INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2013

INCOME TAXES [Abstract]

Schedule of Effective Income Tax Rate

The effective tax rate varies from the maximum federal statutory rate as a result of the following items for the twelve months ended December 31, 2012 and 2013:

	December 31, 2012			December 31, 2013
Tax benefit computed at the maximum federal statutory rate		(34.0	)%		(34.0	)%
State tax rate, net of federal tax benefit		(4.5	)		(4.5	)
Increase in valuation allowance		38.5			38.5
Effective income tax rate		0.0	%		0.0	%

Schedule of Deferred Tax Assets

The Company has recorded a valuation allowance to reflect the uncertainty of the ultimate utilization of the deferred tax assets as follows:

	December 31, 2012			December 31, 2013
Deferred tax assets	$	4,409,729			$	7,112,381
Less valuation allowance		(4,409,729	)			(7,112,381	)
Net deferred tax assets	$	—			$	—