LOANS FROM SHAREHOLDER AND AFFILIATE	9 Months Ended
Sep. 30, 2016
Receivables [Abstract]
LOANS FROM SHAREHOLDER AND AFFILIATE	4. LOANS FROM SHAREHOLDER AND AFFILIATE On June 6, 2014, a shareholder issued a promissory note to the Company in the amount of $50,000 (2014 Note). The proceeds of the 2014 Note are used for ongoing operating expenses. The 2014 Note bears interest at 10% per annum. Interest on the 2014 Note and the full amount of the principal is to be repaid on June 30, 2019. On August 2, 2016, the Company issued a promissory note to an affiliate of a shareholder in the amount of $40,000 (2016 Note). The proceeds of the 2016 Note will be used for ongoing operating expenses. The 2016 Note bears interest at 10% per annum. Interest and principal on the 2016 Note is to be repaid on August 31, 2021, and all payments are subordinate to the payment of all outstanding amounts due under the 2014 Note. During the three and nine months ended September 30, 2016, the Company recognized interest expense on the 2014 and 2016 Notes in the amount of $1,913 and $4,399, respectively. Total accrued interest on the loans is $12,262 as of September 30, 2016 and for this period is included as a long-term liability. Previously the interest was included a component of accounts payable and accrued expenses on the accompanying balance sheet.

LOANS FROM SHAREHOLDER AND AFFILIATE

9 Months Ended

Sep. 30, 2016

4. LOANS FROM SHAREHOLDER AND AFFILIATE

On June 6, 2014, a shareholder issued a promissory note to the Company in the amount of $50,000 (2014 Note). The proceeds of the 2014 Note are used for ongoing operating expenses. The 2014 Note bears interest at 10% per annum. Interest on the 2014 Note and the full amount of the principal is to be repaid on June 30, 2019.

On August 2, 2016, the Company issued a promissory note to an affiliate of a shareholder in the amount of $40,000 (2016 Note). The proceeds of the 2016 Note will be used for ongoing operating expenses. The 2016 Note bears interest at 10% per annum. Interest and principal on the 2016 Note is to be repaid on August 31, 2021, and all payments are subordinate to the payment of all outstanding amounts due under the 2014 Note.

During the three and nine months ended September 30, 2016, the Company recognized interest expense on the 2014 and 2016 Notes in the amount of $1,913 and $4,399, respectively. Total accrued interest on the loans is $12,262 as of September 30, 2016 and for this period is included as a long-term liability. Previously the interest was included a component of accounts payable and accrued expenses on the accompanying balance sheet.