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FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block]

The following tables provide the fair value measurements of applicable financial liabilities as of December 31, 2014 and 2013:

	Financial liabilities at fair value
	as of December 31, 2014
	Level 1		Level 2		Level 3		Total

5% Notes	$	—	$	—	$	275,190	$	275,190
Totals	$	—	$	—	$	275,190	$	275,190

	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 for the years ended December 31, 2013 and 2014:

Balance at January 1, 2013	$	2,479,098
Interest accrued on face value of 5% Notes		886,382
Change in fair value of Level 3 liabilities		(3,300,951)
Balance at December 31, 2013		64,529
Interest accrued on face value of 5% Notes		930,701
Change in fair value of Level 3 liabilities		(720,040)
Balance at December 31, 2014	$	275,190

Fair Value Measurements, Nonrecurring [Table Text Block]

There were no nonrecurring fair value measurements during the year ended December 31, 2014. The following table summarizes the assets measured at fair value on a nonrecurring basis as of December 31, 2013:

	Fair value measurements
	as of December 31, 2013
							Total impairment charge
							for the year ended
	Level 1		Level 2		Level 3		December 31, 2013
Assets:
In-process research and development	$	—	$	—	$	—	$	(2,797,600)
Total	$	—	$	—	$	—	$	(2,797,600)

- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring and/or nonrecurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

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- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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