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FAIR VALUE MEASUREMENTS (Tables)
9 Months Ended
Sep. 30, 2014
Fair Value Disclosures [Abstract]  
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block]
The following table provides the fair value measurements of applicable financial liabilities as of September 30, 2014 and December 31, 2013:
 
 
 
Financial liabilities at fair value
 
 
 
as of September 30, 2014
 
 
 
Level 1
 
Level 2
 
Level 3
 
Total
 
 
 
 
 
 
 
 
 
 
 
5% Notes
 
$
 
$
 
$
183,144
 
$
183,144
 
Totals
 
$
 
$
 
$
183,144
 
$
183,144
 
 
 
 
Financial liabilities at fair value
 
 
 
as of December 31, 2013
 
 
 
Level 1
 
Level 2
 
Level 3
 
Total
 
 
 
 
 
 
 
 
 
 
 
5% Notes
 
$
 
$
 
$
64,529
 
$
64,529
 
Totals
 
$
 
$
 
$
64,529
 
$
64,529
 
Change In Level Three Fair Value During Period [Table Text Block]
The following table summarizes the changes in Level 3 instruments during the nine months ended September 30, 2014:
 
Fair value at December 31, 2013
 
$
64,529
 
Interest accrued on face value of 5% Notes
 
 
695,914
 
Change in fair value of Level 3 liabilities
 
 
(577,299)
 
Fair value at September 30, 2014
 
$
183,144