Lightwave Logic (LWLG) 10-K 16 Mar 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2017	Mar. 15, 2018	Jun. 30, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	Lightwave Logic, Inc.
Entity Central Index Key	1,325,964
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 99,251,162
Entity Common Stock, Shares Outstanding		75,000,557
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,017

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Dec. 31, 2017	Dec. 31, 2016
CURRENT ASSETS
Cash and cash equivalents	$ 3,482,327	$ 1,956,844
Prepaid expenses and other current assets	584,919	136,942
Total Current Assets	4,067,246	2,093,786
PROPERTY AND EQUIPMENT - NET	1,176,749	425,650
OTHER ASSETS
Intangible assets - net	605,775	667,972
TOTAL ASSETS	5,849,770	3,187,408
CURRENT LIABILITIES
Accounts payable including current portion of equipment purchase	547,805	65,027
Accounts payable and accrued expenses - related parties	8,770	5,559
Accrued expenses	92,186	57,300
TOTAL CURRENT LIABILITIES	648,761	127,886
LONG TERM EQUIPMENT PURCHASE - NET OF CURRENT PORTION	184,294
TOTAL LIABILITIES	833,055	127,886
STOCKHOLDERS' EQUITY
Preferred stock, $0.001 par value, 1,000,000 authorized, no shares issued or outstanding
Common stock $0.001 par value, 250,000,000 authorized, 74,068,259 and 68,077,288 issued and outstanding at December 31, 2017 and December 31, 2016	74,068	68,078
Additional paid-in-capital	56,698,658	48,998,073
Accumulated deficit	(51,756,011)	(46,006,629)
TOTAL STOCKHOLDERS' EQUITY	5,016,715	3,059,522
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 5,849,770	$ 3,187,408

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	74,068,259	68,077,288
Common stock, shares outstanding	74,068,259	68,077,288

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Statement [Abstract]
NET SALES
COST AND EXPENSE
Research and development	3,519,129	2,474,689	2,825,099
General and administrative	2,004,409	1,660,889	2,020,582
TOTAL COST AND EXPENSE	5,523,538	4,135,578	4,845,681
LOSS FROM OPERATIONS	(5,523,538)	(4,135,578)	(4,845,681)
OTHER INCOME (EXPENSE)
Interest income	250	255	249
Commitment fee	(226,094)	(271,885)
NET LOSS	$ (5,749,382)	$ (4,407,208)	$ (4,845,432)
Basic and Diluted Loss per Share	$ (0.08)	$ (0.07)	$ (0.08)
Basic and Diluted Weighted Average Number of Shares	70,876,576	66,201,531	60,326,470

STATEMENT OF STOCKHOLDERS' EQUI

STATEMENT OF STOCKHOLDERS' EQUITY - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Total
Balance at Dec. 31, 2014	$ 58,382	$ 40,753,189	$ (36,753,989)	$ 4,057,582
Balance, shares at Dec. 31, 2014	58,381,854
Common stock issued in private placement	$ 6,794	4,308,206		4,315,000
Common stock issued in private placement, shares	6,793,767
Common stock issued for services	$ 62	48,901		48,963
Common stock issued for services, shares	62,258
Options issued for services		1,339,692		1,339,692
Warrants issued for services		91,263		91,263
Net loss			(4,845,432)	(4,845,432)
Balance at Dec. 31, 2015	$ 65,238	46,541,251	(41,599,421)	$ 5,007,068
Balance, shares at Dec. 31, 2015	65,237,879			65,237,879
Common stock issued to institutional investor	$ 2,400	1,550,790		$ 1,553,190
Common stock issued to institutional investor, shares	2,400,000
Common stock issued for additional commitment shares	$ 401	271,484		271,885
Common stock issued for additional commitment shares, shares	400,481
Common stock issued for services	$ 39	23,961		24,000
Common stock issued for services, shares	38,928
Options issued for services		436,228		436,228
Warrants issued for services		174,359		174,359
Net loss			(4,407,208)	(4,407,208)
Balance at Dec. 31, 2016	$ 68,078	48,998,073	(46,006,629)	$ 3,059,522
Balance, shares at Dec. 31, 2016	68,077,288			68,077,288
Common stock issued to institutional investor	$ 5,300	5,716,760		$ 5,722,060
Common stock issued to institutional investor, shares	5,300,000
Common stock issued for additional commitment shares	$ 186	225,907		226,093
Common stock issued for additional commitment shares, shares	185,974
Exercise of warrants	$ 469	502,031		502,500
Exercise of warrants, shares	469,000
Common stock issued for services	$ 35	44,215		44,250
Common stock issued for services, shares	35,997
Options issued for services		794,738		794,738
Warrants issued for services		416,934		416,934
Net loss			(5,749,382)	(5,749,382)
Balance at Dec. 31, 2017	$ 74,068	$ 56,698,658	$ (51,756,011)	$ 5,016,715
Balance, shares at Dec. 31, 2017	74,068,259			74,068,259

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (5,749,382)	$ (4,407,208)	$ (4,845,432)
Adjustments to reconcile net loss to net cash used in operating activities
Warrants issued for services	416,934	174,359	91,263
Stock options issued for services	794,738	436,228	1,339,692
Common stock issued for services and fees	270,343	295,885	48,963
Depreciation and amortization of patents	325,946	195,610	179,907
Gain on disposal of property and equipment		(644)
(Increase) decrease in assets
Prepaid expenses and other current assets	(447,977)	127,549	(136,264)
Increase (decrease) in liabilities
Accounts payable	(58,395)	32,175	(145,313)
Accounts payable and accrued expenses-related parties	3,211	490	(5,254)
Accrued expenses	34,886	(7,736)	31,683
Net cash used in operating activities	(4,409,696)	(3,153,292)	(3,440,755)
CASH FLOWS FROM INVESTING ACTIVITIES
Cost of intangibles	(81,743)	(64,096)	(29,577)
Purchase of equipment, furniture and leasehold improvements	(183,789)	(129,163)	(279,903)
Sale of property and equipment		19,500
Net cash used in investing activities	(265,532)	(173,759)	(309,480)
CASH FLOWS FROM FINANCING ACTIVITIES
Exercise of warrants	502,500
Issuance of common stock, institutional investor	5,722,060	1,553,190
Issuance of common stock, private placement			4,315,000
Repayment of equipment purchased	(23,849)
Net cash provided by financing activities	6,200,711	1,553,190	4,315,000
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	1,525,483	(1,773,861)	564,765
CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR	1,956,844	3,730,705	3,165,940
CASH AND CASH EQUIVALENTS - END OF YEAR	3,482,327	1,956,844	3,730,705
Supplemental Disclosure of Non-cash investing and financing activities:
Equipment acquisition funded by liability	749,316
Common stock for service, paid in advance	$ 36,250

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES History and Nature of Business Lightwave Logic, Inc. is a technology Company focused on the development of next generation photonic devices and non-linear optical polymer materials systems for applications in high speed fiber-optic data communications and optical computing markets. Currently the Company is in various stages of photonic device and materials development and evaluation with potential customers and strategic partners. The Company expects to obtain a revenue stream from datacom and telecom devices, sales of non-linear optical polymers, and product development agreements prior to moving into full-scale production. The Company’s current development activities are subject to significant risks and uncertainties, including failing to secure additional funding to operationalize the Company’s technology now under development. Lightwave Logic, Inc., (the “Company”) was organized under the laws of the State of Nevada in 1997 as Eastern Idaho Internet Service, Inc. The Company was engaged in an unrelated business until June 30, 1998, at which time the principal assets of that business were sold and operations were discontinued. The Company was inactive until the acquisition of PSI-TEC Corporation (“PSI-TEC”) on July 14, 2004, which is when the Company commenced with its current business and changed its name to PSI-TEC Holdings, Inc. Merger On July 14, 2004, the Company acquired PSI-TEC in a share exchange, which was considered to be a capital transaction in substance rather than a business combination, and was accounted for as a change of capital structure under accounting principles generally accepted in the United States. On October 20, 2006, the Company and PSI-TEC merged and the Company changed its name to Third-Order Nanotechnologies, Inc. On March 10, 2008, the Company changed its name to Lightwave Logic, Inc. Basis of Presentation The accompanying financial statements are presented in accordance with accounting principles generally accepted in the United States of America. Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future, actual results could differ from the estimates. Cash Equivalents For the purposes of the statement of cash flows, the Company considers all highly liquid instruments with maturities of three months or less at the time of purchase to be cash equivalents. Concentration of Credit Risk Certain financial instruments potentially subject the Company to concentrations of credit risk. These financial instruments consist primarily of cash. At December 31, 2017, the Company did have deposits with a financial institution that exceed the Federal Depository Insurance coverage. Property and Equipment Equipment is stated at cost. Depreciation is principally provided by use of straight-line methods for financial and tax reporting purposes over the estimated useful lives of the assets, generally 5 years. When property is retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is included in operations. Intangible Assets Definite-lived intangible assets are stated at cost. Patents are amortized over their estimated useful lives, commencing from the date of grant for the remaining legal lives of the patents. The patents generally have a term of up to 20 years from the date of filing of the earliest related patent application. When certain patent applications are abandoned by the Company for claims that are covered by patents already granted to the Company, the cost of patent applications are removed from the accounts and the resulting expense is reflected in the statement of operations. Fair Value of Financial Instruments The Company’s financial instruments consist of cash, accounts payable and accrued expenses. The carrying values of cash, accounts payable and accrued expenses approximate fair value because of their short maturities. Income Taxes The Company follows Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed annually for temporary differences between the financial statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Income tax expense is the tax payable or refundable for the period plus or minus the change during the period in deferred tax assets and liabilities. Stock-based Payments The Company accounts for stock-based compensation under the provisions of FASB ASC 718, "Compensation - Stock Compensation" which requires the measurement and recognition of compensation expense for all stock-based awards made to employees and directors based on estimated fair values on the grant date. The Company estimates the fair value of stock-based awards on the date of grant using the Black-Scholes model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the shorter of the vesting period or the requisite service periods using the straight-line method. The Company accounts for stock-based compensation awards to nonemployees in accordance with FASB ASC 505-50, "Equity-Based Payments to Non-Employees” (“ASC 505-50”). Under ASC 505-50, the Company determines the fair value of the warrants or stock-based compensation awards granted as either the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. All issuances of stock options or other equity instruments to non-employees as consideration for goods or services received by the Company are accounted for based on the fair value of the equity instruments issued. Any stock options issued to non-employees are recorded as an expense and additional paid in capital in stockholders’ equity over the applicable service periods. Non-employee equity based payments are recorded as an expense over the service period, as if the Company had paid cash for the services. At the end of each financial reporting period, prior to vesting or prior to the completion of the services, the fair value of the equity based payments will be re-measured and the non-cash expense recognized during the period will be adjusted accordingly. Since the fair value of equity based payments granted to non-employees is subject to change in the future, the amount of the future expense will include fair value re-measurements until the equity based payments are fully vested or the service completed. Loss Per Share The Company follows FASB ASC 260, “Earnings per Share”, resulting in the presentation of basic and diluted earnings per share. Because the Company reported a net loss in 2017, 2016 and 2015, common stock equivalents, including stock options and warrants were anti-dilutive; therefore, the amounts reported for basic and dilutive loss per share were the same. Recoverability of Long-Lived Assets The Company follows FASB ASC 360, “Property, Plant, and Equipment”. Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the related carrying amount may not be recoverable. When required, impairment losses on assets to be held and used are recognized based on the excess of the asset’s carrying amount. Comprehensive Income The Company follows FASB ASC 220.10, “Reporting Comprehensive Income.” Comprehensive income is a more inclusive financial reporting methodology that includes disclosure of certain financial information that historically has not been recognized in the calculation of net income. Since the Company has no items of other comprehensive income, comprehensive loss is equal to net loss. Recently Adopted Accounting Pronouncements In March 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, which simplifies several aspects of the accounting for share-based payment award transactions, including: (1) income tax consequences; (2) classification of awards as either equity or liabilities, and (3) classification on the statement of cash flows. For public companies, the amendments in this ASU are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company adopted the amendments on January 1, 2017 and they had no impact on the financial statements since any excess tax benefits were fully offset by a valuation allowance and not recognized for financial statement purposes. Recently Issued Accounting Pronouncements Not Yet Adopted In May 2014 and April 2016, the FASB issued ASU No. 2014-09 and No. 2016-10, Revenue from Contracts with Customers (Topic 606). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, FASB issued ASU 2015-14, which deferred the effective date of Update 2014-09 to annual reporting periods beginning after December 15, 2017. Since the Company is a development stage company with no revenue, the adoption on January 1, 2018 of this amendment will have no effect on the financial statements. When the Company begins to recognize revenue, it will adhere to the guidance in the amendment. In May 2017, the FASB issued ASU No. 2017-09, Compensation – Stock Compensation (Topic 718), Scope of Modification Accounting. The amendments in this Update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The amendments in this Update are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The amendments in this Update should be applied prospectively to an award modified on or after the adoption date. The Company does not expect the adoption on January 1, 2018 of the amendments in this Update to have a material impact on its financial statements.

MANAGEMENT'S PLANS

MANAGEMENT'S PLANS	12 Months Ended
	Dec. 31, 2017
MANAGEMENT'S PLANS [Abstract]
MANAGEMENT'S PLANS	NOTE 2 – MANAGEMENT’S PLANS As a technology company focusing on the development of the next generation photonic devices and non-linear optical polymer materials systems, substantial net losses have been incurred since inception. The Company has satisfied capital requirements since inception primarily through the issuance and sale of its common stock. As of March 16, 2018, the Company has a cash position of approximately $3,240,000. Based upon the current cash position and expenditures of approximately $475,000 per month and no debt service, management believes the Company has sufficient funds to finance its operations through September 2018. In January 2016, the Company signed a purchase agreement (“Purchase Agreement”) with an institutional investor to sell up to $20,000,000 of common stock. A registration statement related to the transaction filed with the U.S. Securities and Exchange Commission registering 5,000,000 shares of the Company’s common stock went effective on April 7, 2016. Under the Purchase Agreement and at Company's sole discretion, the institutional investor has committed to invest up to $20,000,000 in common stock over a 36-month period with the remaining available amount of $11,731,050. The Company has raised $7,275,250 as of December 31, 2017. Since January 1, 2018, the Company has raised an additional $993,700.

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	12 Months Ended
	Dec. 31, 2017
Prepaid Expense, Current [Abstract]
PREPAID EXPENSES AND OTHER CURRENT ASSETS	NOTE 3 – PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consist of the following: December 31, 2017 December 31, 2016 Rent $ 254,978 $ 16,856 Deposits 199,338 — Insurance 79,403 49,450 Stock award 30,208 — Inventory — 49,608 Other 20,992 21,028 $ 584,919 $ 136,942

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	NOTE 4 – PROPERTY AND EQUIPMENT Property and equipment consists of the following: December 31, 2017 December 31, 2016 Office equipment $ 82,453 $ 55,817 Lab equipment 1,695,604 789,135 Furniture 32,693 32,693 Leasehold improvements 231,859 231,859 2,042,609 1,109,504 Less: Accumulated depreciation 865,860 683,854 $ 1,176,749 $ 425,650 Depreciation expense for the years ending December 31, 2017, 2016 and 2015 was $182,006, $179,720 and $160,068. During the second quarter of 2016, the Company sold equipment for proceeds of $19,500 and a gain of $644.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS	NOTE 5 – INTANGIBLE ASSETS This represents legal fees and patent fees associated with the prosecution of patent applications. The Company has recorded amortization expense on patents granted, which are amortized over the remaining legal life. Maintenance patent fees are paid to a government patent authority to maintain a granted patent in force. Some countries require the payment of maintenance fees for pending patent applications. Maintenance fees paid after a patent is granted are expensed, as these are considered ongoing costs to “maintain a patent”. Maintenance fees paid prior to a patent grant date are capitalized to patent costs, as these are considered “patent application costs”. No amortization expense has been recorded on the remaining patent applications since patents have yet to be granted. Intangible assets consist of the following: December 31, 2017 December 31, 2016 Patents $ 787,403 $ 754,259 Less: Accumulated amortization 181,628 86,287 $ 605,775 $ 667,972 Amortization expense for the years ending December 31, 2017, 2016 and 2015 was $95,341, $15,891 and $19,839. Patent costs in the amount of $48,599 previously capitalized for possible filing of two provisional patents were written off to research and development expenses during the year ended December 31, 2017. After review by the Company, it was decided to keep secret some aspects of its chromophore development and protect them as Trade Secrets and Know-How. There were no patent costs written off for the years ended December 31, 2016 and 2015.

COMMITMENTS

COMMITMENTS	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS	NOTE 6 – COMMITMENTS On October 30, 2017, the Company entered into a new lease to lease approximately 13,420 square feet of office, laboratory and research and development space located in Colorado for the Company’s new principal executive offices and research and development facility. The term of the lease is sixty- one (61) months, beginning on November 1, 2017 and ending on November 30, 2022. The term shall be extended for an additional twenty-four (24) months, subject to certain conditions, waivable solely by Landlord in its sole and absolute discretion. Base rent for the first year of the lease term is approximately $168,824, with an increase in annual base rent of approximately 3% in each subsequent year of the lease term. As specified in the lease, the Company paid the landlord (i) all base rent for the period November 1, 2017 and ending on October 31, 2019, in the sum of $347,045.68; and (ii) the estimated amount of tenant’s proportionate share of operating expenses for the same period in the sum of $186,293.04. Commencing on November 1, 2019, monthly installments of base rent and one-twelfth of landlord’s estimate of tenant’s proportionate share of annual operating expenses shall be due on the first day of each calendar month. The lease also provides that (i) on November 1, 2019 landlord shall pay the Company for the cost of the cosmetic improvements in the amount of $3.00 per rentable square foot of the premises, and (ii) on or prior to November 1, 2019, the Company shall deposit with Landlord the sum of $36,524.76 as a security deposit which shall be held by landlord to secure the Company’s obligations under the lease. On October 30, 2017, the Company entered into an agreement with the tenant leasing the premise from the landlord (“Original Lessee”) whereby the Original Lessee agreed to pay the Company the sum of $260,000 in consideration of the Company entering into the lease and landlord agreeing to the early termination of the Original Lessee’s lease agreement with landlord. The consideration of $260,000 was received on November 1, 2017. The Company is obligated under an operating lease for office and laboratory space. The aggregate minimum future lease payments under the operating leases are as follows: YEARS ENDING DECEMBER 31, AMOUNT 2018 $ 50,274 2019 38,739 2020 195,574 2021 201,501 2022 189,837 TOTAL $ 675,925 Rent expense approximating $121,228 and $25,348 is included in research and development and general and administrative expenses for the year ended December 31, 2017. Rent expense approximating $100,072 and $18,940 is included in research and development and general and administrative expenses for the year ended December 31, 2016. Rent expense approximating $104,724 and $18,347 is included in research and development and general and administrative expenses for the year ended December 31, 2015.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 7 – INCOME TAXES As discussed in Note 1, the Company utilizes the asset and liability method of accounting for income taxes in accordance with FASB ASC 740. The income tax benefit (provision) consists of the following: 2017 2016 2015 Current $ — $ — $ — Deferred 5,063,000 (1,065,000 ) (1,122,000 ) Change in valuation allowance (5,063,000 ) 1,065,000 1,122,000 $ — $ — $ — The reconciliation of the statutory federal rate to the Company’s effective income tax rate is as follows: 2017 2016 2015 Amount % Amount % Amount % Income tax benefit at U.S. federal income tax rate $ (1,955,000 ) (34 ) $ (1,499,000 ) (34 ) $ (1,647,000 ) (34 ) State tax, net of federal tax effect (345,000 ) (6 ) (397,000 ) (9 ) (436,000 ) (9 ) Non-deductible share-based compensation 250,000 4 831,000 19 961,000 20 Tax rate change 7,113,000 124 — — — — Change in valuation allowance (5,063,000 ) (88 ) 1,065,000 24 1,122,000 23 $ — — $ — — $ — — The components of deferred tax assets as of December 31, 2017 and 2016 are as follows: 2017 2016 Deferred tax asset for NOL carryforwards $ 10,440,000 $ 14,676,000 Share-based compensation 1,822,000 2,649,000 Valuation allowance (12,262,000 ) (17,325,000 ) $ — $ — In December 2017, the Tax Cuts and Jobs Act was enacted, which reduces the U.S. statutory corporate tax rate from a maximum rate of 35% to 21% for tax years beginning in 2018 which resulted in the re-measurement of the federal portion of the Company’s deferred tax assets and valuation allowance as of December 31, 2017 from 34% to the new 21% tax rate. The valuation allowance for deferred tax assets as of December 31, 2017 and 2016 was $12,262,000 and $17,325,000, respectively. The change in the total valuation for the year ended December 31, 2017 was a decrease of $5,063,000 and for the year ended December 31, 2016 was an increase of $1,065,000. In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which the net operating losses and temporary differences become deductible. Management considered projected future taxable income and tax planning strategies in making this assessment. The value of the deferred tax assets was offset by a valuation allowance, due to the current uncertainty of the future realization of the deferred tax assets. As of December 31, 2017, the Company had net operating loss carry forwards of approximately $38,666,000, expiring through the year ending December 31, 2037. This amount can be used to offset future taxable income of the Company. The timing and manner in which the Company can utilize operating loss carryforwards in any year may be limited by provisions of the Internal Revenue Code regarding changes in ownership of corporations. Such limitation may have an impact on the ultimate realization of its carryforwards and future tax deductions. The Company follows FASB ASC 740.10, which provides guidance for the recognition and measurement of certain tax positions in an enterprise’s financial statements. Recognition involves a determination of whether it is more likely than not that a tax position will be sustained upon examination with the presumption that the tax position will be examined by the appropriate taxing authority having full knowledge of all relevant information. The adoption of FASB ASC 740.10 did not require an adjustment to the Company’s financial statements. The Company’s policy is to record interest and penalties associated with unrecognized tax benefits as additional income taxes in the statement of operations. As of January 1, 2017, the Company had no unrecognized tax benefits and no charge during 2017, and accordingly, the Company did not recognize any interest or penalties during 2017 related to unrecognized tax benefits. There is no accrual for uncertain tax positions as of December 31, 2017. The Company files U.S. income tax returns and a state income tax return. With few exceptions, the U.S. and state income tax returns filed for the tax years ending on December 31, 2014 and thereafter are subject to examination by the relevant taxing authorities.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
STOCKHOLDERS' EQUITY	NOTE 8 – STOCKHOLDERS’ EQUITY Preferred Stock Pursuant to the Company’s Articles of Incorporation, the Company’s board of directors is empowered, without stockholder approval, to issue series of preferred stock with any designations, rights and preferences as they may from time to time determine. The rights and preferences of this preferred stock may be superior to the rights and preferences of the Company’s common stock; consequently, preferred stock, if issued could have dividend, liquidation, conversion, voting or other rights that could adversely affect the voting power or other rights of the common stock. Additionally, preferred stock, if issued could be utilized, under special circumstances, as a method of discouraging, delaying or preventing a change in control of the Company’s business or a takeover from a third party. Common Stock Options and Warrants In June 2013, the Company signed a purchase agreement and registration rights agreement with an institutional investor to sell up to $20,000,000 of common stock. For the years ending December 31, 2016 and 2015, the institutional investor did not purchase shares of common stock and the Company did not issue shares of common stock as additional commitment fee. On February 1, 2016, the Company and the institutional investor entered into an agreement to terminate the purchase agreement and registration rights agreement. During June 2014 through August 2014, the Company issued 4,207,600 shares of common stock and warrants to purchase 4,207,600 shares of common stock expiring five years from the date of purchase, for proceeds of $3,140,000 in accordance to a private placement memorandum as amended on May 27, 2014. Pursuant to the terms of the offerings, up to 60 units were offered at the purchase price of $50,000 per unit, with each unit comprised of 67,000 shares and a warrant to purchase 33,500 shares of common stock at $1.00 per share and a warrant to purchase 33,500 shares of common stock at $1.25 per share. During May 2017, warrants were partially exercised to purchase 469,000 shares of common stock for proceeds of $502,500. As of December 31, 2017, the remaining warrants to purchase 3,738,600 shares of common stock are still outstanding. During 2015 the Company issued 37,500 shares, with a fair value of $30,575, to a firm for investor relations services. For the year ending December 31, 2015, the Company recognized $30,575 of expense. In May 2015, the Company increased the authorized shares of common stock from 100,000,000 to 250,000,000. During May 2015 through June 2015, the Company issued 2,816,199 shares of common stock and warrants to purchase 2,816,199 shares of common stock expiring five years from the date of purchase, for proceeds of $1,915,000 in accordance to a private placement memorandum as amended on May 27, 2015. Pursuant to the terms of the offerings, up to 20 units were offered at the purchase price of $100,000 per unit, with each unit comprised of 147,060 shares and a warrant to purchase 73,530 shares of common stock at $0.85 per share and a warrant to purchase 73,530 shares of common stock at $1.02 per share. The warrants to purchase 1,408,102 shares of common stock at $0.85 per share are still outstanding as of December 31, 2016. The warrants to purchase 1,408,097 shares of common stock at $1.02 per share are still outstanding as of December 31, 2017. Since the warrants are considered indexed to its own stock and qualify for equity classification, there is no requirement to separately account for the warrants. During November 2015 through December 2015, the Company issued 3,977,568 shares of common stock and warrants to purchase 3,977,568 shares of common stock expiring five years from the date of purchase, for proceeds of $2,400,000 in accordance with a private placement memorandum, as amended on November 10, 2015. Pursuant to the terms of the offering, up to 60 units were offered at the purchase price of $50,000 per unit, with each unit comprised of 82,866 shares and a warrant to purchase 82,866 shares of common stock at $0.80 per share. The warrants to purchase 3,977,568 shares of common stock at $0.80 per share are still outstanding as of December 31, 2017. Since the warrants are considered indexed to its own stock and qualify for equity classification, there is no requirement to separately account for the warrants. In January 2016, the Company signed a Purchase Agreement with an institutional investor to sell up to $20,000,000 of common stock. The Company also entered into a registration rights agreement with the institutional investor whereby the Company agreed to file a registration statement related to the transaction with the U.S. Securities and Exchange Commission registering 5,000,000 shares of the Company’s common stock. The registration statement was filed on March 25, 2016. The registration statement became effective April 7, 2016. The Company registered an additional 5,000,000 shares pursuant to a registration statement filed on April 19, 2017 which became effective June 15, 2017. Under the Purchase Agreement and at Company's sole discretion, the institutional investor has committed to invest up to $20,000,000 in common stock over a 36-month period. The Company issued 350,000 shares of restricted common stock to the institutional investor as an initial commitment fee valued at $237,965, fair value, and 650,000 shares of common stock are reserved for additional commitment fees to the institutional investor in accordance with the terms of the Purchase Agreement. During the period August 2016 through December 31, 2017, the institutional investor purchased 7,700,000 shares of common stock for proceeds of $7,275,250 and the Company issued 236,455 shares of common stock as additional commitment fee, valued at $260,013, fair value, leaving 413,545 in reserve for additional commitment fees. During the year ending December 31, 2017, the institutional investor purchased 5,300,000 shares of common stock for proceeds of $5,722,060 and the Company issued 185,974 shares of common stock as additional commitment fee, valued at $226,093, fair value. During the year ending December 31, 2016, the institutional investor purchased 2,400,000 shares of common stock for proceeds of $1,553,190 and the Company issued 50,481 shares of common stock as an additional commitment fee, valued at $33,920, fair value. During January, February and March 2018, the institutional investor purchased 900,000 shares of common stock for proceeds of $993,700 and the Company issued 32,298 shares of common stock as additional commitment fee, valued at $37,194, fair value, leaving 381,247 in reserve for additional commitment fees. Effective June 24, 2016, the 2007 Employee Stock Plan was terminated. The Board of Directors approved a new 2016 Equity Incentive Plan in the amount of 3,000,000 shares on April 15, 2016, which the Company’s shareholders approved on May 20, 2016. On September 29, 2017, the Company issued 25,000 shares of common stock pursuant to a consulting agreement for consulting services to be rendered over an eighteen month period commencing September 30, 2017, valued at $36,250, fair value. The amount was recorded as deferred compensation and will be amortized based on service terms of the agreement over an eighteen month period. For the year ending December 31, 2017, the Company recognized $6,042 of expense. During 2017, 2016 and 2015 the Company issued 10,997 shares, 38,928 shares and 24,758, respectively, with a fair value of $50,387, to directors serving as a member of the Company’s Operations Committee. For the years ending December 31, 2017, 2016 and 2015, the Company recognized $8,000, $24,000 and $18,387 of expense.

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION	12 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK BASED COMPENSATION	NOTE 9 – STOCK BASED COMPENSATION During 2007, the Board of Directors of the Company adopted the 2007 Employee Stock Plan (“2007 Plan”) that was approved by the shareholders. Under the Plan, the Company is authorized to grant options to purchase up to 10,000,000 shares of common stock to directors, officers, employees and consultants who provide services to the Company. The Plan is intended to permit stock options granted to employees under the 2007 Plan to qualify as incentive stock options under Section 422 of the Internal Revenue Code of 1986, as amended (“Incentive Stock Options”). All options granted under the 2007 Plan, which are not intended to qualify as Incentive Stock Options are deemed to be non-qualified options (“Non-Statutory Stock Options”). Effective June 24, 2016, the 2007 Plan was terminated. As of December 31, 2017, options to purchase 4,695,000 shares of common stock have been issued and are outstanding. During 2016, the Board of Directors of the Company adopted the 2016 Equity Incentive Plan (“2016 Plan”) that was approved by the shareholders at the 2016 annual meeting of shareholders on May 20, 2016. Under the 2016 Plan, the Company is authorized to grant awards of incentive and non-qualified stock options and restricted stock to purchase up to 3,000,000 shares of common stock to employees, directors and consultants. As of December 31, 2017, options to purchase 1,625,000 shares of common stock have been issued and are outstanding and 1,375,000 shares of common stock remain available for grants under the 2016 Plan. Both plans are administered by the Board of Directors or its compensation committee which determines the persons to whom awards will be granted, the number of awards to be granted, and the specific terms of each grant. Subject to the provisions regarding Ten Percent Shareholders, the exercise price per share of each option cannot be less than 100% of the fair market value of a share of common stock on the date of grant. Options granted under the 2016 Plan are generally exercisable for a period of 10 years from the date of grant and may vest on the grant date, another specified date or over a period of time. The Company uses the Black-Scholes option pricing model to calculate the grant-date fair value of an award, with the following assumptions for 2017, 2016 and 2015: no dividend yield in all years, expected volatility, based on the Company’s historical volatility, 39% to 87% in 2017, between 58% to 78% in 2016 and between 75% to 79% in 2015, risk-free interest rate between 1.16% to 2.37% in 2017, between 1.05% to 2.06% in 2016 and between 1.44% to 1.70% in 2015 and expected option life of .03 to 9.08 years in 2017, 2.5 to 5.6 years in 2016 and 5 to 5.75 years in 2015. As of December 31, 2017, there was $209,550 of unrecognized compensation expense related to non-vested market-based share awards that is expected to be recognized through March 31, 2020. Share-based compensation was recognized as follows: 2017 2016 2015 2007 Employee Stock Option Plan $ 18,322 $ 348,850 $ 1,339,692 2016 Equity Incentive Plan 776,416 87,378 — Warrants 416,934 174,359 91,263 Total share-based compensation $ 1,211,672 $ 610,587 $ 1,430,955 The following tables summarize all stock option and warrant activity of the Company during the years ended December 31, 2017, 2016 and 2015: Non-Qualified Stock Options and Warrants Outstanding and Exercisable Weighted Number of Exercise Average Shares Price Exercise Price Outstanding, December 31, 2014 11,819,600 $ 0.25 - $1.75 $ 1.15 Granted 9,746,267 $ 0.67 - $1.02 $ 0.81 Expired (2,837,500 ) $ 1.00 - $1.75 $ 1.52 Forfeited (200,000 ) $ 0.92 - $1.16 $ 1.01 Exercised — — — Outstanding, December 31, 2015 18,528,367 $ 0.63 - $1.69 $ 0.92 Granted 1,510,000 $ 0.57 - $0.86 $ 0.63 Expired (1,937,000 ) $ 0.63 - $1.30 $ 0.88 Forfeited — — — Exercised — — — Outstanding, December 31, 2016 18,101,367 $ 0.57 - $1.69 $ 0.90 Granted 1,770,000 $ 0.60 - $1.50 $ 0.97 Expired (772,500 ) $ 0.68 - $1.69 $ 0.98 Forfeited — — — Exercised (469,000 ) $ 1.00. - $1.25 $ 1.07 Outstanding, December 31, 2017 18,629,867 $ 0.57 - $1.69 $ 0.90 Exercisable, December 31, 2017 18,039,242 $ 0.57 - $1.69 $ 0.89 The aggregate intrinsic value of options and warrants outstanding and exercisable as of December 31, 2017 was $4,891,501. The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and warrants and the closing stock price of $1.14 for the Company’s common stock on December 31, 2017. The total intrinsic value of options and warrants exercised during the year ended December 31, 2016 was $22,063. The total intrinsic value of options and warrants exercised during the year ended December 31, 2015 was $0. No options were exercised during 2017. During 2017, 335,000 warrants were exercised to purchase shares of common stock at a price of $1.00 per share for proceeds of $335,000 and 134,000 warrants were exercised to purchase shares of common stock at a price of $1.25 per share for proceeds of $167,500. No options or warrants were exercised during 2016 and 2015. Non-Qualified Stock Options and Warrants Outstanding Number Outstanding Weighted Average Weighted Average Range of Currently Exercisable Remaining Exercise Price of Options and Exercise Prices at December 31, 2017 Contractual Life Warrants Currently Exercisable $0.57 - $1.69 18,039,242 4.30 Years $0.89

RELATED PARTY

RELATED PARTY	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
RELATED PARTY	NOTE 10 – RELATED PARTY At December 31, 2017 the Company had a legal, accounting and computer service accrual to related party of $4,725 and travel and office expense accruals of officers in the amount of $4,045. At December 31, 2016 the Company had a legal accrual to related party of $2,900 and travel and office expense accruals of officers in the amount of $2,659. At December 31, 2015 the Company had a legal accrual to related party of $1,420 and travel and office expense accruals of officers in the amount of $3,649. In December 2016, the board of directors approved a grant to a senior advisor effective January 1, 2017 of a warrant to purchase up to 275,000 shares of common stock at a purchase price of $0.60 per share. Using the Black-Scholes Option Pricing Formula, the warrant was valued at $102,222, fair value. In March 2017, the warrant was amended to accelerate full vesting and the revaluation of the warrant at $106,576, fair value, was expensed immediately. In December 2015 and 2014, the board of directors approved a grant to a senior advisor effective January 1, 2016 and January 1, 2015 of a warrant to purchase up to 125,000 and 100,000 shares of common stock at a purchase price of $0.60 and $.77 per share, respectively. For the years ending December 31, 2016 and 2015, the Company recognized $46,947 and $46,576 of expense in connection to these warrants. During July 2017, the Company issued a warrant to purchase 150,000 shares of common stock at a purchase price of $1.48 per share for professional services to be rendered over a twelve month period commencing July 1, 2017. The warrant was valued at $124,788, fair value upon issuance, using the Black-Scholes Option Pricing Formula. The warrant was re-valued at $91,995, fair value at December 31, 2017. The expense is being recognized based on service terms of the agreement over a twelve month period. For the year ending December 31, 2017, the Company recognized $45,997 of expense. During July 2016, the Company issued a warrant to purchase 150,000 shares of common stock at a purchase price of $0.63 per share for professional services to be rendered over a twelve month period commencing July 1, 2016. The warrant was valued at $60,272, fair value, using the Black-Scholes Option Pricing Formula The warrant was re-valued at $65,941, fair value at June 30, 2017. The expense is being recognized based on service terms of the agreement over a twelve month period. For the years ending December 31, 2017 and 2016, the Company recognized $40,238 and $25,703 of expense. During July 2015, the Company issued a warrant to purchase 125,000 shares of common stock at a purchase price of $0.70 per share for professional services to be rendered over a twelve month period commencing July 1, 2015. The warrant was valued at $46,897, fair value at December 31, 2015, using the Black-Scholes Option Pricing Formula. The expense is being recognized based on service terms of the agreement over a twelve month period. For the years ending December 31, 2016 and 2015, the Company recognized $23,452 and $23,449 of expense. In December 2017, the Board of Directors approved extension of the warrants previously granted to a Board member extending the term of outstanding warrants to purchase in the aggregate 725,000 shares of common stock at exercise prices ranging from $0.60 per share to $0.98 per share. These warrants were scheduled to expire at various dates starting 2017 to 2021, with the new expiration dates ranging from 2022 to 2026. The total incremental compensation cost resulting from this modification was $224,123 which was expensed during the year ended December 31, 2017. The Company used the Black-Scholes option pricing model to calculate the increase in fair value, with the following assumptions: historical volatility from 39% to 87%, risk-free interest rate from 1.16% to 2.37% and expected option life from .03 to 9.08 years.

RETIREMENT PLAN

RETIREMENT PLAN	12 Months Ended
	Dec. 31, 2017
Retirement Benefits [Abstract]
RETIREMENT PLAN	NOTE 11 – RETIREMENT PLAN The Company established a 401(k) retirement plan covering all eligible employees beginning November 15, 2013. A contribution of $15,873 was charged to expense and accrued for the year ending December 31, 2017 to all eligible non-executive participants. A contribution of $20,000 was charged to expense and accrued for the year ending December 31, 2016 to all eligible non-executive participants. There were no contributions charged to expense in 2015.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 12 – SUBSEQUENT EVENTS In January 2018, the Company issued options to the Company’s six independent directors under the 2016 Equity Incentive Plan to each purchase 50,000 shares of common stock at a purchase price of $1.22 per share. Each option was valued at $34,530, fair value, using the Black-Scholes Option Pricing Formula. The options expire in 10 years with 20,000 vesting immediately and the remainder vesting in quarterly equal installments of 10,000 commencing April 1, 2018. The options are expensed over the vesting terms.

SUMMARY OF SIGNIFICANT ACCOUN19

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
History and Nature of Business	History and Nature of Business Lightwave Logic, Inc. is a technology Company focused on the development of next generation photonic devices and non-linear optical polymer materials systems for applications in high speed fiber-optic data communications and optical computing markets. Currently the Company is in various stages of photonic device and materials development and evaluation with potential customers and strategic partners. The Company expects to obtain a revenue stream from datacom and telecom devices, sales of non-linear optical polymers, and product development agreements prior to moving into full-scale production. The Company’s current development activities are subject to significant risks and uncertainties, including failing to secure additional funding to operationalize the Company’s technology now under development. Lightwave Logic, Inc., (the “Company”) was organized under the laws of the State of Nevada in 1997 as Eastern Idaho Internet Service, Inc. The Company was engaged in an unrelated business until June 30, 1998, at which time the principal assets of that business were sold and operations were discontinued. The Company was inactive until the acquisition of PSI-TEC Corporation (“PSI-TEC”) on July 14, 2004, which is when the Company commenced with its current business and changed its name to PSI-TEC Holdings, Inc.
Merger	Merger On July 14, 2004, the Company acquired PSI-TEC in a share exchange, which was considered to be a capital transaction in substance rather than a business combination, and was accounted for as a change of capital structure under accounting principles generally accepted in the United States. On October 20, 2006, the Company and PSI-TEC merged and the Company changed its name to Third-Order Nanotechnologies, Inc. On March 10, 2008, the Company changed its name to Lightwave Logic, Inc.
Basis of Presentation	Basis of Presentation The accompanying financial statements are presented in accordance with accounting principles generally accepted in the United States of America.
Estimates	Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future, actual results could differ from the estimates.
Cash Equivalents	Cash Equivalents For the purposes of the statement of cash flows, the Company considers all highly liquid instruments with maturities of three months or less at the time of purchase to be cash equivalents.
Concentration of Credit Risk	Concentration of Credit Risk Certain financial instruments potentially subject the Company to concentrations of credit risk. These financial instruments consist primarily of cash. At December 31, 2017, the Company did have deposits with a financial institution that exceed the Federal Depository Insurance coverage.
Property and Equipment	Property and Equipment Equipment is stated at cost. Depreciation is principally provided by use of straight-line methods for financial and tax reporting purposes over the estimated useful lives of the assets, generally 5 years. When property is retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is included in operations.
Intangible Assets	Intangible Assets Definite-lived intangible assets are stated at cost. Patents are amortized over their estimated useful lives, commencing from the date of grant for the remaining legal lives of the patents. The patents generally have a term of up to 20 years from the date of filing of the earliest related patent application. When certain patent applications are abandoned by the Company for claims that are covered by patents already granted to the Company, the cost of patent applications are removed from the accounts and the resulting expense is reflected in the statement of operations.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s financial instruments consist of cash, accounts payable and accrued expenses. The carrying values of cash, accounts payable and accrued expenses approximate fair value because of their short maturities.
Income Taxes	Income Taxes The Company follows Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed annually for temporary differences between the financial statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Income tax expense is the tax payable or refundable for the period plus or minus the change during the period in deferred tax assets and liabilities.
Stock-based Payments	Stock-based Payments The Company accounts for stock-based compensation under the provisions of FASB ASC 718, "Compensation - Stock Compensation" which requires the measurement and recognition of compensation expense for all stock-based awards made to employees and directors based on estimated fair values on the grant date. The Company estimates the fair value of stock-based awards on the date of grant using the Black-Scholes model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the shorter of the vesting period or the requisite service periods using the straight-line method. The Company accounts for stock-based compensation awards to nonemployees in accordance with FASB ASC 505-50, "Equity-Based Payments to Non-Employees” (“ASC 505-50”). Under ASC 505-50, the Company determines the fair value of the warrants or stock-based compensation awards granted as either the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. All issuances of stock options or other equity instruments to non-employees as consideration for goods or services received by the Company are accounted for based on the fair value of the equity instruments issued. Any stock options issued to non-employees are recorded as an expense and additional paid in capital in stockholders’ equity over the applicable service periods. Non-employee equity based payments are recorded as an expense over the service period, as if the Company had paid cash for the services. At the end of each financial reporting period, prior to vesting or prior to the completion of the services, the fair value of the equity based payments will be re-measured and the non-cash expense recognized during the period will be adjusted accordingly. Since the fair value of equity based payments granted to non-employees is subject to change in the future, the amount of the future expense will include fair value re-measurements until the equity based payments are fully vested or the service completed.
Loss Per Share	Loss Per Share The Company follows FASB ASC 260, “Earnings per Share”, resulting in the presentation of basic and diluted earnings per share. Because the Company reported a net loss in 2017, 2016 and 2015, common stock equivalents, including stock options and warrants were anti-dilutive; therefore, the amounts reported for basic and dilutive loss per share were the same.
Recoverability of Long Lived Assets	Recoverability of Long-Lived Assets The Company follows FASB ASC 360, “Property, Plant, and Equipment”. Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the related carrying amount may not be recoverable. When required, impairment losses on assets to be held and used are recognized based on the excess of the asset’s carrying amount.
Comprehensive Income	Comprehensive Income The Company follows FASB ASC 220.10, “Reporting Comprehensive Income.” Comprehensive income is a more inclusive financial reporting methodology that includes disclosure of certain financial information that historically has not been recognized in the calculation of net income. Since the Company has no items of other comprehensive income, comprehensive loss is equal to net loss.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In March 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, which simplifies several aspects of the accounting for share-based payment award transactions, including: (1) income tax consequences; (2) classification of awards as either equity or liabilities, and (3) classification on the statement of cash flows. For public companies, the amendments in this ASU are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company adopted the amendments on January 1, 2017 and they had no impact on the financial statements since any excess tax benefits were fully offset by a valuation allowance and not recognized for financial statement purposes.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted In May 2014 and April 2016, the FASB issued ASU No. 2014-09 and No. 2016-10, Revenue from Contracts with Customers (Topic 606). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, FASB issued ASU 2015-14, which deferred the effective date of Update 2014-09 to annual reporting periods beginning after December 15, 2017. Since the Company is a development stage company with no revenue, the adoption on January 1, 2018 of this amendment will have no effect on the financial statements. When the Company begins to recognize revenue, it will adhere to the guidance in the amendment. In May 2017, the FASB issued ASU No. 2017-09, Compensation – Stock Compensation (Topic 718), Scope of Modification Accounting. The amendments in this Update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The amendments in this Update are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The amendments in this Update should be applied prospectively to an award modified on or after the adoption date. The Company does not expect the adoption on January 1, 2018 of the amendments in this Update to have a material impact on its financial statements.

PREPAID EXPENSES AND OTHER CU20

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	12 Months Ended
	Dec. 31, 2017
Prepaid Expense, Current [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consist of the following: December 31, 2017 December 31, 2016 Rent $ 254,978 $ 16,856 Deposits 199,338 — Insurance 79,403 49,450 Stock award 30,208 — Inventory — 49,608 Other 20,992 21,028 $ 584,919 $ 136,942

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment consists of the following: December 31, 2017 December 31, 2016 Office equipment $ 82,453 $ 55,817 Lab equipment 1,695,604 789,135 Furniture 32,693 32,693 Leasehold improvements 231,859 231,859 2,042,609 1,109,504 Less: Accumulated depreciation 865,860 683,854 $ 1,176,749 $ 425,650

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Patents	Intangible assets consist of the following: December 31, 2017 December 31, 2016 Patents $ 787,403 $ 754,259 Less: Accumulated amortization 181,628 86,287 $ 605,775 $ 667,972

COMMITMENTS (Tables)

COMMITMENTS (Tables)	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Lease Payments of Operating Leases	The Company is obligated under an operating lease for office and laboratory space. The aggregate minimum future lease payments under the operating leases are as follows: YEARS ENDING DECEMBER 31, AMOUNT 2018 $ 50,274 2019 38,739 2020 195,574 2021 201,501 2022 189,837 TOTAL $ 675,925

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Schedule of Income Tax Benefit (Provision)	The income tax benefit (provision) consists of the following: 2017 2016 2015 Current $ — $ — $ — Deferred 5,063,000 (1,065,000 ) (1,122,000 ) Change in valuation allowance (5,063,000 ) 1,065,000 1,122,000 $ — $ — $ —
Schedule of Reconciliation of Statutory Federal Rate to Effective Income Tax Rate	The reconciliation of the statutory federal rate to the Company’s effective income tax rate is as follows: 2017 2016 2015 Amount % Amount % Amount % Income tax benefit at U.S. federal income tax rate $ (1,955,000 ) (34 ) $ (1,499,000 ) (34 ) $ (1,647,000 ) (34 ) State tax, net of federal tax effect (345,000 ) (6 ) (397,000 ) (9 ) (436,000 ) (9 ) Non-deductible share-based compensation 250,000 4 831,000 19 961,000 20 Tax rate change 7,113,000 124 — — — — Change in valuation allowance (5,063,000 ) (88 ) 1,065,000 24 1,122,000 23 $ — — $ — — $ — —
Schedule of Components of Deferred Tax Assets	The components of deferred tax assets as of December 31, 2017 and 2016 are as follows: 2017 2016 Deferred tax asset for NOL carryforwards $ 10,440,000 $ 14,676,000 Share-based compensation 1,822,000 2,649,000 Valuation allowance (12,262,000 ) (17,325,000 ) $ — $ —

STOCK BASED COMPENSATION (Table

STOCK BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Stock-based Compensation Plans	As of December 31, 2017, the Company has two stock-based compensation plans. Share-based compensation was recognized as follows: 2017 2016 2015 2007 Employee Stock Option Plan $ 18,322 $ 348,850 $ 1,339,692 2016 Equity Incentive Plan 776,416 87,378 — Warrants 416,934 174,359 91,263 Total share-based compensation $ 1,211,672 $ 610,587 $ 1,430,955
Schedule of Non-Qualified Stock Options and Warrants Outstanding and Exercisable	The following tables summarize all stock option and warrant activity of the Company during the years ended December 31, 2017, 2016 and 2015: Non-Qualified Stock Options and Warrants Outstanding and Exercisable Weighted Number of Exercise Average Shares Price Exercise Price Outstanding, December 31, 2014 11,819,600 $ 0.25 - $1.75 $ 1.15 Granted 9,746,267 $ 0.67 - $1.02 $ 0.81 Expired (2,837,500 ) $ 1.00 - $1.75 $ 1.52 Forfeited (200,000 ) $ 0.92 - $1.16 $ 1.01 Exercised — — — Outstanding, December 31, 2015 18,528,367 $ 0.63 - $1.69 $ 0.92 Granted 1,510,000 $ 0.57 - $0.86 $ 0.63 Expired (1,937,000 ) $ 0.63 - $1.30 $ 0.88 Forfeited — — — Exercised — — — Outstanding, December 31, 2016 18,101,367 $ 0.57 - $1.69 $ 0.90 Granted 1,770,000 $ 0.60 - $1.50 $ 0.97 Expired (772,500 ) $ 0.68 - $1.69 $ 0.98 Forfeited — — — Exercised (469,000 ) $ 1.00. - $1.25 $ 1.07 Outstanding, December 31, 2017 18,629,867 $ 0.57 - $1.69 $ 0.90 Exercisable, December 31, 2017 18,039,242 $ 0.57 - $1.69 $ 0.89
Schedule of Non-Qualified Stock Options and Warrants Outstanding, by Exercise Price Range	Non-Qualified Stock Options and Warrants Outstanding Number Outstanding Weighted Average Weighted Average Range of Currently Exercisable Remaining Exercise Price of Options and Exercise Prices at December 31, 2017 Contractual Life Warrants Currently Exercisable $0.57 - $1.69 18,039,242 4.30 Years $0.89

SUMMARY OF SIGNIFICANT ACCOUN26

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended	252 Months Ended
	Dec. 31, 2017	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Estimated useful lives of assets	5 years
Estimated useful life of patents	20 years
Date of incorporation	Jan. 1, 1997
Entity former incorporation name	Third-Order Nanotechnologies, Inc., formerly PSI-Tec Holdings, Inc., formerly Eastern Idaho Internet Service, Inc.
Jurisdiction of incorporation	Nevada
Date of corporate name change	Mar. 10, 2008	Mar. 10, 2008
Disposal of assets discription	The Company was engaged in an unrelated business until June 30, 1998, at which time the principal assets of that business were sold and operations were discontinued.
Date of acquisition		Jul. 14, 2004
Fair value method for acquisition transaction	On July 14, 2004, the Company acquired PSI-TEC in a share exchange, which was considered to be a capital transaction in substance rather than a business combination, and was accounted for as a change of capital structure under accounting principles generally accepted in the United States. On October 20, 2006, the Company and PSI-TEC merged and the Company changed its name to Third-Order Nanotechnologies, Inc. On March 10, 2008, the Company changed its name to Lightwave Logic, Inc.
Name of acquired entity	PSI-TEC Holdings, Inc.
Date of merger		Oct. 20, 2006

MANAGEMENT'S PLANS (Details)

MANAGEMENT'S PLANS (Details) - USD ($)	1 Months Ended		2 Months Ended	12 Months Ended		17 Months Ended
	Jan. 31, 2016	Jun. 30, 2013	Mar. 15, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Mar. 16, 2018	Jun. 15, 2017
Approximate cash position							$ 3,240,000
Approximate monthly expenditures				$ 475,000
Agreement with an institutional investor to sell common stock and investor committed to invest in common stock (upper limit)				11,731,050
Amount raised from purchase agreement				7,275,250		$ 7,275,250
Shares issued, value				226,093	$ 271,885
Institutional Investor [Member]
Agreement with an institutional investor to sell common stock and investor committed to invest in common stock (upper limit)	$ 20,000,000	$ 20,000,000
Term of agreement with institutional investor	36 months
Registering shares of common stock	5,000,000							5,000,000
Shares issued, value				$ 5,722,060	$ 1,553,190	$ 7,275,250
Institutional Investor [Member] | Subsequent Event [Member]
Shares issued, value			$ 993,700

PREPAID EXPENSES AND OTHER CU28

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Schedule of Prepaid expenses and other current assets consist) (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Prepaid Expense, Current [Abstract]
Rent	$ 254,978	$ 16,856
Deposits	199,338
Insurance	79,403	49,450
Stock award	30,208
Inventory		49,608
Other	20,992	21,028
Prepaid expenses and other current assets	$ 584,919	$ 136,942

PROPERTY AND EQUIPMENT (Schedul

PROPERTY AND EQUIPMENT (Schedule of Equipment) (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,042,609	$ 1,109,504
Less: Accumulated depreciation	865,860	683,854
Property and equipment, net	1,176,749	425,650
Office equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	82,453	55,817
Lab equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,695,604	789,135
Furniture [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	32,693	32,693
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 231,859	$ 231,859

PROPERTY AND EQUIPMENT (Narrati

PROPERTY AND EQUIPMENT (Narrative) (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Depreciation expense		$ 182,006	$ 179,720	$ 160,068
Sale of property and equipment	$ 19,500		19,500
Gain on disposal of property and equipment	$ 644		$ 644

INTANGIBLE ASSETS (Schedule of

INTANGIBLE ASSETS (Schedule of Patents) (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Patents	$ 787,403	$ 754,259
Less: Accumulated amortization	181,628	86,287
Intangible assets - net	$ 605,775	$ 667,972

INTANGIBLE ASSETS (Narrative) (

INTANGIBLE ASSETS (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 95,341	$ 15,891	$ 19,839
Impairment of capitalized patent costs	$ 48,599

COMMITMENTS (Details)

COMMITMENTS (Details) - USD ($)	Dec. 31, 2017	Oct. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
2,018	$ 50,274	$ 168,824
2,019	38,739
2,020	195,574
2,021	201,501
2,022	189,837
TOTAL	$ 675,925

COMMITMENTS (Narrative) (Detail

COMMITMENTS (Narrative) (Details) - USD ($)	1 Months Ended		12 Months Ended
	Nov. 30, 2017	Oct. 30, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating Leased Assets [Line Items]
Lease term		61 months
Lease term beginning		Nov. 1, 2017
Lease term ending		Nov. 30, 2022
Additional Lease term		24 months
Lease rent for first year		$ 168,824	$ 50,274
Percentage of rent increase annual base rent		3.00%
Prepaid rent for November 1, 2017 through October 31, 2019		$ 347,046
Prepaid estimated tenant's proportionate share of operating expenses		186,293
Security deposit		$ 36,525
Rental income received from current premise tenant	$ 260,000
Research and Development Expense [Member]
Operating Leased Assets [Line Items]
Rent expense			121,228	$ 100,072	$ 104,724
General and Administrative Expense [Member]
Operating Leased Assets [Line Items]
Rent expense			$ 25,348	$ 18,940	$ 18,347

INCOME TAXES (Schedule of Incom

INCOME TAXES (Schedule of Income Tax Benefit (Provision)) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Current
Deferred	5,063,000	(1,065,000)	(1,122,000)
Change in valuation allowance	(5,063,000)	1,065,000	1,122,000
Total

INCOME TAXES (Schedule of Recon

INCOME TAXES (Schedule of Reconciliation of Statutory Federal Rate to Effective Income Tax Rate) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income tax benefit at U.S. federal income tax rate	$ (1,955,000)	$ (1,499,000)	$ (1,647,000)
State tax, net of federal tax effect	(345,000)	(397,000)	(436,000)
Non-deductible share-based compensation	250,000	831,000	961,000
Tax rate change	7,113,000
Change in valuation allowance	(5,063,000)	1,065,000	1,122,000
Total
Income tax benefit at U.S. federal income tax rate	(34.00%)	(34.00%)	(34.00%)
State tax, net of federal tax effect	(6.00%)	(9.00%)	(9.00%)
Non-deductible share-based compensation	4.00%	19.00%	20.00%
Tax rate change	124.00%
Change in valuation allowance	(88.00%)	24.00%	23.00%
Total

INCOME TAXES (Schedule of Compo

INCOME TAXES (Schedule of Components of Deferred Tax Assets) (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Deferred tax asset for NOL carryforwards	$ 10,440,000	$ 14,676,000
Share-based compensation	1,822,000	2,649,000
Valuation allowance	(12,262,000)	(17,325,000)
Total

INCOME TAXES (Narrative) (Detai

INCOME TAXES (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
U.S. statutory corporate tax rate beginning in 2018	21.00%
Increase (decrease) in valuation allowance	$ (5,063,000)	$ 1,065,000
Net operating loss carry forwards	$ 38,666,000
Net operating loss carry forwards expiration date	Dec. 31, 2037
U.S. statutory corporate maximum tax rate prior to the Tax Cuts and Jobs Act	35.00%

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) - USD ($)	1 Months Ended						2 Months Ended				12 Months Ended			17 Months Ended
	Sep. 29, 2017	May 31, 2017	Jan. 31, 2016	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013	Mar. 15, 2018	Dec. 31, 2015	Jun. 30, 2015	Aug. 31, 2014	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2017	Jun. 15, 2017	May 31, 2015	Apr. 30, 2015
Equity Issuance [Line Items]
Stock issued for services, value											$ 44,250	$ 24,000	$ 48,963
Share-based compensation											794,738	436,228	$ 1,339,692
Agreement with an institutional investor to sell common stock and investor committed to invest in common stock (upper limit)											11,731,050
Share issued, value											$ 226,093	$ 271,885
Common stock, shares authorized											250,000,000	250,000,000		250,000,000		250,000,000	100,000,000
2016 Equity Incentive Plan [Member]
Equity Issuance [Line Items]
Number of shares authorized under plan												3,000,000
Private Placement [Member]
Equity Issuance [Line Items]
Expiration period								5 years
Proceeds from issuance of common stock and warrants								$ 2,400,000
Number of units offered (upper limit)								60
Share issued, shares								3,977,568
Common Stock And Warrants [Member]
Equity Issuance [Line Items]
Options issued		469,000
Expiration period					5 years
Stock outstanding											3,738,600			3,738,600
Proceeds from issuance of common stock and warrants		$ 502,500							$ 1,915,000
Number of units offered (upper limit)					60				20
Price per unit					$ 50,000
Number of shares comprising unit				147,060					100,000
Share issued, shares					4,207,600				2,816,199
Share issued, value					$ 3,140,000
Common Stock And Warrants [Member] | Warrants for $0.80 Per Share [Member]
Equity Issuance [Line Items]
Number of shares comprising unit								82,866
Common Stock And Warrants [Member] | Warrant Three [Member]
Equity Issuance [Line Items]
Exercise price of warrants												$ 0.85
Warrants outstanding												1,408,102
Common Stock And Warrants [Member] | Warrant Four [Member]
Equity Issuance [Line Items]
Exercise price of warrants											$ 1.02			$ 1.02
Warrants outstanding											1,408,097			1,408,097
Common Stock And Warrants [Member] | Warrants for $1.00 Per Share [Member]
Equity Issuance [Line Items]
Number of shares comprising unit										33,500
Common Stock And Warrants [Member] | Warrants for $1.25 Per Share [Member]
Equity Issuance [Line Items]
Number of shares comprising unit										33,500
Common Stock And Warrants [Member] | Warrants for $0.85 Per Share [Member]
Equity Issuance [Line Items]
Number of shares comprising unit				73,530
Common Stock And Warrants [Member] | Warrants for $1.02 Per Share [Member]
Equity Issuance [Line Items]
Number of shares comprising unit				73,530
Units [Member]
Equity Issuance [Line Items]
Exercise price of warrants												$ 0.80
Warrants outstanding												3,977,568
Units [Member] | Warrant Two [Member]
Equity Issuance [Line Items]
Exercise price of warrants				$ 1.02					$ 1.02
Units [Member] | Warrant One [Member]
Equity Issuance [Line Items]
Exercise price of warrants				$ 0.85					$ 0.85
Common Stock for Investor Relations Services [Member]
Equity Issuance [Line Items]
Stock issued for services, shares													37,500
Stock issued for services, value													$ 30,575
Share-based compensation													30,575
Institutional Investor [Member]
Equity Issuance [Line Items]
Agreement with an institutional investor to sell common stock and investor committed to invest in common stock (upper limit)			$ 20,000,000			$ 20,000,000
Agreement with institutional investor term			36 months
Common stock issued to institutional investor as commitment fee, shares			350,000									50,481
Common stock issued to institutional investor as commitment fee			$ 237,965									$ 33,920
Common stock reserved for additional commitment fees to the institutional investor			650,000											413,545
Registering shares of common stock			5,000,000												5,000,000
Share issued, shares											5,300,000	2,400,000		7,700,000
Share issued, value											$ 5,722,060	$ 1,553,190		$ 7,275,250
Additional shares issued											185,974			236,455
Additional shares issued, Amount											$ 226,093			$ 260,013
Institutional Investor [Member] | Subsequent Event [Member]
Equity Issuance [Line Items]
Common stock issued to institutional investor as commitment fee, shares							32,298
Common stock issued to institutional investor as commitment fee							$ 37,194
Common stock reserved for additional commitment fees to the institutional investor							381,247
Share issued, shares							900,000
Share issued, value							$ 993,700
Consulting Services [Member]
Equity Issuance [Line Items]
Stock issued for services, shares	25,000
Stock issued for services, value	$ 36,250
Share-based compensation											6,042
Directors serving as member of Company's Operations Committee [Member]
Equity Issuance [Line Items]
Share-based compensation											$ 8,000	$ 24,000	$ 18,387
Share issued, shares											10,997	38,928	24,758

STOCK BASED COMPENSATION (Narra

STOCK BASED COMPENSATION (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pricing model used in calculation of grant-date fair value	Black-Scholes
Expected dividend yield
Expected volatility, minimum	39.00%	58.00%	75.00%
Expected volatility, maximum	87.00%	78.00%	79.00%
Risk-free interest rate, minimum	1.16%	1.05%	1.44%
Risk-free interest rate, maximum	2.37%	2.06%	1.70%
Unrecognized compensation expense related to non-vested market-based share awards	$ 209,550
Proceeds from warrants exercised	502,500
Non Qualified Stock Options And Warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value of options and warrants outstanding and exercisable	$ 4,891,501
Closing stock price of common stock	$ 1.14
Intrinsic value of options and warrants exercised		$ 22,063	$ 0
Option issued	1,770,000	1,510,000	9,746,267
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected option life	11 days	2 years 6 months	5 years
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected option life	9 years 29 days	5 years 7 months 6 days	5 years 9 months
Transaction One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants exercised	335,000
Common stock price	$ 1
Proceeds from warrants exercised	$ 335,000
Transaction Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants exercised	134,000
Common stock price	$ 1.25
Proceeds from warrants exercised	$ 167,500
2007 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common shares available to be purchased through options, issued and outstanding	4,695,000
Number of shares authorized under plan	10,000,000
2016 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common shares available to be purchased through options, issued and outstanding	1,625,000
Number of shares authorized under plan	3,000,000
Common stock remain available for grants	1,375,000
Exercisable period	10 years

STOCK BASED COMPENSATION (Sched

STOCK BASED COMPENSATION (Schedule of Stock-based Compensation Plans) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation	$ 1,211,672	$ 610,587	$ 1,430,955
2007 Employee Stock Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation	18,322	348,850	1,339,692
2016 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation	776,416	87,378
Warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation	$ 416,934	$ 174,359	91,263
2016 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation

STOCK BASED COMPENSATION (Sch42

STOCK BASED COMPENSATION (Schedule of Stock Option and Warrant Outstanding and Exercisable) (Details) - Non Qualified Stock Options And Warrants [Member] - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Number of Shares
Outstanding	18,101,367	18,528,367	11,819,600
Granted	1,770,000	1,510,000	9,746,267
Expired	(772,500)	(1,937,000)	(2,837,500)
Forfeited			(200,000)
Exercised	(469,000)
Outstanding	18,629,867	18,101,367	18,528,367
Exercisable	18,039,242
Exercise Price
Outstanding (Lower Limit)	$ 0.57	$ 0.63	$ 0.25
Outstanding (Upper Limit)	1.69	1.69	1.75
Granted (Lower Limit)	0.60	0.57	0.67
Granted (Upper Limit)	1.50	0.86	1.02
Expired (Lower Limit)	0.68	0.63	1
Expired (Upper Limit)	1.69	1.30	1.75
Forfeited (Lower Limit)			0.92
Forfeited (Upper Limit)			1.16
Exercised (Lower Limit)	1
Exercised (Upper Limit)	1.25
Outstanding (Lower Limit)	0.57	0.63	0.25
Outstanding (Upper Limit)	1.69	1.69	1.75
Exercisable (Lower Limit)	0.57
Exercisable (Upper Limit)	1.69
Weighted Average Exercise Price
Outstanding	0.90	0.92	1.15
Granted	0.97	0.63	0.81
Expired	0.98	0.88	1.52
Forfeited			1.01
Exercised	1.07
Outstanding	0.90	$ 0.90	$ 0.92
Exercisable	$ 0.89

STOCK BASED COMPENSATION (Summa

STOCK BASED COMPENSATION (Summary of Stock Option and Warrant Outstanding) (Details) - Non Qualified Stock Options And Warrants [Member] - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Prices (Lower Limit)	$ 0.57	$ 0.63	$ 0.25
Exercise Prices (Upper Limit)	1.69	$ 1.69	$ 1.75
$0.57 - $1.69 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Prices (Lower Limit)	0.57
Exercise Prices (Upper Limit)	$ 1.69
Number Outstanding Currently Exercisable	18,039,242
Weighted Average Remaining Contractual Life	4 years 3 months 19 days
Exercise Price	$ 0.89

RELATED PARTY (Details)

RELATED PARTY (Details) - USD ($)	1 Months Ended					12 Months Ended
	Jul. 31, 2017	Jun. 30, 2017	Mar. 31, 2017	Jul. 31, 2016	Jul. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Travel and office expense accruals						$ 20,992	$ 21,028
Minimum [Member]
Related Party Transaction [Line Items]
Expected option life						11 days	2 years 6 months	5 years
Maximum [Member]
Related Party Transaction [Line Items]
Expected option life						9 years 29 days	5 years 7 months 6 days	5 years 9 months
December 2016 Senior Advisor [Member]
Related Party Transaction [Line Items]
Options issued							275,000	125,000	100,000
Purchase price of options							$ 0.60	$ 0.60	$ 0.77
Option granted, fair value			$ 106,576				$ 102,222
Stock option expense							46,947	$ 46,576
Issued Warrant For Accounting Services [Member]
Related Party Transaction [Line Items]
Options issued	150,000
Purchase price of options	$ 1.48
Option granted, fair value	$ 124,788					$ 91,995
Stock option expense						45,997
Issued Warrant For Accounting Services [Member]
Related Party Transaction [Line Items]
Options issued				150,000
Purchase price of options				$ 0.63
Option granted, fair value		$ 65,941		$ 60,272
Stock option expense						$ 40,238	25,703
Issued Warrant For Accounting Services [Member]
Related Party Transaction [Line Items]
Options issued					125,000
Purchase price of options					$ 0.70
Option granted, fair value								46,897
Stock option expense							23,452	23,449
Issued Warrant For Accounting Services [Member]
Related Party Transaction [Line Items]
Options issued						725,000
Stock option expense						$ 224,123
Warrant expiration period						starting 2017 to 2021, with the new expiration dates ranging from 2022 to 2026.
Issued Warrant For Accounting Services [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Purchase price of options						$ 0.60
Fair value, Volatility						39.00%
Risk-free interest rate						1.16%
Expected option life						11 days
Issued Warrant For Accounting Services [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Purchase price of options						$ 0.98
Fair value, Volatility						87.00%
Risk-free interest rate						2.37%
Expected option life						9 years 29 days
Related Party [Member]
Related Party Transaction [Line Items]
Legal accrual						$ 4,725	2,900	1,420
Officer [Member]
Related Party Transaction [Line Items]
Travel and office expense accruals						$ 4,045	$ 2,659	$ 3,649

RETIREMENT PLAN (Details)

RETIREMENT PLAN (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Retirement Plan Details
Contributions to 401k plan	$ 15,873	$ 20,000

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event [Member] - 2016 Equity Incentive Plan [Member] - Six independent directors [Member]	1 Months Ended
	Jan. 31, 2018USD ($)$ / sharesshares
Subsequent Event [Line Items]
Granted	50,000
Shares granted price per share | $ / shares	$ 1.22
Shares granted value | $	$ 34,530
Expiration period of option	10 years
Quarterly installments	10,000
Vesting date	Apr. 1, 2018
Frequency of vesting installments	quarters
Vesting immediately	20,000