Consolidated Statements of Operations - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
| Consolidated Statements of Operations [Abstract] | |||
| Fee income | $ 2,007,482 | $ 1,598,799 | $ 2,161,359 |
| Operating expenses | 4,742,166 | 4,425,718 | 6,036,792 |
| Research and development | 1,588,491 | 1,621,964 | 2,203,326 |
| Total Expenses | 6,330,657 | 6,047,682 | 8,240,118 |
| Operating loss | (4,323,175) | (4,448,883) | (6,078,759) |
| Net investment income | 43,319 | 35,161 | 38,148 |
| Net loss | $ (4,279,856) | $ (4,413,722) | $ (6,040,611) |
| Basic and diluted net loss per common share | $ (0.18) | $ (0.19) | $ (0.26) |
| Weighted average number of common shares outstanding | 24,007,974 | 23,663,229 | 22,946,019 |