DERIVATIVE WARRANT LIABILITY (Tables)

3 Months Ended

Mar. 31, 2017

DERIVATIVE WARRANT LIABILITY (Tables) [Line Items]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

The underlying assumptions used in the binomial model to determine the fair value of the derivative warrant liability during the three months ended March 31, 2017 were:

Stock price on valuation date	$  2.21 – 3.25
Risk-free interest rate	1.3 – 1.5 %
Expected dividend yield	–
Expected term (in years)	2.5 – 2.7
Expected volatility	146 – 153 %
Number of iterations	5

12% Warrants [Member]

DERIVATIVE WARRANT LIABILITY (Tables) [Line Items]

Derivative Instruments, Gain (Loss) [Table Text Block]

Changes in the derivative warrant liability were as follows:

December 31, 2016	$	23,120,000
Decrease in fair value		(5,132,000)
Reclassification to additional paid-in capital upon exercise of warrants		(5,828,000)
March 31, 2017	$	12,160,000