Pershing Gold (PGLC) 10-Q 13 Nov 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 13, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Entity Registrant Name	Pershing Gold Corp.
Entity Central Index Key	1,432,196
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	PGLC
Entity Common Stock, Shares Outstanding		21,723,049

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2015	Dec. 31, 2014
CURRENT ASSETS:
Cash and cash equivalents	$ 8,339,361	$ 15,147,837
Restricted cash	2,250,000	2,250,000
Prepaid expenses and other current assets	359,032	798,633
Total Current Assets	10,948,393	18,196,470
NON - CURRENT ASSETS:
Property and equipment, net	5,621,160	6,398,221
Mineral rights	22,786,912	16,786,912
Reclamation bond deposit	25,000	25,000
Total Non - Current Assets	28,433,072	23,210,133
Total Assets	39,381,465	41,406,603
CURRENT LIABILITIES:
Accounts payable and accrued expenses	840,965	714,291
Note payable - current portion	23,596	24,423
Deferred rent	16,923	0
Total Current Liabilities	881,484	738,714
LONG-TERM LIABILITIES:
Note payable - long term portion	0	17,319
Asset retirement obligation	792,836	798,605
Total Liabilities	$ 1,674,320	$ 1,554,638
Commitments and Contingencies
STOCKHOLDERS' EQUITY :
Common stock ($0.0001 Par Value; 200,000,000 Shares Authorized; 21,723,049 and 19,745,223 shares issued and outstanding as of September 30, 2015 and December 31, 2014)	$ 2,173	$ 1,975
Additional paid-in capital	169,942,097	158,018,742
Accumulated deficit	(132,237,126)	(118,168,753)
Total Stockholders' Equity	37,707,145	39,851,965
Total Liabilities and Stockholders' Equity	39,381,465	41,406,603
Convertible Series A Preferred Stock
STOCKHOLDERS' EQUITY :
Preferred stock, $0.0001 par value; 50,000,000 authorized	0	0
Convertible Series B Preferred Stock
STOCKHOLDERS' EQUITY :
Preferred stock, $0.0001 par value; 50,000,000 authorized	0	0
Convertible Series C Preferred Stock
STOCKHOLDERS' EQUITY :
Preferred stock, $0.0001 par value; 50,000,000 authorized	0	0
Convertible Series D Preferred Stock
STOCKHOLDERS' EQUITY :
Preferred stock, $0.0001 par value; 50,000,000 authorized	0	0
Convertible Series E Preferred Stock
STOCKHOLDERS' EQUITY :
Preferred stock, $0.0001 par value; 50,000,000 authorized	$ 1	$ 1

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Preferred Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	50,000,000	50,000,000
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	200,000,000	200,000,000
Common Stock, Shares, Issued	21,723,049	19,745,223
Common Stock, Shares, Outstanding	21,723,049	19,745,223
Convertible Series A Preferred Stock
Preferred Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	2,250,000	2,250,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Convertible Series B Preferred Stock
Preferred Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	8,000,000	8,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Convertible Series C Preferred Stock
Preferred Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	3,284,396	3,284,396
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Convertible Series D Preferred Stock
Preferred Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	7,500,000	7,500,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Convertible Series E Preferred Stock
Preferred Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	15,151	15,151
Preferred Stock, Shares Issued	9,375	9,425
Preferred Stock, Shares Outstanding	9,375	9,425

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Net revenues	$ 0	$ 0	$ 0	$ 0
Operating expenses:
Compensation and related taxes	1,129,967	826,203	3,197,770	3,171,286
Exploration cost	3,389,808	2,019,373	6,249,742	3,900,798
Consulting fees	290,412	215,807	953,180	868,858
General and administrative expenses	1,129,254	913,581	3,666,382	2,984,952
Total operating expenses	5,939,441	3,974,964	14,067,074	10,925,894
Loss from operations	(5,939,441)	(3,974,964)	(14,067,074)	(10,925,894)
Other income (expenses):
Interest expense and other finance costs, net of interest income	(441)	(957)	(1,299)	(3,188)
Total other income (expenses) - net	(441)	(957)	(1,299)	(3,188)
Loss before provision for income taxes	(5,939,882)	(3,975,921)	(14,068,373)	(10,929,082)
Provision for income taxes	0	0	0	0
Net loss	$ (5,939,882)	$ (3,975,921)	$ (14,068,373)	$ (10,929,082)
Net loss per common share, basic and diluted	$ (0.27)	$ (0.23)	$ (0.67)	$ (0.68)
Weighted average common shares outstanding - basic and diluted	21,709,882	17,401,507	20,977,050	16,136,518

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (14,068,373)	$ (10,929,082)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	847,327	733,920
Accretion	34,611	0
Stock-based compensation	1,461,711	2,000,663
Changes in operating assets and liabilities:
Other receivables	0	10,112
Prepaid expenses and other current assets	439,601	234,792
Accounts payable and accrued expenses	126,674	34,608
Deferred rent	16,923	0
NET CASH USED IN OPERATING ACTIVITIES	(11,141,526)	(7,914,987)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of mineral rights	(6,000,000)	0
Asset retirement obligation settled	(18,737)	0
Purchase of property and equipment	(91,909)	(105,173)
NET CASH USED IN INVESTING ACTIVITIES	(6,110,646)	(105,173)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of common stock, net of issuance costs	10,461,842	10,919,639
Purchase of treasury stock	0	(181,421)
Payments on notes payable	(18,146)	(16,847)
NET CASH PROVIDED BY FINANCING ACTIVITIES	10,443,696	10,721,371
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(6,808,476)	2,701,211
CASH AND CASH EQUIVALENTS- beginning of period	15,147,837	7,743,107
CASH AND CASH EQUIVALENTS- end of period	8,339,361	10,444,318
Cash paid for:
Interest	1,886	3,188
Income taxes	$ 0	$ 0

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF BUSINESS	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND DESCRIPTION OF BUSINESS	NOTE 1 — ORGANIZATION AND DESCRIPTION OF BUSINESS Pershing Gold Corporation (the “Company”), formerly named Sagebrush Gold Ltd., was incorporated under the laws of the State of Nevada on August 2, 2007. The Company is a gold and precious metals exploration company pursuing exploration and development opportunities primarily in Nevada. The Company is currently focused on exploration of its Relief Canyon properties in Pershing County in northwestern Nevada. None of the Company’s properties contain proven and probable reserves, and all of the Company’s activities on all of its properties are exploratory in nature. On August 30, 2011, the Company, through its wholly-owned subsidiary, Gold Acquisition Corp. (“Gold Acquisition”), acquired the Relief Canyon Mine property (“Relief Canyon”) located in Pershing County, near Lovelock, Nevada. A wholly-owned subsidiary, Pershing Royalty Company, a Delaware corporation, was formed on May 17, 2012 to hold royalty interests in two gold exploration properties. A wholly-owned subsidiary, EXCX Funding Corp., a Nevada corporation, was formed in January 2011 and held a note payable - related party, which was exchanged for the Company’s Series E Convertible Preferred Stock (“Series E Preferred Stock”) and warrants in August 2013 and was cancelled. On April 6, 2014 EXCX Funding Corp. was liquidated and dissolved. On June 17, 2015, the Board of Directors of the Company approved a reverse stock split of the Company’s common stock, par value $ 0.0001 1-for-18 800,000,000 200,000,000

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation and principles of consolidation The unaudited consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“US GAAP”) and present the consolidated financial statements of the Company as of September 30, 2015. All intercompany transactions and balances have been eliminated. All adjustments (consisting of normal recurring items) necessary to present fairly the Company’s financial position as of September 30, 2015, and the results of operations and cash flows for the nine months ended September 30, 2015 have been included. The results of operations for the nine months ended September 30, 2015 are not necessarily indicative of the results to be expected for the full year. The accounting policies and procedures employed in the preparation of these consolidated financial statements have been derived from the audited financial statements of the Company for the fiscal year ended December 31, 2014, which are contained in the Company’s Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on March 5, 2015. The consolidated balance sheet as of December 31, 2014, contained herein, was derived from those financial statements. Use of estimates In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated balance sheet, and revenues and expenses for the period then ended. Actual results may differ significantly from those estimates. Significant estimates made by management include, but are not limited to, the useful life of property and equipment, amounts and timing of closure obligations, the assumptions used to calculate fair value of restricted stock units, options and warrants granted, stock-based compensation, beneficial conversion on convertible notes payable and preferred stock, capitalized mineral rights, asset valuations, timing of the performance criteria of restricted stock units and the fair value of common stock issued. Cash and cash equivalents The Company considers all highly liquid investments with a maturity of three months or less when acquired to be cash equivalents. The Company places its cash with high credit quality financial institutions. The Company’s accounts at these institutions are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $ 250,000 Restricted cash Restricted cash consists of cash and investments which are held as collateral under a surface management surety bond issued on the Company’s behalf. Fair value of financial instruments The Company adopted Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements and Disclosures” (“ASC 820”), for assets and liabilities measured at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied to existing generally accepted accounting principles that requires the use of fair value measurements, establishes a framework for measuring fair value and expands disclosure about such fair value measurements. The adoption of ASC 820 did not have an impact on the Company’s financial position or operating results, but did expand certain disclosures. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below: Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data Level 3: Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions. The Company analyzes all financial instruments with features of both liabilities and equity under the Financial Accounting Standard Board’s (“FASB”) accounting standard for such instruments. Under this standard, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, prepaid expenses, accounts payable and accrued expenses approximate their estimated fair market values based on the short-term maturity of these instruments. The carrying amount of the note payable at September 30, 2015 approximates its respective fair value based on the Company’s incremental borrowing rate. Prepaid expenses and other current assets Prepaid expenses and other current assets of $ 359,032 798,633 Mineral property acquisition and exploration costs Costs of lease, exploration, carrying and retaining unproven mineral lease properties are expensed as incurred. The Company expenses all mineral exploration costs as incurred as it is still in the exploration stage. If the Company identifies proven and probable reserves in its investigation of its properties and upon development of a plan for operating a mine, it would enter the development stage and capitalize future costs until production is established. When a property reaches the production stage, the related capitalized costs are amortized using the units-of-production method over the estimated life of the proven and probable reserves. If in the future the Company has capitalized mineral properties, these properties will be periodically assessed for impairment. To date, the Company has not established the commercial feasibility of any exploration prospects; therefore, all exploration costs are being expensed. ASC 930-805, “Extractive Activities-Mining: Business Combinations” (“ASC 930-805”), states that mineral rights consist of the legal right to explore, extract, and retain at least a portion of the benefits from mineral deposits. Mining assets include mineral rights. Acquired mineral rights are considered tangible assets under ASC 930-805. ASC 930-805 requires that mineral rights be recognized at fair value as of the acquisition date. As a result, the direct costs to acquire mineral rights are initially capitalized as tangible assets. Mineral rights include costs associated with acquiring patented and unpatented mining claims. ASC 930-805-30-1 and 30-2 provides that in fair valuing mineral assets, an acquirer should take into account both: ⋅ ⋅ Property and equipment Property and equipment are carried at cost. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized. When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in income in the year of disposition. Depreciation is calculated on a straight-line basis over the estimated useful life of the assets, generally one 25 Impairment of long-lived assets The Company accounts for the impairment or disposal of long-lived assets according to the ASC 360, “Property, Plant and Equipment”. The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of long-lived assets, including mineral rights, may not be recoverable. Long-lived assets in the exploration stage are monitored for impairment based on factors such as the Company’s continued right to explore the area, exploration reports, assays, technical reports, drill results and the Company’s continued plans to fund exploration programs on the property, and whether sufficient work has been performed to indicate that the carrying amount of the mineral property cost carried forward as an asset will not be fully recovered. The tests for long-lived assets in the exploration stage are monitored for impairment based on factors such as current market value of the long-lived assets and results of exploration, future asset utilization, business climate, mineral prices and future undiscounted cash flows expected to result from the use of the related assets. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated future net undiscounted cash flows expected to be generated by the asset. When necessary, impaired assets are written down to estimated fair value based on the best information available. Estimated fair value is generally based on either appraised value or measured by discounting estimated future cash flows. Considerable management judgment is necessary to estimate discounted future cash flows. Accordingly, actual results could vary significantly from such estimates. The Company recognizes an impairment loss when the sum of expected undiscounted future cash flows is less than the carrying amount of the asset. The Company did not record any impairment of its long-lived assets at September 30, 2015 and December 31, 2014, respectively. Asset Retirement Obligations Asset retirement obligations (“ARO”), consisting primarily of estimated mine reclamation and closure costs at the Company’s Relief Canyon property, are recognized in the period incurred and when a reasonable estimate can be made, and recorded as liabilities at fair value. Such obligations, which are initially estimated based on discounted cash flow estimates, are accreted to full value over time through charges to accretion expense. Corresponding asset retirement costs are capitalized as part of the carrying amount of the related long-lived asset and depreciated over the asset’s remaining useful life. Asset retirement obligations are periodically adjusted to reflect changes in the estimated present value resulting from revisions to the estimated timing or amount of reclamation and closure costs. The Company reviews and evaluates its asset retirement obligations annually or more frequently at interim periods if deemed necessary. Income taxes The Company accounts for income taxes pursuant to the provision of ASC 740-10, “Accounting for Income Taxes” (“ASC 740-10”), which requires, among other things, an asset and liability approach to calculating deferred income taxes. The asset and liability approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. A valuation allowance is provided to offset any net deferred tax assets for which management believes it is more likely than not that the net deferred asset will not be realized. The Company follows the provision of ASC 740-10 related to Accounting for Uncertain Income Tax Positions. When tax returns are filed, there may be uncertainty about the merits of positions taken or the amount of the position that would be ultimately sustained. In accordance with the guidance of ASC 740-10, the benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more likely than not recognition threshold are measured at the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefit associated with tax positions taken that exceed the amount measured as described above should be reflected as a liability for uncertain tax benefits in the accompanying balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. The Company believes its tax positions are all more likely than not to be upheld upon examination. As such, the Company has not recorded a liability for uncertain tax benefits. The Company has adopted ASC 740-10-25, “Definition of Settlement”, which provides guidance on how an entity should determine whether a tax position is effectively settled for the purpose of recognizing previously unrecognized tax benefits and provides that a tax position can be effectively settled upon the completion and examination by a taxing authority without being legally extinguished. For tax positions considered effectively settled, an entity would recognize the full amount of tax benefit, even if the tax position is not considered more likely than not to be sustained based solely on the basis of its technical merits and the statute of limitations remains open. The federal and state income tax returns of the Company are subject to examination by the IRS and state taxing authorities, generally for three years after they are filed. Stock-based compensation Stock-based compensation is accounted for based on the requirements of the Share-Based Payment Topic of ASC 718, “Compensation — Stock Compensation” (“ASC 718”), which requires recognition in the consolidated financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively, the vesting period). ASC 718 also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award. Pursuant to ASC Topic 505-50, “Equity Based Payments to Non-employees”, for share-based payments to consultants and other third-parties, compensation expense is determined at the “measurement date.” The expense is recognized over the vesting period of the award. Until the measurement date is reached, the total amount of compensation expense remains uncertain. The Company initially records compensation expense based on the fair value of the award at the reporting date. Related party transaction Parties are considered to be related to the Company if the parties, directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. The Company discloses all related party transactions. Recent accounting pronouncements In August 2014, FASB issued Accounting Standards Update (“ASU”) No. 2014-15, “Presentation of Financial Statements—Going Concern” (“ASU No. 2014-15”). The provisions of ASU No. 2014-15 require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation every reporting period including interim periods, (3) provide principles for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). The amendments in this ASU are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. The Company is currently assessing the impact of this ASU on the Company’s consolidated financial statements. In November 2014, FASB issued ASU No. 2014-17, “Business Combinations: Pushdown Accounting” (“ASU No. 2014-17”). This ASU amended the Business Combination Accounting Standards Codification to provide guidance on whether and at what threshold an acquired entity that is a business or nonprofit activity can apply pushdown accounting in its separate financial statements. The Company’s adoption of ASU No. 2014-17 effective November 14, 2014 did not have an impact on the Company’s consolidated results of operations, financial position and related disclosures. In April 2015, FASB issued ASU 2015-03, “Interest – Imputation of Interest” (Subtopic 835-30) which focuses on simplifying the presentation of debt issuance costs. The amendments in this update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. The ASU will be effective for periods beginning after December 15, 2015 for public companies. Early adoption is permitted, including adoption in an interim period. The Company is currently assessing the impact of this ASU on the Company’s consolidated financial statements. Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures.

MINERAL PROPERTIES

MINERAL PROPERTIES	9 Months Ended
	Sep. 30, 2015
Mineral Industries Disclosures [Abstract]
MINERAL PROPERTIES	NOTE 3 — MINERAL PROPERTIES The Company’s Relief Canyon property rights currently total approximately 25,000 948 120 172 2,235 2,770 2 4.5 2 5 Pershing Pass Property The Pershing Pass property consists of over 700 12,000 600 17 2 19 The primary term of the unpatented mining claim lease referenced above is ten years ending in January 2023, which may be extended as long as mineral exploration, development or mining continue on the property. Production from the lease is subject to a 1 0.5 10,000 12,500 15,000 20,000 250,000 The primary term of the private lands lease referenced above is ten years ending in January 2023, and that may be extended as long as mineral development work continues on the property. Production from the lease is subject to a 2 2 500 3.5 1,500 3 600,000 1 Newmont Properties On April 5, 2012, the Company purchased from Victoria Gold Corp. and Victoria Resources (US) Inc. their interest in approximately 13,300 Approximately 8,900 155 2,800 4,900 62 On January 14, 2015, the Company entered into an Asset Purchase Agreement with Newmont pursuant to which the Company acquired for $ 6.0 74 1,300 New Mining Lease with New Nevada Resources and New Nevada Lands, Replacing Portion of Newmont Sublease As part of the January 2015 transactions completed pursuant to the Asset Purchase Agreement, a subsidiary of the Company entered into a Mining Lease (the “2015 Mining Lease”) with New Nevada Resources, LLC and New Nevada Lands, LLC (the “Owners”), covering certain fee lands (the “Leased Properties”) included in the Company’s Relief Canyon properties. The 2015 Mining Lease has a term of twenty years and for as long thereafter as any mining, development or processing operations are being conducted on a continuous basis. The 2015 Mining Lease contains customary terms and conditions, including an advance royalty and a 2.5 Newmont Leased Property As part of the Asset Purchase Agreement transactions, Newmont and the Company entered into an amendment of the 2006 Minerals Lease and Sublease (the “Third Amendment”), pursuant to which the Company agreed to a $ 2.6 2.4 Also as part of the transactions completed pursuant to the Asset Purchase Agreement, Newmont and the Owners entered into a new Mining Lease (the “2015 Newmont Lease”) covering about 2,770 General The Company has posted a statewide surface management surety bond with the United States Department of the Interior Bureau of Land Management (“BLM”) as required by the State of Nevada in an amount of approximately $ 5.6 108,000 2,250,000 45 5.0 As of September 30, 2015, based on management’s review of the carrying value of mineral rights, management determined that there is no evidence that the cost of these acquired mineral rights will not be fully recovered and accordingly, the Company has determined that no adjustment to the carrying value of mineral rights was required. As of the date of these consolidated financial statements, the Company has not established any proven or probable reserves on its mineral properties and has incurred only acquisition and exploration costs. September 30, 2015 December 31, Relief Canyon Mine — Gold Acquisition $ 8,501,071 $ 8,501,071 Relief Canyon Mine — Newmont Properties 13,709,441 7,709,441 Pershing Pass Property 576,400 576,400 $ 22,786,912 $ 16,786,912

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	9 Months Ended
	Sep. 30, 2015
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	NOTE 4 – PROPERTY AND EQUIPMENT Estimated Life September 30, 2015 December 31, Furniture and fixtures 5 years $ 56,995 $ 56,995 Office and computer equipment 1 - 5 years 402,835 402,835 Land — 358,886 266,977 Building and improvements 5 - 25 years 815,036 817,187 Site costs 10 years 1,403,762 1,407,465 Crushing system 20 years 2,489,298 2,495,865 Process plant and equipment 10 years 3,495,742 3,504,964 Vehicles and mining equipment 5 - 10 years 699,025 699,025 9,721,579 9,651,313 Less: accumulated depreciation (4,100,419) (3,253,092) $ 5,621,160 $ 6,398,221 For the nine months ended September 30, 2015 and 2014, depreciation expense amounted to $ 847,327 733,920

NOTES PAYABLE

NOTES PAYABLE	9 Months Ended
	Sep. 30, 2015
Notes Payable [Abstract]
NOTES PAYABLE	NOTE 5 — NOTES PAYABLE In August 2012, the Company issued a note payable in the amount of $ 92,145 7 48 2,226 September 30, 2015 December 31, 2014 Total notes payable $ 23,596 $ 41,742 Less: current portion (23,596) (24,423) Long term portion $ - $ 17,319

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	9 Months Ended
	Sep. 30, 2015
Asset Retirement Obligation Disclosure [Abstract]
ASSET RETIREMENT OBLIGATIONS	NOTE 6 – ASSET RETIREMENT OBLIGATIONS In conjunction with the permit approval permitting the Company to resume mining in the existing open pits at the Relief Canyon Mine during the third quarter of 2014, the Company has recorded an asset retirement obligation based upon the reclamation plan submitted in connection with the permit. For the Nine Balance, beginning of period $ 798,605 Accretion expense 34,611 Reclamation expenditures (18,737) Additions and changes in estimates (21,643) Balance, end of period $ 792,836

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2015
Stockholders' Equity Note [Abstract]
STOCKHOLDERS' EQUITY	NOTE 7 — STOCKHOLDERS’ EQUITY On June 17, 2015, the Board of Directors of the Company approved a reverse stock split of the Company’s Common Stock at a ratio of 1-for-18 800,000,000 200,000,000 Preferred Stock The Company is authorized within the limitations and restrictions stated in the Amended and Restated Articles of Incorporation to provide by resolution or resolutions for the issuance of 50,000,000 0.0001 Series A Convertible Preferred Stock As of September 30, 2015, 2,250,000 0.0001 Series B Convertible Preferred Stock As of September 30, 2015, 8,000,000 0.0001 Series C Convertible Preferred Stock As of September 30, 2015, 3,284,396 0.0001 9% Series D Cumulative Preferred Stock As of September 30, 2015, 7,500,000 0.0001 Series E Convertible Preferred Stock As of September 30, 2015, 15,151 0.0001 9,375 As a result of the Reverse Stock Split, the conversion price of the Company’s Series E Preferred Stock was proportionately adjusted to $ 5.04 196.429 During September 2015, a certain holder of the Company’s Series E Preferred Stock converted 50 9,822 Common Stock Private Placement In April 2015, the Company raised approximately $ 11.5 1,962,501 5.85 0.4 7.92 10.5 1,962,501 785,045 120,187 5.85 In connection with the private placement, the Company and the investors entered into registration rights agreements which require the Company to file a registration statement under the Securities Act of 1933, as amended, to register the resale of the Common Stock issued as part of the Units and the Common Stock issuable upon the exercise of the Warrants. The Registration Rights Agreement also contains piggyback registration rights requiring the Company to include the investors’ shares of Common Stock under certain circumstances in future registration statements that may be filed by the Company. Restricted Stock Units On June 8, 2015 and June 9, 2015, the Company granted an aggregate of 66,668 406,000 5,556 5,556 On June 28, 2015, the Company granted an aggregate of 700,000 300,000 400,000 1,755,000 2,340,000 During the nine months ended September 30, 2015 and 2014, the Company recorded stock-based compensation expense in connection with restricted stock and restricted stock unit awards of $ 1,437,402 2,022,747 5,056,791 as of September 30, 2015, and of changes in outstanding during the nine months ended September 30, 2015, is as follows: Nine Months Ended September 30, 2015 Restricted Stock Units Weighted Outstanding at January 1, 2015 19,158 $ 5.20 Granted 766,668 5.87 Vested and converted (5,556) 5.94 Forfeited - - Outstanding at September 30, 2015 780,270 $ 5.77 Common Stock Options Number of Weighted Weighted Balance at December 31, 2014 1,811,121 $ 7.20 7.18 Granted — — — Exercised — — — Forfeited — — — Cancelled — — — Balance at September 30, 2015 1,811,121 7.20 6.43 Options exercisable at end of period 1,811,121 $ 7.20 Options expected to vest — Weighted average fair value of options granted during the period $ — At September 30, 2015 there was $0 intrinsic value for the stock options outstanding in the above table. Common Stock Warrants Number of Weighted Weighted Balance at December 31, 2014 2,114,188 $ 7.74 1.83 Granted 913,566 7.62 1.62 Cancelled — — — Forfeited — — — Exercised — — — Balance at September 30, 2015 3,027,754 $ 7.65 1.24 Warrants exercisable at September 30, 2015 3,027,754 $ 7.65 1.24 Weighted average fair value of warrants granted during the period $ 7.60 On January 28, 2015, the Company issued four-year warrants to purchase 8,334 5.40 8,334 2.88 24,300 5.40 72 4 1.25 24,300 In April 2015, in connection with the private placement, the Company issued 24 month warrants to purchase 0.4 of a share of Common Stock at an exercise price of $ 7.92 785,045 120,187 5.85 Treasury Stock The Company accounts for treasury stock under the cost method. Between February 2014 and March 2014, the Company reacquired 27,362 181,421 22,222

NET LOSS PER COMMON SHARE

NET LOSS PER COMMON SHARE	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
NET LOSS PER COMMON SHARE	NOTE 8 — NET LOSS PER COMMON SHARE Net loss per common share is calculated in accordance with ASC Topic 260, “Earnings Per Share”. Basic loss per share is computed by dividing net loss available to common stockholder, adjusted for preferred dividends, by the weighted average number of shares of Common Stock outstanding during the period. The computation of diluted net loss per share does not include anti-dilutive Common Stock equivalents in the weighted average shares outstanding. For the Nine For the Nine Numerator: Net loss $ (14,068,373) $ (10,929,082) Denominator: Denominator for basic and diluted loss per share (weighted-average shares) 20,977,050 16,136,518 Net loss per common share, basic and diluted $ (0.67) $ (0.68) September 30, 2015 September 30, 2014 Common stock equivalents: Stock options 1,811,121 1,811,121 Stock warrants 3,027,754 2,114,141 Restricted stock units 780,270 - Convertible preferred stock 1,841,528 1,570,833 Total 7,460,673 5,496,095

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 9 — COMMITMENTS AND CONTINGENCIES Operating Lease The Company leases its corporate facility, and certain office equipment, in Lakewood, Colorado under operating leases with expiration dates through 2018. Rent expense was $ 44,817 35,694 2015 $ 20,087 2016 81,345 2017 83,343 2018 45,455 $ 230,230 In April 2015, the Company executed a new operating lease agreement for its corporate facility in Lakewood, Colorado. The new lease is for a period of 39 16,923 Mining Leases As more fully discussed in Note 3 — Mineral Properties, the Company leases certain mineral properties included in its Pershing Pass Property. The future minimum lease payments under these mining leases are as follows: 2015 $ 10,000 2016 20,000 2017 25,000 2018 25,000 2019 25,000 Thereafter 92,500 $ 197,500

SUMMARY OF SIGNIFICANT ACCOUN15

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of presentation and principles of consolidation	Basis of presentation and principles of consolidation The unaudited consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“US GAAP”) and present the consolidated financial statements of the Company as of September 30, 2015. All intercompany transactions and balances have been eliminated. All adjustments (consisting of normal recurring items) necessary to present fairly the Company’s financial position as of September 30, 2015, and the results of operations and cash flows for the nine months ended September 30, 2015 have been included. The results of operations for the nine months ended September 30, 2015 are not necessarily indicative of the results to be expected for the full year. The accounting policies and procedures employed in the preparation of these consolidated financial statements have been derived from the audited financial statements of the Company for the fiscal year ended December 31, 2014, which are contained in the Company’s Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on March 5, 2015. The consolidated balance sheet as of December 31, 2014, contained herein, was derived from those financial statements.
Use of estimates	Use of estimates In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated balance sheet, and revenues and expenses for the period then ended. Actual results may differ significantly from those estimates. Significant estimates made by management include, but are not limited to, the useful life of property and equipment, amounts and timing of closure obligations, the assumptions used to calculate fair value of restricted stock units, options and warrants granted, stock-based compensation, beneficial conversion on convertible notes payable and preferred stock, capitalized mineral rights, asset valuations, timing of the performance criteria of restricted stock units and the fair value of common stock issued.
Cash and cash equivalents	Cash and cash equivalents The Company considers all highly liquid investments with a maturity of three months or less when acquired to be cash equivalents. The Company places its cash with high credit quality financial institutions. The Company’s accounts at these institutions are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $ 250,000
Restricted cash	Restricted cash Restricted cash consists of cash and investments which are held as collateral under a surface management surety bond issued on the Company’s behalf.
Fair value of financial instruments	Fair value of financial instruments The Company adopted Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements and Disclosures” (“ASC 820”), for assets and liabilities measured at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied to existing generally accepted accounting principles that requires the use of fair value measurements, establishes a framework for measuring fair value and expands disclosure about such fair value measurements. The adoption of ASC 820 did not have an impact on the Company’s financial position or operating results, but did expand certain disclosures. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below: Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data Level 3: Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions. The Company analyzes all financial instruments with features of both liabilities and equity under the Financial Accounting Standard Board’s (“FASB”) accounting standard for such instruments. Under this standard, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, prepaid expenses, accounts payable and accrued expenses approximate their estimated fair market values based on the short-term maturity of these instruments. The carrying amount of the note payable at September 30, 2015 approximates its respective fair value based on the Company’s incremental borrowing rate.
Prepaid expenses	Prepaid expenses and other current assets Prepaid expenses and other current assets of $ 359,032 798,633
Mineral property acquisition and exploration costs	Mineral property acquisition and exploration costs Costs of lease, exploration, carrying and retaining unproven mineral lease properties are expensed as incurred. The Company expenses all mineral exploration costs as incurred as it is still in the exploration stage. If the Company identifies proven and probable reserves in its investigation of its properties and upon development of a plan for operating a mine, it would enter the development stage and capitalize future costs until production is established. When a property reaches the production stage, the related capitalized costs are amortized using the units-of-production method over the estimated life of the proven and probable reserves. If in the future the Company has capitalized mineral properties, these properties will be periodically assessed for impairment. To date, the Company has not established the commercial feasibility of any exploration prospects; therefore, all exploration costs are being expensed. ASC 930-805, “Extractive Activities-Mining: Business Combinations” (“ASC 930-805”), states that mineral rights consist of the legal right to explore, extract, and retain at least a portion of the benefits from mineral deposits. Mining assets include mineral rights. Acquired mineral rights are considered tangible assets under ASC 930-805. ASC 930-805 requires that mineral rights be recognized at fair value as of the acquisition date. As a result, the direct costs to acquire mineral rights are initially capitalized as tangible assets. Mineral rights include costs associated with acquiring patented and unpatented mining claims. ASC 930-805-30-1 and 30-2 provides that in fair valuing mineral assets, an acquirer should take into account both: ⋅ ⋅
Property and equipment	Property and equipment Property and equipment are carried at cost. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized. When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in income in the year of disposition. Depreciation is calculated on a straight-line basis over the estimated useful life of the assets, generally one 25
Impairment of long-lived assets	Impairment of long-lived assets The Company accounts for the impairment or disposal of long-lived assets according to the ASC 360, “Property, Plant and Equipment”. The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of long-lived assets, including mineral rights, may not be recoverable. Long-lived assets in the exploration stage are monitored for impairment based on factors such as the Company’s continued right to explore the area, exploration reports, assays, technical reports, drill results and the Company’s continued plans to fund exploration programs on the property, and whether sufficient work has been performed to indicate that the carrying amount of the mineral property cost carried forward as an asset will not be fully recovered. The tests for long-lived assets in the exploration stage are monitored for impairment based on factors such as current market value of the long-lived assets and results of exploration, future asset utilization, business climate, mineral prices and future undiscounted cash flows expected to result from the use of the related assets. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated future net undiscounted cash flows expected to be generated by the asset. When necessary, impaired assets are written down to estimated fair value based on the best information available. Estimated fair value is generally based on either appraised value or measured by discounting estimated future cash flows. Considerable management judgment is necessary to estimate discounted future cash flows. Accordingly, actual results could vary significantly from such estimates. The Company recognizes an impairment loss when the sum of expected undiscounted future cash flows is less than the carrying amount of the asset. The Company did not record any impairment of its long-lived assets at September 30, 2015 and December 31, 2014, respectively.
Asset Retirement Obligations	Asset Retirement Obligations Asset retirement obligations (“ARO”), consisting primarily of estimated mine reclamation and closure costs at the Company’s Relief Canyon property, are recognized in the period incurred and when a reasonable estimate can be made, and recorded as liabilities at fair value. Such obligations, which are initially estimated based on discounted cash flow estimates, are accreted to full value over time through charges to accretion expense. Corresponding asset retirement costs are capitalized as part of the carrying amount of the related long-lived asset and depreciated over the asset’s remaining useful life. Asset retirement obligations are periodically adjusted to reflect changes in the estimated present value resulting from revisions to the estimated timing or amount of reclamation and closure costs. The Company reviews and evaluates its asset retirement obligations annually or more frequently at interim periods if deemed necessary.
Income taxes	Income taxes The Company accounts for income taxes pursuant to the provision of ASC 740-10, “Accounting for Income Taxes” (“ASC 740-10”), which requires, among other things, an asset and liability approach to calculating deferred income taxes. The asset and liability approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. A valuation allowance is provided to offset any net deferred tax assets for which management believes it is more likely than not that the net deferred asset will not be realized. The Company follows the provision of ASC 740-10 related to Accounting for Uncertain Income Tax Positions. When tax returns are filed, there may be uncertainty about the merits of positions taken or the amount of the position that would be ultimately sustained. In accordance with the guidance of ASC 740-10, the benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more likely than not recognition threshold are measured at the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefit associated with tax positions taken that exceed the amount measured as described above should be reflected as a liability for uncertain tax benefits in the accompanying balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. The Company believes its tax positions are all more likely than not to be upheld upon examination. As such, the Company has not recorded a liability for uncertain tax benefits. The Company has adopted ASC 740-10-25, “Definition of Settlement”, which provides guidance on how an entity should determine whether a tax position is effectively settled for the purpose of recognizing previously unrecognized tax benefits and provides that a tax position can be effectively settled upon the completion and examination by a taxing authority without being legally extinguished. For tax positions considered effectively settled, an entity would recognize the full amount of tax benefit, even if the tax position is not considered more likely than not to be sustained based solely on the basis of its technical merits and the statute of limitations remains open. The federal and state income tax returns of the Company are subject to examination by the IRS and state taxing authorities, generally for three years after they are filed.
Stock-based compensation	Stock-based compensation Stock-based compensation is accounted for based on the requirements of the Share-Based Payment Topic of ASC 718, “Compensation — Stock Compensation” (“ASC 718”), which requires recognition in the consolidated financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively, the vesting period). ASC 718 also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award. Pursuant to ASC Topic 505-50, “Equity Based Payments to Non-employees”, for share-based payments to consultants and other third-parties, compensation expense is determined at the “measurement date.” The expense is recognized over the vesting period of the award. Until the measurement date is reached, the total amount of compensation expense remains uncertain. The Company initially records compensation expense based on the fair value of the award at the reporting date.
Related party transaction	Related party transaction Parties are considered to be related to the Company if the parties, directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. The Company discloses all related party transactions.
Recent accounting pronouncements	Recent accounting pronouncements In August 2014, FASB issued Accounting Standards Update (“ASU”) No. 2014-15, “Presentation of Financial Statements—Going Concern” (“ASU No. 2014-15”). The provisions of ASU No. 2014-15 require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation every reporting period including interim periods, (3) provide principles for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). The amendments in this ASU are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. The Company is currently assessing the impact of this ASU on the Company’s consolidated financial statements. In November 2014, FASB issued ASU No. 2014-17, “Business Combinations: Pushdown Accounting” (“ASU No. 2014-17”). This ASU amended the Business Combination Accounting Standards Codification to provide guidance on whether and at what threshold an acquired entity that is a business or nonprofit activity can apply pushdown accounting in its separate financial statements. The Company’s adoption of ASU No. 2014-17 effective November 14, 2014 did not have an impact on the Company’s consolidated results of operations, financial position and related disclosures. In April 2015, FASB issued ASU 2015-03, “Interest – Imputation of Interest” (Subtopic 835-30) which focuses on simplifying the presentation of debt issuance costs. The amendments in this update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. The ASU will be effective for periods beginning after December 15, 2015 for public companies. Early adoption is permitted, including adoption in an interim period. The Company is currently assessing the impact of this ASU on the Company’s consolidated financial statements. Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures.

MINERAL PROPERTIES (Tables)

MINERAL PROPERTIES (Tables)	9 Months Ended
	Sep. 30, 2015
Mineral Industries Disclosures [Abstract]
Mineral Property	Mineral properties consisted of the following: September 30, 2015 December 31, Relief Canyon Mine — Gold Acquisition $ 8,501,071 $ 8,501,071 Relief Canyon Mine — Newmont Properties 13,709,441 7,709,441 Pershing Pass Property 576,400 576,400 $ 22,786,912 $ 16,786,912

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	9 Months Ended
	Sep. 30, 2015
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property and equipment consisted of the following: Estimated Life September 30, 2015 December 31, Furniture and fixtures 5 years $ 56,995 $ 56,995 Office and computer equipment 1 - 5 years 402,835 402,835 Land — 358,886 266,977 Building and improvements 5 - 25 years 815,036 817,187 Site costs 10 years 1,403,762 1,407,465 Crushing system 20 years 2,489,298 2,495,865 Process plant and equipment 10 years 3,495,742 3,504,964 Vehicles and mining equipment 5 - 10 years 699,025 699,025 9,721,579 9,651,313 Less: accumulated depreciation (4,100,419) (3,253,092) $ 5,621,160 $ 6,398,221

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Payable [Abstract]
Schedule of Notes Payable	September 30, 2015 December 31, 2014 Total notes payable $ 23,596 $ 41,742 Less: current portion (23,596) (24,423) Long term portion $ - $ 17,319

ASSET RETIREMENT OBLIGATIONS (T

ASSET RETIREMENT OBLIGATIONS (Tables)	9 Months Ended
	Sep. 30, 2015
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Asset Retirement Obligations	The following table summarizes activity in the Company’s ARO: For the Nine Balance, beginning of period $ 798,605 Accretion expense 34,611 Reclamation expenditures (18,737) Additions and changes in estimates (21,643) Balance, end of period $ 792,836

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
	Sep. 30, 2015
Stockholders' Equity Note [Abstract]
Summary of the outstanding restricted stock	A summary of the status of the as of September 30, 2015, and of changes in outstanding during the nine months ended September 30, 2015, is as follows: Nine Months Ended September 30, 2015 Restricted Stock Units Weighted Outstanding at January 1, 2015 19,158 $ 5.20 Granted 766,668 5.87 Vested and converted (5,556) 5.94 Forfeited - - Outstanding at September 30, 2015 780,270 $ 5.77
Summary of the outstanding stock options	A summary of the Company’s outstanding stock options as of September 30, 2015 and changes during the period then ended are presented below: Number of Weighted Weighted Balance at December 31, 2014 1,811,121 $ 7.20 7.18 Granted — — — Exercised — — — Forfeited — — — Cancelled — — — Balance at September 30, 2015 1,811,121 7.20 6.43 Options exercisable at end of period 1,811,121 $ 7.20 Options expected to vest — Weighted average fair value of options granted during the period $ —
Summary of the outstanding stock warrants	A summary of the Company’s outstanding stock warrants as of September 30, 2015 and changes during the period then ended are presented below: Number of Weighted Weighted Balance at December 31, 2014 2,114,188 $ 7.74 1.83 Granted 913,566 7.62 1.62 Cancelled — — — Forfeited — — — Exercised — — — Balance at September 30, 2015 3,027,754 $ 7.65 1.24 Warrants exercisable at September 30, 2015 3,027,754 $ 7.65 1.24 Weighted average fair value of warrants granted during the period $ 7.60

NET LOSS PER COMMON SHARE (Tabl

NET LOSS PER COMMON SHARE (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Schedule of Computation of Earnings Per Share	The following table sets forth the computation of basic and diluted loss per share: For the Nine For the Nine Numerator: Net loss $ (14,068,373) $ (10,929,082) Denominator: Denominator for basic and diluted loss per share (weighted-average shares) 20,977,050 16,136,518 Net loss per common share, basic and diluted $ (0.67) $ (0.68)
Schedule of antidilutive securities excluded from computation diluted shares outstanding	The following were excluded from the computation of diluted shares outstanding as they would have had an anti-dilutive impact on the Company’s net loss. In periods where the Company has a net loss, all dilutive securities are excluded. September 30, 2015 September 30, 2014 Common stock equivalents: Stock options 1,811,121 1,811,121 Stock warrants 3,027,754 2,114,141 Restricted stock units 780,270 - Convertible preferred stock 1,841,528 1,570,833 Total 7,460,673 5,496,095

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of future minimum rental payments required under the lease	2015 $ 20,087 2016 81,345 2017 83,343 2018 45,455 $ 230,230
Schedule of future minimum lease payments under mining leases	The future minimum lease payments under these mining leases are as follows: 2015 $ 10,000 2016 20,000 2017 25,000 2018 25,000 2019 25,000 Thereafter 92,500 $ 197,500

ORGANIZATION AND DESCRIPTION 23

ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Textual)	1 Months Ended
	Jun. 17, 2015$ / sharesshares	Sep. 30, 2015$ / sharesshares	Jun. 16, 2015shares	Dec. 31, 2014$ / sharesshares	May. 17, 2012
Number Of Entity Properties Contain Proven And Probable Reserves		0
Common Stock, Shares Authorized		200,000,000		200,000,000
Stockholders' Equity, Reverse Stock Split	1-for-18
Common Stock, Par or Stated Value Per Share | $ / shares		$ 0.0001		$ 0.0001
Pershing Royalty Company
Number Of Gold Exploration Properties					2
Amendment [Member]
Common Stock, Shares Authorized	200,000,000		800,000,000
Common Stock, Par or Stated Value Per Share | $ / shares	$ 0.0001

SUMMARY OF SIGNIFICANT ACCOUN24

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($)	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Prepaid expenses	$ 359,032	$ 798,633
Federal Deposit Insurance Corporation Premium Expense	$ 250,000
Maximum [Member] | Property, Plant and Equipment [Member]
Estimated useful life	25 years
Minimum [Member] | Property, Plant and Equipment [Member]
Estimated useful life	1 year

MINERAL PROPERTIES (Details)

MINERAL PROPERTIES (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Mineral properties
Total Mineral Properties	$ 22,786,912	$ 16,786,912
Relief Canyon Mine - Gold Acquisition
Mineral properties
Total Mineral Properties	8,501,071	8,501,071
Relief Canyon Mine - Newmont Properties
Mineral properties
Total Mineral Properties	13,709,441	7,709,441
Pershing Pass Property
Mineral properties
Total Mineral Properties	$ 576,400	$ 576,400

MINERAL PROPERTIES (Details Tex

MINERAL PROPERTIES (Details Textual)	Jan. 14, 2015USD ($)amine	Jun. 30, 2015USD ($)	Sep. 30, 2015USD ($)aminelb	Dec. 31, 2014USD ($)	Nov. 30, 2013USD ($)	Apr. 05, 2012amine
Mineral properties
Royalty percentage on precious metals			1.00%
Restricted cash			$ 2,250,000	$ 2,250,000	$ 2,250,000
Payments to Acquire Businesses, Gross	$ 6,000,000
Relief Canyon
Mineral properties
Unpatented millsites owned | mine	74
Net smelter return royalty percentage			2.00%
Unpatented mining claims owned | mine			948
Acres of Property | a			25,000
Minesite Claim Owned | mine			120
Unpatented Mining Claims Leased | mine			172
Area of Land for Leased | a			2,235
Area of Land for Subleased | a			2,770
Royalty Return Percentage			2.00%
Royalty Return Percentage Total			4.50%
Third party
Mineral properties
Amount of the bonds written					$ 5,000,000
Restricted cash required to be maintained as a percentage of the value of the bonds					45.00%
Newmont USA Ltd
Mineral properties
Acres of Property | a	1,300
BLM
Mineral properties
Statewide bond			$ 5,600,000
Excess amount of the current coverage requirement to reclaim land disturbed in exploration and mining operations			$ 108,000
New Nevada Lands, LLC
Mineral properties
Acres of Property | a	1,600
Maximum | Relief Canyon
Mineral properties
Net smelter return royalty percentage			5.00%
Royalty Return Percentage			5.00%
Minimum | Relief Canyon
Mineral properties
Net smelter return royalty percentage			2.00%
Royalty Return Percentage			2.00%
Relief Canyon Mine - Newmont Properties
Mineral properties
Unpatented lode mining claims owned | mine						62
Relief Canyon Mine - Newmont Properties | Victoria Gold
Mineral properties
Area of properties held under leases and subleases | a						8,900
Relief Canyon Mine - Newmont Properties | Victoria Gold | Relief Canyon
Mineral properties
Acres of Property | a						13,300
Relief Canyon Mine - Newmont Properties | Newmont USA Ltd
Mineral properties
Unpatented lode mining claims owned | mine						155
Acres of privately-owned fee minerals leased (in acres) | a						4,900
Relief Canyon Mine - Newmont Properties | Newmont USA Ltd | Relief Canyon
Mineral properties
Acres of Property | a						2,800
Pershing Pass Property
Mineral properties
Unpatented millsites owned | mine			17
Net smelter return royalty percentage			2.00%
Unpatented mining claims owned | mine			700
Acres of Property | a			12,000
Area of properties held under leases and subleases | a			600
Royalty percentage on all metals produced other than gold			2.00%
Royalty percentage on gold if gold prices are less than $500 per ounce			2.00%
Gold price (per ounce) | lb			500
Royalty percentage on gold if gold prices are over $1,500 per ounce			3.50%
Gold price (per ounce) | lb			1,500
Royalty percentage on gold production that the entity can repurchase			3.00%
Rate at which the entity can repurchase royalty percentage of gold			$ 600,000
Each royalty percentage that the company can repurchase at specified rate			1.00%
Royalty Return Percentage			2.00%
Pershing Pass Property | Other Metal
Mineral properties
Royalty percentage on precious metals			0.50%
Pershing Pass Property | Wolf Pack Gold (Nevada) Corp
Mineral properties
Unpatented mining claims owned | mine			19
Purchase price for acquisition of unpatented mining claims			$ 250,000
Pershing Pass Property | Minimum | Wolf Pack Gold (Nevada) Corp | Starting September 2016 till September 2023
Mineral properties
Advance royalty required to pay per year			10,000
Pershing Pass Property | Minimum | Wolf Pack Gold (Nevada) Corp | Starting September 2023 till September 2028
Mineral properties
Advance royalty required to pay per year			12,500
Pershing Pass Property | Minimum | Wolf Pack Gold (Nevada) Corp | Starting September 2028 till September 2033
Mineral properties
Advance royalty required to pay per year			15,000
Pershing Pass Property | Minimum | Wolf Pack Gold (Nevada) Corp | September 2033
Mineral properties
Advance royalty required to pay per year			$ 20,000
2015 Newmont Lease
Mineral properties
Acres of Property | a			2,770
Percentage of Royalty To Smelter Returns			2.50%
Minerals Lease and Sublease work commitment Amount		$ 2,600,000
Minerals Lease and Sublease exploration expenditures		$ 2,400,000

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($)	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 9,721,579	$ 9,651,313
Less: accumulated depreciation	(4,100,419)	(3,253,092)
Total property and equipment, net	5,621,160	6,398,221
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 56,995	56,995
Estimated Life	5 years
Office and computer equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 402,835	402,835
Office and computer equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated Life	5 years
Office and computer equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated Life	1 year
Land
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 358,886	266,977
Estimated Life	0 years
Building and improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 815,036	817,187
Building and improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated Life	25 years
Building and improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated Life	5 years
Site costs
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 1,403,762	1,407,465
Estimated Life	10 years
Crushing system
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 2,489,298	2,495,865
Estimated Life	20 years
Process plant and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 3,495,742	3,504,964
Estimated Life	10 years
Vehicles and mining equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 699,025	$ 699,025
Vehicles and mining equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated Life	10 years
Vehicles and mining equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated Life	5 years

PROPERTY AND EQUIPMENT (Detai28

PROPERTY AND EQUIPMENT (Details Textual) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Property, Plant and Equipment [Line Items]
Depreciation	$ 847,327	$ 733,920

NOTES PAYABLE (Details)

NOTES PAYABLE (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Schedule Of Short Term And Long Term Portion [Line Items]
Total notes payable	$ 23,596	$ 41,742
Less: current portion	(23,596)	(24,423)
Long term portion	$ 0	$ 17,319

NOTES PAYABLE (Details Textual)

NOTES PAYABLE (Details Textual)	9 Months Ended
	Sep. 30, 2015USD ($)	Dec. 31, 2014USD ($)	Aug. 31, 2012USD ($)
Debt Instrument [Line Items]
Notes payable	$ 23,596	$ 41,742
Note Payable
Debt Instrument [Line Items]
Number of equal monthly payments of the debt	48
Notes payable			$ 92,145
Interest rate (as a percent)	7.00%
Monthly payments of the debt	$ 2,226

ASSET RETIREMENT OBLIGATIONS (D

ASSET RETIREMENT OBLIGATIONS (Details)	9 Months Ended
	Sep. 30, 2015USD ($)
Balance, beginning of period	$ 798,605
Accretion expense	34,611
Reclamation expenditures	(18,737)
Additions and changes in estimates	(21,643)
Balance, end of period	$ 792,836

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) - Restricted Stock Units (RSUs) [Member]	9 Months Ended
	Sep. 30, 2015$ / sharesshares
Restricted Stock Unit
Beginning Balance	19,158
Granted	766,668
Vested and converted	(5,556)
Forfeited	0
Ending Balance	780,270
Weighted Average Grant-Date Fair Value Per Share
Beginning Balance | $ / shares	$ 5.20
Granted | $ / shares	5.87
Vested and converted | $ / shares	5.94
Forfeited | $ / shares	0
Ending Balance | $ / shares	$ 5.77

STOCKHOLDERS' EQUITY (Details 1

STOCKHOLDERS' EQUITY (Details 1) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Number of Options
Beginning Balance	1,811,121
Granted	0
Exercised	0
Forfeited	0
Cancelled	0
Ending Balance	1,811,121	1,811,121
Options exercisable at end of period	1,811,121
Options expected to vest	0
Weighted Average Exercise Price
Beginning Balance	$ 7.2
Granted	0
Exercised	0
Forfeited	0
Cancelled	0
Ending Balance	7.2	$ 7.2
Options exercisable at end of period	7.20
Weighted average fair value of options granted during the period	$ 0
Weighted Average Remaining Contractual Life (Years)
Balance	6 years 5 months 5 days	7 years 2 months 5 days

STOCKHOLDERS' EQUITY (Details 2

STOCKHOLDERS' EQUITY (Details 2) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Number of Warrants
Beginning Balance	2,114,188
Granted	913,566
Cancelled	0
Forfeited	0
Exercised	0
Ending Balance	3,027,754	2,114,188
Balance at September 30, 2015	3,027,754
Weighted Average Exercise Price
Beginning Balance	$ 7.74
Granted	7.62
Cancelled	0
Forfeited	0
Exercised	0
Ending Balance	7.65	$ 7.74
Warrants exercisable at September 30, 2015	7.65
Weighted average fair value of warrants granted during the period	$ 7.60
Weighted Average Remaining Contractual Life (Years)
Balance	1 year 2 months 26 days	1 year 9 months 29 days
Granted	1 year 7 months 13 days
Warrants exercisable at September 30, 2015	1 year 2 months 26 days

STOCKHOLDERS' EQUITY (Details T

STOCKHOLDERS' EQUITY (Details Textual) - USD ($)	Jun. 28, 2015	Jun. 09, 2015	Jun. 17, 2015	Apr. 30, 2015	Jan. 28, 2015	Jul. 31, 2014	Mar. 31, 2014	Sep. 30, 2015	Sep. 30, 2014	Jun. 16, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Stock authorized, shares								50,000,000			50,000,000
Par value of preferred stock authorized (in dollars per share)								$ 0.0001			$ 0.0001
Number of share of preferred stock converted in common shares								50
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value								$ 0
Share Price					$ 5.40
Share-based Goods and Nonemployee Services Transaction, Valuation Method, Expected Volatility Rate					72.00%
Share-based Goods and Nonemployee Services Transaction, Valuation Method, Expected Term					4 years
Share-based Goods and Nonemployee Services Transaction, Valuation Method, Risk Free Interest Rate					1.25%
Common Stock, Shares Authorized								200,000,000			200,000,000
Stockholders' Equity, Reverse Stock Split			1-for-18
Shares Converted Into Common Stock								9,822
Stock Issued During Period, Value, Issued for Services								$ 24,300
Preferred Stock [Member]
Class of Stock [Line Items]
Stock authorized, shares								50,000,000
Par value of preferred stock authorized (in dollars per share)								$ 0.0001
Amendment [Member]
Class of Stock [Line Items]
Common Stock, Shares Authorized			200,000,000							800,000,000
Private Placement [Member]
Class of Stock [Line Items]
Stock issued (in shares)				785,045
Class of Warrant or Right, Exercise Price of Warrants or Rights				$ 5.85
Proceeds from Issuance or Sale of Equity				$ 10,500,000
Warrants To Purchase Common Stock				120,187
Warrants Expiration Term				30 month
Shares Issued, Price Per Share				$ 7.92
Treasury Stock
Class of Stock [Line Items]
Common stock reacquired (in shares)							27,362
Unvested Restricted Stock Awards						22,222
Units Shares [Member] | Private Placement [Member]
Class of Stock [Line Items]
Common Stock Units Sold				1,962,501
Class of Warrant or Right, Exercise Price of Warrants or Rights				$ 5.85
Gross proceeds from sale of units				$ 11,500,000
Warrant [Member]
Class of Stock [Line Items]
Restricted common stock granted					8,334
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Options Granted In Period Total Fair Value					$ 24,300
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value					$ 2.88
Warrant [Member] | Private Placement [Member]
Class of Stock [Line Items]
Number of shares of common stock issued for each warrant				0.4
Class of Warrant or Right, Exercise Price of Warrants or Rights				$ 7.92
Warrants Expiration Term				24 month
2014 Stock Surrender | Treasury Stock
Class of Stock [Line Items]
Stock Surrender Value							$ 181,421
Restricted Stock
Class of Stock [Line Items]
Stock-based compensation expense								$ 1,437,402	$ 2,022,747
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options								$ 5,056,791
Restricted Stock Units (RSUs) [Member]
Class of Stock [Line Items]
Restricted common stock granted								766,668
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value								$ 5.87
Consultant
Class of Stock [Line Items]
Warrants To Purchase Common Stock Shares					8,334
Board of Directors | Restricted Stock Units (RSUs) [Member]
Class of Stock [Line Items]
Restricted common stock granted		66,668
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Granted In Period Total Fair Value		$ 406,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares								5,556
Chief Executive Officer And President [Member] | Initial RSU [Member]
Class of Stock [Line Items]
Restricted common stock granted	300,000
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Granted In Period Total Fair Value	$ 1,755,000
Chief Executive Officer And President [Member] | Restricted Stock Units (RSUs) [Member]
Class of Stock [Line Items]
Restricted common stock granted	700,000
Chief Executive Officer And President [Member] | Incentive RSU [Member]
Class of Stock [Line Items]
Restricted common stock granted	400,000
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Granted In Period Total Fair Value	$ 2,340,000
Warrant To Purchase Common Stock | Consultant
Class of Stock [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights					$ 5.40
Convertible Series A Preferred Stock
Class of Stock [Line Items]
Stock authorized, shares								2,250,000			2,250,000
Par value of preferred stock authorized (in dollars per share)								$ 0.0001			$ 0.0001
Preferred stock, Outstanding (in shares)								0			0
Convertible Series B Preferred Stock
Class of Stock [Line Items]
Stock authorized, shares								8,000,000			8,000,000
Par value of preferred stock authorized (in dollars per share)								$ 0.0001			$ 0.0001
Preferred stock, Outstanding (in shares)								0			0
Convertible Series C Preferred Stock
Class of Stock [Line Items]
Stock authorized, shares								3,284,396			3,284,396
Par value of preferred stock authorized (in dollars per share)								$ 0.0001			$ 0.0001
Preferred stock, Outstanding (in shares)								0			0
Series E Preferred Stock
Class of Stock [Line Items]
Stock authorized, shares								15,151			15,151
Par value of preferred stock authorized (in dollars per share)								$ 0.0001			$ 0.0001
Preferred stock, Outstanding (in shares)								9,375			9,425
Number of common shares issued upon conversion								196.429
Conversion price per share of common stock (in dollars per share)								$ 5.04
Common Stock | Private Placement [Member]
Class of Stock [Line Items]
Stock issued (in shares)				1,962,501
Warrants To Purchase Common Stock				785,045
Common Stock | Restricted Stock Units (RSUs) [Member]
Class of Stock [Line Items]
Stock issued (in shares)								5,556
9% Series D Cumulative Preferred Stock
Class of Stock [Line Items]
Stock authorized, shares								7,500,000
Par value of preferred stock authorized (in dollars per share)								$ 0.0001

NET LOSS PER COMMON SHARE (Deta

NET LOSS PER COMMON SHARE (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Numerator:
Net loss			$ (14,068,373)	$ (10,929,082)
Denominator:
Denominator for basic and diluted loss per share (weighted-average shares)	21,709,882	17,401,507	20,977,050	16,136,518
Net loss per common share, basic and diluted	$ (0.27)	$ (0.23)	$ (0.67)	$ (0.68)

NET LOSS PER COMMON SHARE (De37

NET LOSS PER COMMON SHARE (Details 1) - shares	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents	7,460,673	5,496,095
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents	1,811,121	1,811,121
Stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents	3,027,754	2,114,141
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents	780,270	0
Convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents	1,841,528	1,570,833

COMMITMENTS AND CONTINGENCIES38

COMMITMENTS AND CONTINGENCIES (Details)	Sep. 30, 2015USD ($)
Other Commitments [Line Items]
2,015	$ 20,087
2,016	81,345
2,017	83,343
2,018	45,455
Total	$ 230,230

COMMITMENTS AND CONTINGENCIES39

COMMITMENTS AND CONTINGENCIES (Details 1)	Sep. 30, 2015USD ($)
COMMITMENTS AND CONTINGENCIES [Line Items]
2,015	$ 10,000
2,016	20,000
2,017	25,000
2,018	25,000
2,019	25,000
Thereafter	92,500
Total	$ 197,500

COMMITMENTS AND CONTINGENCIES40

COMMITMENTS AND CONTINGENCIES (Details Textual) - USD ($)	1 Months Ended	9 Months Ended
	Apr. 30, 2015	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Other Commitments [Line Items]
Operating Leases, Rent Expense, Net		$ 44,817	$ 35,694
Lease Expiring Period	39 months
Deferred Rent Credit, Current		$ 16,923		$ 0