SHARE BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2016

SHARE BASED COMPENSATION [Abstract]

Allocated share-based compensation expense

The following table summarizes share-based compensation related to stock options for the three and nine months ended September 30:

	Three Months Ended  September 30,					Nine Months Ended  September 30,
	2016			2015		2016		2015
Research and development	$	(3,079	)	$	18,692	$	5,914	$	56,123
Selling, general and administrative		17,190			52,115		54,212		159,870
Total share-based compensation expense	$	14,111		$	70,807	$	60,126	$	215,993

Stock option activity

The following table summarizes the stock options outstanding and the number of shares of Common Stock subject to exercise as of September 30, 2016 and the changes therein during the nine 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		(950,002	)	$	1.27
Exercised		---			---
Outstanding as of September 30, 2016		714,571		$	2.35

Stock option grants outstanding and exercisable

The following table presents the stock option grants outstanding and exercisable as of September 30, 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
	422,500	$	0.33		6.5		422,500	$	0.33
	240,000		1.15		8.0		240,000		1.15
	52,071		24.20		0.9		52,071		24.20
	714,571	$	2.35		6.6		714,571	$	2.35