SHAREHOLDERS' EQUITY AND STOCK-BASED COMPENSATION (Tables)
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12 Months Ended |
Dec. 31, 2016 |
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| SHAREHOLDERS' EQUITY AND STOCK-BASED COMPENSATION [Abstract] |
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| Schedule for components of stock based compensation |
The following table summarizes the components of the Company’s stock-based compensation included in net loss:
| | | Year Ended December 31, | | | | | 2016 | | | 2015 | | Employee stock options | | $ | 383,778 | | | $ | 697,269 | | Consultant stock options | | | 170,622 | | | | 257,342 | | Restricted stock awards | | | 448,906 | | | | 816,286 | | Total | | $ | 1,003,306 | | | $ | 1,770,897 | |
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| Summary of the stock option activity |
The following is a summary of the stock option activity for the years ended December 31, 2016 and 2015:
| | | Shares | | | Weighted Average Exercise Price | | Outstanding, December 31, 2014 | | | 1,665,571 | | | $ | 2.93 | | Granted | | | 1,413,765 | | | $ | 1.28 | | Exercised | | | (241,752 | ) | | $ | 0.71 | | Forfeited | | | (129,434 | ) | | $ | 3.08 | | Expired | | | (267,073 | ) | | $ | 3.17 | | Outstanding, December 31, 2015 | | | 2,441,077 | | | $ | 2.11 | | Granted | | | 591,005 | | | $ | 1.14 | | Exercised | | | (2,500 | ) | | $ | 0.92 | | Forfeited | | | (449,122 | ) | | $ | 1.43 | | Expired | | | (445,562 | ) | | $ | 2.09 | | Outstanding, December 31, 2016 | | | 2,134,898 | | | $ | 1.99 | |
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| Weighted average assumptions for stock options granted |
The fair value of each stock option is estimated on the date of grant using the Black-Scholes-Merton option pricing model with the following weighted average assumptions for stock options granted during the years ended December 31, 2016 and 2015: | | | Year Ended December 31, | | | | | 2016 | | | 2015 | | Dividend yield | | | 0.0 | % | | | 0.0 | % | Expected volatility | | | 62.2 | % | | | 63.8 | % | Risk-free interest rate | | | 1.42 | % | | | 1.64 | % | Expected lives (years) | | | 5.6 | | | | 5.7 | |
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| Information about stock options outstanding |
The following table summarizes information about stock options outstanding at December 31, 2016:
Options Outstanding | | | Options Exercisable | | | Options Vested or Expected to Vest | | Balance as of 12/31/2016 | | | Weighted Average Remaining Contractual Life (Years) | | | Weighted Average Exercise Price | | | Balance as of 12/31/2016 | | | Weighted Average Remaining Contractual Life (Years) | | | Weighted Average Exercise Price | | | Balance as of 12/31/2016 | | | Weighted Average Remaining Contractual Life (Years) | | | Weighted Average Exercise Price | | | | 2,134,898 | | | | 6.71 | | | $ | 1.99 | | | | 1,477,644 | | | | 5.65 | | | $ | 2.30 | | | | 2,041,970 | | | | 6.60 | | | $ | 2.02 | |
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| Restricted stock activity |
The following is a summary of the restricted stock activity for the years ended December 31, 2016 and 2015:
| | | Shares | | | Weighted Average Grant Date Fair Value | | Unvested, December 31, 2014 | | | 287,006 | | | $ | 3.29 | | Granted | | | 487,500 | | | $ | 1.38 | | Vested | | | (349,506 | ) | | $ | 2.36 | | Canceled | | | - | | | $ | - | | Unvested, December 31, 2015 | | | 425,000 | | | $ | 1.87 | | Granted | | | 509,250 | | | $ | 0.93 | | Vested | | | (321,400 | ) | | $ | 2.00 | | Canceled | | | (253,450 | ) | | $ | 1.18 | | Unvested, December 31, 2016 | | | 359,400 | | | $ | 0.91 | |
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