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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Schedule of deferred tax assets and liabilities

Our deferred tax asset and liability as presented in the accompanying consolidated financial statements consist of the following:

		2013				2012				2011
Deferred Income Tax Assets:
Net operating losses		$	14,773,537			$	5,920,861			$	748,404
R&D Credit			547,511				186,346
Total deferred income tax asset			15,321,048				6,107,207				748,404
Valuation allowance			(15,321,048	)			(6,107,207	)			(748,404	)
Deferred Income Tax Assets, net		$	-0-			$	-0-			$	-0-

Schedule of tax rate reconciliation

A reconciliation between taxes computed at the federal statutory rate and the consolidated effective tax rate is as follows:

		2013				2012				2011
Federal statutory tax rate			35.0	%			35.0	%			35.0	%
State tax rate, net of federal tax benefit			5.8	%			5.5	%			-0-	%
Adjustment in valuation allowances			(32.4	)%			(18.2	)%			(5.8	)%
Permanent and other differences			(8.4	)%			(22.3	)%			(29.2	)%
Provision (Benefit) for Income Taxes			-0-	%			-0-	%			-0-	%

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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

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