Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2016

Schedule of Restructuring Reserve by Type of Cost [Table Text Block]

Accrued restructuring expense as of June 30, 2016 is as follows:

	Balance as of						Balance as of
	December 31,		Paid		Amortized		June 30,
Description	2015		2016		2016		2016

Accrued severance expense	$	131,822	$	131,822	$	-	$	-
Accrued sublease expense		358,769		-		121,644		237,125
Total accrued restructuring expense	$	490,591	$	131,822	$	121,644	$	237,125

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]

Share-based compensation expense for the three months ended June 30, 2016 and 2015 was:

	Three months ended June 30,
	2016		2015

Research and development	$	23,181	$	12,490
General and administrative		143,614		121,114
Total share-based compensation expense	$	166,795	$	133,604

Share-based compensation expense for the six months ended June 30, 2016 and 2015 was:

	Six months ended June 30,
	2016		2015

Research and development	$	52,474	$	73,225
General and administrative		296,246		313,747
Restructuring benefit		-		(53,741)
Total share-based compensation expense	$	348,720	$	333,231

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

A reconciliation of the numerators and denominators of the basic and diluted per share computations for the three and six months ended June 30, 2016 is as follows (a reconciliation is not required for the three and six months ended June 30, 2015 quarter since the Company recorded a net loss for those periods):

	Three months ended		Six months ended
	June 30, 2016		June 30, 2016

Numerator

Net income	$	8,044,474	$	6,817,568
Net income allocated to participating securities		(24,004)		(22,288)
Numerator for basic income per share		8,020,470		6,795,280
Incremental allocation of net income to participating securities		172		118
Numerator for diluted income per share	$	8,020,642	$	6,795,398

Denominator

Weighted average outstanding common shares for basic income per share		64,737,820		64,571,108
Dilutive effect of stock options		468,256		346,159
Denominator for diluted income per share		65,206,076		64,917,267