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SHARE BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2015

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

All stock-based compensation is included in operating expenses for the periods as follows:

		Three Months Ended
		March 31,
		2015			2014
Compensation cost recognized:
General & administrative		$	87,905		$	970
Research & development			620			1,316
		$	88,525		$	2,286

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

The fair value of share-based payment units was estimated using the Black-Scholes option pricing model with the following assumptions and weighted average fair values as follows:

		Three Months Ended
		March 31, 2015
Valuation assumptions:
Grant price			$1.44 - $1.56
Exercise price			$1.44 - $1.56
Expected dividend yield			0	%
Expected volatility			99%-99.2	%
Expected life (in years)			5
Risk-free interest rate			1.37% - 1.39	%

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

Stock option activity under the 1998, 1999, 2001, 2003 and 2006 Stock Option Plans during the periods indicated below were as follows:

		Number of Shares Subject to Issuance			Weighted- average Exercise Price			Weighted- average Remaining Contractual Term			Aggregate Intrinsic Value
Outstanding at December 31, 2014			235,478		$	5.95			4.44 years		$	-
Granted			24,426		$	1.49			-			-
Forfeited or expired			(1,250)		$	3.12			-			-
Exercised			-			-			-			-
Outstanding at March 31, 2015			258,654		$	5.55			4.26 years		$	1,655
Exercisable at March 31, 2015			21,231		$	29.08			1.05 years			-

Restricted Stock Units (RSUs) [Member]

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

During the three months ended March 31, 2015 and 2014, charges associated with RSUs were $29,375 and $0, respectively.

		Number of Shares			Weighted Average Grant Date Fair Value			Aggregate Intrinsic Value
Outstanding at December 31, 2014			31,807		$	3.93		$	-
Granted			43,402		$	1.11
Vested and Settled in Shares			(34,589)		$	3.36
Canceled / Expired			-		$	-			-
Outstanding at March 31, 2015			40,620		$	1.93		$	-

X

- Definition

Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 1

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section S99

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-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 14

-Section F



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- Definition

Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.

+ References

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

+ References

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