Document and Entity Information (USD $)	12 Months Ended
Document and Entity Information (USD $)	Dec. 31, 2014	Mar. 06, 2015	Jun. 30, 2014
Entity Registrant Name	TherapeuticsMD, Inc.
Entity Central Index Key	0000025743
Document Type	10-K
Document Period End Date	Dec. 31, 2014
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity a Well-known Seasoned Issuer	No
Entity a Voluntary Filer	No
Entity's Reporting Status Current	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 399,616,527
Entity Common Stock, Shares Outstanding		171,715,551
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2014
Non-Affiliates
Entity Common Stock, Shares Outstanding			90,410,979

CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2014	Dec. 31, 2013
Current Assets:
Cash	$ 51,361,607	$ 54,191,260
Accounts receivable, net of allowance for doubtful accounts of $21,119 and $26,555, respectively	2,154,217	1,690,753
Inventory	1,182,113	1,043,618
Other current assets	1,537,407	2,477,715
Total current assets	56,235,344	59,403,346
Fixed assets, net	63,293	61,318
Other Assets:
Prepaid expense	1,427,263	1,750,455
Intangible assets	1,228,588	665,588
Security deposit	125,000	135,686
Total other assets	2,780,851	2,551,729
Total assets	59,079,488	62,016,393
Current Liabilities:
Accounts payable	6,327,129	2,114,217
Deferred revenue	522,613	1,602,580
Other current liabilities	3,840,639	3,601,189
Total current liabilities	10,690,381	7,317,986
Commitments and Contingencies
Stockholders' Equity:
Preferred stock - par value $0.001; 10,000,000 shares authorized; no shares issued and outstanding
Common stock - par value $0.001; 250,000,000 shares authorized; 156,097,019 and 144,976,757 issued and outstanding, respectively	156,097	144,977
Additional paid in capital	182,982,846	135,086,056
Accumulated deficit	(134,749,836)	(80,532,626)
Total stockholders' equity	48,389,107	54,698,407
Total liabilities and stockholders' equity	$ 59,079,488	$ 62,016,393

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 21,119	$ 26,555
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	156,097,019	144,976,757
Common stock, shares outstanding	156,097,019	144,976,757

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Statement [Abstract]
Revenues, net	$ 15,026,219	$ 8,775,598	$ 3,818,013
Cost of goods sold	3,671,803	1,959,597	1,348,113
Gross profit	11,354,416	6,816,001	2,469,900
Operating expenses:
Sales, general, and administrative	22,124,072	19,014,837	14,069,701
Research and development	43,218,938	13,551,263	4,492,362
Depreciation and amortization	52,467	58,145	56,260
Total operating expense	65,395,477	32,624,245	18,618,323
Operating loss	(54,041,061)	(25,808,244)	(16,148,423)
Other income and (expense)
Miscellaneous income	46,569	34,544	3,001
Interest income	37,309	27,234
Financing costs	(260,027)	(1,503,922)
Interest expense		(1,165,981)	(1,905,409)
Loan guaranty costs		(2,944)	(45,036)
Loss on extinguishment of debt			(10,307,864)
Beneficial conversion feature			(6,716,504)
Total other expense	(176,149)	(2,611,069)	(18,971,812)
Loss before taxes	(54,217,210)	(28,419,313)	(35,120,235)
Provision for income taxes
Net loss	$ (54,217,210)	$ (28,419,313)	$ (35,120,235)
Net loss per share, basic and diluted (in dollars per share)	$ (0.36)	$ (0.22)	$ (0.38)
Weighted average number of shares outstanding (in shares)	149,727,228	127,569,731	91,630,693

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' (DEFICIT) EQUITY (USD $)	Common Stock [Member]	Additional Paid in Capital [Member]	Accumulated Deficit [Member]	Total
Beginning balance at Dec. 31, 2011	$ 82,979	$ 15,198,241	$ (16,993,078)	$ (1,711,858)
Beginning balance, shares at Dec. 31, 2011	82,978,804
Shares issued in private placement, net of cost	3,954	7,891,531		7,895,485
Shares issued in private placement, net of cost, shares	3,953,489
Shares issued in exchange for debt	2,775	1,051,882		1,054,657
Shares issued in exchange for debt, shares	2,775,415
Shares issued for exercise of options	1,932	189,068		191,000
Shares issued for exercise of options, shares	1,931,788
Shares issued in exercise of warrants	8,145	3,093,855		3,102,000
Shares issued in exercise of warrants, shares	8,145,486
Employee Share Based Compensation		1,832,061		1,832,061
Warrants issued for financing costs		13,014,784		13,014,784
Warrants issued for services		1,563,620		1,563,620
Warrants issued as compensation-related party		36,284		36,284
Warrants issued for cash		400		400
Cancellation of warrants issued for loan guaranty costs-related parties		(7,830)		(7,830)
Beneficial conversion feature		6,716,504		6,716,504
Net loss			(35,120,235)	(35,120,235)
Ending balance at Dec. 31, 2012	99,785	50,580,400	(52,113,313)	(1,433,128)
Ending balance, shares at Dec. 31, 2012	99,784,982
Shares issued in private placement, net of cost	45,117	78,605,236		78,650,353
Shares issued in private placement, net of cost, shares	45,116,352
Shares issued for exercise of options	75	30,835		30,910
Shares issued for exercise of options, shares	75,423			75,423
Employee Share Based Compensation		3,170,954		3,170,954
Warrants issued for financing costs		1,711,956		1,711,956
Warrants issued for services		867,262		867,262
Warrants issued as compensation-related party		36,284		36,284
Non-employee share based compensation		83,129		83,129
Net loss			(28,419,313)	(28,419,313)
Ending balance at Dec. 31, 2013	144,977	135,086,056	(80,532,626)	54,698,407
Ending balance, shares at Dec. 31, 2013	144,976,757			144,976,757
Shares issued in private placement, net of cost	9,850	42,761,503		42,771,353
Shares issued in private placement, net of cost, shares	9,850,106
Shares issued for exercise of options	855	344,891		345,746
Shares issued for exercise of options, shares	854,573
Shares issued in exercise of warrants	365	180,635		181,000
Shares issued in exercise of warrants, shares	365,583
Shares issued for exercise of restricted stock units	50	(50)
Shares issued for exercise of restricted stock units, shares	50,000
Employee Share Based Compensation		4,239,358		4,239,358
Non-employee share based compensation		370,453		370,453
Net loss			(54,217,210)	(54,217,210)
Ending balance at Dec. 31, 2014	$ 156,097	$ 182,982,846	$ (134,749,836)	$ 48,389,107
Ending balance, shares at Dec. 31, 2014	156,097,019			156,097,019

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (54,217,210)	$ (28,419,313)	$ (35,120,235)
Adjustments to reconcile net loss to net cash flows used in operating activities:
Depreciation	28,987	47,883	27,484
Amortization of intangible assets	23,480	10,262	28,776
Provision for doubtful accounts	(5,436)	(15,493)	40,548
Loss on extinguishment of debt			10,307,864
Beneficial conversion feature			6,716,504
Amortization of debt discount		1,102,680	1,604,240
Stock based compensation	4,239,358	3,207,238	1,868,345
Amortization of deferred financing costs	260,027	1,451,934
Stock based expense for services	730,954	636,917	338,457
Loan guaranty costs		2,944	45,036
Changes in operating assets and liabilities:
Accounts receivable	(458,028)	(1,068,619)	(728,253)
Inventory	(138,495)	571,592	(1,027,137)
Other current assets	680,281	(1,386,319)	42,281
Other assets	(37,309)	(565,706)
Accounts payable	4,212,912	472,851	1,334,855
Deferred revenue	(1,079,967)	457,828	1,144,752
Accrued expenses and other current liabilities	239,450	2,875,320	639,157
Other liabilities		(150,068)
Net cash flows used in operating activities	(45,520,996)	(20,768,069)	(12,737,326)
CASH FLOWS FROM INVESTING ACTIVITIES
Patent costs, net of abandoned costs	(586,480)	(439,034)	(206,101)
Purchase of property and equipment	(30,962)	(40,790)	(66,405)
Refund (payment) of security deposit	10,686	(103,737)
Net cash flows used in investing activities	(606,756)	(583,561)	(272,506)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from sale of common stock, net of costs	42,771,353	78,650,353	7,895,485
Proceeds from exercise of options	345,746	30,910	191,000
Proceeds from exercise of warrants	181,000
Proceeds from notes and loans payable			8,700,000
Proceeds from bank line of credit		500,000
Proceeds from sale of warrants			400
Repayment of bank line of credit		(500,000)	(300,000)
Repayment of notes payable-related party			(200,000)
Repayment of notes payable		(4,691,847)	(1,850,000)
Net cash flows provided by financing activities	43,298,099	73,989,416	14,436,885
Increase in cash	(2,829,653)	52,637,786	1,427,053
Cash, beginning of period	54,191,260	1,553,474	126,421
Cash, end of period	51,361,607	54,191,260	1,553,474
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for interest		212,853	17,253
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES:
Warrants issued for financing		1,711,956	2,509,537
Warrants issued for services		462,196	1,532,228
Warrants exercised in exchange for debt and accrued interest			3,102,000
Shares issued in exchange for debt and accrued interest			1,054,658
Notes payable issued for accrued interest			$ 15,123

THE COMPANY

12 Months Ended

Dec. 31, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

THE COMPANY

NOTE 1 – THE COMPANY

TherapeuticsMD, Inc., a Nevada corporation, or TherapeuticsMD or the Company, has two wholly owned subsidiaries, vitaMedMD, LLC, a Delaware limited liability company, or VitaMed, and BocaGreenMD, Inc., a Nevada corporation, or BocaGreen. Unless the context otherwise requires, TherapeuticsMD, VitaMed, and BocaGreen collectively are sometimes referred to as “our company,” “we,” “our,” or “us.”

Nature of Business

We are a women’s health care product company focused on creating and commercializing products targeted exclusively for women. As of the date of these consolidated financial statements, we are focused on conducting the clinical trials necessary for regulatory approval and commercialization of our advanced hormone therapy pharmaceutical products. The drug candidates used in our clinical trials are designed to alleviate the symptoms of and reduce the health risks resulting from menopause-related hormone deficiencies, including hot flashes, osteoporosis, and vaginal dryness. We are developing these hormone therapy drug candidates, which contain estradiol and progesterone alone or in combination, with the aim of demonstrating equivalent clinical efficacy at lower doses, thereby enabling an enhanced side effect profile compared with competing products. Our drug candidates are created from a platform of hormone technology that enables the administration of hormones with high bioavailability alone or in combination. In addition, we manufacture and distribute branded and generic prescription prenatal vitamins, as well as over-the-counter, or OTC, vitamins.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of our company and our wholly owned subsidiaries, VitaMed and BocaGreen. All material intercompany balances and transactions have been eliminated in consolidation.

Cash

We maintain cash at financial institutions that at times may exceed the federally insured limit of $250,000 per financial institution. We have never experienced any losses related to these funds.

Trade Accounts Receivable and Allowance for Doubtful Accounts

Trade accounts receivable are customer obligations due under normal trade terms. We review accounts receivable for uncollectible accounts and credit card charge-backs and provide an allowance for doubtful accounts, which is based upon a review of outstanding receivables, historical collection information, and existing economic conditions. We consider trade accounts receivable past due for more than 90 days to be delinquent. We write off delinquent receivables against our allowance for doubtful accounts based on individual credit evaluations, the results of collection efforts, and specific circumstances of customers. We record recoveries of accounts previously written off as increase in allowance for doubtful accounts when received. To the extent data we use to calculate these estimates does not accurately reflect bad debts; adjustments to these reserves may be required.

Inventories

Inventories represent packaged vitamins, nutritional products and supplements and raw materials, which are valued at the lower of cost or market using the average-cost method. The costs of manufacturing the prescription products associated with the deferred revenue (as discussed in Revenue Recognition) are recorded as deferred costs and are included in inventory, until such time as the related deferred revenue is recognized.

Pre-Launch Inventory

Inventory costs associated with product candidates that have not yet received regulatory approval are capitalized if we believe there is probable future commercial use and future economic benefit. If the probability of future commercial use and future economic benefit cannot be reasonably determined, then pre-launch inventory costs associated with such product candidates are expensed as research and development expenses during the period the costs are incurred.

Fixed Assets

Equipment

We state equipment at cost, net of accumulated depreciation. We charge maintenance costs, which do not significantly extend the useful lives of the respective assets, and repair costs to operating expense as incurred. We compute depreciation using the straight-line method over the estimated useful lives of the related assets, which range from three to seven years.

Leasehold Improvements

We state improvements at cost, net of accumulated depreciation. We compute depreciation using the straight-line method over the remaining term of the lease.

Intangible Assets

Patent and Trademarks

We have adopted the provisions of Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, 350, Intangible-Goodwill and Other, or ASC 350. Capitalized patent costs, net of accumulated amortization, include legal costs incurred for patent applications. In accordance with ASC 350, once a patent is granted, we amortize the capitalized patent costs over the remaining life of the patent using the straight-line method. If the patent is not granted, we write-off any capitalized patent costs at that time. We review intangible assets for impairment annually or when events or circumstances indicate that their carrying amount may not be recoverable. As of December 31, 2014, we had 4 issued patents (See Note 7).

Impairment of Long-Lived Assets

We review the carrying values of property and equipment and long-lived intangible assets for impairment whenever events or changes in circumstances indicate that their carrying values may not be recoverable. Such events or circumstances include the following:

•

significant declines in an asset’s market price;

•

significant deterioration in an asset’s physical condition;

•

significant changes in the nature or extent of an asset’s use or operation;

•

significant adverse changes in the business climate that could impact an asset’s value, including adverse actions or assessments by regulators;

•

accumulation of costs significantly in excess of original expectations related to the acquisition or construction of an asset;

•

current-period operating or cash flow losses combined with a history of such losses or a forecast that demonstrates continuing losses associated with an asset’s use; and

•

expectations that it is more likely than not that an asset will be sold or otherwise disposed of significantly before the end of its previously estimated useful life.

If impairment indicators are present, we determine whether an impairment loss should be recognized by testing the applicable asset or asset group’s carrying value for recoverability. This test requires long-lived assets to be grouped at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities, the determination of which requires judgment. We estimate the undiscounted future cash flows expected to be generated from the use and eventual disposal of the assets and compare that estimate to the respective carrying values in order to determine if such carrying values are recoverable. This assessment requires the exercise of judgment in assessing the future use of and projected value to be derived from the eventual disposal of the assets to be held and used. In our assessments, we also consider changes in asset utilization, including the temporary idling of capacity and the expected timing for placing this capacity back into production. If the carrying value of the assets is not recoverable, then we record a loss for the difference between the assets’ fair value and respective carrying values. We determine the fair value of the assets using an “income approach” based upon a forecast of all the expected discounted future net cash flows associated with the subject assets. Some of the more significant estimates and assumptions include market size and growth, market share, projected selling prices, manufacturing cost, and discount rate. We base estimates upon historical experience, our commercial relationships, market conditions, and available external information about future trends. We believe our current assumptions and estimates are reasonable and appropriate. Unanticipated events and changes in market conditions, however, could affect such estimates, resulting in the need for an impairment charge in future periods. There was no impairment of intangibles or long-lived assets during the years ended December 31, 2014, 2013 and 2012.

Fair Value of Financial Instruments

Our financial instruments consist primarily of accounts receivable, accounts payable and accrued expenses. The carrying amount of accounts receivable, accounts payable and accrued expenses approximates their fair value because of the short-term maturity of such instruments, which are considered Level 1 assets under the fair value hierarchy.

We categorize our assets and liabilities that are valued at fair value on a recurring basis into a three-level fair value hierarchy as defined by ASC 820, Fair Value Measurements. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets and liabilities (Level 1) and lowest priority to unobservable inputs (Level 3). Assets and liabilities recorded in the consolidated balance sheet at fair value are categorized based on a hierarchy of inputs, as follows:

Level 1

unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2

quoted prices for similar assets or liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument; and

Level 3

unobservable inputs for the asset or liability.

At December 31, 2014, and 2013, we had no assets or liabilities that were valued at fair value on a recurring basis.

The fair value of indefinite-lived assets is measured on a non-recurring basis using significant unobservable inputs (Level 3) in connection with our impairment test. There was no impairment of intangible assets during the years ended December 31, 2014, 2013, and 2012.

Income Taxes

Based upon a change in our business model, deferred income taxes are determined by calculating the loss from operations of our company starting October 4, 2011.

We account for income taxes under the asset and liability method. We recognize deferred tax assets and liabilities for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. We measure deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which the related temporary differences are expected to be recovered or settled. We recognize the effect on deferred tax assets and liabilities of a change in tax rates when the rate change is enacted. Valuation allowances are recorded to reduce deferred tax assets to the amount that will more likely than not be realized.

In accordance with ASC 740, Income Taxes, we recognize the effect of uncertain income tax positions only if the positions are more likely than not of being sustained in an audit, based on the technical merits of the position. We measure recognized uncertain income tax positions using the largest amount that has a likelihood of being realized that is greater than 50%. Changes in recognition or measurement are reflected in the period in which those changes in judgment occur. At December 31, 2014, 2013, and 2012 we had no uncertain income tax positions.

We recognize both interest and penalties related to uncertain tax positions as part of the income tax provision. At December 31, 2014 and 2013, we had no tax positions relating to open tax returns that were considered to be uncertain.

Our tax returns are subject to review by the Internal Revenue Service three years after they are filed. Currently, years filed after 2011 are subject to review.

Share-Based Compensation

We measure the compensation costs of share-based compensation arrangements based on the grant-date fair value and recognize the costs in the financial statements over the period during which employees are required to provide services. Share-based compensation arrangements include options, restricted stock, restricted stock units, performance-based awards, share appreciation rights, and employee share purchase plans. As such, compensation cost is measured on the date of grant at fair value. We amortize such compensation amounts, if any, over the respective vesting periods of the award. We use the Black-Scholes-Merton option pricing model, or the Black-Scholes Model, an acceptable model in accordance with ASC 718, that requires the input of highly complex and subjective variables, including the expected life of the award and our expected stock price volatility over a period equal to or greater than the expected life of the award.

Equity instruments (“instruments”) issued to non-employees are recorded on the basis of the fair value of the instruments, as required by ASC 505, Equity Based Payments to Non-Employees, or ASC 505. ASC 505 defines the measurement date and recognition period for such instruments. In general, the measurement date is when either (a) a performance commitment, as defined, is reached or (b) the earlier of (i) the non-employee performance is complete or (ii) the instruments are vested. The measured value related to the instruments is recognized over a period based on the facts and circumstances of each particular grant as defined in ASC 505.

We recognize the compensation expense for all share-based compensation granted based on the grant date fair value estimated in accordance with ASC 718. We generally recognize the compensation expense on a straight-line basis over the employee’s requisite service period.

Debt Discounts

Costs incurred from parties that are providing long-term financing, which include warrants issued in connection with the underlying debt, are reflected as a debt discount based on the relative fair value of the debt and warrants to the total proceeds. We generally amortize discounts over the life of the related debt using the effective interest rate method.

Revenue Recognition

We recognize revenue on arrangements in accordance with ASC 605, Revenue Recognition. We recognize revenue only when the price is fixed or determinable, persuasive evidence of an arrangement exists, the service is performed, and collectability is reasonably assured.

Our OTC and prescription prenatal vitamin products are generally variations of the same product with slight modifications in formulation and marketing. The primary difference between our OTC and prescription prenatal vitamin products is the source of payment. Purchasers of our OTC prenatal vitamin products pay for the product directly while purchasers of our prescription prenatal vitamin products pay for the product via third-party payers. Both OTC and prescription prenatal vitamin products share the same marketing support team utilizing similar marketing techniques. The revenue that is generated by us from major external customers is all generated from sales of our prescription prenatal vitamin products which is disclosed in Note 13. There are no major external customers for our OTC prenatal vitamin or other products.

Over-the-Counter Products

We generate OTC revenue from product sales primarily to retail consumers. We recognize revenue from product sales upon shipment, when the rights of ownership and risk of loss have passed to the consumer. We include outbound shipping and handling fees in sales and bill them upon shipment. We include shipping expenses in cost of sales. A majority of our customers pay for our products with credit cards, and we usually receive the cash settlement in two to three banking days. Credit card sales minimize accounts receivable balances relative to sales. We provide an unconditional 30-day money-back return policy under which we accept product returns from our retail and eCommerce customers. We recognize our revenue from OTC sales, net of returns, sales discounts, and eCommerce fees.

Prescription Products

We sell our name brand and generic prescription products primarily through drug wholesalers and retail pharmacies. We recognize revenue from prescription product sales, net of sales discounts, chargebacks, and rebates.

We accept returns of unsalable product from customers within a return period of six months prior to and up to twelve months following product expiration. Our prescription products currently have a shelf life of 24 months from the date of manufacture. Given the limited history of our prescription products, we currently cannot reliably estimate expected returns of the prescription products at the time of shipment. Accordingly, we defer recognition of revenue on prescription products until the right of return no longer exists, which occurs at the earlier of the time the prescription products are dispensed through patient prescriptions or expiration of the right of return.

We maintain various rebate programs in an effort to maintain a competitive position in the marketplace and to promote sales and customer loyalty. The consumer rebate program is designed to enable the end user to return a coupon to us. If the coupon qualifies, we send a rebate check to the end user. We estimate the allowance for consumer rebates based on our experience and industry averages, which is reviewed, and adjusted if necessary, on a quarterly basis.

Segment Reporting

We are managed and operated as one business, which is focused on creating and commercializing products targeted exclusively for women. Our business operations are managed by a single management team that reports to the President of our Company. We do not operate separate lines of business with respect to any of our products and we do not prepare discrete financial information with respect to separate products. All product sales are derived from sales in the United States. Accordingly, we view our business as one reportable operating segment.

Shipping and Handling Costs

We expense all shipping and handling costs as incurred. We include these costs in cost of sales on the accompanying consolidated financial statements.

Advertising Costs

We expense advertising costs when incurred. Advertising costs were $698,871, $11,739 and $65,944 during the years ended December 31, 2014, 2013 and 2012, respectively.

Research and Development Expenses

Research and development, or R&D, expenses include internal R&D activities, services of external contract research organizations, or CROs, costs of their clinical research sites, and other activities. Internal R&D activity expenses include laboratory supplies, salaries, benefits, and non-cash share-based compensation expenses. Advance payments to be expensed in future R&D activities were $1,175,082 and $2,606,405 for the years ended December 31, 2014 and 2013, respectively. CRO activity expenses include preclinical laboratory experiments and clinical trial studies. Other activity expenses include regulatory consulting and legal counsel. The activities undertaken by our regulatory consultants that were classified as research and development expenses include assisting, consulting with, and advising our in-house staff with respect to various FDA submission processes, clinical trial processes, and scientific writing matters, including preparing protocols and FDA submissions. Legal activities that were classified as research and development expenses related to designing experiments to generate data for patents and to further the formulation development process for our pipeline technologies. Outside legal counsel also provided professional research regarding the legal landscape of potential patents. These consulting and legal expenses were direct costs associated with preparing, reviewing, and undertaking work for our clinical trials and investigative drugs. We charge internal R&D activities and other activity expenses to operations as incurred. We make payments to CROs based on agreed-upon terms, which may include payments in advance of a study starting date. We expense nonrefundable advance payments for goods and services that will be used in future R&D activities when the activity has been performed or when the goods have been received rather than when the payment is made. We review and accrue CRO expenses and clinical trial study expenses based on services performed and rely on estimates of those costs applicable to the completion stage of a study as provided by CROs. Accrued CRO costs are subject to revisions as such studies progress to completion. We charge revisions expense in the period in which the facts that give rise to the revision become known.

Earnings Per Share

We calculate earnings per share, or EPS, in accordance with ASC 260, Earnings Per Share, which requires the computation and disclosure of two EPS amounts: basic and diluted. We compute basic EPS based on the weighted-average number of shares of common stock, par value $0.001 per share, or Common Stock, outstanding during the period. We compute diluted EPS based on the weighted-average number of shares of our Common Stock outstanding plus all potentially dilutive shares of our Common Stock outstanding during the period. Such potentially dilutive shares of our Common Stock consist of options and warrants and were excluded from the calculation of diluted earnings per share because their effect would have been anti-dilutive due to the net loss reported by us.

The table below presents the potentially dilutive securities that would have been included in our calculation of diluted net loss per share allocable to common stockholders if they were not antidilutive for the periods presented.

	As of December 31,
	2014		2013		2012
Stock options		16,792,443		15,632,742		13,733,488
Warrants		13,927,916		14,293,499		12,193,499
		30,720,359		29,926,241		25,926,987

Use of Estimates

Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP. The preparation of these financial statements requires us to make significant estimates and judgments that affect the reported amounts of assets, liabilities, revenue, expenses, and related disclosure of contingent assets and liabilities. We evaluate our estimates, including those related to contingencies, on an ongoing basis. We base our estimates on historical experience and on 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. Actual results may differ, at times in material amounts, from these estimates under different assumptions or conditions.

Recently Issued Accounting Pronouncements

In August 2014, the FASB issued Accounting Standards Update, or ASU, No. 2014-05, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. ASU 2014-15 requires management to evaluate whether there are conditions and events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the financial statements are issued (or available to be issued when applicable) and, if so, disclose that fact. ASU 2014-15 is effective for annual periods ending after December 15, 2016 and interim periods within annual periods beginning after December 15, 2016. Early adoption is permitted for annual or interim reporting periods for which the financial statements have not previously been issued. We do not expect the adoption of the ASU 2014-15 to have a material effect on our consolidated financial statements and disclosures.

In May 2014, the FASB and the International Accounting Standards Board (IASB) issued ASU, No. 2014-09, Revenue from Contracts with Customers (Topic 606). The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under previous guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligations. ASU 2014-09 is effective for public business entities, certain not-for-profit entities and certain employee benefit plans, for annual periods beginning after December 15, 2016, including interim periods within that period. Early adoption is not permitted under GAAP. We are currently evaluating the impact of ASU 2014-09 on our consolidated financial statements and disclosures.

In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit when a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force), or ASU 2013-11. The amendments in ASU 2013-11 provide guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. An unrecognized tax benefit should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward with certain exceptions, in which case such an unrecognized tax benefit should be presented in the financial statements as a liability. The amendments in ASU No. 2013-11 do not require new recurring disclosures. The amendments in ASU 2013-11 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The amendments in ASU No. 2013-11 did not have a material impact on our consolidated financial statements.

In December 2011, the FASB issued ASU No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities, or ASU 2011-11. ASU 2011-11 enhances current disclosures about financial instruments and derivative instruments that are either offset on the statement of financial position or subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset on the statement of financial position. Entities are required to provide both net and gross information for these assets and liabilities in order to facilitate comparability between financial statements prepared in conformity with GAAP and financial statements prepared on the basis of International Financial Reporting Standards. ASU 2011-11 is effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those years. ASU 2011-11 did not have a material impact on our financial position or results of operations.

We do not believe there would have been a material effect on the accompanying consolidated financial statements had any other recently issued, but not yet effective, accounting standards been adopted in the current period.

Reclassifications

Certain 2013 and 2012 amounts have been reclassified to conform to current year presentation.

- Definition

The entire disclosure for all significant accounting policies of the reporting entity.

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INVENTORY

12 Months Ended

Dec. 31, 2014

Inventory Disclosure [Abstract]

INVENTORY

NOTE 3 – INVENTORY

Inventory consists of the following:

	December 31,
	2014		2013
Finished product	$	874,294	$	621,679
Raw material		155,341		250,943
Deferred costs		152,478		170,996
TOTAL INVENTORY	$	1,182,113	$	1,043,618

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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FIXED ASSETS

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

FIXED ASSETS

NOTE 5 – FIXED ASSETS

Fixed assets consist of the following:

	December 31,
	2014			2013
Equipment	$	132,150		$	108,458
Furniture and fixtures		53,895			46,625
		186,045			155,083
Accumulated depreciation		(122,752	)		(93,765	)
TOTAL FIXED ASSETS	$	63,293		$	61,318

Depreciation expense for the years ended December 31, 2014, 2013, and 2012 was $28,987, $47,883, and $27,484, respectively. In December 2013, accumulated depreciation was reduced by $11,980 associated with leasehold improvements of our previously leased office property.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

NOTE 7 – INTANGIBLE ASSETS

The following table sets forth the gross carrying amount and accumulated amortization of our intangible assets as of December 31, 2014 and December 31, 2013:

	December 31, 2014
	Gross Carrying Amount		Accumulated Amortization			Net Amount		Weighted- Average Remaining Amortization Period (yrs.)
Amortizing intangible assets:
OPERA^® software patent	$	31,951	$	(2,496	)	$	29,455		14.75
Development costs of corporate website		91,743		(91,743	)		—		n/a
Approved hormone therapy drug candidate patents		439,184		(19,401	)		419,783		18

Non-amortizing intangible assets:
Hormone therapy drug candidate patents (pending)		675,982		—			675,982		n/a
Multiple trademarks for vitamins/supplements		103,368		—			103,368		n/a
Total	$	1,342,228	$	(113,640	)	$	1,228,588

	December 31, 2013
	Gross Carrying Amount		Accumulated Amortization			Net Amount		Weighted- Average Remaining Amortization Period (yrs.)
Amortizing intangible assets:
OPERA^® software patent	$	31,951	$	(499	)	$	31,452		15.8
Development costs of corporate website		91,743		(89,661	)		2,082		0.3

Non-amortizing intangible assets:
Hormone therapy drug candidate patents (pending)		572,726		—			572,726		n/a
Multiple trademarks for vitamins/supplements		59,328		—			59,328		n/a
Total	$	755,748	$	(90,160	)	$	665,588

We amortized the intangible asset related to development costs for corporate website over 36 months, which is the prescribed life for software and website development costs. We amortize the intangible asset related to OPERA® using the straight-line method over the estimated useful life of approximately 20 years, which is the life of the intellectual property patents. We amortize the approved hormone therapy drug candidate patents using straight-line method over the estimated useful life of approximately 20 years. During the years ended December 31, 2014 and 2013, there was no impairment recognized.

In addition to numerous pending patent applications, as of December 31, 2014, we had 4 issued patents, including:

•

one method patent that relates to our OPERA® information technology platform, which is owned by us and is a U.S. jurisdiction patent with an expiration date in 2029; and

•

3 utility patents that relate to our combination progesterone and estradiol formulations, which are owned by us and are U.S. jurisdiction patents with expiration dates in 2032. We have pending patent applications with respect to certain of these patents in Argentina, Australia, Canada, the European Union, Mexico, Brazil, Japan, Russia, South Africa and South Korea.

Subsequent to December 31, 2014, 1 additional patent was issued related to our combination progesterone and estradiol formulations.

Amortization expense was $23,480, $10,262 and $28,776 for the years ended December 31, 2014, 2013, and 2012, respectively. As of December 31, 2014, the estimated amortization expense for the next five years is as follows:

Year Ending December 31,	Estimated Amortization
2015	$	25,138
2016	$	25,138
2017	$	25,138
2018	$	25,138
2019	$	25,138

OTHER CURRENT LIABILITIES

12 Months Ended

Dec. 31, 2014

Other Liabilities Disclosure [Abstract]

OTHER CURRENT LIABILITIES

NOTE 8 – OTHER CURRENT LIABILITIES

Other current liabilities consist of the following:

	December 31,
	2014		2013
Accrued clinical trial costs	$	1,706,542	$	665,782
Accrued payroll, bonuses and commission costs		814,205		941,313
Accrued vacation costs		442,430		256,920
Accrued legal and accounting expense		276,470		224,550
Other accrued expenses⁽¹⁾		185,965		177,900
Allowance for wholesale distributor fees		160,503		306,303
Accrued royalties		72,710		52,188
Allowance for coupons and returns		90,446		126,233
Accrued rent		91,368		—
Accrued financing costs		—		850,000
TOTAL OTHER CURRENT LIABILITIES	$	3,840,639	$	3,601,189

_________________

⁽¹⁾ In June 2008, we declared and paid a special dividend of $0.40 per share of our Common Stock to all stockholders of record as of June 10, 2008, of which $41,359 remained unclaimed by certain stockholders at both December 31, 2014 and 2013.

NOTES PAYABLE

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

NOTES PAYABLE

NOTE 9 – NOTES PAYABLE

Issuance and Payment of Multiple Advance Revolving Credit Note

On January 31, 2013, we entered into a business loan agreement with Plato and Associates, LLC, or Plato, for a Multiple Advance Revolving Credit Note, or the Revolving Credit Note. The Revolving Credit Note allowed us to draw down funding up to a $10,000,000 maximum principal amount, at a stated interest rate of 6% per annum. Plato was able to make advances to us from time to time under the Revolving Credit Note at our request, which advances were of a revolving nature and were able to be made, repaid, and made from time to time. Interest payments were due and payable on the tenth day following the end of each calendar quarter in which any interest was accrued and unpaid, commencing on April 10, 2013, and the principal balance outstanding under the Revolving Credit Note, together with all accrued interest and other amounts payable under the Revolving Credit Note, if any, was due and payable on February 24, 2014. The Revolving Credit Note was secured by substantially all of our assets. On each of February 25 and March 13, 2013, $200,000 was drawn against the Revolving Credit Note. On March 21, 2013, we repaid $401,085, which included accrued interest, and there was no balance outstanding under the Revolving Credit Note as of December 31, 2013 and February 24, 2014 when it expired. As additional consideration for the Revolving Credit Note, we granted to Plato a warrant to purchase 1,250,000 shares of our Common Stock at an exercise price of $3.20 per share (See Note 10).

Borrowing under Business Loan Agreement and Promissory Note

In March 2011, VitaMed entered into a business loan agreement with First United Bank for a $300,000 bank line of credit for which personal guarantees and cash collateral were required. Personal guarantees and cash collateral limited to $100,000 each were provided by Robert Finizio and John Milligan, officers of our Company, and by Reich Family Limited Partnership, an entity controlled by Mitchell Krassan, also an officer of our Company. The bank line of credit accrued interest at the rate of 3.02% per annum based on a year of 360 days and was due on March 1, 2012. We negotiated a one-year extension with First United to the bank line of credit, which was executed on March 19, 2012. Under the extension, borrowings bore interest at a rate of 2.35% and were due on March 1, 2013. On November 13, 2012, the outstanding balance of $299,220 was repaid in full, and we amended the line of credit to reflect a $100,000 bank line of credit. In accordance with the amended line of credit, the personal guarantee and cash collateral limited to $100,000 provided by the Reich Family Limited Partnership remained in place, while the personal guarantees and cash collateral were removed for Mr. Finizio and Mr. Milligan. In February 2013, we borrowed $100,000 from First United Bank under the amended bank line of credit. On April 25, 2013, we re-paid $100,735, which represented the principal and interest that was due under the amended bank line of credit. On May 1, 2013, the amended bank line of credit expired and was not renewed. Accordingly, the personal guarantee was canceled, and the cash collateral was refunded to the Reich Family Limited Partnership. During the years ended December 31, 2013 and 2012, we paid $735 and $7,366, respectively, of interest expense, which are included in interest expense on the accompanying consolidated financial statements.

Issuance of January and February 2012 Promissory Notes

In January and February 2012, we issued 6% promissory notes in the aggregate principal amount of $900,000, due March 1, 2012, which were subsequently increased to an aggregate principal amount of $1,700,000. As discussed below in Issuance and Settlement of February 2012 Notes, these promissory notes were modified on February 24, 2012 through the issuance of secured promissory notes.

Issuance and Settlement of February 2012 Promissory Notes

On February 24, 2012, we issued promissory notes, the February 2012 Notes, to an individual and an entity, both of which were stockholders of our company, in the principal amount of $1,358,014 and $1,357,110, respectively, and granted warrants to purchase an aggregate of 9,000,000 shares of our Common Stock pursuant to the terms of a Note Purchase Agreement, dated February 24, 2012. We received an aggregate of $1,000,000 of new funding upon issuance of the February 2012 Notes and related warrants and surrender by the holders of certain promissory notes, which we previously issued in the aggregate amount of $1,700,000 plus the aggregate accrued interest of $15,124 (collectively, the “Prior Notes”). Under the February 2012 Notes, as amended, we borrowed an additional $3,000,000 during March, April, and May 2012.

We granted warrants to purchase an aggregate of 5,685,300 shares of Common Stock in consideration of the modification of the Prior Notes and warrants to purchase an aggregate of 3,314,700 shares of Common Stock in connection with the issuance of the February 2012 Notes. We determined that the resulting modification of the Prior Notes was substantial in accordance with ASC 470-50, Modifications and Extinguishments. As such the modification was accounted for as an extinguishment and restructuring of the debt, and the 5,685,300 warrants issued in consideration of the modification were expensed (see Warrant Activity during 2012 in NOTE 10 for more details). The fair value of the Prior Notes was estimated by calculating the present value of the future cash flows discounted at a market rate of return for comparable debt instruments to be $1,517,741, resulting in a debt discount of $197,383 and recognized a loss on extinguishment of debt of $10,307,864, which represented the fair value of the 5,685,300 warrants net of the difference between the carrying amount of the Prior Notes and their fair value as of the date of the modification on the accompanying consolidated financial statements.

On June 19, 2012, we settled an aggregate amount of $3,102,000 of principal and accrued interest of the February 2012 Notes in exchange for the exercise of warrants to purchase 8,145,486 shares of our Common Stock. As discussed below in Issuance and Payment of June 2012 Notes, the remaining balance of $2,691,847 of the February 2012 Notes was modified on June 19, 2012 through the issuance of the June 2012 Notes (as defined below) (see NOTE 10 for more details).

Issuance and Payment of June 2012 Promissory Notes

On June 19, 2012, we issued secured promissory notes, or the June 2012 Notes, to the holders of the February 2012 Notes in the principal amounts of $2,347,128 and $2,344,719, pursuant to the terms of a Note Purchase Agreement. In connection with the June 2012 Notes, the holders of the February 2012 Notes surrendered the remaining balance of such notes in the aggregate amount of $1,347,128 and $1,344,719, which sums included principal and accrued interest through June 19, 2012, and we received an aggregate of $2,000,000 of new funding, or the June Funding, from the holders of the February 2012 Notes. The principal amount of each of the June 2012 Notes, plus any additional advance made to us thereafter, together with accrued interest at the annual rate of 6%, was due in one lump sum payment on February 24, 2014. As security for our obligations under the June 2012 Notes, we entered into a security agreement and pledged all of our assets, tangible and intangible, as further described therein. We also granted warrants to purchase an aggregate of 7,000,000 shares of our Common Stock in connection with the June Funding. On March 21, 2013, we repaid $4,882,019 of the June 2012 Notes, including accrued interest, leaving a balance of $21,595 in accrued interest as of March 31, 2013. On April 25, 2013, the balance of accrued interest was paid in full.

Issuance and Payment of Additional Promissory Notes in 2012

In August and September 2012, we issued 6% promissory notes in the amount of $1,600,000 due on October 1, 2012, which due date was subsequently extended. These notes were paid in full in October 2012.

In September 2012, we issued a 6% promissory note for $200,000 due on October 15, 2012. This note was paid in full in October 2012.

Issuance and Payment of Additional Promissory Notes in 2011

In December 2011, we issued 4% promissory notes to Mr. Finizio and Mr. Milligan for an aggregate of $100,000 due March 1, 2012. These promissory notes were subsequently extended by mutual agreement to June 1, 2012. In June 2012, we paid the promissory note held by Mr. Finizio in full, including $888 in accrued interest. Mr. Milligan’s promissory note was extended to October 15, 2012. On October 4, 2012, we paid Mr. Milligan’s promissory note in full, including $1,519 in accrued interest.

Conversion of July 2011 Secured Notes

In July 2011, VitaMed issued two senior secured promissory notes, or the Secured Notes, each in the amount of $500,000 and also entered into a security agreement under which VitaMed pledged all of its assets to secure the obligation. The Secured Notes were assumed by us upon the merger with VitaMed in October 2011 and bore interest at the rate of 6% per annum, were due on the one year anniversary thereof, and were convertible into shares of our Common Stock at our option. We were permitted to satisfy the obligations underlying the Secured Notes by delivering such number of shares of our Common Stock calculated by dividing the then-outstanding principal balance by the Share Price. For purposes of the Secured Notes, the “Share Price” meant the lower of the most recent price at which we offered and sold shares of our Common Stock (not including any shares of our Common Stock issued upon the exercise of options and/or warrants or upon the conversion of any convertible securities) or the five-day average closing bid price immediately preceding the date of conversion. On June 19, 2012, we reached an agreement to convert the outstanding amount of the Secured Notes, representing principal and accrued interest through June 19, 2012, of $1,054,647 into an aggregate of 2,775,415 shares of our Common Stock at $0.38 per share. This resulted in a beneficial conversion feature of $6,716,504 as recorded in other income and expense on the accompanying consolidated financial statements. For the year ended December 31, 2012 we recorded an aggregate of $33,204 as interest expense on the accompanying consolidated financial statements.

Issuance, Payment and Conversion of VitaMed Promissory Notes

In June 2011, VitaMed issued promissory notes, or the VitaMed Notes, in the aggregate principal amount of $500,000. In connection with the VitaMed Notes, VitaMed granted warrants to purchase equity interests in VitaMed that were equivalent to an aggregate of 613,718 shares of our Common Stock when the VitaMed Notes were assumed by us upon the merger with VitaMed. The VitaMed Notes bore interest at a rate of 4% per annum and were due at the earlier of (i) the six month anniversary of the date of issuance and (ii) such time as VitaMed received the proceeds of a promissory note(s) issued in an amount of not less than $1,000,000, or the Funding. Upon the closing of the Funding in July 2011, as more fully described above in Conversion of July 2011 Secured Notes, two of the VitaMed Notes in the aggregate principal amount of $200,000 were paid in full. By mutual agreement, the remaining VitaMed Notes in the aggregate principal amount of $300,000 were extended. In October 2011, one of the VitaMed Notes in the aggregate principal amount of $50,000 was paid in full, and, by mutual agreement, certain of the VitaMed Notes in the aggregate principal amount of $100,000 were converted into 266,822 shares of our Common Stock at $0.38 per share, which represented the fair value of our Common Stock on the date of conversion. In June 2012, a VitaMed Note held by an unaffiliated individual was paid in full, including $2,160 in accrued interest. The remaining VitaMed Notes, held by Mr. Milligan and by BF Investment Enterprises, Ltd., which is owned by Brian Bernick, a director of our company, in the aggregate principal amount of $100,000, were extended to October 15, 2012. On October 4, 2012, we re-paid the outstanding VitaMed Notes in full, including $5,341 in accrued interest.

In September and October 2011, VitaMed issued convertible notes, or the VitaMed Convertible Notes, in the aggregate amount of $534,160. The VitaMed Convertible Notes bore interest at the rate of 4% per annum and were due December 1, 2011. On November 18, 2011, we entered into Debt Conversion Agreements with the holders of the VitaMed Convertible Notes, pursuant to which we converted the principal and accrued interest of the VitaMed Convertible Notes into 1,415,136 shares of our Common Stock at $0.38 per share, which represented the fair value of the shares of our Common Stock on the date of conversion.

For the year ended December 31, 2012, we recorded an aggregate of $6,344 as interest expense on the accompanying consolidated financial statements.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2014

Stockholders' Equity Note [Abstract]

STOCKHOLDERS' EQUITY

NOTE 10 – STOCKHOLDERS’ EQUITY

Preferred Stock

At December 31, 2014, we had 10,000,000 shares of Preferred Stock, par value $0.001, authorized for issuance, of which no shares of Preferred Stock were issued or outstanding.

Common Stock

At December 31, 2014, we had 250,000,000 shares of Common Stock, par value $0.001, authorized for issuance, of which 156,097,019 shares of our Common Stock were issued and outstanding.

Issuances During 2014

On July 29, 2014, we entered into an underwriting agreement with Goldman Sachs & Co, as the representative of the underwriters named therein, or the Goldman Sachs Underwriters, relating to an underwritten public offering of 8,565,310 shares of our Common Stock. The price to the public in the offering was $4.67 per share. Under the terms of the underwriting agreement, we granted the Goldman Sachs Underwriters a 30-day option to purchase up to an additional 1,284,796 shares of our Common Stock. On July 30, 2014, the Goldman Sachs Underwriters exercised their option to purchase the additional 1,284,796 shares of our Common Stock. Net proceeds from this offering were approximately $42.8 million, after deducting underwriting discounts and commissions and other offering expenses payable by us. The offering closed on August 4, 2014.

During the year ended December 31, 2014, certain individuals exercised stock options to purchase 860,800 shares of our Common Stock. Stock options to purchase shares of our Common Stock were exercised as follows: (i) 724,193 options for $345,746 in cash and (ii) 136,607 options, pursuant to the stock options’ cashless provision, wherein 130,380 shares of Common Stock were issued. In addition, during 2014, we issued 50,000 shares of Common Stock to an employee upon the vesting of restricted stock units that were granted in December 2013.

During the year ended December 31, 2014, certain individuals exercised warrants to purchase 365,583 shares of our Common Stock for $181,000 in cash.

Issuances During 2013

On March 14, 2013, we entered into an underwriting agreement with Jefferies LLC as the representative of the underwriters named therein, or the Jefferies Underwriters, relating to the issuance and sale of 29,411,765 shares of our Common Stock. The price to the public in the offering was $1.70 per share. In addition, under the terms of the underwriting agreement, we granted the Jefferies Underwriters a 30-day option to purchase up to an additional 4,411,765 shares of our Common Stock. The offering closed on March 20, 2013. On April 12, 2013, the Jefferies Underwriters exercised their option to purchase an additional 1,954,587 shares of our Common Stock, which were issued on April 18, 2013. The net proceeds to us from this offering were approximately $48.5 million, after deducting underwriting discounts and commissions and other offering expenses payable by us.

On September 25, 2013, we entered into an underwriting agreement with Stifel, Nicolaus & Company, Incorporated, as the representative of the underwriters named therein, or the Stifel Underwriters, relating to the issuance and sale of 13,750,000 shares of our Common Stock. The price to the public in the offering was $2.40 per share. The net proceeds to us from this offering were approximately $30.2 million, after deducting underwriting discounts and commissions and other offering expenses payable by us. The offering closed on September 30, 2013.

During 2013 certain individuals exercised stock options to purchase an aggregate of 75,423 shares of our Common Stock for approximately $31,000.

Issuances During 2012

During June 2012, we settled $3,102,000 in principal and accrued interest of the February 2012 Notes in exchange for the holders’ exercise of a portion of the related warrants for an aggregate of 8,145,486 shares of Common Stock. During June 2012, we and the holders also agreed to convert a portion of the February 2012 Notes, and principal and accrued interest through June 19, 2012 totaling $1,054,647, into 2,775,415 shares of Common Stock at $0.38 per share.

In September 2012, we entered into a Securities Purchase Agreement with multiple investors, relating to the issuance and sale of Common Stock in a private placement. The private placement closed on October 2, 2012, through which we sold an aggregate of 3,953,489 shares of Common Stock at $2.15 per share, for an aggregate purchase price of $8,500,001. In connection with the private placement, Jefferies LLC served as our exclusive placement agent. Jefferies’ compensation for the transaction was a cash fee of $552,500. We also paid legal fees and expenses of the investors in the aggregate of $52,016, resulting in net proceeds to us from the private placement of $7,895,485. Pursuant to the terms of the Securities Purchase Agreement, we agreed to file a registration statement covering the resale of these shares, which was filed on November 27, 2012.

During the year ended December 31, 2012, certain individuals exercised stock options to purchase 1,958,216 shares of Common Stock. Stock options to purchase shares of Common Stock were exercised as follows: (i) 1,691,393 options for $191,000 in cash and (ii) 266,823 options, pursuant to the stock options’ cashless provision, wherein 240,395 shares of Common Stock were issued.

Warrants to Purchase Common Stock

As of December 31, 2014, we had warrants outstanding to purchase an aggregate of 13,927,916 shares of our Common Stock with a weighted-average contractual remaining life of 3.0 years, and exercise prices ranging from $0.24 to $3.20 per share, resulting in a weighted average exercise price of $1.82 per share.

The valuation methodology used to determine the fair value of our warrants is the Black-Scholes Model. The Black-Scholes Model requires the use of a number of assumptions, including volatility of the stock price, the risk-free interest rate and the term of the warrant.

Warrant Activity During 2014

During the year ended December 31, 2014, we did not issue any warrants. As of December 31, 2014, unamortized costs associated with the Sancilio & Company, Inc., or SCI warrants issued in 2013 and 2012 totaled approximately $875,600.

Warrant Activity During 2013

In January 2013, we issued warrants to purchase 1,250,000 shares of our Common Stock in connection with the issuance of the Revolving Credit Note, or the Plato Warrant, (see NOTE 10 above for more details). The Plato Warrant has an exercise price of $3.20 per share. The Plato Warrant vested on October 31, 2013 and may be exercised prior to its expiration on January 31, 2019. The Plato Warrant, with a fair value of approximately $1,711,956, was valued on the date of the grant using a term of six years; a volatility of 44.29%; risk free rate of 0.88%; and a dividend yield of 0%. During the years ended December 31, 2014 and 2013, $260,027 and $1,451,934, respectively, was recorded as financing costs in connection with the issuance of the Plato Warrant on the accompanying consolidated financial statements.

In May 2013, we entered into a consulting agreement with SCI, to develop drug platforms to be used in our hormone replacement drug candidates. These services include support of our efforts to successfully obtain U.S. Food and Drug Administration, or the FDA, approval for our drug candidates, including a vaginal capsule for the treatment of vulvar and vaginal atrophy, or VVA. In connection with the agreement, SCI agreed to forfeit its rights to receive warrants to purchase 833,000 shares of our Common Stock that were to be granted pursuant to the terms of a prior consulting agreement dated May 17, 2012. As consideration under the agreement, we agreed to issue to SCI a warrant to purchase 850,000 shares of our Common Stock at $2.01 per share that has vested or will vest, as applicable, as follows:

283,333 shares were earned on May 11, 2013 upon acceptance of an Investigational New Drug application by the FDA for an estradiol-based drug candidate in a softgel vaginal capsule for the treatment of VVA; however, pursuant to the terms of the consulting agreement, the shares did not vest until June 30, 2013. The fair value of $405,066 for the shares vested on June 30, 2013 was determined by using the Black-Scholes Model on the date of vesting using a term of 5 years; a volatility of 45.89%; risk free rate of 1.12%; and a dividend yield of 0%. We recorded the entire $405,066 as non-cash compensation as of June 30, 2013;

283,333 shares vested on June 30, 2013. The fair value of $462,196 for these shares was determined by using the Black-Scholes Model on the date of the vesting using a term of 5 years; a volatility of 45.84%; risk free rate of 1.41%; and a dividend yield of 0%. As of December 31, 2014, we recorded $154,068 as prepaid expense-short term and $77,026 as prepaid expense-long term in the accompanying consolidated financial statements. During the years ended December 31 2014 and 2013, we recorded $154,068 and $77,034, respectively, as non-cash compensation in the accompanying consolidated financial statements; and

283,334 shares will vest upon the receipt by us of any final FDA approval of a drug candidate that SCI helped us design. It is anticipated that this event will not occur before December 2015.

Warrant Activity During 2012

In February 2012, we issued warrants for the purchase of an aggregate of 5,685,300 shares of Common Stock in connection with the modification of certain existing promissory notes, or the Modification Warrants, and warrants for the purchase of an aggregate of 3,314,700 shares of our Common Stock in connection with the issuance of the February 2012 Notes, or the February 2012 Warrants (see NOTE 9). Both the Modification Warrants and the February 2012 Warrants are exercisable at $0.38 per share. The Modification Warrants have a fair value of $10,505,247, and the February 2012 Warrants have a fair value of $6,124,873. Fair value was determined on the date of the issuance using a term of five years; a volatility of 44.5%; risk free rate of 0.89%; and a dividend yield of 0%. We recorded the fair value of the Modification Warrants as part of the loss on extinguishment of debt in the accompanying consolidated financial statements. The relative fair value of the February 2012 Warrants of $859,647 was recorded as debt discount. As a result of the surrender of the February 2012 Notes on June 19, 2012, we expensed the remaining unamortized debt discount.

Warrant Activity During 2012

In March 2012, we issued warrants to purchase an aggregate of 31,000 shares of Common Stock to five unaffiliated individuals for services rendered. These warrants were valued on the date of the issuance using a term of five years; a volatility of 44.81%; risk free rate of 1.04%; and a dividend yield of 0%; we recorded $29,736 as consulting expense in the accompanying consolidated financial statements.

In May 2012, we issued warrants to purchase an aggregate of 1,300,000 shares of Common Stock to an unaffiliated entity for services to be rendered over approximately five years beginning in May 2012. Services provided are to include (a) services in support of our drug development efforts, including services in support our ongoing and future drug development and commercialization efforts, regulatory approval efforts, third-party investment and financing efforts, marketing efforts, chemistry, manufacturing and controls efforts, drug launch and post-approval activities, and other intellectual property and know-how transfer associated therewith; (b) services in support of our efforts to successfully obtain New Drug Approval; and (c) other consulting services as mutually agreed upon from time to time in relation to new drug development opportunities. The warrants were valued at $1,532,228 on the date of the issuance using an exercise price of $2.57; a term of five years; a volatility of 44.71%; risk free rate of 0.74%; and a dividend yield of 0%. At December 31, 2014, we had $257,796 reported as prepaid expense-short term and $386,694 recorded as prepaid expense-long term. During the years ended December 31, 2014, 2013 and 2012, we recorded $309,165, $360,528 and $218,045, respectively as non-cash compensation with respect to these warrants in the accompanying consolidated financial statements. The contract will expire upon the commercial manufacture of a drug product. We have determined that the process will take approximately five years. As a result, we are amortizing the $1,532,228 over five years.

In June 2012, we issued warrant to purchase aggregate of 7,000,000 shares of Common Stock in connection with the issuance of the June 2012 Notes, or the June 2012 Warrants, (see NOTE 9). Of the June 2012 Warrants issued, 6,000,000 are exercisable at $2.00 per share and 1,000,000 are exercisable at $3.00 per share. The fair value of the June 2012 Warrants of $9,424,982 was determined on the date of the issuance using a term of five years; a volatility of 44.64%; risk free rate of 0.75%; and a dividend yield of 0%. The relative fair value of the June 2012 Warrants of $1,649,890 was determined by using the relative fair value calculation method on the date of the issuance. $547,210 was amortized to interest expense in 2012 and as a result of the repayment of the associated debt on March 21, 2013, the remaining unamortized debt discount of $1,102,680 was amortized to interest expense.

In June 2012, we issued warrants to purchase an aggregate of 1,500 shares of Common Stock to three unaffiliated individuals for services rendered. The warrants were valued on the date of the issuance using a term of five years; a volatility of 44.78%; risk free rate of 0.72%; and a dividend yield of 0%. A total of $1,656 was recorded as consulting expense in the accompanying consolidated financial statements.

Summary of our Warrant activity and related information for 2012-2014

	Number of Shares Under Warrants			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life in Years		Aggregate Intrinsic Value
Balance at December 31, 2011		3,057,627		$	0.36		7.9	$	3,483,691
Issued		17,332,500		$	1.26
Exercised		(8,145,486	)	$	0.38
Expired		—
Cancelled		(51,142	)	$	0.24
Balance at December 31, 2012		12,193,499		$	1.63		4.8	$	17,971,994
Issued		2,100,000		$	2.72
Exercised		—
Expired		—
Cancelled		—
Balance at December 31, 2013		14,293,499		$	1.79		3.9	$	48,932,777
Issued		—
Exercised		(365,583	)	$	0.50
Expired		—
Cancelled		—
Balance at December 31, 2014		13,927,916		$	1.82		3.0	$	36,623,875
Vested and Exercisable at December 31, 2014		13,562,764		$	1.83		2.9	$	35,599,540

The weighted average fair value per share of warrants issued and the assumptions used in the Black-Scholes Model during the years ended December 31, 2014, 2013 and 2012 are set forth in the table below.

	2014			2013			2012
Weighted average fair value	$	—		$	2.83		$	2.05
Risk-free interest rate		—	%		0.88-1.12	%		0.72-1.04	%
Volatility		—	%		44.29-45.89	%		44.64-44.81	%
Term (in years)		—			5-6			5
Dividend yield		0.00	%		0.00	%		0.00	%

The risk-free interest rate assumption is based upon observed interest rates on zero coupon U.S. Treasury bonds whose maturity period is appropriate for the term.

Estimated volatility is a measure of the amount by which our stock price is expected to fluctuate each year during the term of the award. Our estimated volatility is an average of the historical volatility of the stock prices of our peer entities whose stock prices were publicly available. Our calculation of estimated volatility is based on historical stock prices over a period equal to the term of the awards. We used the historical volatility of peer entities due to the lack of sufficient historical data of our stock price during 2011-2014.

Options to Purchase Common Stock of the Company

In 2009, we adopted the 2009 Long Term Incentive Compensation Plan, or the 2009 Plan, to provide financial incentives to employees, directors, advisers, and consultants of our company who are able to contribute towards the creation of or who have created stockholder value by providing them stock options and other stock and cash incentives, or the Awards. The Awards available under the 2009 Plan consist of stock options, stock appreciation rights, restricted stock, restricted stock units, performance stock, performance units, and other stock or cash awards as described in the 2009 Plan. There are 25,000,000 shares authorized for issuance thereunder. Prior to the merger with VitaMed, no Awards had been issued under the 2009 Plan. As of December 31, 2014, there were Awards for 18,246,625 shares of our Common Stock issued under the 2009 Plan.

On February 23, 2012, we adopted the 2012 Stock Incentive Plan, or the 2012 Plan, a non-qualified plan that was amended in August 2013. The 2012 Plan was designed to serve as an incentive for retaining qualified and competent key employees, officers, directors, and certain consultants and advisors of our company. There are 10,000,000 shares of our Common Stock authorized for issuance thereunder. As of December 31, 2014, there were awards for 2,600,000 shares issued under the 2012 Plan.

The valuation methodology used to determine the fair value of stock options is the Black-Scholes Model. The Black-Scholes Model requires the use of a number of assumptions including volatility of the stock price, the risk-free interest rate, and the expected life of the stock options. The assumptions used in the Black-Scholes Model during the years ended December 31, 2014, 2013 and 2012 are set forth in the table below.

	2014			2013			2012
Risk-free interest rate		0.07-1.77	%		0.65-1.71	%		0.61-2.23	%
Volatility		68.05-82.29	%		33.35-45.76	%		40.77-46.01	%
Term (in years)		0.5-6.25			5-6.25			5-6.25
Dividend yield		0.00	%		0.00	%		0.00	%

The risk-free interest rate assumption is based upon observed interest rates on zero coupon U.S. Treasury bonds whose maturity period is appropriate for the expected life. Estimated volatility is a measure of the amount by which the price of Common Stock is expected to fluctuate each year during the term of the award. Our estimated volatility is an average of the historical volatility of the stock prices of our peer entities whose stock prices were publicly available. Our calculation of estimated volatility is based on historical stock prices over a period equal to the term of the awards. We used the historical volatility of our peer entities due to the lack of sufficient historical data on our stock price. The average expected life is based on the contractual term of the option using the simplified method.

A summary of activity under the 2009 and 2012 Plans and related information for 2012-2014 follows:

	Number of Shares Under Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life in Years		Aggregate Intrinsic Value
Balance at December 31, 2011		10,590,161		$	0.16		7.6	$	14,067,649
Granted		5,121,250		$	2.80
Exercised		(1,931,788	)
Expired		—
Cancelled		(46,135	)
Balance at December 31, 2012		13,733,488		$	1.16		7.7	$	26,804,117
Granted		2,583,677		$	3.31
Exercised		(75,423	)
Expired		(250	)
Cancelled		(608,750	)
Balance at December 31, 2013		15,632,742		$	1.44		7.2	$	58,878,132
Granted		2,442,000		$	4.71
Exercised		(854,573	)
Expired		(250	)
Cancelled		(427,476	)
Balance at December 31, 2014		16,792,443		$	1.88		6.9	$	43,996,311
Vested and Exercisable at December 31, 2014		13,276,462		$	1.39		5.5	$	40,720,977

At December 31, 2014, our outstanding options had exercise prices ranging from $0.10 to $5.21 per share.

Share-based compensation expense for options recognized in our results for the years ended December 31, 2014, 2013, and 2012 ($4,393,455, $3,200,655 and $1,832,061, respectively) is based on awards vested and we estimated no forfeitures. ASC 718-10 requires forfeitures to be estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from the estimates.

At December 31, 2014, total unrecognized estimated compensation expense related to unvested options granted prior to that date was approximately $5,160,000, which is expected to be recognized over a weighted-average period of 2.9 years. No tax benefit was realized due to a continued pattern of operating losses. At December 31, 2013 and 2012, total unrecognized estimated compensation expense related to unvested options granted prior to that date was approximately $3,921,000 and $4,391,000, respectively.

In December 2013, we granted a restricted stock unit, or the RSU, under our 2012 Plan to an employee of 50,000 shares of our Common Stock having a fair value of $233,500. During the years ended December 31, 2014 and 2013, we recorded $53,428 and $180,072, respectively, of non-cash compensation related to the RSU on the accompanying consolidated financial statements. The RSU vested and the shares of Common Stock underlying the RSU were issued in June 2014.

- 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.

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+ Details

INCOME TAXES

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 11 – INCOME TAXES

For the years ended December 31, 2014, 2013 and 2012, there was no provision for income taxes, current or deferred.

At December 31, 2014, we have a federal net operating loss carry forward of approximately $105,529,416 available to offset future taxable income through 2034.

A reconciliation between taxes computed at the federal statutory rate and the consolidated effective tax rate is as follows:

	2014			2013			2012
Federal statutory tax rate		34.0	%		35.0	%		35.0	%
State tax rate, net of federal tax benefit		5.8	%		5.8	%		5.5	%
Adjustment in valuation allowances		(50.9	)%		(32.4	)%		(18.2	)%
Permanent and other differences		11.1	%		(8.4	)%		(22.3	)%
Provision (Benefit) for Income Taxes		—	%		—	%		—	%

Our deferred tax asset and liability as presented in the accompanying consolidated financial statements consist of the following:

	2014			2013			2012
Deferred Income Tax Assets:
Net operating losses	$	43,091,437		$	14,773,537		$	5,920,861
R&D Credit		0			547,511			186,346
Total deferred income tax asset		43,091,437			15,321,048			6,107,207
Valuation allowance		(43,091,437	)		(15,321,048	)		(6,107,207	)
Deferred Income Tax Assets, net	$	—		$	—		$	—

We believe that it is more likely than not that we will not generate sufficient future taxable income to realize the tax benefits related to the deferred tax assets on our balance sheet and as such, a valuation allowance has been established against the deferred tax assets for the period ended December 31, 2014.

Unrecognized Tax Benefits

As of the period ended December 31, 2014, we had no unrecognized tax benefits.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References+ Details

RELATED PARTIES

12 Months Ended

Dec. 31, 2014

RELATED PARTIES

NOTE 12 – RELATED PARTIES

Loan Guaranty

In March 2011, VitaMed entered into a business loan agreement with First United for a $300,000 line of credit for which personal guarantees and cash collateral were required. Personal guarantees and cash collateral limited to $100,000 each were provided by Mr. Finizio, Mr. Milligan, and Reich Family Limited Partnership. See NOTES 9 and 10 for more details.

Loans from Affiliates

In June 2011, VitaMed issued the VitaMed Notes in the aggregate principal amount of $500,000, of which $100,000 was sold to affiliates. In June 2012, the affiliate notes were extended to October 15, 2012 (one held by Mr. Milligan for $50,000 and one for $50,000 held by BF Investments, LLC, which is owned by Brian Bernick, a member of the board of directors of our company. On October 4, 2012 these VitaMed Notes were paid in full including $5,341 in accrued interest.

In December 2011, we issued 4% promissory notes to Mr. Finizio and Mr. Milligan and for an aggregate of $100,000 ($50,000 each) with original due dates of March 1, 2012. These promissory notes were extended by mutual agreement to June 1, 2012. In June 2012, the promissory note held by Mr. Finizio was paid in full, including $888 in accrued interest. Mr. Milligan’s promissory note was extended to October 15, 2012. On October 4, 2012 this promissory note was paid in full including $1,519 in accrued interest.

Purchases by Related Parties

During 2012, we sold our products to Dr. Brian Bernick, a director of our company, in the amount of $2,632, and $1,272 of receivables related thereto remained outstanding at December 31, 2012. No products were sold to Dr. Bernick during 2014 and 2013.

Agreements with Pernix Therapeutics, LLC

On February 29, 2012, Cooper C. Collins, president and largest shareholder of Pernix Therapeutics, LLC, or Pernix, was elected to serve on our board of directors. From time to time, we have entered into agreements with Pernix in the normal course of business. All such agreements are reviewed by independent directors of our company or a committee consisting of independent directors of our company. During the years ended December 31, 2014, 2013, and 2012, we made purchases of $0, $0 and $404,000, respectively, from Pernix. At December 31, 2014, 2013, and 2012, there were amounts due Pernix of approximately $46,000, $46,000, and $308,000 outstanding, respectively.

Additionally, there were amounts due to us from Pernix for legal fee reimbursement relating to a litigation matter pursuant to a license and supply agreement in the amount of $249,981 for each of the years ended December 31, 2014 and 2013.

Warrants assigned to Related Party

In June 2012, a warrant to purchase 100,000 shares of our Common Stock was assigned by a non-affiliated third party to the son of the Chairman of our board of directors.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References+ Details

BUSINESS CONCENTRATIONS

12 Months Ended

Dec. 31, 2014

Risks and Uncertainties [Abstract]

BUSINESS CONCENTRATIONS

NOTE 13 - BUSINESS CONCENTRATIONS

We purchase our products from several suppliers with approximately 82%, 98%, and 76% of our purchases supplied from one vendor for the years ended December 31, 2014, 2013, and 2012, respectively.

We sell our vitamins, prenatal dietary supplement products to wholesale distributors, specialty pharmacies, specialty distributors, and chain drug stores that generally sell products to retail pharmacies, hospitals, other institutions and directly to retail customers. Revenue generated from four customers accounted for approximately 75%, 79%, and 28% of our recognized revenue and 97%, 97%, and 98% of our deferred revenue for the years ended December 31, 2014, 2013, and 2012, respectively.

For the years ended December 31, 2014, 2013 and 2012, we had four customers that generated more than 10% of our sales – these customers are designated as customers “A”, “B”, “C” and “D”. Customers A, B, C and D generated $1,609,950, $1,586,903, $1,804,018 and $4,053,838, respectively, in sales in 2014; $1,221,212, $1,711,417, $2,588,626, and $1,312,192, respectively, in sales in 2013; and $67,599, $490,092, $830,902, and $0, respectively, in sales in 2012.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References+ Details

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 14 – COMMITMENTS AND CONTINGENCIES

Operating Lease

We lease administrative office space in Boca Raton, Florida pursuant to a 63 month non-cancelable operating lease that commenced on July 1, 2013 and expires on September 30, 2018. The lease stipulates, among other things, average base monthly rents of $30,149 (inclusive of estimated operating expenses) and sales tax, for a total future minimum payments over the life of the lease of $1,899,414.

The straight line rental expense related to our current lease totaled $361,793 for the year ended December 31, 2014, partially offset by the rent income of $41,613 for sublet space. The straight line rental expense related to our current lease totaled $180,894 for the six months ended December 31, 2013, partially offset by rent income of $32,963 for sublet space. The rental expense related to our prior lease which expired June 30, 2013 totaled $60,168 for the six months ended June 30, 2013, and $106,315 for the year ended December 31, 2012.

As of December 31, 2014, future minimum rental payments under our office lease are as follows:

Years Ending December 31,
2015	$	371,240
2016		382,377
2017		393,848
2018		302,748
2019		—
Total minimum lease payments
Non-cancellable sub-lease income		—
Net minimum lease payments	$	1,450,213

Legal Proceedings

From time to time, we are involved in litigation and proceedings in the ordinary course of business. We are not currently involved in any legal proceeding that we believe would have a material effect on our consolidated financial condition, results of operations, or cash flows.

Off-Balance Sheet Arrangements

As of December 31, 2014, 2013 and 2012, we had no off-balance sheet arrangements that have had or are reasonably likely to have current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

- Definition

The entire disclosure for commitments and contingencies.

+ References+ Details

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

NOTE 15 – SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

Summarized quarterly financial data for fiscal years 2014, 2013, and 2012 is as follows:

	2014 Quarters
(In thousands, except per share)	1^st			2^nd			3^rd			4th
Revenues	$	2,831		$	3,752		$	4,186		$	4,257
Gross profit	$	2,000		$	2,859		$	3,118		$	3,377
Net loss	$	(9,183	)	$	(10,899	)	$	(17,832	)	$	(16,303	)

Loss per common share, basic and diluted	$	(0.06	)	$	(0.07	)	$	(0.12	)	$	(0.10	)

	2013 Quarters
(In thousands, except per share)	1^st			2^nd			3^rd			4th
Revenues	$	1,537		$	2,081		$	2,295		$	2,863
Gross profit	$	1,157		$	1,617		$	1,646		$	2,396
Net loss	$	(6,376	)	$	(6,009	)	$	(7,673	)	$	(8,361	)

Loss per common share, basic and diluted	$	(0.06	)	$	(0.05	)	$	(0.06	)	$	(0.06	)

	2012 Quarters
(In thousands, except per share)	1^st			2^nd			3^rd			4th
Revenues	$	722		$	819		$	1,036		$	1,241
Gross profit	$	386		$	447		$	729		$	908
Net loss	$	(13,290	)	$	(11,850	)	$	(4,253	)	$	(5,727	)

Loss per common share, basic and diluted	$	(0.16	)	$	(0.14	)	$	(0.04	)	$	(0.06	)

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

+ References+ Details

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2014

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 16 – SUBSEQUENT EVENTS

On February 10, 2015, we entered into an underwriting agreement, or the Cowen Agreement, with Cowen and Company, LLC, as the representative of the several underwriters, or the Cowen Underwriters, relating to an underwritten public offering of 13,580,246 shares of the our Common Stock, at a public offering price of $4.05 per share. Under the terms of the Cowen Agreement, we granted the Cowen Underwriters a 30-day option to purchase up to an aggregate of 2,037,036 additional shares of Common Stock, which option was exercised in full. The net proceeds to us from the offering were approximately $59.1 million, after deducting underwriting discounts and commissions and other estimated offering expenses payable by us. The offering closed on February 17, 2015.

On February 18, 2015, we entered into an agreement to lease administrative office space in Boca Raton, Florida, pursuant to an addendum to our existing 63 month non-cancelable operating lease commencing on July 1, 2013 and expiring on September 30, 2018. This addendum will be effective beginning April 1, 2015 and will expire with the original lease term on September 30, 2018.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Principles of Consolidation

Cash

We maintain cash at financial institutions that at times may exceed the federally insured limit of $250,000 per financial institution. We have never experienced any losses related to these funds.

Trade Accounts Receivable and Allowance for Doubtful Accounts

Inventories

Fixed Assets

Equipment

Leasehold Improvements

We state improvements at cost, net of accumulated depreciation. We compute depreciation using the straight-line method over the remaining term of the lease.

Intangible Assets

Patent and Trademarks

Impairment of Long-Lived Assets

•

significant declines in an asset’s market price;

•

significant deterioration in an asset’s physical condition;

•

significant changes in the nature or extent of an asset’s use or operation;

•

significant adverse changes in the business climate that could impact an asset’s value, including adverse actions or assessments by regulators;

•

accumulation of costs significantly in excess of original expectations related to the acquisition or construction of an asset;

•

current-period operating or cash flow losses combined with a history of such losses or a forecast that demonstrates continuing losses associated with an asset’s use; and

•

expectations that it is more likely than not that an asset will be sold or otherwise disposed of significantly before the end of its previously estimated useful life.

Fair Value of Financial Instruments

Level 1

unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2

Level 3

unobservable inputs for the asset or liability.

At December 31, 2014, and 2013, we had no assets or liabilities that were valued at fair value on a recurring basis.

Income Taxes

Based upon a change in our business model, deferred income taxes are determined by calculating the loss from operations of our company starting October 4, 2011.

Our tax returns are subject to review by the Internal Revenue Service three years after they are filed. Currently, years filed after 2011 are subject to review.

Share-Based Compensation

Debt Discounts

Revenue Recognition

Over-the-Counter Products

Prescription Products

Segment Reporting

Shipping and Handling Costs

We expense all shipping and handling costs as incurred. We include these costs in cost of sales on the accompanying consolidated financial statements.

Advertising Costs

We expense advertising costs when incurred. Advertising costs were $698,871, $11,739 and $65,944 during the years ended December 31, 2014, 2013 and 2012, respectively.

Research and Development

Research and Development Expenses

Earnings Per Share

	As of December 31,
	2014		2013		2012
Stock options		16,792,443		15,632,742		13,733,488
Warrants		13,927,916		14,293,499		12,193,499
		30,720,359		29,926,241		25,926,987

Use of Estimates

Recently Issued and Newly Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements

Reclassifications

Certain 2013 and 2012 amounts have been reclassified to conform to current year presentation.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Schedule of potentially dilutive securities in our calculation of diluted net loss per share allocable to common stockholders

	As of December 31,
	2014		2013		2012
Stock options		16,792,443		15,632,742		13,733,488
Warrants		13,927,916		14,293,499		12,193,499
		30,720,359		29,926,241		25,926,987

FIXED ASSETS (Tables)

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

Schedule of fixed assets

Fixed assets consist of the following:

	December 31,
	2014			2013
Equipment	$	132,150		$	108,458
Furniture and fixtures		53,895			46,625
		186,045			155,083
Accumulated depreciation		(122,752	)		(93,765	)
TOTAL FIXED ASSETS	$	63,293		$	61,318

INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of intangible assets

The following table sets forth the gross carrying amount and accumulated amortization of our intangible assets as of December 31, 2014 and December 31, 2013:

	December 31, 2014
	Gross Carrying Amount		Accumulated Amortization			Net Amount		Weighted- Average Remaining Amortization Period (yrs.)
Amortizing intangible assets:
OPERA^® software patent	$	31,951	$	(2,496	)	$	29,455		14.75
Development costs of corporate website		91,743		(91,743	)		—		n/a
Approved hormone therapy drug candidate patents		439,184		(19,401	)		419,783		18

Non-amortizing intangible assets:
Hormone therapy drug candidate patents (pending)		675,982		—			675,982		n/a
Multiple trademarks for vitamins/supplements		103,368		—			103,368		n/a
Total	$	1,342,228	$	(113,640	)	$	1,228,588

	December 31, 2013
	Gross Carrying Amount		Accumulated Amortization			Net Amount		Weighted- Average Remaining Amortization Period (yrs.)
Amortizing intangible assets:
OPERA^® software patent	$	31,951	$	(499	)	$	31,452		15.8
Development costs of corporate website		91,743		(89,661	)		2,082		0.3

Non-amortizing intangible assets:
Hormone therapy drug candidate patents (pending)		572,726		—			572,726		n/a
Multiple trademarks for vitamins/supplements		59,328		—			59,328		n/a
Total	$	755,748	$	(90,160	)	$	665,588

Schedule of estimated amortization expense

As of December 31, 2014, the estimated amortization expense for the next five years is as follows:

Year Ending December 31,	Estimated Amortization
2015	$	25,138
2016	$	25,138
2017	$	25,138
2018	$	25,138
2019	$	25,138

OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2014

Other Liabilities Disclosure [Abstract]

Schedule of other current liabilities

Other current liabilities consist of the following:

	December 31,
	2014		2013
Accrued clinical trial costs	$	1,706,542	$	665,782
Accrued payroll, bonuses and commission costs		814,205		941,313
Accrued vacation costs		442,430		256,920
Accrued legal and accounting expense		276,470		224,550
Other accrued expenses⁽¹⁾		185,965		177,900
Allowance for wholesale distributor fees		160,503		306,303
Accrued royalties		72,710		52,188
Allowance for coupons and returns		90,446		126,233
Accrued rent		91,368		—
Accrued financing costs		—		850,000
TOTAL OTHER CURRENT LIABILITIES	$	3,840,639	$	3,601,189

_________________

STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2014

Stockholders' Equity Note [Abstract]

Schedule of warrant activity

Summary of our Warrant activity and related information for 2012-2014

	Number of Shares Under Warrants			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life in Years		Aggregate Intrinsic Value
Balance at December 31, 2011		3,057,627		$	0.36		7.9	$	3,483,691
Issued		17,332,500		$	1.26
Exercised		(8,145,486	)	$	0.38
Expired		—
Cancelled		(51,142	)	$	0.24
Balance at December 31, 2012		12,193,499		$	1.63		4.8	$	17,971,994
Issued		2,100,000		$	2.72
Exercised		—
Expired		—
Cancelled		—
Balance at December 31, 2013		14,293,499		$	1.79		3.9	$	48,932,777
Issued		—
Exercised		(365,583	)	$	0.50
Expired		—
Cancelled		—
Balance at December 31, 2014		13,927,916		$	1.82		3.0	$	36,623,875
Vested and Exercisable at December 31, 2014		13,562,764		$	1.83		2.9	$	35,599,540

Schedule of weighted average fair value per share and assumptions used in the Black-Scholes Model of warants

	2014			2013			2012
Weighted average fair value	$	—		$	2.83		$	2.05
Risk-free interest rate		—	%		0.88-1.12	%		0.72-1.04	%
Volatility		—	%		44.29-45.89	%		44.64-44.81	%
Term (in years)		—			5-6			5
Dividend yield		0.00	%		0.00	%		0.00	%

Schedule of assumptions used in the Black-Scholes Model of stock options

The assumptions used in the Black-Scholes Model during the years ended December 31, 2014, 2013 and 2012 are set forth in the table below.

	2014			2013			2012
Risk-free interest rate		0.07-1.77	%		0.65-1.71	%		0.61-2.23	%
Volatility		68.05-82.29	%		33.35-45.76	%		40.77-46.01	%
Term (in years)		0.5-6.25			5-6.25			5-6.25
Dividend yield		0.00	%		0.00	%		0.00	%

Schedule of option activity

A summary of activity under the 2009 and 2012 Plans and related information for 2012-2014 follows:

	Number of Shares Under Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life in Years		Aggregate Intrinsic Value
Balance at December 31, 2011		10,590,161		$	0.16		7.6	$	14,067,649
Granted		5,121,250		$	2.80
Exercised		(1,931,788	)
Expired		—
Cancelled		(46,135	)
Balance at December 31, 2012		13,733,488		$	1.16		7.7	$	26,804,117
Granted		2,583,677		$	3.31
Exercised		(75,423	)
Expired		(250	)
Cancelled		(608,750	)
Balance at December 31, 2013		15,632,742		$	1.44		7.2	$	58,878,132
Granted		2,442,000		$	4.71
Exercised		(854,573	)
Expired		(250	)
Cancelled		(427,476	)
Balance at December 31, 2014		16,792,443		$	1.88		6.9	$	43,996,311
Vested and Exercisable at December 31, 2014		13,276,462		$	1.39		5.5	$	40,720,977

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References+ Details

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of tax rate reconciliation

A reconciliation between taxes computed at the federal statutory rate and the consolidated effective tax rate is as follows:

	2014			2013			2012
Federal statutory tax rate		34.0	%		35.0	%		35.0	%
State tax rate, net of federal tax benefit		5.8	%		5.8	%		5.5	%
Adjustment in valuation allowances		(50.9	)%		(32.4	)%		(18.2	)%
Permanent and other differences		11.1	%		(8.4	)%		(22.3	)%
Provision (Benefit) for Income Taxes		—	%		—	%		—	%

Schedule of deferred tax assets and liabilities

Our deferred tax asset and liability as presented in the accompanying consolidated financial statements consist of the following:

	2014			2013			2012
Deferred Income Tax Assets:
Net operating losses	$	43,091,437		$	14,773,537		$	5,920,861
R&D Credit		0			547,511			186,346
Total deferred income tax asset		43,091,437			15,321,048			6,107,207
Valuation allowance		(43,091,437	)		(15,321,048	)		(6,107,207	)
Deferred Income Tax Assets, net	$	—		$	—		$	—

SELECTED QUARTERLY FINANCIAL DATA (Tables)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Schedule of quarterly unaudited summary information

Summarized quarterly financial data for fiscal years 2014, 2013, and 2012 is as follows:

	2014 Quarters
(In thousands, except per share)	1^st			2^nd			3^rd			4th
Revenues	$	2,831		$	3,752		$	4,186		$	4,257
Gross profit	$	2,000		$	2,859		$	3,118		$	3,377
Net loss	$	(9,183	)	$	(10,899	)	$	(17,832	)	$	(16,303	)

Loss per common share, basic and diluted	$	(0.06	)	$	(0.07	)	$	(0.12	)	$	(0.10	)

	2013 Quarters
(In thousands, except per share)	1^st			2^nd			3^rd			4th
Revenues	$	1,537		$	2,081		$	2,295		$	2,863
Gross profit	$	1,157		$	1,617		$	1,646		$	2,396
Net loss	$	(6,376	)	$	(6,009	)	$	(7,673	)	$	(8,361	)

Loss per common share, basic and diluted	$	(0.06	)	$	(0.05	)	$	(0.06	)	$	(0.06	)

	2012 Quarters
(In thousands, except per share)	1^st			2^nd			3^rd			4th
Revenues	$	722		$	819		$	1,036		$	1,241
Gross profit	$	386		$	447		$	729		$	908
Net loss	$	(13,290	)	$	(11,850	)	$	(4,253	)	$	(5,727	)

Loss per common share, basic and diluted	$	(0.16	)	$	(0.14	)	$	(0.04	)	$	(0.06	)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Property, Plant and Equipment [Line Items]
Advertising Costs	$ 698,871	$ 11,739	$ 65,944
Advance payments for future research and development activities	$ 1,175,082	$ 2,606,405
Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from earnings per share calculation	30,720,359	29,926,241	25,926,987
Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from earnings per share calculation	16,792,443	15,632,742	13,733,488
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from earnings per share calculation	13,927,916	14,293,499	12,193,499

- Definition

Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.

+ References+ Details

INVENTORY (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Inventory
Finished product	$ 874,294	$ 621,679
Raw material	155,341	250,943
Deferred costs	152,478	170,996
TOTAL INVENTORY	$ 1,182,113	$ 1,043,618

OTHER CURRENT ASSETS (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Other Current Assets
Prepaid consulting	$ 411,864	$ 530,596
Prepaid insurance	394,878	145,722
Prepaid research and development costs	299,498	1,267,588
Other receivables-related party (Note 12)	249,981	249,981
Other prepaid costs	181,186	23,806
Deferred financing costs		260,022
TOTAL OTHER CURRENT ASSETS	$ 1,537,407	$ 2,477,715

- Definition

The aggregate amount of receivables to be collected from related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth, at the financial statement date. which are usually due within one year (or one business cycle).

+ References+ Details

- Definition

Amount of asset related to consideration paid in advance for insurance that provides economic benefits within a future period of one year or the normal operating cycle, if longer.

+ References+ Details

FIXED ASSETS (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Fixed assets, gross	$ 186,045	$ 155,083
Accumulated depreciation	(122,752)	(93,765)
Fixed Assets, net	63,293	61,318
Equipment [Member]
Fixed assets, gross	132,150	108,458
Furniture and Fixtures [Member]
Fixed assets, gross	$ 53,895	$ 46,625

PREPAID EXPENSE (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Other Assets
Prepaid manufacturing costs	$ 899,000	$ 899,000
Prepaid research and development costs	463,720	824,221
Accreted prepaid costs	64,543	27,234
TOTAL PREPAID EXPENSE	$ 1,427,263	$ 1,750,455

INTANGIBLE ASSETS (Details Narrative) (USD $)	3 Months Ended	12 Months Ended
INTANGIBLE ASSETS (Details Narrative) (USD $)	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Amortization expense	$ 28,776	$ 23,480	$ 10,262	$ 28,776
Development costs for corporate website [Member]
Amortization period		36 months
OPERA software patent [Member]
Amortization period		20 years
Approved Hormone Therapy Drug Candidate Patents (Member)
Amortization period		20 years

INTANGIBLE ASSETS (Details ) (USD $)	12 Months Ended
INTANGIBLE ASSETS (Details ) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Finite-Lived Intangible Assets
Accumulated Amortization	$ (113,640)	$ (90,160)
Indefinite-Lived Intangible Assets
Gross Carrying Amount	1,342,228	755,748
Net Amount	1,228,588	665,588
Hormone therapy drug candidate patents - Pending [Member]
Indefinite-Lived Intangible Assets
Gross Carrying Amount	675,982	572,726
Net Amount	675,982	572,726
Multiple trademarks for vitamins/supplements [Member]
Indefinite-Lived Intangible Assets
Gross Carrying Amount	103,368	59,328
Net Amount	103,368	59,328
OPERA software patent [Member]
Finite-Lived Intangible Assets
Gross Carrying Amount	31,951	31,951
Accumulated Amortization	(2,496)	(499)
Net Amount	29,455	31,452
Weighted Average Amortization Period	14 years 9 months	15 years 9 months 18 days
Development costs for corporate website [Member]
Finite-Lived Intangible Assets
Gross Carrying Amount	91,743	91,743
Accumulated Amortization	(91,743)	(89,661)
Net Amount		2,082
Weighted Average Amortization Period		3 months 18 days
Approved Hormone Therapy Drug Candidate Patents (Member)
Finite-Lived Intangible Assets
Gross Carrying Amount	439,184
Accumulated Amortization	(19,401)
Net Amount	$ 419,783
Weighted Average Amortization Period	18 years

INTANGIBLE ASSETS (Details 1) (USD $)	Dec. 31, 2014
Estimated amortization expense for the year:
2015	$ 25,138
2016	25,138
2017	25,138
2018	25,138
2019	$ 25,138

OTHER CURRENT LIABILITIES (Details Narrative) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Other Liabilities Disclosure [Abstract]
Date dividend declared	2008-06
Dividends Payable, amount per share	$ 0.40
Unclaimed dividends	$ 41,359	$ 41,359

OTHER CURRENT LIABILITIES (Details) (USD $)

Dec. 31, 2014

Dec. 31, 2013

Other Liabilities Disclosure [Abstract]

Accrued clinical trial costs

$ 1,706,542

$ 665,782

Accrued payroll, bonuses and commission costs

814,205

941,313

Accrued vacation costs

442,430

256,920

Accrued legal and accounting expense

276,470

224,550

Other accrued expenses

185,965

^[1]

177,900

^[1]

Allowance for wholesale distributor fees

160,503

306,303

Accrued royalties

72,710

52,188

Allowance for coupons and returns

90,446

126,233

Accrued rent

91,368

Accrued financing costs

850,000

TOTAL OTHER CURRENT LIABILITIES

$ 3,840,639

$ 3,601,189

[1]	In June 2008, we declared and paid a special dividend of $0.40 per share of our Common Stock to all stockholders of record as of June 10, 2008, of which $41,359 remained unclaimed by certain stockholders at both December 31, 2014 and 2013.

NOTES PAYABLE (Details Narrative) (USD $)	12 Months Ended				0 Months Ended						0 Months Ended		1 Months Ended					12 Months Ended			0 Months Ended		0 Months Ended	3 Months Ended		0 Months Ended		0 Months Ended	1 Months Ended				0 Months Ended
NOTES PAYABLE (Details Narrative) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Nov. 13, 2012 Mr. Milligan [Member]	Mar. 21, 2013 Multiple Advance Revolving Credit Note (Plato Warrant) [Member]	Mar. 13, 2013 Multiple Advance Revolving Credit Note (Plato Warrant) [Member]	Feb. 25, 2013 Multiple Advance Revolving Credit Note (Plato Warrant) [Member]	Jan. 31, 2013 Multiple Advance Revolving Credit Note (Plato Warrant) [Member]	Dec. 31, 2014 Multiple Advance Revolving Credit Note (Plato Warrant) [Member]	Apr. 25, 2013 VitaMed Promissory Notes [Member]	Mar. 19, 2012 VitaMed Promissory Notes [Member]	Feb. 28, 2013 VitaMed Promissory Notes [Member]	Jun. 30, 2012 VitaMed Promissory Notes [Member]	Oct. 30, 2011 VitaMed Promissory Notes [Member]	Jun. 30, 2011 VitaMed Promissory Notes [Member]	Mar. 31, 2011 VitaMed Promissory Notes [Member]	Dec. 31, 2013 VitaMed Promissory Notes [Member]	Dec. 31, 2012 VitaMed Promissory Notes [Member]	Nov. 13, 2012 VitaMed Promissory Notes [Member]	Nov. 13, 2012 VitaMed Promissory Notes [Member] Reich Family Limited LP [Member]	Feb. 29, 2012 Issuance of 6% Promissory Notes (January and February 2012) [Member]	Feb. 24, 2012 February 2012 Notes Issued To Individual And Entity [Member]	May 31, 2012 February 2012 Notes Issued To Individual And Entity [Member]	Jun. 19, 2012 February 2012 Notes Issued To Individual And Entity [Member]	Feb. 24, 2012 February 2012 Notes Issued To Parties [Member]	Jun. 19, 2012 February 2012 Notes Issued To Parties [Member]	Jun. 19, 2012 February 2012 Notes/ Warrants [Member]	Jun. 30, 2013 February 2012 Notes/ Warrants [Member]	Feb. 29, 2012 February 2012 Notes/ Warrants [Member]	Feb. 24, 2012 February 2012 Notes/ Warrants [Member]	Jun. 19, 2012 June 2012 Notes Issued To Individual And Entity [Member]	Jun. 19, 2012 June 2012 Notes Issued To Parties [Member]	Apr. 25, 2013 June 2012 Notes (secured promissory notes) [Member]	Mar. 21, 2013 June 2012 Notes (secured promissory notes) [Member]	Jun. 19, 2012 June 2012 Notes (secured promissory notes) [Member]
Debt Instrument [Line Items]
Maximum principal amount									$ 10,000,000
Stated interest rate									6.00%			2.35%					3.02%
Description of interest payment									Interest payments were due and payable on the tenth day following the end of each calendar quarter			Under the extension, borrowings bear interest at a rate of 2.35% and are due on March 1, 2013.					The bank line of credit accrued interest at the rate of 3.02% per annum based on a year of 360 days and was due on March 1, 2012
Proceeds from revolving credit note							200,000	200,000
Repayment of revolving credit note						401,085
Revolving credit outstanding										0							300,000			299,220
Number of shares purchased									1,250,000																	5,685,300				5,685,300	3,314,700					7,000,000
Exercise price of warrants (in dollars per unit)									$ 3.20																					$ 0.38
Line of credit										0							300,000			299,220
Repayments of lines of credit		500,000	300,000								100,735										299,220
Proceeds from lines of credit		500,000		300,000									100,000								100,000
Line of credit facility decrease forgiveness					100,000
Interest expense	1,165,981	1,905,409		64,380														735	7,366
Aggregate principal amount																						900,000	1,358,014			1,357,110						2,347,128	2,344,719
Proceeds from notes payable			8,700,000																				1,000,000	3,000,000		1,700,000							2,000,000
Repayments of notes payable		4,691,847	1,850,000	200,000											50,000	200,000										1,700,000									4,882,019
Acrued interest																										15,124									21,595
Fair value of notes																										1,517,741
Debt discount																										197,383				859,647
Recognized loss on extinguishment of debt			(10,307,864)	(7,390,000)																						10,307,864
Aggregate principal and accrued interest																												3,102,000
Amount of shares issued in exercise of warrants																												8,145,486	8,145,486
Remaining balance of notes																									1,347,128		1,344,719	2,691,847
Interest rate																4.00%																				6.00%
Description of interest rate terms																The VitaMed Notes were assumed by us upon the merger and bore interest at a rate of 4% per annum and were due at the earlier of (i) the six month anniversary of the date of issuance and (ii) such time as VitaMed received the proceeds of a promissory note(s) issued in an amount of not less than $1,000,000, or the Funding.																				Accrued interest at the annual rate of 6%, was due in one lump sum payment on February 24, 2014.
Acrued interest paid		$ 212,853	$ 17,253	$ 696										$ 2,160																				$ 21,595

NOTES PAYABLE (Details Narrative 1) (USD $)	12 Months Ended				1 Months Ended		1 Months Ended		0 Months Ended	12 Months Ended				1 Months Ended			12 Months Ended		0 Months Ended		1 Months Ended	12 Months Ended	1 Months Ended	0 Months Ended
NOTES PAYABLE (Details Narrative 1) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Oct. 31, 2012 6% Notes issued in August and September 2012 [Member]	Sep. 30, 2012 6% Notes issued in August and September 2012 [Member]	Oct. 31, 2012 6% Notes issued in September 2012 [Member]	Sep. 30, 2012 6% Notes issued in September 2012 [Member]	Jun. 19, 2012 VitaMed July 2011 Secured Notes [Member] Number	Dec. 31, 2012 VitaMed July 2011 Secured Notes [Member]	Jul. 31, 2011 VitaMed July 2011 Secured Notes [Member]	Jul. 31, 2011 VitaMed July 2011 First Secured Notes [Member]	Jul. 31, 2011 VitaMed July 2011 Second Secured Notes [Member]	Jun. 30, 2012 VitaMed Promissory Notes [Member]	Oct. 30, 2011 VitaMed Promissory Notes [Member] Number	Jun. 30, 2011 VitaMed Promissory Notes [Member]	Dec. 31, 2013 VitaMed Promissory Notes [Member]	Dec. 31, 2012 VitaMed Promissory Notes [Member]	Oct. 04, 2012 VitaMed Promissory Notes [Member] Brian Bernick [Member]	Jun. 30, 2012 VitaMed Promissory Notes [Member] Brian Bernick [Member]	Oct. 31, 2011 VitaMed Convertible Notes [Member] Number	Dec. 31, 2012 Notes Issued to Mr. Finizio And Mr. Milligan [Member]	Jun. 30, 2012 Notes Issued to Mr. Finizio [Member]	Oct. 04, 2012 Notes Issued to Mr. Milligan [Member]
Debt Instrument [Line Items]
Aggregate principal amount						$ 1,600,000		$ 200,000				$ 500,000	$ 500,000								$ 534,160	$ 100,000
Repayments of notes payable		4,691,847	1,850,000	200,000	1,600,000		200,000								50,000	200,000			100,000
Interest rate											6.00%					4.00%					4.00%
Aggregate principal and accrued interest									1,054,647
Numbers of shares converted for debt									2,775,415						266,822						1,415,136
Conversion price (in dollars per share)									$ 0.38						$ 0.38						$ 0.38
Value of debt converted to shares			(6,716,504)						6,716,504						100,000
Interest expense	1,165,981	1,905,409		64,380						33,204							735	7,366				6,344
Description of interest rate terms																The VitaMed Notes were assumed by us upon the merger and bore interest at a rate of 4% per annum and were due at the earlier of (i) the six month anniversary of the date of issuance and (ii) such time as VitaMed received the proceeds of a promissory note(s) issued in an amount of not less than $1,000,000, or the Funding.
Acrued interest paid		212,853	17,253	696										2,160					5,341				888	1,519
Aggregate remaining principal amount																				$ 100,000

STOCKHOLDERS' EQUITY (Details Narrative) (USD $)	12 Months Ended			1 Months Ended	0 Months Ended	1 Months Ended	0 Months Ended			12 Months Ended	0 Months Ended
STOCKHOLDERS' EQUITY (Details Narrative) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Sep. 30, 2013 Private placement [Member]	Jun. 19, 2012 February 2012 Notes/ Warrants [Member]	Jun. 30, 2013 February 2012 Notes/ Warrants [Member] Number	Jul. 29, 2014 Goldman Sachs [Member]	Apr. 20, 2013 Jefferies LLC (Underwriters) [Member]	Mar. 20, 2013 Jefferies LLC (Underwriters) [Member]	Dec. 31, 2013 Jefferies LLC (Underwriters) [Member]	Sep. 25, 2013 Stifel, Nicolaus & Company (Underwriters) [Member]
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	156,097,019	144,976,757
Common stock, shares outstanding	156,097,019	144,976,757
Number of shares issued during the period				3,953,489			8,565,310			29,411,765	13,750,000
Share price (in dollars per share)				$ 2.15						$ 1.70	$ 2.40
Share price to underwritters (in dollars per share)							$ 4.67
Number of shares issued during the period,value	$ 42,771,353	$ 78,650,353	$ 7,895,485	$ 7,895,485			$ 42,771,353				$ 30,200,000
Additional period for purchase share										30 days
Total Additional common stock issued under shelf registration statement									4,411,765
Additional common stock issued under shelf registration statement							1,284,796	1,954,587
Additional common stock issued under shelf registration statement,value								48,500,000
Numbers of options to purchase shares of common stock		75,423
Numbers of portions shares issued for exercise of options, shares	724,193		1,691,393
Options to purchase shares of common stock, value	345,746	30,910	191,000
Numbers of options to purchase shares of common stock using cashless exercise feature	136,607		266,823
Numbers of balance shares issued for exercise of options, shares	130,380		240,395
Number of shares issued in exercise of warrants	181,000		3,102,000			3,102,000
Amount of shares issued in exercise of warrants					8,145,486	8,145,486
Value of debt converted to shares			(6,716,504)			1,054,647
Numbers of shares converted for debt						2,775,415
Conversion price (in dollars per share)						$ 0.38
Transaction cash fees				552,500
Legal fees and expenses paid				52,016
Aggregate purchase price of common stock sold				$ 8,500,001

STOCKHOLDERS' EQUITY (Details Narrative 1) (USD $)	12 Months Ended			1 Months Ended	0 Months Ended			12 Months Ended			1 Months Ended			12 Months Ended			0 Months Ended	12 Months Ended			1 Months Ended		12 Months Ended		1 Months Ended
STOCKHOLDERS' EQUITY (Details Narrative 1) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	May 31, 2013 Sancilio and Company Warrants [Member]	Jun. 30, 2013 Sancilio &amp; Company Warrants 1st Installments [Member]	May 11, 2013 Sancilio &amp; Company Warrants 1st Installments [Member]	Jun. 30, 2013 Sancilio and Company Warrants 2nd Installments [Member]	Dec. 31, 2014 Sancilio and Company Warrants 2nd Installments [Member]	Dec. 31, 2013 Sancilio and Company Warrants 2nd Installments [Member]	Dec. 31, 2014 Sancilio and Company Warrants 3rd Installments [Member]	Feb. 29, 2012 Modification Warrants [Member]	Mar. 31, 2012 Warrants Issued to Unaffiliated Individuals [Member] Number	May 31, 2012 Warrants Issued to Unaffiliated Entity [Member]	Dec. 31, 2014 Warrants Issued to Unaffiliated Entity [Member]	Dec. 31, 2013 Warrants Issued to Unaffiliated Entity [Member]	Dec. 31, 2012 Warrants Issued to Unaffiliated Entity [Member]	Jun. 19, 2012 June 2012 Notes/Warrants [Member]	Dec. 31, 2012 June 2012 Notes/Warrants [Member]	Jun. 19, 2012 June 2012 Notes/Warrants 1st Issue [Member]	Jun. 19, 2012 June 2012 Notes/Warrants 2nd Issue [Member]	Jun. 30, 2012 Warrants Issued to Unaffiliated Individuals [Member] Number	Jan. 31, 2013 Multiple Advance Revolving Credit Note (Plato Warrant) [Member]	Dec. 31, 2014 Multiple Advance Revolving Credit Note (Plato Warrant) [Member]	Dec. 31, 2013 Multiple Advance Revolving Credit Note (Plato Warrant) [Member]	Feb. 29, 2012 February 2012 Notes/ Warrants [Member]	Feb. 24, 2012 February 2012 Notes/ Warrants [Member]	Dec. 31, 2014 Minimum [Member]	Dec. 31, 2014 Maximum [Member]	Dec. 31, 2014 Weighted Average [Member]
Warrants:
Warrants outstanding	$ 13,927,916
Weighted-average contractual remaining life	3 years
Exercise price of warrants (in dollars per share)				$ 2.01							$ 0.38		$ 2.57						$ 2.00	$ 3.00		$ 3.20			$ 0.38		$ 0.24	$ 3.20	$ 1.82
Unamortized costs of warrants	875,600
Number of shares purchased				850,000		283,333	283,333			283,334	3,314,700	31,000	1,300,000				7,000,000		6,000,000	1,000,000	1,500	1,250,000			5,685,300	3,314,700
Expiration date of warrants																						Jan. 31, 2019
Vesting date of warrants						Jun. 30, 2013																Oct. 31, 2013
Fair value of warrants					405,066		462,196				6,124,873		1,532,228				9,424,982					1,711,956			10,505,247
Expected term					5 years		5 years				5 years	5 years	5 years				5 years				5 years	6 years			5 years
Volatility rate					45.89%		45.84%				44.50%	44.81%	44.71%				44.64%				44.78%	44.29%			44.50%
Risk free rate					1.12%		1.41%				89.00%	1.04%	0.74%				0.75%				0.72%	0.88%			89.00%
Dividend yield					0.00%		0.00%				0.00%	0.00%	0.00%				0.00%				0.00%	0.00%			0.00%
Amortization deferred financing costs														1,532,228				547,210					1,451,934	260,027
Deferred financing costs		260,022
Number of shares purchased forfeit				833,000
Valuation method of warrants					Black-Scholes Model
Non-cash compensation recongised					405,066			154,068	77,034					309,165	360,528	218,045
Prepaid expense-short term								154,068						257,796
Prepaid expense-long term	1,427,263	1,750,455						77,026						386,694
Fair value of warrants by relative fair value calculation method																	1,649,890
Remaining amortization deferred financing costs																		1,102,680
Debt discount																									859,647
Number of unaffiliated individuals												5									3
Professional fees												29,736									1,656
Research and development expense	43,218,938	13,551,263	4,492,362
Line of credit																							0
Loan guaranty costs	$ 2,944

STOCKHOLDERS' EQUITY (Details Narrative 2) (USD $)	12 Months Ended
STOCKHOLDERS' EQUITY (Details Narrative 2) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Share-based compensation expense	$ 4,393,455	$ 3,200,655	$ 1,832,061
Total unrecognized estimated compensation expense	5,160,000	3,921,000	4,391,000
Recognized weighted-average period	2 years 10 months 24 days
Minimum [Member]
Option exercise prices (in dollars per shares)	$ 0.10
Maximum [Member]
Option exercise prices (in dollars per shares)	$ 5.21
2009 Long Term Incentive Compensation Plan [Member]
Description of plan	To provide financial incentives to employees, directors, advisers, and consultants of our company who are able to contribute towards the creation of or who have created shareholder value by providing them stock options and other stock and cash incentives, or the Awards.
Number of shares authorized for issuance	25,000,000
Number of shares issued	18,246,625
2012 Stock Incentive Plan [Member]
Description of plan	Plan was designed to serve as an incentive for retaining qualified and competent key employees, officers, directors, and certain consultants and advisors of our company.
Number of shares authorized for issuance	10,000,000
Number of shares issued	2,600,000
2012 Stock Incentive Plan [Member] \| Restricted stock unit [Member]
Share-based compensation expense	53,428	180,072
Number of shares purchased	50,000
Vesting date	2014-04-01
Fair value	$ 180,072

STOCKHOLDERS' EQUITY (Details) (Warrants [Member], USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Warrants [Member]
Number of shares under warrant
Warrants outstanding, beginning	14,293,499	12,193,499	3,057,627
Warrants issued		2,100,000	17,332,500
Warrants exercised	(365,583)		(8,145,486)
Warrants expired
Warrants cancelled			(51,142)
Warrants outstanding, ending	13,927,916	14,293,499	12,193,499
Vested and Exercisable	13,562,764
Weighted Average Exercise Price
Warrants outstanding, beginning	$ 1.79	$ 1.63	$ 0.36
Warrants issued		2.72	1.26
Warrants exercised	0.5		0.38
Warrants cancelled			0.24
Warrants outstanding, ending	$ 1.82	$ 1.79	$ 1.63
Vested and Exercisable	1.83
Weighted Average Remaining Contractual Life
Warrants outstanding, beginning	3 years 10 months 24 days	4 years 9 months 18 days	7 years 10 months 24 days
Warrants outstanding, ending	3 years	3 years 10 months 24 days	4 years 9 months 18 days
Vested and Exercisable	2 years 10 months 24 days
Aggregate Intrinsic Value
Warrants outstanding, beginning	$ 48,932,777	$ 17,971,994	$ 3,483,691
Warrants outstanding, ending	36,623,875	48,932,777	17,971,994
Vested and Exercisable	$ 35,599,540

STOCKHOLDERS' EQUITY (Details 1) (Warrants [Member], USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Class of Warrant or Right [Line Items]
Weighted average fair value	$ 2.83	$ 2.05
Term (in years)		5 years
Minimum [Member]
Class of Warrant or Right [Line Items]
Risk-free interest rate	0.88%	0.72%
Volatility	44.29%	44.64%
Term (in years)	5 years
Maximum [Member]
Class of Warrant or Right [Line Items]
Risk-free interest rate	1.12%	1.04%
Volatility	45.89%	44.81%
Term (in years)	6 years

STOCKHOLDERS' EQUITY (Details 2) (Stock Options [Member])	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.07%	0.65%	0.61%
Expected Volatility	68.05%	33.35%	40.77%
Expected term	6 months	5 years	5 years
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	1.77%	1.71%	2.23%
Expected Volatility	82.29%	45.76%	46.00%
Expected term	6 years 3 months	6 years 3 months	6 years 3 months

STOCKHOLDERS' EQUITY (Details 3) (USD $)	12 Months Ended
STOCKHOLDERS' EQUITY (Details 3) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Number Options
Options Exercised		75,423
Stock Options [Member]
Number Options
Options outstanding, beginning	15,632,742	13,733,488	10,590,161
Options Granted	2,442,000	2,583,677	5,121,250
Options Exercised	(854,573)	(75,423)	(1,931,788)
Options Expired	(250)	(250)
Options Cancelled	(427,476)	(608,750)	(46,135)
Options outstanding, ending	16,792,443	15,632,742	13,733,488
Vested and exercisable	13,276,462
Weighted Average Exercise Price
Options outstanding, beginning	$ 1.44	$ 1.16	$ 0.16
Granted	$ 4.71	$ 3.31	$ 2.8
Options outstanding, ending	$ 1.88	$ 1.44	$ 1.16
Vested and exercisable	$ 1.39
Weighted Average Remaining Contractual Life
Options outstanding, beginning	7 years 2 months 12 days	7 years 8 months 12 days	7 years 7 months 6 days
Options outstanding, ending	6 years 10 months 24 days	7 years 2 months 12 days	7 years 8 months 12 days
Vested and exercisable	5 years 6 months
Aggregate Intrinsic Value
Options outstanding, beginning	$ 58,878,132	$ 26,804,117	$ 14,067,649
Options outstanding, ending	43,996,311	58,878,132	26,804,117
Vested and exercisable	$ 40,720,977

INCOME TAXES (Details)	12 Months Ended
INCOME TAXES (Details)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]
Federal statutory tax rate	34.00%	35.00%	35.00%
State tax rate, net of federal tax benefit	5.80%	5.80%	5.50%
Adjustment in valuation allowances	(50.90%)	(32.40%)	(18.20%)
Permanent and other differences	11.10%	(8.40%)	(22.30%)
Provision (Benefit) for Income Taxes

INCOME TAXES (Details 1) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Deferred Income Tax Assets:
Net operating losses	$ 43,091,437	$ 14,773,537	$ 5,920,861
R&D Credit	0	547,511	186,346
Total deferred income tax asset	43,091,437	15,321,048	6,107,207
Valuation allowance	(43,091,437)	(15,321,048)	(6,107,207)
Deferred Income Tax Assets, net

RELATED PARTIES (Details Narrative) (USD $)	12 Months Ended								1 Months Ended					0 Months Ended			1 Months Ended	0 Months Ended
RELATED PARTIES (Details Narrative) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2012 Brian Bernick [Member]	Dec. 31, 2014 Stock Purchase Agreement With Pernix Therapeutics LLC [Member]	Dec. 31, 2013 Stock Purchase Agreement With Pernix Therapeutics LLC [Member]	Dec. 31, 2012 Stock Purchase Agreement With Pernix Therapeutics LLC [Member]	Jun. 30, 2012 Non-affiliated third party [Member]	Jun. 30, 2012 VitaMed Promissory Notes [Member]	Oct. 30, 2011 VitaMed Promissory Notes [Member]	Jun. 30, 2011 VitaMed Promissory Notes [Member]	Nov. 13, 2012 VitaMed Promissory Notes [Member]	Mar. 31, 2011 VitaMed Promissory Notes [Member]	Oct. 04, 2012 VitaMed Promissory Notes [Member] Brian Bernick [Member]	Jun. 30, 2012 VitaMed Promissory Notes [Member] Brian Bernick [Member]	Dec. 31, 2011 Notes Issued to Mr. Finizio And Mr. Milligan [Member]	Jun. 30, 2012 Notes Issued to Mr. Finizio [Member]	Oct. 04, 2012 Notes Issued to Mr. Milligan [Member]
Related Party Transaction [Line Items]
Line of credit												$ 299,220	$ 300,000
Aggregate principal amount																100,000
Aggregate remaining principal amount															100,000
Repayments of notes payable	4,691,847	1,850,000	200,000							50,000	200,000			100,000
Acrued interest paid	212,853	17,253	696						2,160					5,341			888	1,519
Transaction amounts				2,632	0	0	404,000
Receivables outstanding				1,272	46,000	46,000	308,000
Legal fee reimbursement					$ 249,981	$ 249,981
Number of shares purchased								100,000

BUSINESS CONCENTRATIONS (Details Narrative) (USD $)	3 Months Ended												12 Months Ended
BUSINESS CONCENTRATIONS (Details Narrative) (USD $)	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Concentration Risk [Line Items]
Revenues	$ 4,257	$ 4,186	$ 3,752	$ 2,831	$ 2,863	$ 2,295	$ 2,081	$ 1,537	$ 1,241	$ 1,036	$ 819	$ 722	$ 15,026,219	$ 8,775,598	$ 3,818,013
Customer A [Member]
Concentration Risk [Line Items]
Concentration Risk													75.00%	79.00%	28.00%
Customer A [Member] \| Sales Revenue [Member]
Concentration Risk [Line Items]
Concentration Risk													10.00%
Deferred revenue [Member]
Concentration Risk [Line Items]
Concentration Risk													97.00%	97.00%	98.00%
Customer A [Member] \| Sales Revenue [Member]
Concentration Risk [Line Items]
Revenues													1,609,950	1,586,903	1,804,018
Customer B [Member] \| Sales Revenue [Member]
Concentration Risk [Line Items]
Revenues													4,053,838	1,221,212	1,711,417
Customer C [Member] \| Sales Revenue [Member]
Concentration Risk [Line Items]
Revenues													2,588,626	1,312,192	67,599
Customer D [Member] \| Sales Revenue [Member]
Concentration Risk [Line Items]
Revenues													$ 490,092	$ 830,902	$ 0

COMMITMENTS AND CONTINGENCIES (Details Narrative) (USD $)	6 Months Ended		12 Months Ended
	Dec. 31, 2013	Jun. 30, 2013	Dec. 31, 2014	Dec. 31, 2012
Commitments and Contingencies Disclosure [Abstract]
Non-cancelable operating lease term			63 months
Monthly Base rent of leases			$ 30,149
Future minimum lease payments over life of lease			1,899,414
Rental Expense	180,894	60,168	361,793	106,315
Rental income	$ 32,963		$ 41,613

COMMITMENTS AND CONTINGENCIES (Details) (USD $)	Dec. 31, 2014
Future minimum rental payments, year ending December 31,
2015	$ 371,240
2016	382,377
2017	393,848
2018	302,748
Total minimum lease payments	1,450,213
Net minimum lease payments	$ 1,450,213

SELECTED QUARTERLY FINANCIAL DATA (Details) (USD $)	3 Months Ended												12 Months Ended
SELECTED QUARTERLY FINANCIAL DATA (Details) (USD $)	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 4,257	$ 4,186	$ 3,752	$ 2,831	$ 2,863	$ 2,295	$ 2,081	$ 1,537	$ 1,241	$ 1,036	$ 819	$ 722	$ 15,026,219	$ 8,775,598	$ 3,818,013
Gross profit	3,377	3,118	2,859	2,000	2,396	1,646	1,617	1,157	908	729	447	386	11,354,416	6,816,001	2,469,900
Net loss	$ (16,303)	$ (17,832)	$ (10,899)	$ (9,183)	$ (8,361)	$ (7,673)	$ (6,009)	$ (6,376)	$ (5,727)	$ (4,253)	$ (11,850)	$ (13,290)	$ (54,217,210)	$ (28,419,313)	$ (35,120,235)
Loss per common share, basic and diluted (in dollars per shares)	$ (0.10)	$ (0.12)	$ (0.07)	$ (0.06)	$ (0.06)	$ (0.06)	$ (0.05)	$ (0.06)	$ (0.06)	$ (0.04)	$ (0.14)	$ (0.16)	$ (0.36)	$ (0.22)	$ (0.38)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References+ Details

SUBSEQUENT EVENTS (Details Narrative) (USD $)	12 Months Ended			0 Months Ended
SUBSEQUENT EVENTS (Details Narrative) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Feb. 17, 2015 Subsequent Event [Member] Cowen and Company, LLC [Member]	Feb. 10, 2015 Subsequent Event [Member] Cowen and Company, LLC [Member]
Subsequent Event [Line Items]
Number of shares issued during the period				2,037,036	13,580,246
Share price to underwritters (in dollars per share)					$ 4.05
Number of shares issued during the period,value	$ 42,771,353	$ 78,650,353	$ 7,895,485		$ 59,100,000
Number of days granted for option to purchase shares				30 days

FIXED ASSETS (Details Narrative) (USD $)	12 Months Ended
FIXED ASSETS (Details Narrative) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Property, Plant and Equipment [Abstract]
Depreciation Expense	$ 28,987	$ 47,883	$ 27,484

INCOME TAXES (Details Narrative) (Federal [Member], USD $)	Dec. 31, 2014
Federal [Member]
Net operating loss carryforwards	$ 105,529,416