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STOCK BASED COMPENSATION (Tables)
 3 Months Ended
Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]
Accordingly, the Company recognized stock based compensation expense of $180,628 and $230,181 for the three months ended March 31, 2015 and 2014, respectively.
 
 
 
Three Months Ended
March 31,
 
 
 
2015
 
2014
 
 
 
 
 
 
 
 
 
General and administrative
 
$
129,360
 
$
209,629
 
Research and development
 
 
18,970
 
 
4,627
 
Selling
 
 
32,298
 
 
15,926
 
Total stock compensation expense
 
$
180,628
 
$
230,181
 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
The following table presents information concerning stock option grants for the three months ended March 31, 2015:
 
 
 
Employees
 
 
Executives &
Officers
 
Date of Grant
 
January –March  2015
 
 
January –
March 2015
 
 
 
 
 
 
 
 
 
 
Fair value of common stock on date of grant
 
$
1.19 – 1.59
 
 
$
1.59
 
Exercise price of the options
 
$
1.40 – 1.88
 
 
$
1.88
 
Expected life of the options (years)
 
 
6.04-6.13
 
 
 
6.06
 
Dividend yield
 
 
0.00
%
 
 
0.00
%
Expected volatility
 
 
113.5- 115
%
 
 
113.5
%
Risk-free interest rate
 
 
1.64 – 1.79
%
 
 
1.74
%
Expected forfeiture per year (%)
 
 
10.00
%
 
 
10.00
%
Weighted average fair value of the options per unit
 
$
1.56
 
 
$
1.59
 
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
Options issued and outstanding as of March 31, 2015 and their activities during the three months then ended are as follows:
 
 
 
Number of
Underlying
Shares
 
Weighted-
Average
Exercise
Price Per
Share
 
Weighted-
Average
Contractual
Life
Remaining
in
Years
 
Aggregate
Intrinsic Value
 
Outstanding as of January 1, 2015
 
 
3,675,634
 
$
2.86
 
 
 
 
$
344,000
 
Granted
 
 
768,322
 
 
1.56
 
 
 
 
 
 
 
Forfeited
 
 
(89,538)
 
 
0.70
 
 
 
 
 
51,750
 
Exercised
 
 
-
 
 
-
 
 
 
 
 
 
 
Outstanding as of March 31, 2015
 
 
4,354,418
 
 
2.71
 
 
8.20
 
$
884,650
 
Exercisable as of March 31, 2015
 
 
1,494,728
 
 
4.21
 
 
6.23
 
$
140,282
 
Vested and expected to vest (1)
 
 
3,967,136
 
$
2.79
 
 
8.09
 
$
797,960
 
   
(1) vested shares and unvested shares after a forfeiture rate is applied