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STOCK AWARDS, WARRANTS AND OPTIONS (Tables)

6 Months Ended

Jun. 30, 2016

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]

Employee and non-employee stock-based compensation expense for the three and six months ended June 30, 2016 and 2015 was as follows:

	Three months ended June 30,				Six months ended June 30,
	2016		2015		2016		2015

General and administrative	$	471,761	$	259,930	$	691,085	$	788,454
Research and development		182,264		83,000		253,526		126,597
Total	$	654,025	$	342,930	$	944,611	$	915,051

Warrant

Schedule Of Warrant Activity [Table Text Block]

The following table summarizes all warrant activity for the six month period ended June 30, 2016:

	Warrants		Weighted Average Exercise Price
Outstanding at January 1, 2016		235,830	$	2.27
Granted		846,073		4.50
Exercised		-		-
Expired		-		-
Outstanding at June 30, 2016		1,081,903	$	4.01

Schedule of Stockholders Equity Note, Warrants or Rights [Table Text Block]

The following table summarizes all outstanding warrants to purchase shares of the Company’s common stock as of June 30, 2016:

At June 30, 2016
Grant Date	Warrants Outstanding		Exercise Price		Expiration Date

4/4/2012		187	$	2.27	4/4/2017
11/20/2013		235,643	$	2.27	11/20/2018
3/16/2016		846,073	$	4.50	3/16/2019
		1,081,903

Stock Options

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

The Company estimates the fair value of each option award using the Black-Scholes option-pricing model. The Company used the following assumptions to estimate the fair value of stock options issued during the six months ended June 30, 2016 and 2015:

	June 30, 2016		June 30, 2015
Expected volatility		79% - 80%		81% - 82%
Expected term		5 - 7 years		5 - 7 years
Dividend yield		0%		0%
Risk-free interest rates		0.5% - 1.7%		0.3% - 2.0%

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

The following is a schedule summarizing employee and non-employee stock option activity for the six months ended June 30, 2016:

	Number of Options		Weighted Average Exercise Price		Aggregate Intrinsic Value
Outstanding at January 1, 2016		5,997,323	$	1.59	$	8,876,038
Granted		750,000		2.88
Exercised		(5,187)		0.19
Expired/Cancelled		(91,407)		7.68
Outstanding at June 30, 2016		6,650,729	$	1.65	$	15,296,677
Exercisable at June 30, 2016		4,920,755	$	0.90	$	15,008,303

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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