REVISION OF PRIOR INTERIM PERIOD FINANCIAL STATEMENTS (Tables)

12 Months Ended

Dec. 31, 2014

Accounting Changes and Error Corrections [Abstract]

Revision or prior interim period financial statements

	Three Months Ended								Nine Months Ended
	As Previously Recorded			Adjustment		As Revised			As Previously Recorded			Adjustment		As Revised
Licensing revenue	$	19,107		$	−	$	19,107		$	57,321		$	−	$	57,321
Total revenues		19,107			−		19,107			57,321			−		57,321
Operating Expenses:
Research and development		1,200,590			−		1,200,590			4,348,752			−		4,348,752
Selling, general and administrative		1,731,868			−		1,731,868			5,207,103			−		5,207,103
Total operating expenses		2,932,458			−		2,932,458			9,555,855			−		9,555,855
Loss from operations		(2,913,351	)		−		(2,913,351	)		(9,498,534	)		−		(9,498,534	)
Other Income (Expense):
Interest income		181			−		181			915			−		915
Interest expense		(3,064,414	)		2,823,325		(241,089	)		(3,551,482	)		2,823,325		(728,157	)
Gain on disposals of assets		−			−		−			1,500			−		1,500
Gain (loss) on revaluation of derivative warrant liability		473,000			−		473,000			1,006,000			−		1,006,000
Other income (expense), net		(2,591,233	)		2,823,325		232,092			(2,543,067	)		2,823,325		280,258
Net loss	$	(5,504,584	)	$	2,823,325	$	(2,681,259	)	$	(12,041,601	)	$	2,823,325	$	(9,218,276	)
Net loss per common share, basic and diluted	$	(0.43	)	$	0.22	$	(0.21	)	$	(0.99	)	$	0.23	$	(0.76	)
Basic and diluted weighted average common shares outstanding		12,660,182			12,660,182		12,660,182			12,199,476			12,199,476		12,199,476