STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2013

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, 2013 and 2012, 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,
	2013	2012		2013		2012
Options granted during period	n/a		827,000		985,500		2,136,000
Weighted average exercise price	n/a	$	1.14	$	1.10	$	3.26
Weighted average grant date fair value	n/a	$	0.81	$	0.77	$	2.21

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, 2013 and 2012:

	For the three months ended September 30,			For the nine months ended September 30,
	2013	2012		2013		2012
Weighted average risk-free interest rate	n/a	0.69	%	0.69	%	0.74	%
Expected life of options	n/a	5 years		4.4 years		5 years
Expected dividend yield	n/a	0	%	0	%	0	%
Weighted average expected volatility	n/a	95.69	%	105.48	%	89.73	%

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, 2013 and 2012 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,
	2013		2012		2013		2012
Stock-based compensation expense recorded during period	$	413,670	$	103,712		1,448,294	$	1,385,400
Total unrecognized compensation expense remaining	$	3,351,245	$	4,786,963	$	3,351,245	$	4,786,963
Remaining average recognition period (in years)		2.0		2.65		2.0		2.65

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, 2013:

	As of
	September 30, 2013
Total options outstanding under the Plan		7,156,709
Weighted average remaining contractual life (in years)		6.01
Weighted average exercise price per share	$	3.52
Total options oustanding and vested		4,708,834
Total in-the-money options oustanding		3,882,624
Aggregate intrinsic value of in-the-money options outstanding	$	4,575,451
Total in-the-money options vested and outstanding		2,209,999
Aggregate intrinsic value of in-the-money options outstanding and vested	$	1,688,606