SHARE BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2016

SHARE BASED COMPENSATION [Abstract]

Allocated share-based compensation expense

The following table summarizes share-based compensation related to stock options for the three months ended March 31:

	Three Months Ended  March 31,
	2016	2015
Research and development	$   8,670	$   18,612
Selling, general and administrative	19,197	56,736
Total share-based compensation expense	$   27,867	$   75,348

Stock option activity

The following table summarizes the stock options outstanding and the number of shares of Common Stock subject to exercise as of March 31, 2016 and the changes therein during the three months then ended:

		Stock Options	Weighted Average Exercise Price per Share
Outstanding as of December 31, 2015		1,664,573	$    1.73
	Granted	---	---
	Forfeited/cancelled	(255,002)	$    2.83
	Exercised	---	---
Outstanding as of March 31, 2016		1,409,571	$    1.53

Stock option grants outstanding and exercisable

The following table presents the stock option grants outstanding and exercisable as of March 31, 2016:

Options Outstanding			Options Exercisable
Stock Options Outstanding	Weighted Average Exercise Price per Share	Weighted Average Remaining Contractual Life in Years	Stock Options Exercisable	Weighted Average Exercise Price per Share
807,500	$     0.33	7.0	565,000	$     0.33
550,000	1.15	6.2	75,000	1.15
52,071	24.20	1.4	52,071	24.20
1,409,571	$     1.53	6.5	692,071	$     2.22