Quarterly report pursuant to Section 13 or 15(d)

SUMMARY OF CRITICAL ACCOUNTING POLICIES AND USE OF ESTIMATES (Tables)

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SUMMARY OF CRITICAL ACCOUNTING POLICIES AND USE OF ESTIMATES (Tables)
9 Months Ended
Sep. 30, 2017
Accounting Policies [Abstract]  
Schedule of weighted average shares outstanding

The following potentially dilutive securities have been excluded from the computations of weighted average shares outstanding as of September 30, 2017 and 2016, as they would be anti-dilutive:

 

    Nine months ended September 30,  
    2017     2016  
Shares underlying options outstanding     364,516       265,863  
Shares underlying warrants outstanding     4,511,914       1,335,466  
Shares underlying convertible preferred stock outstanding     4,770,370       411,806  
Shares underlying convertible notes outstanding     34,835,228        
      44,482,028       2,013,135  
Schedule of fair values of financial liabilities

The table below summarizes the fair values of our financial liabilities as of September 30, 2017 (in thousands):

 

                         
    Fair Value at
September 30,
    Fair Value Measurement Using  
    2017     Level 1     Level 2     Level 3  
Derivative liability   $ 3,338     $     $     $ 3,338  

Schedule of fair value of derivative liability on recurring basis

The reconciliation of the derivative liability measured at fair value on a recurring basis using unobservable inputs (Level 3) is as follows for the nine months ended September 30, 2017 (in thousands): 

 

       
Balance at beginning of period   $ 2,541  
Additions to derivative instruments, net     4,568  
Reclassification on conversions and expiration     (368 )
Gain on change in fair value of derivative liability     (3,403 )
Balance at end of period   $ 3,338