STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2012

Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]

During the three and nine months ended September 30, 2012 and 2011, the Company granted stock options to employees and non-employee directors as follows:

	For the three months ended September 30,				For the nine months ended September 30,
	2012		2011		2012		2011
Options granted during period		827,000		82,500		2,136,000		1,100,500
Weighted average exercise price	$	1.14	$	4.39	$	3.26	$	7.09
Weighted average grant date fair value	$	0.81	$	3.03	$	2.21	$	4.71

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

The table below summarizes the assumptions utilized in estimating the fair value of the stock options granted during the three and nine months ended September 30, 2012 and 2011:

	For the three months ended September 30,						For the nine months ended September 30,
	2012			2011			2012			2011
Weighted average risk-free interest rate		0.69	%		1.08	%		0.74	%		1.91	%
Expected life of options		5 years			5 years			5 years			5 years
Expected dividend yield		0	%		0	%		0	%		0	%
Weighted average expected volatility		95.69	%		89.06	%		89.73	%		87.72	%

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

The table below summarizes the compensation expense recorded by the Company for the three and nine months ended September 30, 2012 and 2011 in conjunction with option grants made to employees and non-employee directors:

	For the three months ended September 30,				For the nine months ended September 30,
	2012		2011		2012		2011
Stock-based compensation expense recorded during period	$	103,712	$	668,147	$	1,385,400	$	2,015,150
Total unrecognized compensation expense remaining	$	4,786,963	$	6,190,954	$	4,786,963	$	6,190,954
Remaining average recognition period (in years)		2.65		2.25		2.65		2.25

Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding [Table Text Block]

The table below summarizes options outstanding, options vested and aggregate intrinsic value as of September 30, 2012:

	As of
	September 30, 2012
Options outstanding under the plan:
Total options outstanding		7,342,830
Weighted average remaining contractual life (in years)		6.52
Weighted average exercise price per share	$	4.13
Aggregate intrinsic value of in-the-money options outstanding	$	181,968
Aggregate intrinsic value of in-the-money options outstanding and vested	$	118,903