STOCKHOLDERS' EQUITY (Tables)

9 Months Ended

Sep. 30, 2016

STOCKHOLDERS' EQUITY (Tables) [Line Items]

Share-based expense [Table Text Block]

Share-based expense consisted of the following:

		Three months ended September 30,				Nine months ended September 30,
		2016		2015		2016		2015
Employee Awards	$	740,844	$	695,788	$	1,574,906	$	1,319,355
Consulting Awards		103,869		24,196		151,385		41,650
Feinsod Agreement		27,504		143,725		192,800		3,606,794
DB Option Agreement		--		--		55,100		--
	$	872,217	$	863,709	$	1,974,191	$	4,967,799

Schedule of Assumptions Used [Table Text Block]

The underlying assumptions used in the binomial model to determine the fair value of the derivative warrant liability were:

		September 21, 2016		September 30, 2016
Current stock price	$	1.20	$	1.91
Risk-free interest rate		0.92 %		0.77%
Expected dividend yield		--		--
Expected term (in years)		3.0		3.0
Expected volatility		146 %		146 %
Number of iterations		5		5

Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]

The following summarizes Employee Awards activity:

	Number of Shares		Weighted-average Exercise Price per Share	Weighted-average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding at December 31, 2015	2,509,000	$	1.49
Granted	6,440,800		0.76
Forfeited	(263,350)		0.75
Outstanding at September 30, 2016	8,686,450		0.97	2.8	$	8,918,000
Exercisable at September 30, 2016		$	1.65	2.3	$	883,960

	Number of Shares		Weighted-average Exercise Price per Share	Weighted-average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding at December 31, 2015	252,500	$	3.62
Granted	55,000		1.01
Outstanding at September 30, 2016	307,500		3.15	1.3	$	64,525
Exercisable at September 30, 2016	300,000	$	3.22	1.2	$	54,700

	Number of Shares		Weighted-average Exercise Price per Share	Weighted-average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding at December 31, 2015	597,200	$	1.41
Granted	9,759,000		0.56
Outstanding at September 30, 2016	10,356,200		0.61	3.0	$	13,564,795
Exercisable at September 30, 2016	10,356,200	$	0.61	3.0	$	13,564,795

Employee Awards

STOCKHOLDERS' EQUITY (Tables) [Line Items]

Schedule of Assumptions Used [Table Text Block]

The following summarizes the Black-Scholes assumptions used for Employee Awards granted during the nine months ended September 30, 2016:

Exercise price	$ 0.61 -- 1.01
Stock price on date of grant	$ 0.63 -- 1.01
Volatility	146 -- 153 %
Risk-free interest rate	0.71 – 0.90 %
Expected life (years)	3.0
Dividend yield	--

Consulting Awards [Member]

STOCKHOLDERS' EQUITY (Tables) [Line Items]

Schedule of Assumptions Used [Table Text Block]

The following summarizes the Black-Scholes assumptions used for Consulting Awards granted during the nine months ended September 30, 2016:

Exercise price	$ 0.60 -- 1.20
Stock price on valuation date	$ 1.91
Volatility	146 -- 150 %
Risk-free interest rate	0.77 – 1.14 %
Expected life (years)	2.2 – 4.8
Dividend yield	--

DB Option Agreement [Member]

STOCKHOLDERS' EQUITY (Tables) [Line Items]

Schedule of Assumptions Used [Table Text Block]

The following summarizes the Black-Scholes assumptions used to estimate the fair value of the DB Option Agreement warrants:

Stock price on date of grant	$ 0.61
Volatility	150 %
Risk-free interest rate	1.2 %
Expected life (years)	5.0
Dividend yield	--