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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3) (USD $)
 3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Earnings per share    
Shares of common stock underlying issued and outstanding stock options excluded from calculation of diluted EPS 2,000,000 500,000
Net loss $ (2,038,392) $ (1,409,533)
Preferred dividend requirements (228,999) (229,068)
Loss applicable to common shareholders $ (2,267,391) $ (1,638,601)
Average common shares outstanding 27,258,689 27,238,495
Average common and common equivalent shares outstanding - assuming dilution 27,258,689 27,238,495
Basic loss per share (in dollars per share) $ (0.08) $ (0.06)
Diluted loss per share (in dollars per share) $ (0.08) $ (0.06)