DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2016

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 as of March 31, 2016 and December 31, 2015, using the following assumptions:

	March 31, 2016			December 31, 2015
Fair value of common stock	$	13.66		$	19.29
Remaining life of the warrants (in years)	1.8 - 3.8 years			2.1 - 4.0 years
Risk-free interest rate	0.7 - 1.0%			1.11-1.59%
Expected volatility	70-85%			75-85%
Dividend yield	—		%	—		%

 **There are no liquidity events expected within the life of the outstanding warrants.