DEBT AND EQUITY FINANCINGS (Tables)

6 Months Ended

Jun. 30, 2015

DEBT AND EQUITY FINANCINGS [Abstract]

Fair value assumptions used to value Liability Warrants

The following assumptions were used in a Monte Carlo simulation to value the Liability Warrants at the time of issuance and the reporting date:

Initial Warrants	Fair Value Measurements
	Using Inputs
	January 30, 2015			June 30, 2015
Stock price	$	0.70			$	0.50
Exercise price	$	0.72			$	0.72
Term (years)		10				9.59
Dividend yield		—	%			—	%
Expected volatility		100	%			100	%
Risk-free interest rate		1.67	%			2.32	%

March 2015 Warrants	Fair Value Measurements
	Using Inputs
	March 4, 2015			June 30, 2015
Stock price	$	1.00		$	0.50
Exercise price	$	0.82		$	0.82
Term (years)		10			9.68
Dividend yield		—	%		—	%
Expected volatility		100	%		100	%
Risk-free interest rate		2.10	%		2.32	%

Warrants outstanding and exercisable

The following table summarizes warrants to purchase common stock that are outstanding as of June 30, 2015:

	Warrants		Weighted average exercise price		Aggregate intrinsic value		Weighted average remaining contractual life (years)
Outstanding at December 31, 2014		1,683,673	$	0.98	$	—		8.75
Issued		3,654,785		0.72		—		9.27
Outstanding at June 30, 2015		5,338,458	$	0.80	$	—		9.11

Summary of warrants exercisable

Warrants exercisable at June 30, 2015 are:

Exercise  prices		Number of shares		Remaining life (years)
$	0.98		1,683,673		8.75
	0.72		1,538,462		9.58
	0.65		854,789		8.75
	0.82		684,934		9.67
	0.73		576,600		8.75
			5,338,458