INVESTMENTS AND FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

Fair value of cash equivalents and marketable securities

The Company’s fair value hierarchy for its cash equivalents, marketable securities and derivative instruments as of December 31, 2014 and December 31, 2013, respectively, was as follows:

December 31, 2014	Level 1		Level 2		Level 3		Total
Money market securities	$	1,280,505	$	-	$	-	$	1,280,505
Certificates of Deposit		6,845,000		-		-		6,845,000
Commercial Paper		-		2,249,361		-		2,249,361
Corporate Notes		-		2,815,339		-		2,815,339
Total assets	$	8,125,505	$	5,064,700	$	-	$	13,190,205
Derivative instruments payable	$	-	$	599,698	$	-	$	599,698
Total liabilities	$	-	$	599,698	$	-	$	599,698

December 31, 2013	Level 1		Level 2		Level 3		Total
Money market securities	$	5,367,633	$	-	$	-	$	5,367,633
Certificates of Deposit		9,750,000		-		-		9,750,000
Commercial Paper		-		999,789		-		999,789
Corporate Notes		-		1,118,961		-		1,118,961
Total assets	$	15,117,633	$	2,118,750	$	-	$	17,236,383
Derivative instruments payable	$	-	$	-	$	427,818	$	427,818
Total liabilities	$	-	$	-	$	427,818	$	427,818

Changes in significance of unobservable inputs used to calculate credit valuation adjustment

The following table presents reconciliations of transfers between Level 3 and Level 2 as determined at the end of the reporting period and principally resulted from changes in the significance of unobservable inputs used to calculate the credit valuation adjustment:

	For the Year Ended
	December 31, 2014
	Derivative Liability
Balance at December 31, 2013	$	427,818
Transfer of liabilities out of Level 3		(427,818)
Balance at December 31, 2014	$	-