STOCK OPTIONS (Tables)
 9 Months Ended
Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Share-based Compensation, Activity [Table Text Block]
In 2015 and 2016, the following stock option grants were made:
 
 
 
 
 
 
 
Estimated
 
 
 
 
 
 
 
 
 
Fair
 
 
 
 
 
 
 
 
 
Value of
 
 
 
 
 
Options
 
Exercise
 
Underlying
 
Intrinsic
 
Option Date
 
Granted
 
Price
 
Stock
 
Value
 
May 2015
 
 
71,040
 
$
29.71
 
$
5.79
 
None
 
July 2016
 
 
86,502
 
$
4.50
 
$
4.50
 
None
 
August 2016
 
 
6,004
 
$
5.00
 
$
3.00
 
None
 
August 2016
 
 
7,230
 
$
7.00
 
$
3.00
 
None
 
August 2016
 
 
9,986
 
$
9.00
 
$
3.00
 
None
 
August 2016
 
 
14,923
 
$
11.00
 
$
3.00
 
None
 
 
A summary of option activity for the Plan as of September 30, 2016 and changes for the nine months then ended are represented as follows:
 
 
 
 
 
 
 
Weighted
 
 
 
 
 
 
 
Weighted
 
Average
 
 
 
 
 
 
 
Average
 
Remaining
 
Aggregate
 
 
 
Number of
 
Exercise
 
Contract
 
Intrinsic
 
 
 
Options
 
Price
 
Term (Years)
 
Value
 
Options outstanding January 1, 2016
 
 
71,040
 
$
29.71
 
 
9.50
 
$
—
 
Granted
 
 
124,645
 
 
5.81
 
 
9.83
 
 
—
 
Forfeited
 
 
(60,940)
 
 
—
 
 
—
 
 
—
 
Outstanding at September 30, 2016
 
 
134,745
 
$
7.60
 
 
9.75
 
$
—
 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
A summary of significant assumptions used to estimate the fair value of the stock options granted in 2015 are as follows:
 
Weighted average fair value of options granted
 
$
0.45
 
Expected term (years)
 
 
6.0 to 6.25
 
Risk-free interest rate
 
 
1.89
%
Volatility
 
 
45.4
%
Dividend yield
 
 
None
 
 
A summary of significant assumptions used to estimate the fair value of the stock options granted in 2016 are as follows:
 
Weighted average fair value of options granted
 
$
1.70
 
Expected term (years)
 
 
6.0 to 10.0
 
Risk-free interest rate
 
 
1.21% to 1.51%
 
Volatility
 
 
45.4
%
Dividend yield
 
 
None