SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2014
Accounting Policies [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2014, consistent with the fair value hierarchy provisions:
 
 
 
Quoted Prices
in Active Markets 
for Identical
Assets/Liabilities
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant
Unobservable Inputs
(Level 3)
 
Carrying
Amount
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash
 
$
758,000
 
$
—
 
$
—
 
$
758,000
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Convertible note payable
 
$
—
 
$
29,000
 
$
—
 
$
2,000,000
 
Preferred stock – conversion feature
 
$
—
 
$
—
 
$
150,000
 
$
150,000
 
Preferred stock – warrants
 
$
—
 
$
—
 
$
120,000
 
$
120,000
 
 
The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2013, consistent with the fair value hierarchy provisions:
 
 
 
Quoted Prices
in Active Markets
for Identical 
Assets/Liabilities
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant
Unobservable Inputs
(Level 3)
 
Carrying
Amount
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash
 
$
5,517,000
 
$
—
 
$
—
 
$
5,517,000
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Convertible note payable
 
$
—
 
$
90,000
 
$
—
 
$
2,000,000