DERIVATIVE WARRANT LIABILITY (Tables)
|
9 Months Ended |
12 Months Ended |
Sep. 30, 2017 |
Dec. 31, 2016 |
| 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 were: | | | |
| Three months ended
|
| September 30, 2017
| June 30,
2017
| March 31,
2017
|
Stock price on valuation date
| $1.43
| $1.37 – 2.20
| $2.21 – 3.25
|
Risk-free interest rate
| 1.5%
| 1.3 – 1.4%
| 1.3 – 1.5%
|
Expected dividend yield
| –
| –
| –
|
Expected term (in years)
| 2.0
| 2.2 – 2.5
| 2.5 – 2.7
|
Expected volatility
| 128%
| 131 – 134%
| 146 – 153%
|
Number of iterations
| 5
| 5
| 5
|
|
The underlying assumptions used in the binomial model to determine the fair value of the derivative warrant liability were: | | | | |
| | September 21, 2016
| | December 31, 2016
|
Current stock price
| $
| 1.20
| $
| 3.20
|
Risk-free interest rate
| | 0.92 %
| | 1.50 %
|
Expected dividend yield
| | –
| | –
|
Expected term (in years)
| | 3.0
| | 2.7
|
Expected volatility
| | 146 %
| | 153 %
|
Number of iterations
| | 5
| | 5
|
| | | | | | |
| | May 1, 2015
| | May 4, 2015
| | December 31, 2014
|
Current stock price
| $
| 3.75
| $
| 3.50
| $
| 5.02
|
Risk-free interest rate
| | 0.60 %
| | 0.60 %
| | 0.60 %
|
Expected dividend yield
| | –
| | –
| | –
|
Expected term (in years)
| | 1.8
| | 1.8
| | 3.0
|
Expected volatility
| | 133 %
| | 133 %
| | 129 %
|
Early exercise factor
| | 1.33
| | 1.33
| | 1.33
|
|
| Schedule of Derivative Liabilities at Fair Value [Table Text Block] |
|
The initial fair value of the derivative warrant liability was recorded as follows: | | |
Extinguishment of debt
| $
| 1,715,000
|
Interest expense
| | 5,189,000
|
Debt discount
| | 2,450,000
|
Initial fair value of warrants issued
| $
| 9,354,000
|
|
| 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
| | (10,580,000)
|
Reclassification to additional paid-in capital upon exercise of warrants
| | (7,301,000)
|
September 30, 2017
| $
| 5,239,000
|
|
|
| 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: | | |
January 1, 2016
| $
| –
|
Initial fair value of warrants issued
| | 9,354,000
|
Increase in fair value
| | 17,284,000
|
Reclassification to additional paid-in capital upon exercise of warrants
| | (3,518,000)
|
December 31, 2016
| $
| 23,120,000
|
|
| Series C Warrants [Member] |
|
|
| DERIVATIVE WARRANT LIABILITY (Tables) [Line Items] |
|
|
| Derivative Instruments, Gain (Loss) [Table Text Block] |
|
Changes in the derivative warrant liability and cumulative expense were as follows: | | | | |
| | Liability
| | Cumulative Expense (Gain)
|
December 31, 2014
| $
| 3,893,904
| $
| 3,393,904
|
Increase in the fair value of warrant liability
| | 14,010
| | 14,010
|
Reclassification to additional paid-in capital upon exercise of warrants
| | (3,683,270)
| | –
|
Gain on settlement of derivative
| | (224,644)
| | (224,644)
|
December 31, 2015
| $
| –
| $
| 3,183,270
|
|