Cellectar Biosciences (CLRB) 10-Q 9 Nov 17 2017 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Nov. 09, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Entity Registrant Name	Cellectar Biosciences, Inc.
Entity Central Index Key	1,279,704
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	CLRB
Entity Common Stock, Shares Outstanding		15,813,961

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2017	Dec. 31, 2016
CURRENT ASSETS:
Cash and cash equivalents	$ 5,662,227	$ 11,444,619
Restricted cash	55,000	55,000
Prepaid expenses and other current assets	970,240	693,569
Total current assets	6,687,467	12,193,188
FIXED ASSETS, NET	1,496,566	1,444,058
GOODWILL	1,675,462	1,675,462
OTHER ASSETS	11,872	11,872
TOTAL ASSETS	9,871,367	15,324,580
CURRENT LIABILITIES:
Current maturities of notes payable	0	86,591
Accounts payable and accrued liabilities	2,019,231	1,416,433
Derivative liability	110,500	127,125
Capital lease obligations, current portion	2,929	2,727
Total current liabilities	2,132,660	1,632,876
LONG-TERM LIABILITIES:
Deferred rent	142,782	146,583
Capital lease obligation, less current portion	3,261	5,249
Total long-term liabilities	146,043	151,832
TOTAL LIABILITIES	2,278,703	1,784,708
COMMITMENTS AND CONTINGENCIES (Note 8)
STOCKHOLDERS’ EQUITY:
Preferred stock, $0.00001 par value; 7,000 shares authorized; none and 17 Series A issued and outstanding as of September 30, 2017 and December 31, 2016, respectively	0	875,572
Common stock, $0.00001 par value; 80,000,000 and 40,000,000 shares authorized at September 30, 2017 and December 31, 2016; 13,477,170 and 10,368,325 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively	135	104
Additional paid-in capital	87,863,106	83,451,222
Accumulated deficit	(80,270,577)	(70,787,026)
Total stockholders’ equity	7,592,664	13,539,872
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 9,871,367	$ 15,324,580

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares	Sep. 30, 2017	Dec. 31, 2016
Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	7,000	7,000
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized	80,000,000	40,000,000
Common stock, shares issued	13,477,170	10,368,325
Common stock, shares outstanding	13,477,170	10,368,325
Series A Preferred Stock [Member]
Preferred stock, issued	0	17
Preferred stock, outstanding	0	17

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
COSTS AND EXPENSES:
Research and development	$ 2,333,058	$ 1,305,610	$ 6,365,868	$ 3,310,248
General and administrative	1,150,710	1,162,278	3,146,605	3,491,259
Total costs and expenses	3,483,768	2,467,888	9,512,473	6,801,507
LOSS FROM OPERATIONS	(3,483,768)	(2,467,888)	(9,512,473)	(6,801,507)
OTHER INCOME:
Gain on revaluation of derivative warrants	9,100	177,912	16,625	3,201,004
Interest income, net	3,969	3,116	12,297	5,303
Total other income, net	13,069	181,028	28,922	3,206,307
NET LOSS	$ (3,470,699)	$ (2,286,860)	$ (9,483,551)	$ (3,595,200)
BASIC AND DILUTED NET LOSS PER COMMON SHARE	$ (0.26)	$ (0.43)	$ (0.73)	$ (1.02)
SHARES USED IN COMPUTING BASIC AND DILUTED NET LOSS PER COMMON SHARE	13,470,974	5,368,235	12,986,435	3,541,000

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (9,483,551)	$ (3,595,200)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	294,195	269,317
Stock-based compensation expense	573,084	397,132
Gain on revaluation of derivative warrants	(16,625)	(3,201,004)
Changes in:
Accounts payable and accrued liabilities	602,798	411,516
Prepaid expenses and other current assets	(160,334)	(208,387)
Other assets and liabilities	(3,801)	(6,824)
Cash used in operating activities	(8,194,234)	(5,933,450)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of fixed assets	(346,703)	(5,258)
Cash used in investing activities	(346,703)	(5,258)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on notes payable	(86,591)	(182,283)
Proceeds from issuance of common stock, net of underwriting issuance costs	0	7,371,121
Cash paid for issuance costs	0	(150,633)
Proceeds from exercise of warrants	2,963,259	652,516
Cash paid for reverse stock split fractional shares	0	(594)
Change in deferred issuance costs	(116,337)	38,569
Payments on capital lease obligations	(1,786)	(1,811)
Cash provided by financing activities	2,758,545	7,726,885
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(5,782,392)	1,788,177
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	11,444,619	3,857,791
CASH AND CASH EQUIVALENTS AT END OF PERIOD	5,662,227	5,645,968
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest expense	364	3,702
Reclassification to equity for warrants that are no longer derivative instruments	$ 0	$ 1,392,000

NATURE OF BUSINESS, ORGANIZATIO

NATURE OF BUSINESS, ORGANIZATION AND GOING CONCERN	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature Of Business Organization and Going Concern Disclosure [Text Block]	NATURE OF BUSINESS, ORGANIZATION AND GOING CONCERN Cellectar Biosciences, Inc. (the “Company”) is a clinical stage biopharmaceutical company developing compounds for the treatment of cancer. The Company’s headquarters are located in Madison, Wisconsin. The Company is subject to a number of risks similar to those of other small pharmaceutical companies. Principal among these risks are dependence on key individuals, competition from substitute products and larger companies, the successful development and marketing of its products in a highly regulated environment and the need to obtain additional financing necessary to fund future operations. The accompanying financial statements have been prepared on a basis that assumes the Company will continue as a going concern and that contemplates the continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The Company has devoted substantially all of its efforts toward research and development and has, during the nine months ended September 30, 2017, generated an operating loss of approximately $9,512,000. The Company expects that it will continue to generate operating losses for the foreseeable future. The Company believes that its cash balance as of the date of this filing is adequate to fund operations at budgeted levels for the next twelve months. In October 2017, the Company completed a registered direct offering of 1,954,388 41.0412949 2,190,330 7,760,000 3,108,538 1.78 The accompanying condensed consolidated balance sheet as of December 31, 2016 has been derived from audited financial statements. The accompanying unaudited condensed consolidated balance sheet as of September 30, 2017, the condensed consolidated statements of operations for the three months and nine months ended September 30, 2017 and 2016, the condensed consolidated statements of cash flows for the nine months ended September 30, 2017 and 2016 and the related interim information contained within the notes to the condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions, rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all of the information and the notes required by U.S. GAAP for complete financial statements. In the opinion of management, the unaudited interim condensed consolidated financial statements reflect all adjustments which are of a nature necessary for the fair presentation of the Company’s consolidated financial position at September 30, 2017 and consolidated results of its operations for the three months and nine months ended September 30, 2017 and 2016, and its cash flows for the nine months ended September 30, 2017 and 2016. The results for the nine months ended September 30, 2017 are not necessarily indicative of future results. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and related notes thereto included in the Company’s Form 10-K for the fiscal year ended December 31, 2016, which was filed with the SEC on March 15, 2017. — The consolidated financial statements include the accounts of the Company and the accounts of its wholly-owned subsidiary. All significant intercompany accounts and transactions have been eliminated in consolidation. — The Company accounts for cash that is restricted for other than current operations as restricted cash. Restricted cash at September 30, 2017 and December 31, 2016 consisted of a certificate of deposit of $ 55,000 — Goodwill is not amortized, but is required to be evaluated for impairment annually or whenever events or changes in circumstances suggest that the carrying value of an asset may not be recoverable. The Company evaluates goodwill for impairment annually in the fourth fiscal quarter and additionally on an interim basis if an event occurs or there is a change in circumstances, such as a decline in the Company’s stock price or a material adverse change in the business climate, which would more likely than not reduce the fair value of the reporting unit below its carrying amount. No such event or change in circumstances occurred; therefore no changes in goodwill were made during the nine months ended September 30, 2017 and 2016. In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill. The standard streamlines the methodology for calculating whether goodwill is impaired based upon whether the carrying amount of goodwill exceeds the reporting unit’s fair value. ASU 2017-04 applies to public business entities and those other entities that have goodwill reported in their financial statements and have not elected the private company alternative for the subsequent measurement of goodwill and is effective for annual and interim reporting periods beginning after December 15, 2019, with early adoption permitted. The Company does not expect that the adoption of this standard will have a material effect on its financial statements. - Lived Assets — The Company uses the Black-Scholes option-pricing model to calculate the grant-date fair value of stock option awards. The resulting compensation expense, net of expected forfeitures, for awards that are not performance-based is recognized on a straight-line basis over the service period of the award, which is generally three years for stock options. For stock options with performance-based vesting provisions, recognition of compensation expense, net of expected forfeitures, commences if and when the achievement of the performance criteria is deemed probable. The compensation expense, net of expected forfeitures, for performance-based stock options is recognized over the relevant performance period. Awards of stock that are not performance-based are valued at the fair market value on the date of the grant and are amortized over the service period of the award. Non-employee stock-based compensation is accounted for in accordance with the guidance of Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) Topic 505, Equity. — The guidance under FASB ASC Topic 825, Financial Instruments — The Company generally does not use derivative instruments to hedge exposures to cash flow or market risks. However, certain warrants to purchase common stock that do not meet the requirements for classification as equity, in accordance with the Derivatives and Hedging Topic of the FASB ASC, are classified as liabilities. In such instances, net-cash settlement is assumed for financial reporting purposes, even when the terms of the underlying contracts do not provide for a net-cash settlement. These warrants are considered derivative instruments because the agreements contain a certain type of cash settlement feature, “down-round” provisions whereby the number of shares for which the warrants are exercisable and/or the exercise price of the warrants is subject to change in the event of certain issuances of stock at prices below the then-effective exercise price of the warrants. The number of shares issuable under such warrants was 533,065 — In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) which supersedes FASB ASC Topic 840, Leases (Topic 840) and provides principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than twelve months regardless of classification. Leases with a term of twelve months or less will be accounted for similar to existing guidance for operating leases. The standard is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted upon issuance. The Company is currently evaluating the method of adoption and the impact of adopting ASU 2016-02 on its results of operations, cash flows and financial position. — In November 2016, the FASB issued ASU 2016-18, Statement of cash flows (Topic 230): Restricted Cash, providing specific guidance on the cash flow classification and presentation of changes in restricted cash and restricted cash equivalents. The amendments in ASU 2016-18 require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 will become effective for fiscal years, and the interim periods within those years, beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period. The Company does not anticipate any material impact from the adoption of this accounting standard.

FAIR VALUE

FAIR VALUE	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	2. FAIR VALUE In accordance with the Fair Value Measurements and Disclosures Topic of the FASB ASC 820, the Company groups its financial assets and financial liabilities generally measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. · Level 1: Input prices quoted in an active market for identical financial assets or liabilities. · Level 2: Inputs other than prices quoted in Level 1, such as prices quoted for similar financial assets and liabilities in active markets, prices for identical assets and liabilities in markets that are not active or other inputs that are observable or can be corroborated by observable market data. · Level 3: Input prices quoted that are significant to the fair value of the financial assets or liabilities which are not observable or supported by an active market. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The Company issued warrants to purchase an aggregate of 82,500 27,500 16,250 38,750 In August 2014, as part of an underwritten public offering, the Company issued 494,315 September 30, 2017 Level 1 Level 2 Level 3 Fair Value Liabilities: February 2013 Public Offering Warrants $ — $ — $ 15,500 $ 15,500 August 2014 Warrants — 95,000 — 95,000 Total $ — $ 95,000 $ 15,500 $ 110,500 December 31, 2016 Level 1 Level 2 Level 3 Fair Value Liabilities: February 2013 Public Offering Warrants $ — $ — $ 27,125 $ 27,125 August 2014 Warrants — 100,000 — 100,000 Total $ — $ 100,000 $ 27,125 $ 127,125 In order to estimate the value of the February 2013 Public Offering Warrants considered to be derivative instruments, the Company uses a modified option-pricing model together with assumptions that consider, among other variables, the fair value of the underlying stock, risk-free interest rates, volatility, the contractual term of the warrants, future financing requirements and dividend rates. The future financing estimates are based on the Company’s estimates of anticipated cash requirements over the term of the warrants as well as the frequency of required financings based on its assessment of its historical financing trends and anticipated future events. Due to the nature of these inputs and the valuation technique utilized, these warrants are classified within the Level 3 hierarchy. Nine Months Twelve Months Ended Ended September 30, December 31, 2017 2016 Volatility 76-118 % 92.72-134 % Risk-free interest rate 1.03-1.21 % 0.53-1.15 % Expected life (years) 0.39-0.89 1.14-1.89 Dividend 0 % 0 % During fiscal year 2016, the Company had warrants outstanding for part of the year that were considered financial instruments. Those warrants were either extinguished or amended such that they were no longer considered financial instruments as of December 31, 2016, and were, therefore, not financial instruments during the three or nine months ended September 30, 2017. Twelve Months Ended December 31, 2016 Volatility 89.73 % Risk-free interest rate 1.65 % Expected life (years) 4.50 Dividend 0 % Nine Months Twelve Months Ended Ended September 30, December 31, 2017 2016 Beginning balance – Fair value $ 27,125 $ 2,067,000 Reclassification to equity for warrants that are no longer derivative liabilities — (1,392,429) Gain on derivatives resulting from change in fair value or extinguishment (11,625) (647,446) Ending balance – Fair value $ 15,500 $ 27,125 In order to estimate the fair value of the August 2014 Warrants, the Company calculated the weighted average closing price for the trailing 10 day period with trades that ended on the balance sheet date.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	3. STOCKHOLDERS’ EQUITY Authorized Share Increase At a special meeting held on September 12, 2017, the Company’s stockholders approved the ratification of the approval of the Certificate of Amendment to our Certificate of Incorporation to increase the number of authorized shares by 40,000,000 80,000,000 November 2016 Underwritten Offering On November 23, 2016, the Company entered into an Underwriting Agreement with Ladenburg Thalmann & Co. Inc., as representative of the several underwriters named therein, in connection with the Company’s Registration Statement on Form S-1. Pursuant to the Underwriting Agreement, the Company agreed to sell to the Underwriter 800,000 68 4,533,356 5,333,356 800,000 800,000 1.50 66,667 66,667 100,000 1.50 The sale of securities pursuant to the Underwriting Agreement, including the entire over-allotment option, closed on November 29, 2016 (the “November 2016 Underwritten Offering”). Gross proceeds were $ 9.2 8.3 As of December 31, 2016, 17 1,133,339 During the nine months ended September 30, 2017, Series C warrants representing 1,975,506 2,963,259 April 2016 Underwritten Offering On April 15, 2016 the Company entered into an Underwriting Agreement with Ladenburg Thalmann & Co., Inc. in connection with the Company’s Registration Statement on Form S-1. Pursuant to the Underwriting Agreement, the Company agreed to sell to the Underwriter 1,378,364 1,908,021 3,286,385 492,957 492,957 2.13 2.12 0.01 3.04 On April 20, 2016, the Company closed on the underwritten public offering (the “April 2016 Underwritten Offering”) of 1,871,321 1,908,021 3,779,342 8.0 7.2 Warrant Restructuring On April 13, 2016, the Company entered into an exchange and amendment agreement (the “Warrant Restructuring Agreement”). Pursuant to the Warrant Restructuring Agreement, the Company agreed with the holders of 2015 Series A warrants that upon the consummation of the 2016 Underwritten Offering, the exercise price of the 2015 Series A warrants would be reduced to the public offering price per share of the shares of common stock sold in this offering and that the warrants would be amended such that the exercise price would no longer be subject to adjustment in connection with future equity offerings we may undertake. In consideration of this amendment, the Company agreed to issue to each of those holders a new warrant to purchase an additional number of shares of common stock equal to twice the number of shares of common stock underlying the 2015 Series A Warrants held by them (the “Incremental Series A Warrants”). As a result, the 2015 Series A warrants and the Incremental Series A Warrants have an exercise price equal to $ 2.13 2016 Reverse Stock Split and Recapitalization At a special meeting held on February 8, 2016, the Company’s stockholders approved an amendment to the Company’s certificate of incorporation to effect a reverse split of the Company’s common stock at a ratio between 1:5 to 1:10 in order to ensure that adequate authorized but unissued shares would be available for anticipated future financings, and to satisfy requirements for the continued listing of the Company’s common stock on the NASDAQ Capital Market. In addition, the proposal approved by the stockholders provided that if the reverse split was effected, the number of shares of common stock that the Company is authorized to issue remained unchanged at 40,000,000 See Authorized Share Increase above concerning a special meeting held on September 12, 2017 regarding the increase of authorized shares by 40,000,000 to 80,000,000. Common Stock Warrants Number of Shares Issuable Upon Exercise of Outstanding Exercise Offering Warrants Price Expiration Date November 2016 Public Offering Series C 4,157,850 $ 1.50 November 29, 2021 April 2016 Underwritten Registered Series A 3,626,942 $ 3.04 April 20, 2021 October 2015 Incremental Series A 300,006 $ 2.13 October 20, 2021 October 2015 Private Placement Series A 86,365 $ 2.13 April 1, 2021 October 2015 Offering – Placement Agent 3,750 $ 28.30 October 1, 2020 August 2014 Public Offering (1) 504,019 $ 46.80 August 20, 2019 February 2013 Public Offering (1) 38,750 $ 1.50 (2) February 20, 2018 February 2013 Public Offering – Placement Agents 3,854 $ 125.00 February 4, 2018 November 2012 Private Placement 5,000 $ 250.00 November 2, 2017 Total 8,726,536 (1) These warrants have a certain type of cash settlement feature or the exercise price for which the warrant may be exercised is subject to adjustment for “down-rounds” and the warrants have been accounted for as derivative instruments as described in Note 3, with the exception of 9,704 (2) Due to the issuance of common stock at $ 1.50 1.50 Reserved Shares September 30, December 31, 2017 2016 Warrants 8,726,536 10,716,952 Preferred stock — 1,133,339 Stock options and grants 934,562 471,433 Total number of shares reserved for future issuance 9,661,098 12,321,724

NOTES PAYABLE

NOTES PAYABLE	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Notes Payable Disclosure [Text Block]	4. NOTES PAYABLE During the quarter ended March 31, 2017, the two loans with initial principal amounts totaling $ 450,000

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	5. STOCK-BASED COMPENSATION Accounting for Stock-Based Compensation Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Employee and director stock and stock option grants: Research and development $ 46,059 $ 22,281 $ 102,780 $ 46,651 General and administrative 130,265 151,965 470,305 350,819 176,324 174,246 573,084 397,470 Non-employee consultant stock option grants: Research and development — — — (338) Total stock-based compensation $ 176,324 $ 174,246 $ 573,084 $ 397,132 Assumptions Used In Determining Fair Value for Stock Options Valuation and amortization method . The fair value of each stock option award is estimated on the grant date using the Black-Scholes option-pricing model. The estimated fair value of employee stock options is amortized to expense using the straight-line method over the vesting period. The estimated fair value of the non-employee options is amortized to expense over the period during which a non-employee is required to provide services for the award (usually the vesting period). Volatility. The Company estimates volatility based on an average of (1) the Company’s historical volatility since its common stock has been publicly traded and (2) review of volatility estimates of publicly held drug development companies with similar market capitalizations. Risk-free interest rate . The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant commensurate with the expected term assumption. Expected term . The expected term of stock options granted is based on an estimate of when options will be exercised in the future. The Company applied the simplified method of estimating the expected term of the options, as described in the SEC’s Staff Accounting Bulletins 107 and 110, as the historical experience is not indicative of the expected behavior in the future. The expected term, calculated under the simplified method, is applied to groups of stock options that have similar contractual terms. Using this method, the expected term is determined using the average of the vesting period and the contractual life of the stock options granted. The Company applied the simplified method to non-employees who have a truncation of term based on termination of service and utilizes the contractual life of the stock options granted for those non-employee grants which do not have a truncation of service. Forfeitures. The Company records stock-based compensation expense only for those awards that are expected to vest. A forfeiture rate is estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from initial estimates. An annual forfeiture rate of 2 Exercise prices for all grants made during the nine months ended September 30, 2017 and 2016 were equal to the market value of the Company’s common stock on the date of grant. Stock Option Activity Weighted Number of Average Shares Issuable Weighted Remaining Upon Exercise Average Contracted Aggregate of Outstanding Exercise Term in Intrinsic Options Price Years Value Outstanding at December 31, 2016 471,433 $ 7.59 Granted 112,300 $ 1.91 Expired (4) $ 21,420 Forfeited (29,167) $ 1.48 Outstanding at September 30, 2017 554,562 $ 6.60 Vested, September 30, 2017 246,734 $ 10.54 7.69 $ 21,880 Unvested, September 30, 2017 307,828 $ 3.45 8.95 $ 25,094 Exercisable at September 30, 2017 246,734 $ 10.54 7.69 $ 21,880 The aggregate intrinsic value of options outstanding is calculated based on the positive difference between the estimated per-share fair value of common stock at the end of the respective period and the exercise price of the underlying options. There have been no options exercised during the nine months ended September 30, 2017. Shares of common stock issued upon the exercise of options are from authorized but unissued shares. Stock Grants During the three months ended June 30, 2017, the Company issued 460,000 2.08 2.10 80,000 The unvested portion of the restricted stock grants is not considered outstanding for accounting purposes; therefore, the related shares are not included in the earnings per share calculation or included in the shares reported as outstanding on the balance sheet, as of or for the periods ended September 30, 2017. Note that such shares are considered outstanding from a legal perspective as of the date of grant. Unrecognized Compensation Cost As of September 30, 2017, there was approximately $ 1,403,000 184,000 673,000 474,000 72,000 8.34 2.42

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2017
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	6. INCOME TAXES The Company accounts for income taxes in accordance with the liability method of accounting. Deferred tax assets or liabilities are computed based on the difference between the financial statement and income tax basis of assets and liabilities, and net operating loss carryforwards (NOLs), using the enacted tax rates. Deferred income tax expense or benefit is based on changes in the asset or liability from period to period. The Company did not record a provision or benefit for federal, state or foreign income taxes for the nine months ended September 30, 2017 or 2016 because the Company has experienced losses on a tax basis since inception. Because of the continuing losses and uncertainty associated with the utilization of the NOLs in the future, management has provided a full allowance against the value of its gross deferred tax assets. The Company also accounts for the uncertainty in income taxes related to the recognition and measurement of a tax position taken or expected to be taken in an income tax return. The Company follows the applicable accounting guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition related to the uncertainty in income tax positions. No uncertain tax positions have been identified.

NET LOSS PER SHARE

NET LOSS PER SHARE	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	7. NET LOSS PER SHARE Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss by the sum of the weighted average number of shares of common stock and the dilutive potential common stock equivalents then outstanding. Potential common stock equivalents consist of stock grants, stock options and warrants. Since there is a net loss attributable to common stockholders for the three months and nine months ended September 30, 2017 and 2016, the inclusion of common stock equivalents in the computation for those periods would be antidilutive. Accordingly, basic and diluted net loss per share is the same for all periods presented. The following potentially dilutive securities have been excluded from the computation of diluted net loss per share since their inclusion would be antidilutive: Nine Months Ended September 30, 2017 2016 Warrants 8,726,536 4,629,842 Stock options and grants 934,562 488,142

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	8. COMMITMENTS AND CONTINGENCIES The Company is involved in legal matters and disputes, however we do not anticipate that the outcome of such matters and disputes will materially affect the Company’s financial statements.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
Subsequent Events [Text Block]	9. SUBSEQUENT EVENTS On October 12, 2017, we completed a registered direct offering of 1,954,388 41.0412949 3,108,538 0.75 1.87375 53,369 40,026 100,000 1.78 7.76 7.0

NATURE OF BUSINESS, ORGANIZAT15

NATURE OF BUSINESS, ORGANIZATION AND GOING CONCERN (Policies)	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation, Policy [Policy Text Block]	Principles of Consolidation — The consolidated financial statements include the accounts of the Company and the accounts of its wholly-owned subsidiary. All significant intercompany accounts and transactions have been eliminated in consolidation.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]	Restricted Cash — The Company accounts for cash that is restricted for other than current operations as restricted cash. Restricted cash at September 30, 2017 and December 31, 2016 consisted of a certificate of deposit of $ 55,000
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]	Goodwill — Goodwill is not amortized, but is required to be evaluated for impairment annually or whenever events or changes in circumstances suggest that the carrying value of an asset may not be recoverable. The Company evaluates goodwill for impairment annually in the fourth fiscal quarter and additionally on an interim basis if an event occurs or there is a change in circumstances, such as a decline in the Company’s stock price or a material adverse change in the business climate, which would more likely than not reduce the fair value of the reporting unit below its carrying amount. No such event or change in circumstances occurred; therefore no changes in goodwill were made during the nine months ended September 30, 2017 and 2016. In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill. The standard streamlines the methodology for calculating whether goodwill is impaired based upon whether the carrying amount of goodwill exceeds the reporting unit’s fair value. ASU 2017-04 applies to public business entities and those other entities that have goodwill reported in their financial statements and have not elected the private company alternative for the subsequent measurement of goodwill and is effective for annual and interim reporting periods beginning after December 15, 2019, with early adoption permitted. The Company does not expect that the adoption of this standard will have a material effect on its financial statements.
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	Impairment of Long - Lived Assets
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Stock-Based Compensation — The Company uses the Black-Scholes option-pricing model to calculate the grant-date fair value of stock option awards. The resulting compensation expense, net of expected forfeitures, for awards that are not performance-based is recognized on a straight-line basis over the service period of the award, which is generally three years for stock options. For stock options with performance-based vesting provisions, recognition of compensation expense, net of expected forfeitures, commences if and when the achievement of the performance criteria is deemed probable. The compensation expense, net of expected forfeitures, for performance-based stock options is recognized over the relevant performance period. Awards of stock that are not performance-based are valued at the fair market value on the date of the grant and are amortized over the service period of the award. Non-employee stock-based compensation is accounted for in accordance with the guidance of Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) Topic 505, Equity.
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair Value of Financial Instruments — The guidance under FASB ASC Topic 825, Financial Instruments
Derivatives, Policy [Policy Text Block]	Derivative Instruments — The Company generally does not use derivative instruments to hedge exposures to cash flow or market risks. However, certain warrants to purchase common stock that do not meet the requirements for classification as equity, in accordance with the Derivatives and Hedging Topic of the FASB ASC, are classified as liabilities. In such instances, net-cash settlement is assumed for financial reporting purposes, even when the terms of the underlying contracts do not provide for a net-cash settlement. These warrants are considered derivative instruments because the agreements contain a certain type of cash settlement feature, “down-round” provisions whereby the number of shares for which the warrants are exercisable and/or the exercise price of the warrants is subject to change in the event of certain issuances of stock at prices below the then-effective exercise price of the warrants. The number of shares issuable under such warrants was 533,065
Lessee, Leases [Policy Text Block]	Leases — In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) which supersedes FASB ASC Topic 840, Leases (Topic 840) and provides principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than twelve months regardless of classification. Leases with a term of twelve months or less will be accounted for similar to existing guidance for operating leases. The standard is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted upon issuance. The Company is currently evaluating the method of adoption and the impact of adopting ASU 2016-02 on its results of operations, cash flows and financial position.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncement — In November 2016, the FASB issued ASU 2016-18, Statement of cash flows (Topic 230): Restricted Cash, providing specific guidance on the cash flow classification and presentation of changes in restricted cash and restricted cash equivalents. The amendments in ASU 2016-18 require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 will become effective for fiscal years, and the interim periods within those years, beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period. The Company does not anticipate any material impact from the adoption of this accounting standard.

FAIR VALUE (Tables)

FAIR VALUE (Tables)	9 Months Ended
	Sep. 30, 2017
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block]	The following tables set forth the Company’s financial instruments carried at fair value using the lowest level of input applicable to each financial instrument as of September 30, 2017 and December 31, 2016: September 30, 2017 Level 1 Level 2 Level 3 Fair Value Liabilities: February 2013 Public Offering Warrants $ — $ — $ 15,500 $ 15,500 August 2014 Warrants — 95,000 — 95,000 Total $ — $ 95,000 $ 15,500 $ 110,500 December 31, 2016 Level 1 Level 2 Level 3 Fair Value Liabilities: February 2013 Public Offering Warrants $ — $ — $ 27,125 $ 27,125 August 2014 Warrants — 100,000 — 100,000 Total $ — $ 100,000 $ 27,125 $ 127,125
Schedule Of Changes In Fair Value Warrants Classified Level Three [Table Text Block]	The following table summarizes the changes in the fair market value of the Company’s warrants which are classified within the Level 3 fair value hierarchy: Nine Months Twelve Months Ended Ended September 30, December 31, 2017 2016 Beginning balance – Fair value $ 27,125 $ 2,067,000 Reclassification to equity for warrants that are no longer derivative liabilities — (1,392,429) Gain on derivatives resulting from change in fair value or extinguishment (11,625) (647,446) Ending balance – Fair value $ 15,500 $ 27,125
2013 Warrants [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]	The following table summarizes the modified option-pricing assumptions used: Nine Months Twelve Months Ended Ended September 30, December 31, 2017 2016 Volatility 76-118 % 92.72-134 % Risk-free interest rate 1.03-1.21 % 0.53-1.15 % Expected life (years) 0.39-0.89 1.14-1.89 Dividend 0 % 0 %
2015 Warrants [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]	The following table summarizes the modified option-pricing assumptions used for the period they were considered financial instruments: Twelve Months Ended December 31, 2016 Volatility 89.73 % Risk-free interest rate 1.65 % Expected life (years) 4.50 Dividend 0 %

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]	The following table summarizes information with regard to outstanding warrants to purchase common stock as of September 30, 2017: Number of Shares Issuable Upon Exercise of Outstanding Exercise Offering Warrants Price Expiration Date November 2016 Public Offering Series C 4,157,850 $ 1.50 November 29, 2021 April 2016 Underwritten Registered Series A 3,626,942 $ 3.04 April 20, 2021 October 2015 Incremental Series A 300,006 $ 2.13 October 20, 2021 October 2015 Private Placement Series A 86,365 $ 2.13 April 1, 2021 October 2015 Offering – Placement Agent 3,750 $ 28.30 October 1, 2020 August 2014 Public Offering (1) 504,019 $ 46.80 August 20, 2019 February 2013 Public Offering (1) 38,750 $ 1.50 (2) February 20, 2018 February 2013 Public Offering – Placement Agents 3,854 $ 125.00 February 4, 2018 November 2012 Private Placement 5,000 $ 250.00 November 2, 2017 Total 8,726,536 (1) These warrants have a certain type of cash settlement feature or the exercise price for which the warrant may be exercised is subject to adjustment for “down-rounds” and the warrants have been accounted for as derivative instruments as described in Note 3, with the exception of 9,704 (2) Due to the issuance of common stock at $ 1.50 1.50
Reserved For Future Issuance Upon Exercise Of Stock Options And Warrants Or Conversion Of Debt Text Block [Table Text Block]	The following shares were reserved for future issuance upon exercise of stock options and grants, preferred stock conversions and warrants: September 30, December 31, 2017 2016 Warrants 8,726,536 10,716,952 Preferred stock — 1,133,339 Stock options and grants 934,562 471,433 Total number of shares reserved for future issuance 9,661,098 12,321,724

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block]	The following table summarizes amounts charged to expense for stock-based compensation related to employee and director stock grants and stock option grants and recorded in connection with stock options granted to non-employee consultants: Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Employee and director stock and stock option grants: Research and development $ 46,059 $ 22,281 $ 102,780 $ 46,651 General and administrative 130,265 151,965 470,305 350,819 176,324 174,246 573,084 397,470 Non-employee consultant stock option grants: Research and development — — — (338) Total stock-based compensation $ 176,324 $ 174,246 $ 573,084 $ 397,132
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	A summary of stock option activity is as follows: Weighted Number of Average Shares Issuable Weighted Remaining Upon Exercise Average Contracted Aggregate of Outstanding Exercise Term in Intrinsic Options Price Years Value Outstanding at December 31, 2016 471,433 $ 7.59 Granted 112,300 $ 1.91 Expired (4) $ 21,420 Forfeited (29,167) $ 1.48 Outstanding at September 30, 2017 554,562 $ 6.60 Vested, September 30, 2017 246,734 $ 10.54 7.69 $ 21,880 Unvested, September 30, 2017 307,828 $ 3.45 8.95 $ 25,094 Exercisable at September 30, 2017 246,734 $ 10.54 7.69 $ 21,880

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	The following potentially dilutive securities have been excluded from the computation of diluted net loss per share since their inclusion would be antidilutive: Nine Months Ended September 30, 2017 2016 Warrants 8,726,536 4,629,842 Stock options and grants 934,562 488,142

NATURE OF BUSINESS, ORGANIZAT20

NATURE OF BUSINESS, ORGANIZATION AND GOING CONCERN (Details Textual) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 12, 2017	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Operating Income (Loss)		$ (3,483,768)	$ (2,467,888)	$ (9,512,473)	$ (6,801,507)
Certificates of Deposit, at Carrying Value		$ 55,000		$ 55,000		$ 55,000
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options		533,065		533,065		533,065
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		8,726,536		8,726,536
Subsequent Event [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	3,108,538
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 1.78
Stock Issued During Period, Shares, New Issues	7,760,000
Convertible Preferred Stock, Shares Issued upon Conversion	2,190,330
Subsequent Event [Member] | Common Stock [Member]
Stock Issued During Period, Shares, New Issues	1,954,388
Subsequent Event [Member] | Preferred Stock [Member]
Stock Issued During Period, Shares, New Issues	41.0412949

FAIR VALUE (Details)

FAIR VALUE (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Liabilities:
Derivative Liability, Current	$ 110,500	$ 127,125
February 2013 Public Offering Warrants [Member]
Liabilities:
Derivative Liability, Current	15,500	27,125
August 2014 Warrants [Member]
Liabilities:
Derivative Liability, Current	95,000	100,000
Fair Value, Inputs, Level 1 [Member]
Liabilities:
Derivative Liability, Current	0	0
Fair Value, Inputs, Level 1 [Member] | February 2013 Public Offering Warrants [Member]
Liabilities:
Derivative Liability, Current	0	0
Fair Value, Inputs, Level 1 [Member] | August 2014 Warrants [Member]
Liabilities:
Derivative Liability, Current	0	0
Fair Value, Inputs, Level 2 [Member]
Liabilities:
Derivative Liability, Current	95,000	100,000
Fair Value, Inputs, Level 2 [Member] | February 2013 Public Offering Warrants [Member]
Liabilities:
Derivative Liability, Current	0	0
Fair Value, Inputs, Level 2 [Member] | August 2014 Warrants [Member]
Liabilities:
Derivative Liability, Current	95,000	100,000
Fair Value, Inputs, Level 3 [Member]
Liabilities:
Derivative Liability, Current	15,500	27,125
Fair Value, Inputs, Level 3 [Member] | February 2013 Public Offering Warrants [Member]
Liabilities:
Derivative Liability, Current	15,500	27,125
Fair Value, Inputs, Level 3 [Member] | August 2014 Warrants [Member]
Liabilities:
Derivative Liability, Current	$ 0	$ 0

FAIR VALUE (Details 1)

FAIR VALUE (Details 1) - 2013 Warrants [Member]	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Dividend	0.00%	0.00%
Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Volatility	76.00%	92.72%
Risk-free interest rate	1.03%	0.53%
Expected life (years)	4 months 20 days	1 year 1 month 20 days
Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Volatility	118.00%	134.00%
Risk-free interest rate	1.21%	1.15%
Expected life (years)	10 months 20 days	1 year 10 months 20 days

FAIR VALUE (Details 2)

FAIR VALUE (Details 2) - Warrant [Member]	12 Months Ended
	Dec. 31, 2016
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Volatility	89.73%
Risk-free interest rate	1.65%
Expected life (years)	4 years 6 months
Dividend	0.00%

FAIR VALUE (Details 3)

FAIR VALUE (Details 3) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Reclassification to equity for warrants that are no longer derivative liabilities			$ 0	$ (1,392,000)
Gain on derivatives resulting from change in fair value or extinguishment	$ 9,100	$ 177,912	16,625	3,201,004
Fair Value, Inputs, Level 3 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance - Fair value			27,125	$ 2,067,000	$ 2,067,000
Reclassification to equity for warrants that are no longer derivative liabilities			0		(1,392,429)
Gain on derivatives resulting from change in fair value or extinguishment			(11,625)		(647,446)
Ending balance - Fair value	$ 15,500		$ 15,500		$ 27,125

FAIR VALUE (Details Textual)

FAIR VALUE (Details Textual) - shares	1 Months Ended
	May 20, 2016	Feb. 20, 2014	Sep. 30, 2017	Aug. 31, 2014	Feb. 28, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights			8,726,536
February 2013 Public Offering Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights					82,500
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Expirations		27,500
Number Of Warrants Exercised	16,250
February 2013 Public Offering Warrants [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Class of Warrant or Right, Outstanding	38,750
August 2014 Public Offering Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights				494,315

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details)	9 Months Ended
	Sep. 30, 2017$ / sharesshares
Class of Warrant or Right [Line Items]
Number of Shares Issuable Upon Exercise of Outstanding Warrants (in shares)	8,726,536
November 2016 Public Offering Series C [Member]
Class of Warrant or Right [Line Items]
Number of Shares Issuable Upon Exercise of Outstanding Warrants (in shares)	4,157,850
Exercise Price (in dollars per share) | $ / shares	$ 1.5
Warrants Expiration Date	Nov. 29, 2021
April 2016 Underwritten Registered Series A [Member]
Class of Warrant or Right [Line Items]
Number of Shares Issuable Upon Exercise of Outstanding Warrants (in shares)	3,626,942
Exercise Price (in dollars per share) | $ / shares	$ 3.04
Warrants Expiration Date	Apr. 20, 2021
October 2015 Incremental Series A [Member]
Class of Warrant or Right [Line Items]
Number of Shares Issuable Upon Exercise of Outstanding Warrants (in shares)	300,006
Exercise Price (in dollars per share) | $ / shares	$ 2.13
Warrants Expiration Date	Oct. 20, 2021
October 2015 Private Placement Series A [Member]
Class of Warrant or Right [Line Items]
Number of Shares Issuable Upon Exercise of Outstanding Warrants (in shares)	86,365
Exercise Price (in dollars per share) | $ / shares	$ 2.13
Warrants Expiration Date	Apr. 1, 2021
October 2015 Offering - Placement Agent [Member]
Class of Warrant or Right [Line Items]
Number of Shares Issuable Upon Exercise of Outstanding Warrants (in shares)	3,750
Exercise Price (in dollars per share) | $ / shares	$ 28.3
Warrants Expiration Date	Oct. 1, 2020
August 2014 Public Offering [Member]
Class of Warrant or Right [Line Items]
Number of Shares Issuable Upon Exercise of Outstanding Warrants (in shares)	504,019	[1]
Exercise Price (in dollars per share) | $ / shares	$ 46.8	[1]
Warrants Expiration Date	Aug. 20, 2019	[1]
February 2013 Public Offering [Member]
Class of Warrant or Right [Line Items]
Number of Shares Issuable Upon Exercise of Outstanding Warrants (in shares)	38,750	[1]
Exercise Price (in dollars per share) | $ / shares	$ 1.5	[1],[2]
Warrants Expiration Date	Feb. 20, 2018	[1]
February 2013 Public Offering - Placement Agents [Member]
Class of Warrant or Right [Line Items]
Number of Shares Issuable Upon Exercise of Outstanding Warrants (in shares)	3,854
Exercise Price (in dollars per share) | $ / shares	$ 125
Warrants Expiration Date	Feb. 4, 2018
November 2012 Private Placement [Member]
Class of Warrant or Right [Line Items]
Number of Shares Issuable Upon Exercise of Outstanding Warrants (in shares)	5,000
Exercise Price (in dollars per share) | $ / shares	$ 250
Warrants Expiration Date	Nov. 2, 2017
[1]	These warrants have a certain type of cash settlement feature or the exercise price for which the warrant may be exercised is subject to adjustment for “down-rounds” and the warrants have been accounted for as derivative instruments as described in Note 3, with the exception of 9,704 warrants issued in August 2014.
[2]	Due to the issuance of common stock at $1.50 per share as part of the November 2016 Underwritten Offering, the remaining outstanding warrants issued as part of the February 2013 Public Offering were adjusted to reflect the revised exercise price of $1.50 each.

STOCKHOLDERS' EQUITY (Details 1

STOCKHOLDERS' EQUITY (Details 1) - shares	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Number Of Shares Reserved For Future Issuance	9,661,098	12,321,724
Preferred Stock [Member]
Number Of Shares Reserved For Future Issuance	0	1,133,339
Warrant [Member]
Number Of Shares Reserved For Future Issuance	8,726,536	10,716,952
Stock options [Member]
Number Of Shares Reserved For Future Issuance	934,562	471,433

STOCKHOLDERS' EQUITY (Details T

STOCKHOLDERS' EQUITY (Details Textual) - USD ($)	Feb. 08, 2016	Nov. 29, 2016	Nov. 23, 2016	Apr. 20, 2016	Apr. 15, 2016	Sep. 30, 2017	Dec. 31, 2016	Apr. 13, 2016
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights						8,726,536
Common Stock, Shares Authorized	40,000,000					80,000,000	40,000,000
Stockholders' Equity, Reverse Stock Split	At a special meeting held on February 8, 2016, the Company’s stockholders approved an amendment to the Company’s certificate of incorporation to effect a reverse split of the Company’s common stock at a ratio between 1:5 to 1:10 in order to ensure that adequate authorized but unissued shares would be available for anticipated future financings, and to satisfy requirements for the continued listing of the Company’s common stock on the NASDAQ Capital Market. In addition, the proposal approved by the stockholders provided that if the reverse split was effected, the number of shares of common stock that the Company is authorized to issue remained unchanged at 40,000,000. The Company’s stockholders further authorized the board of directors to determine the ratio at which the reverse split would be effected by filing an appropriate amendment to the Company’s certificate of incorporation. The board of directors authorized the ratio of the reverse split and corresponding reduction in authorized shares on February 24, 2016, and effective at the close of business on March 4, 2016, the Company’s certificate of incorporation was amended to effect a 1-for-10 reverse split of the Company’s common stock (the “2016 Reverse Split”). All share and per share numbers included in these consolidated financial statements give effect to the 2016 Reverse Split.
Series A Preferred Stock [Member]
Class of Warrant or Right [Line Items]
Conversion of Stock, Shares Issued						1,133,339
Preferred Stock Shares Outstanding						0	17
Series B Pre-Funded Warrant [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights					$ 0.01
Warrants Issued To Purchase Common Stock, Shares				1,908,021	1,908,021
Public Offering Price Per Share Of Shares And Warrants					$ 2.12
Series A Pre-Funded Warrant [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Outstanding					3.04
Public Offering Price Per Share Of Shares And Warrants					$ 2.13
Series Z Convertible Preferred Stock [Member]
Class of Warrant or Right [Line Items]
Warrants Issued To Purchase Common Stock, Shares					492,957
Series C Pre Funded Warrant [Member]
Class of Warrant or Right [Line Items]
Net Proceeds From Offering						$ 2,963,259
Warrants Issued To Purchase Common Stock, Shares						1,975,506
Underwritten Offering 2016 [Member]
Class of Warrant or Right [Line Items]
Stock Issued During Period, Shares, New Issues				1,871,321
Class of Warrant or Right, Exercise Price of Warrants or Rights								$ 2.13
Stock Issued During Period, Value, New Issues				$ 8,000,000
Proceeds from Issuance Initial Public Offering				$ 7,200,000
Ladenburg Thalmann [Member]
Class of Warrant or Right [Line Items]
Stock Issued During Period, Shares, New Issues					1,378,364
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 1.50
Warrants Issued To Purchase Common Stock, Shares			5,333,356
Public Offering Price Per Share Of Shares And Warrants			$ 100,000
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right			66,667
Ladenburg Thalmann [Member] | Series A Preferred Stock [Member]
Class of Warrant or Right [Line Items]
Stock Issued During Period, Shares, New Issues			68
Convertible Preferred Stock, Shares Issued upon Conversion			4,533,356
Number Of Securities Each Preferred Stock Converted			66,667
Public Offering Price Per Share Of Shares And Warrants			$ 1.50
Ladenburg Thalmann [Member] | Underwritten Offering 2016 [Member]
Class of Warrant or Right [Line Items]
Stock Issued During Period, Value, New Issues		$ 9,200,000
Proceeds from Issuance Initial Public Offering		$ 8,300,000
Over-Allotment Option [Member] | Series A Pre-Funded Warrant [Member]
Class of Warrant or Right [Line Items]
Conversion of Stock, Shares Issued					492,957
Over-Allotment Option [Member] | Ladenburg Thalmann [Member]
Class of Warrant or Right [Line Items]
Warrants Issued To Purchase Common Stock, Shares			800,000
August 2014 Underwritten Offering [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights						9,704
Common Stock [Member] | Ladenburg Thalmann [Member]
Class of Warrant or Right [Line Items]
Stock Issued During Period, Shares, New Issues			800,000
Common Stock [Member] | Over-Allotment Option [Member] | Ladenburg Thalmann [Member]
Class of Warrant or Right [Line Items]
Stock Issued During Period, Shares, New Issues			800,000
Series A Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants Issued To Purchase Common Stock, Shares					3,286,385
Warrants Issued To Purchase Common Stock, Shares				3,779,342
Series A Warrants [Member] | Ladenburg Thalmann [Member]
Class of Warrant or Right [Line Items]
Public Offering Price Per Share Of Shares And Warrants			$ 1.50

NOTES PAYABLE (Details Textual)

NOTES PAYABLE (Details Textual)	Mar. 31, 2017USD ($)
Secured Debt [Member]
Line of Credit Facility [Line Items]
Notes Payable, Noncurrent	$ 450,000

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Line Items]
Total stock-based compensation	$ 176,324	$ 174,246	$ 573,084	$ 397,132
Employee and Director Stock Option Grants [Member]
Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Line Items]
Total stock-based compensation	176,324	174,246	573,084	397,470
Employee and Director Stock Option Grants [Member] | Research and development [Member]
Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Line Items]
Total stock-based compensation	46,059	22,281	102,780	46,651
Employee and Director Stock Option Grants [Member] | General and administrative [Member]
Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Line Items]
Total stock-based compensation	130,265	151,965	470,305	350,819
Non Employee Consultant Stock Option Grants [Member] | Research and development [Member]
Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Line Items]
Total stock-based compensation	$ 0	$ 0	$ 0	$ (338)

STOCK-BASED COMPENSATION (Det31

STOCK-BASED COMPENSATION (Details 1)	9 Months Ended
	Sep. 30, 2017USD ($)$ / sharesshares
Share-based Compensation, Stock Options, Activity [Line Items]
Outstanding - Number of Shares Issuable Upon Exercise of Outstanding Options | shares	471,433
Granted - Number of Shares Issuable Upon Exercise of Outstanding Options | shares	112,300
Expired- Number of Shares Issuable Upon Exercise of Outstanding Options | shares	(4)
Forfeited - Number of Shares Issuable Upon Exercise of Outstanding Options | shares	(29,167)
Outstanding - Number of Shares Issuable Upon Exercise of Outstanding Options | shares	554,562
Vested - Number of Shares Issuable Upon Exercise of Outstanding Options | shares	246,734
Unvested - Number of Shares Issuable Upon Exercise of Outstanding Options | shares	307,828
Exercisable - Number of Shares Issuable Upon Exercise of Outstanding Options | shares	246,734
Outstanding - Weighted Average Exercise Price (in dollars per share) | $ / shares	$ 7.59
Granted - Weighted Average Exercise Price (in dollars per share) | $ / shares	1.91
Expired- Weighted Average Exercise Price (in dollars per share) | $ / shares	21,420
Forfeited - Weighted Average Exercise Price (in dollars per share) | $ / shares	1.48
Outstanding - Weighted Average Exercise Price (in dollars per share) | $ / shares	6.6
Vested - Weighted Average Exercise Price (in dollars per share) | $ / shares	10.54
Unvested - Weighted Average Exercise Price (in dollars per share) | $ / shares	3.45
Exercisable - Weighted Average Exercise Price (in dollars per share) | $ / shares	$ 10.54
Vested - Weighted Average Remaining Contracted Term in Years	7 years 8 months 8 days
Unvested - Weighted Average Remaining Contracted Term in Years	8 years 11 months 12 days
Exercisable - Weighted Average Remaining Contracted Term in Years	7 years 8 months 8 days
Vested - Aggregate Intrinsic Value (in dollars) | $	$ 21,880
Unvested - Aggregate Intrinsic Value (in dollars) | $	25,094
Exercisable - Aggregate Intrinsic Value (in dollars) | $	$ 21,880

STOCK-BASED COMPENSATION (Det32

STOCK-BASED COMPENSATION (Details Textual) - USD ($)	3 Months Ended		9 Months Ended	12 Months Ended
	Sep. 30, 2017	Jun. 30, 2017	Sep. 30, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share Based Compensation Nonvested Total Compensation In Current Year			$ 184,000
Employee Service Share Based Compensation Nonvested Total Compensation In Year Two			673,000
Employee Service Share Based Compensation Nonvested Total Compensation In Year Three			$ 474,000
Share Based Compensation Arrangement By Share Based Payment Award Options Unvested and Expected To Vest Outstanding Number (in shares)	$ 2.42		$ 2.42
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 1,403,000		$ 1,403,000
Employee Service Share Based Compensation Nonvested Total Compensation In Year Four			$ 72,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		460,000
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award Options Unvested and Expected To Vest Outstanding Number (in shares)	$ 8.34		$ 8.34
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	80,000
Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual Forfeiture Rate Percentage			2.00%	2.00%
Minimum [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price		$ 2.08
Maximum [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price		$ 2.10

NET LOSS PER SHARE (Details)

NET LOSS PER SHARE (Details) - Convertible Debt [Member] - shares	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	8,726,536	4,629,842
Stock options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	934,562	488,142

SUBSEQUENT EVENTS (Details Text

SUBSEQUENT EVENTS (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended
	Oct. 12, 2017	Sep. 30, 2017
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		8,726,536
Subsequent Event [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	3,108,538
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 1.78
Stock Issued During Period, Shares, New Issues	7,760,000
Stock Issued During Period, Value, New Issues	$ 7,760
Convertible Preferred Stock, Shares Issued upon Conversion	2,190,330
Proceeds from Issuance or Sale of Equity	$ 7,000
Class of Warrant Or Right Expiration term	7 years
Subsequent Event [Member] | Common Stock [Member]
Stock Issued During Period, Shares, New Issues	1,954,388
Subsequent Event [Member] | Preferred Stock [Member]
Stock Issued During Period, Shares, New Issues	41.0412949
Subsequent Event [Member] | Series D warrants Offering Price 1.87375 [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	3,108,538
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 1.87375
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right	0.75
Subsequent Event [Member] | Series D warrants Offering Price 100,000 [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 100,000
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right	40,026
Series B Preferred Stock [Member] | Subsequent Event [Member]
Convertible Preferred Stock, Shares Issued upon Conversion	53,369