Quarterly report pursuant to Section 13 or 15(d)

NOTE 8 - FAIR VALUE MEASUREMENT (Tables)

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NOTE 8 - FAIR VALUE MEASUREMENT (Tables)
9 Months Ended
Sep. 30, 2015
Fair Value Disclosures [Abstract]  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] The following table provides a summary of changes in fair value of the Company’s level 3 financial liabilities as of September 30, 2015:

   
Warrant
Liability
   
Derivative
 
Balance, December 31, 2014
 
$
-
   
$
-
 
Total (gains) losses
               
Initial fair value of derivative at March 31, 2015, reclassified from equity
   
-
     
1,242,590
 
Initial fair value of warrant liability at March 31, 2015, reclassified from equity
   
4,097,444
     
-
 
Initial fair value of derivative at date of issuance of Series C Preferred Stock
   
-
     
250,540
 
Initial fair value of warrant liability at the date of issuance
   
334,784
     
-
 
Transfers out due to conversion of Series C Preferred Stock
   
-
     
(572,435
)
Transfers out due to exercise of warrants
   
(265,955
)
   
-
 
Mark to market to September 30, 2015
   
(2,349,956
)
   
(700,362
)
Balance, September 30, 2015
 
$
1,816,317
   
$
220,333
 
Gain on change in warrant and derivative liabilities for the nine months ended September  30, 2015
 
$
2,349,956
   
$
700,362