DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of assumptions for valuation of warrants

The Company calculated the fair value of the warrants using the Monte Carlo Simulation utilizing the following assumptions as of the grant date of the warrants:

Risk free rate	1.39		%
Expected volatility	85		%
Expected life (in years), represents the weighted average period until next liquidity event	0.3
Expected dividend yield	—
Exercise Price	$	13.25

The Company calculated the fair value of the warrants using the Binomial Lattice pricing model using the following assumptions as of the grant date of the Warrants:

Risk free rate	1.62		%
Expected volatility	85		%
Expected life (in years), represents the weighted average period until next liquidity event	0.36
Expected dividend yield	—
Exercise Price	$	12.76

The Company calculated the fair value of the warrants using the Black-Scholes model as of December 31, 2017 and Monte Carlo Simulation as of December 31, 2016, using the following assumptions:

	As of
	December 31, 2017		December 31, 2016
Fair value of common stock	$	21.07	$	18.93
Remaining Life (in years) of the Warrants	.1 – 2.0 years		1.2 – 3.0 years
Risk-free interest rate	1.39 - 1.89%		.89 - 1.48%
Expected volatility	33 - 43%		55 - 75%
Dividend yield	—		—

Schedule of derivative warrant issuances and balances outstanding

The following tables presents the Company’s derivative warrant issuances and balances outstanding during the years ended December 31, 2017 and 2016:

		Weighted Average
	Warrants	Exercise Price		Grant Date Fair Value
Outstanding at December 31, 2014	3,421,355	$	6.43	$	3.79
Issued	125,000	$	13.25	$	8.40
Canceled	—	$	—	$	—
Exercised	880,807	$	5.35	$	3.23
Outstanding at December 31, 2015	2,665,548	$	7.05	$	4.20
Issued	—	—		—
Canceled	—	—		—
Exercised	898,643	6.68		4.85
Outstanding at December 31, 2016	1,766,905	$	7.23	$	3.87
Issued	—	—		—
Canceled	—	—		—
Exercised	607,481	6.00		3.33
Outstanding at December 31, 2017	1,159,424	$	7.86	$	4.15

Schedule of derivative warrants outstanding

The following information applies to derivative warrants outstanding at December 31, 2017:

Exercise Price		Number of Warrants	Weighted Average Remaining Contractual Life (years)	Number  Exercisable
$	3.60	168,336	0.10	168,336
$	6.00	611,921	0.60	611,921
$	12.76	337,500	1.50	337,500
$	13.25	41,667	2.00	41,667