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FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2017
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block]
The following table presents the Company’s financial liabilities accounted for at fair value on a recurring basis as of December 31, 2016 by level within the fair value hierarchy. The Contingent Rights were fully settled during 2017 resulting in a $0 fair value as of December 31, 2017.
 
 
 
As of December 31, 2016
 
 
 
Level 1
 
Level 2
 
Level 3
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities - Contingent Rights
 
$
-
 
$
-
 
$
4,122,266
 
$
4,122,266
 
Fair Value, Inputs, Level 3 [Member]  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
The following table presents the changes in the Company’s financial liabilities accounted for at fair value on a recurring basis using Level 3 unobservable inputs:
 
 
 
2017
 
2016
 
Balance at beginning of year
 
$
4,122,266
 
$
9,395,222
 
Partial settlement of Contingent Rights
 
 
(4,142,157)
 
 
(5,279,744)
 
Change in fair value of Contingent Rights
 
 
19,891
 
 
6,788
 
Balance at end of year
 
$
-
 
$
4,122,266