DERIVATIVE WARRANT LIABILITY (Tables)

9 Months Ended

Sep. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

The underlying assumptions used in the binomial model to determine the fair value of the derivative warrant liability were:

		May 1, 2015		May 4, 2015
Current stock price	$	3.75	$	3.50
Exercise price of warrant		4.00		4.00
Risk-free interest rate		0.60 %		0.60 %
Expected dividend yield		-- %		-- %
Expected term (in years)		1.8		1.8
Expected volatility		133 %		133 %
Early exercise factor		1.33		1.33

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

Changes in the derivative warrant liability and cumulative expense since inception are as follows:

		Liability		Cumulative Expense (Gain)
January 1, 2014	$	--	$	--
Fair value of warrants issued		1,368,908		868,908
Increase in derivative liability resulting from anti-dilution provision in agreement, with Full Circle		153,994		153,994
Increase in the fair value of warrant liability		2,371,002		2,371,002
December 31, 2014		3,893,904		3,393,904
Increase in the fair value of warrant liability		14,010		14,010
Reclassification to APIC for shares issued for Full Circle as a result of warrant exercises, net of cash received		(3,683,270)		--
Gain on settlement of derivative		(224,644)		(224,644)
Balance after all warrants were exercised	$	--	$	3,183,270

Derivative Instruments, Gain (Loss) [Table Text Block]

The components of the net (gain) loss on derivative liability are as follows:

		Three months ended September 30,				Nine months ended September 30,
		2015		2014		2015		2014
Fair value of warrants issued	$	--	$	--	$	--	$	868,908
Increase (decrease) in fair value of warrant liability		--		117,633		14,010		(327,511)
Gain on settlement of derivative		--		--		(224,644)		--
	$	--	$	117,633	$	(210,634)	$	541,397