments																	Quarterly
March 2014 New Employee 3 [Member]
Equity Issuance [Line Items]
Expiration period												10 years
Option granted, number of shares vesting in installments												6,250
Stock option expense																$ 0	$ 3,331
Options outstanding																50,000	50,000
Options issued												50,000
Purchase price of options granted												$ 0.92
Option granted, value												$ 38,922
Frequency of vesting installments																	Quarterly
New Director [Member]
Equity Issuance [Line Items]
Expiration period											10 years
Option granted, number of shares vesting in installments											50,000
Stock option expense																$ 7,636	$ 15,272
Options outstanding																200,000	200,000
Options vesting											50,000
Options issued											200,000
Purchase price of options granted											$ 0.763
Option granted, value											$ 122,515
Frequency of vesting installments																	Annually
August 2015 Employee [Member]
Equity Issuance [Line Items]
Expiration period									10 years
Option granted, number of shares vesting in installments									12,500
Stock option expense																$ 2,213	$ 7,203
Options outstanding																50,000	50,000
Options vesting									12,500
Options issued									50,000
Purchase price of options granted									$ 0.67
Option granted, value									$ 19,930
August 2015 New Director [Member]
Equity Issuance [Line Items]
Expiration period									10 years
Option granted, number of shares vesting in installments									50,000
Stock option expense																$ 5,648	$ 11,296
Options outstanding																200,000	200,000
Options vesting									50,000
Options issued									200,000
Purchase price of options granted									$ 0.69
Option granted, value									$ 90,615
October 2015 Employee [Member]
Equity Issuance [Line Items]
Option granted, number of shares vesting in installments								4,375
Stock option expense																$ 2,049	$ 4,095
Options outstanding																35,000	35,000
Options vesting								4,375
Options issued								35,000
Purchase price of options granted								$ 0.74
Option granted, value								$ 16,393
November 2015 Chief Executive Officer [Member]
Equity Issuance [Line Items]
Option granted, number of shares vesting in installments							12,500
Stock option expense																$ 4,139	$ 12,371
Options outstanding																100,000	100,000
Options vesting							12,500
Options issued							100,000
Purchase price of options granted							$ 0.86
Option granted, value							$ 33,108
Institutional Investor [Member] \| Subsequent Event [Member]
Equity Issuance [Line Items]
Purchase of options, shares	500,000
Proceeds from issuance of common stock and warrants	$ 361,960
Share issued, shares	11,763
Share issued, value	$ 8,699
August 2015 Employee One [Member]
Equity Issuance [Line Items]
Expiration period									10 years
Option granted, number of shares vesting in installments									15,000
Stock option expense																$ 6,561	$ 13,089
Options outstanding																75,000	75,000
Options vesting									15,000
Options issued									75,000
Purchase price of options granted									$ 0.69
Option granted, value									$ 32,734

XML 39 R27.htm IDEA: XBRL DOCUMENT

STOCK BASED COMPENSATION (Narrative) (Details)	6 Months Ended
STOCK BASED COMPENSATION (Narrative) (Details)	Jun. 30, 2016 USD ($) $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pricing model used in calculation of grant-date fair value	Black-Scholes
Expected dividend yield
Expected volatility, minimum	66.00%
Expected volatility, maximum	78.00%
Risk-free interest rate, minimum	1.20%
Risk-free interest rate, maximum	1.80%
Unrecognized compensation expense related to non-vested market-based share awards	$ 175,952
Non Qualified Stock Options And Warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value of options and warrants outstanding and exercisable	$ 8,344
Closing stock price of common stock \| $ / shares	$ 0.63
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected option life	5 years
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected option life	5 years 7 months 6 days

XML 40 R28.htm IDEA: XBRL DOCUMENT

STOCK BASED COMPENSATION (Schedule of Stock Option and Warrant Outstanding and Exercisable)(Details) - $ / shares	1 Months Ended	3 Months Ended	6 Months Ended
	May 30, 2011	Jun. 30, 2016	Jun. 30, 2016
Number of Shares
Granted	200,000
Expired		(200,000)
Weighted Average Exercise Price
Granted	$ 1.12
Non Qualified Stock Options And Warrants [Member]
Number of Shares
Outstanding			18,528,367
Granted			730,000
Expired			(385,000)
Forfeited
Exercised
Outstanding		18,873,367	18,873,367
Exercisable		18,335,242	18,335,242
Exercise Price
Outstanding (Lower Limit)			$ 0.63
Outstanding (Upper Limit)			1.69
Granted (Lower Limit)			0.60
Granted (Upper Limit)			0.86
Expired (Lower Limit)			1.00
Expired (Upper Limit)			1.18
Forfeited (Lower Limit)
Forfeited (Upper Limit)
Exercised (Lower Limit)
Exercised (Upper Limit)
Outstanding (Lower Limit)			0.60
Outstanding (Upper Limit)			1.69
Exercisable (Lower Limit)			0.60
Exercisable (Upper Limit)			1.69
Weighted Average Exercise Price
Outstanding			0.92
Granted			0.67
Expired			1.13
Forfeited
Exercised
Outstanding		$ 0.91	0.91
Exercisable		$ 0.91	$ 0.91

XML 41 R29.htm IDEA: XBRL DOCUMENT

STOCK BASED COMPENSATION (Summary of Stock Option and Warrant Outstanding) (Details) - Non Qualified Stock Options And Warrants [Member]	6 Months Ended
	Jun. 30, 2016 $ / shares shares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Prices (Lower Limit)	$ 0.60
Exercise Prices (Upper Limit)	1.69
$0.60 - $1.69 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Prices (Lower Limit)	0.60
Exercise Prices (Upper Limit)	$ 1.69
Number Outstanding Currently Exercisable \| shares	18,335,242
Weighted Average Remaining Contractual Life	4 years 7 months 13 days
Exercise Price	$ 0.91

XML 42 R30.htm IDEA: XBRL DOCUMENT

RELATED PARTY (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Related Party [Member]
Related Party Transaction [Line Items]
Legal accrual	$ 23,344	$ 1,420
Officer [Member]
Related Party Transaction [Line Items]
Travel and office expense accruals		$ 3,649

XML 43 R31.htm IDEA: XBRL DOCUMENT

RETIREMENT PLAN (Narrative) (Details) - USD ($)	3 Months Ended	6 Months Ended
RETIREMENT PLAN (Narrative) (Details) - USD ($)	Jun. 30, 2016	Jun. 30, 2016
Retirement Plan Narrative Details
Expenses related to contribution in retirement plan	$ 5,000	$ 10,000

XML 44 R32.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS (Details) - USD ($)	1 Months Ended
SUBSEQUENT EVENTS (Details) - USD ($)	Jul. 31, 2016	May 30, 2011	Apr. 30, 2011
Options issued		200,000
Option granted, purchase price		$ 1.12
Warrant [Member]
Options issued			150,000
Option granted, purchase price			$ 1.18
Subsequent Event [Member] \| Warrant [Member]
Options issued	150,000
Option granted, purchase price	$ 0.63
Option granted, value	$ 60,272
Option granted, number of shares vesting in installments	12,500
Vesting immediately	12,500
Vesting period	5 years
Term of agreement	12 months
New Employee [Member] \| Subsequent Event [Member]
Options issued	15,000
Option granted, purchase price	$ 0.63
Option granted, value	$ 6,216
Expiration period	10 years
Option granted, number of shares vesting in installments	1,875
Vesting immediately	1,875
Vesting period	21 months

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