SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2014

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Schedule of Maturities

The schedule of maturities at December 31, 2014 and 2013 are as follows:

	Maturities as of December 31, 2014				Maturities as of December 31, 2013
	1 Year or Less		Greater than 1 Year		1 Year or Less		Greater than 1 Year
Pre-refunded municipal bonds	$	2,287,773	$	-	$	-	$	-
Certificates of deposit		8,612,664		1,250,000		6,966,964		-
Total	$	10,900,437	$	1,250,000	$	6,966,964	$	-

Net Patent Costs

These patent costs are creditable against future royalty revenues. For each period presented below net patent costs consisted of:

	December 31,
	2014			2013
Patents	$	671,326		$	472,375
Accumulated Amortization		(376,296	)		(256,376	)
Net Patent Costs	$	295,030		$	215,999

Estimated Aggregate Future Amortization Expense

The estimated aggregate amortization expense for each of the next five years is approximately as follows:

2015	$	43,000
2016		35,000
2017		35,000
2018		35,000
2019		35,000