FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2012

Fair Value Disclosures [Abstract]

Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block]

The Company’s financial liabilities measured at fair value on a recurring basis as of December 31, 2012 and 2011 were as follows:

	Financial liabilities at fair value as of December 31, 2012
	Level 1		Level 2		Level 3		Total
5% Notes	$	--	$	--	$	2,479,098	$	2,479,098
Totals	$	--	$	--	$	2,479,098	$	2,479,098

	Financial liabilities at fair value as of December 31, 2011
	Level 1		Level 2		Level 3		Total
5% Notes	$	--	$	--	$	3,294,797	$	3,294,797
Totals	$	--	$	--	$	3,294,797	$	3,294,797

Change In Level Three Fair Value During Period [Table Text Block]

The following table summarizes the changes in Level 3 instruments for the years ended December 31, 2011 and 2012:

Balance at January 1, 2011	$	--
Transfer into Level 3		3,287,700
Interest accrued on face value of 5% Notes		7,097
Change in fair value of Level 3 liabilities		--
Balance at December 31, 2011		3,294,797
Interest accrued on face value of 5% Notes		844,173
Change in fair value of Level 3 liabilities		(1,659,872)
Balance at December 31, 2012	$	2,479,098

Fair Value Measurements, Nonrecurring [Table Text Block]

The Company’s assets measured at fair value on a nonrecurring basis as of December 31, 2012 were as follows:

	Fair value measurements as of December 31, 2012
	Level 1		Level 2		Level 3		Total impairment charge for the year ended December 31, 2012
Assets:
In-process research and development	$	--	$	--	$	2,797,600	$	(1,104,700	)
Total	$	--	$	--	$	2,797,600	$	(1,104,700	)