Prepaid Expenses, Other Current Assets and Accrued Expenses

12 Months Ended

Dec. 31, 2014

Prepaid Expenses, Other Current Assets and Accrued Expenses [Abstract]

PREPAID EXPENSES, OTHER CURRENT ASSETS AND ACCRUED EXPENSES

NOTE 7 - PREPAID EXPENSES, OTHER CURRENT ASSETS AND ACCRUED EXPENSES

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of various payments that the Company has made in advance for goods or services to be received in the future. Prepaid expenses and other current assets at December 31, 2014 and 2013 consisted of the following:

(In thousand $)	December 31, 2014		December 31, 2013
Prepaid insurance	$	46	$	63
Prepaid research and development		15		-
Prepaid stock compensation		-		70
Prepaid consulting		8		20
Prepaid inventory purchases		664		-
Other		12		62
Total prepaid expenses and other current assets	$	745	$	215

Accrued Expenses

Accrued expenses consist of estimated future liability payments that relate to the current and prior accounting periods. Management reviews these estimates regularly to determine their reasonableness. Accrued expenses at December 31, 2014 and 2013 consisted of the following:

(In thousand $)	December 31, 2014		December 31, 2013
Advertising and promotional expense payable	$	171	$	171
Audit fees payable		25		35
Rent payable		30		30
Research & development		49		-
Accrued salaries & bonuses		92		-
Consulting fees payable		96		65
Other accrued expenses		32		11
Total accrued expenses	$	495	$	312