INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2015

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, 2014 and 2015:

	December 31, 2014			December 31, 2015
	%			%
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, 2014			December 31, 2015
Deferred tax assets	$	8,098,830		$	9,288,209
Less valuation allowance		(8,098,830	)		(9,288,209	)
Net deferred tax assets	$	—		$	—