FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Schedule of Fair Value Hierarchy

A summary of quantitative information with respect to the valuation methodology and significant unobservable inputs used for the Company’s warrant liabilities that are categorized within Level 3 of the fair value hierarchy as of March 31, 2015 and December 31, 2014 is as follows:

	March 31, 2015		December 31, 2014
Stock Price	$	2.57	$	1.20
Risk-free Rate (5-year U.S. Treasury Yield)		1.37%		1.65%
Volatility (Annual)		81.02-81.34%		72.90-88.10%
Time to Maturity (Years)		3.85-4.08		4.10-4.33

Schedule of Derivative Warrant Liabilities

Derivative warrant liabilities consist of the following:

	Fair Value
	Measurements Using
	Significant
	Unobservable Inputs
	(Level 3)
	Warrant Derivative
	Liabilities
Balance at December 31, 2014	$	499,089
Changes in estimated fair value		1,334,549
Balance at March 31, 2015	$	1,833,638