ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2014

ACCRUED EXPENSES AND OTHER LIABILITIES [Abstract]

Schedule of Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consist of the following:

	September 30, 2014		December  31, 2013
Royalties payable	$	306,310	$	127,708
Accrued compensation		171,421		-
Accrued accounting fees		-		82,141
Accrued interest payable		854,157		216,518
Other payables		225,376		156,620
Accrued expenses and other liabilities, net	$	1,557,264	$	582,987