EQUITY BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The following assumptions were used for the years ended December 31 2016, 2015 and 2014:

	2016			2015			2014
Risk-free interest rate (weighted average)		1.31	%		1.60	%		1.80	%
Expected dividend yield		0	%		0	%		0	%
Expected stock price volatility		90	%		90	%		90	%
Expected life of options (weighted average)		4.87 years			8.96 years			10 years

Summary of All Stock Option Activity

A summary of all stock option activity since December 31, 2013 is as follows:

			Weighted		Weighted Average Remaining	Aggregate
	Number of Options		Average Exercise Price		Contractual Term	Intrinsic Value

Outstanding at December 31, 2013		660,000	$	0.74
Granted in 2014		300,000	$	2.61
Exercised in 2014		(70,000)	$	0.69
Outstanding at December 31, 2014		890,000	$	1.38
Reinstated in 2015		50,000	$	0.69
Granted in 2015		2,221,642	$	1.00
Outstanding at December 31, 2015		3,161,642	$	1.10
Granted in 2016		2,489,037	$	0.97
Outstanding at December 31, 2016		5,650,679	$	1.04	7.4 years	$	875,845

Exercisable at December 31, 2016		2,711,642	$	1.07	6.8 years	$	433,380