FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2014

FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of financial instruments recognized at fair value on a recurring basis

	September 30, 2014
	Level 1		Level 2		Level 3		Total
Assets
Restricted cash	$	4,010,968	$	—	$	—	$	4,010,968
Total financial assets	$	4,010,968	$	—	$	—	$	4,010,968
Liabilities
Derivative liabilities	$	—	$	—	$	3,811,876	$	3,811,876
Total financial liabilities	$	—	$	—	$	3,811,876	$	3,811,876

	December 31, 2013
	Level 1		Level 2		Level 3		Total
Assets
Restricted cash	$	4,010,937	$	—	$	—	$	4,010,937
Total financial assets	$	4,010,937	$	—	$	—	$	4,010,937
Liabilities
Derivative liabilities	$	—	$	—	$	2,169,408	$	2,169,408
Total financial liabilities	$	—	$	—	$	2,169,408	$	2,169,408