INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2014 and 2013 are presented below.

	2014		2013
Deferred tax assets (liabilities):
Net operating loss carryforwards	$	52,350,293	$	32,399,879
Research and development credit		3,358,934		2,266,167
Noncash compensation		12,417,815		10,971,912
Other		956,727		644,899
Deferred tax asset, excluding valuation allowance		69,083,769		46,282,857

Less valuation allowance		(69,083,769)		(46,282,857)
Net deferred tax assets	$	—	$	—

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

Income tax expense differed from amounts computed by applying the US Federal income tax rate of 34% to pretax loss as follows:

	For the year ended December 31,
	2014		2013

Loss before income taxes, as reported in the consolidated statements of operations	$	(55,781,277)	$	(20,478,210)

Computed “expected” tax benefit	$	(18,965,634)	$	(6,962,592)

Increase (decrease) in income taxes resulting from:
Expected benefit from state and local taxes		(2,533,156)		(917,810)
Research and development credits		(1,092,767)		(250,000)
Other		35,459		43,026
Permanent difference related to contingent note payable		(244,814)		(1,924,558)
Change in the balance of the valuation allowance for deferred tax assets		22,800,912		10,011,934
	$	—	$	—