INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2013

INCOME TAXES

Schedule of significant components of net deferred tax asset

	December 31,
	2013			2012
Net operating loss carryforward	$	16,031,911		$	10,329,617
Research and development credit carryforward		624,902			329,584
Stock-based compensation		2,411,438			1,090,746
Depreciation and amortization		(148,802	)		(81,305	)
Accrued expenses		448,563			—
Charitable contributions		111,776			72,693
Subtotal		19,479,788			11,741,335
Valuation allowance		(19,479,788	)		(11,741,335	)
Net deferred taxes	$	—		$	—

Schedule of income tax benefits computed using the federal statutory income tax rate differs from effective tax rate

	December 31,
	2013			2012			2011
Statutory rate		(34.0	)%		34.0	%		(34.0	)%
State taxes, net of benefit		(2.6	)%		(14.2	)%		(1.4	)%
Permanent differences:
Derivative losses		17.1	%		(127.4	)%		25.7	%
Other		0.0	%		(1.9	)%		0.2	%
R&D tax credit		(0.4	)%		7.0	%		(0.2	)%
Increase in valuation reserve		19.9	%		102.5	%		9.7	%
Effective tax rate		0.0	%		0.0	%		0.0	%