STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2014

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 months ended March 31, 2014 and 2013, the Company granted stock options to employees and non-employee directors as follows: 

	For the three months ended March 31,
	2014		2013
Options granted during period		952,500		785,500
Weighted average exercise price	$	4.71	$	0.93
Weighted average grant date fair value	$	3.76	$	0.71

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 months ended March 31, 2014 and 2013: 

	For the three months ended March 31,
	2014		2013
Weighted average risk-free interest rate	1.70	%	0.81	%
Expected life of options	5 years		5 years
Expected dividend yield	0	%	0	%
Weighted average expected volatility	112.18	%	103.78	%

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 months ended March 31, 2014 and 2013 in conjunction with option grants made to employees and non-employee directors: 

	For the three months ended March 31,
	2014		2013
Stock-based compensation expense recorded during period	$	706,060	$	625,874
Total unrecognized compensation expense remaining	$	5,829,320	$	4,038,554
Remaining average recognition period (in years)		2.4		2.4

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 March 31, 2014:

	As of
	March 31, 2014
Options outstanding under the plan:
Total options outstanding		8,085,999
Weighted average remaining contractual life (in years)		6.03
Weighted average exercise price per share	$	3.67
Total options outstanding and vested		5,179,999
Total in-the-money options outstanding		6,231,499
Aggregate intrinsic value of in-the-money options outstanding	$	16,988,783
Total in-the-money options outstanding and vested		3,574,249
Aggregate intrinsic value of in-the-money options outstanding and vested	$	9,889,650