STOCKHOLDERS' EQUITY (Tables)

9 Months Ended

Sep. 30, 2017

STOCKHOLDERS' EQUITY (Tables) [Line Items]

Share-based expense consisted of the following:


		Three months ended September 30,				Nine months ended September 30,
		2017		2016		2017		2016
Employee Awards	$	839,322	$	740,844	$	2,969,811	$	1,574,906
Consulting Awards		–		103,869		25,440		151,385
Feinsod Agreement		–		27,504		–		192,800
DB Option Agreement		–		–		–		55,100
	$	839,322	$	872,217	$	2,995,251	$	1,974,191

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, 2016	8,818,400	$	1.04
Granted	1,116,400		1.78
Exercised	(367,240)		1.09
Forfeited	(554,050)		0.75
Outstanding at September 30, 2017	9,013,510		1.14	2.2	$	6,211,944

Exercisable at September 30, 2017	7,984,960	$	1.00	1.9	$	5,726,885


	Number of Shares		Weighted-average Exercise Price per Share	Weighted-average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding at December 31, 2016	9,025,843	$	0.63
Exercised	(3,377,587)	$	0.59
Forfeited	(28,126)		1.20
Outstanding and exercisable at September 30, 2017	5,620,130	$	0.69	2.1	$	4,573,359

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:


	Three months ended
	September 30, 2017	June 30, 2017	March 31, 2017
Exercise price	$1.34 – 2.07	$1.92	$2.41 – 3.00
Stock price on date of grant	$1.34 – 2.07	$1.92	$2.41 – 3.00
Volatility	140 – 142%	145%	148 – 153%
Risk-free interest rate	1.4 – 1.9%	1.8%	1.7 – 1.9%
Expected life (years)	3.0 – 5.0	5.0	4.0 – 5.0
Dividend yield	–	–	–

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References + Details