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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3) - USD ($)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Earnings per share      
Stock options excluded from calculation of diluted EPS   1,774,520 1,305,847
Net income (loss) $ 4,314,318 $ (2,354,605) $ (6,213,852)
Preferred dividend requirements (709,351) (915,225) (916,065)
Deemed capital contribution on extinguishment of preferred stock 2,305,678    
Income (loss) applicable to common shareholders $ 5,910,645 $ (3,269,830) $ (7,129,917)
Average common shares outstanding 27,822,593 27,375,450 26,999,698
Average common and common equivalent shares outstanding - assuming dilution 29,481,294 27,375,450 26,999,698
Basic earnings (loss) per share (in dollars per share) $ 0.21 $ (0.12) $ (0.26)
Diluted earnings (loss) per share (in dollars per share) $ 0.20 $ (0.12) $ (0.26)