DERIVATIVE LIABILITIES (Tables)
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9 Months Ended |
Sep. 30, 2015 |
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| DERIVATIVE LIABILITY [Line Items] |
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| Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] |
The table below sets forth a summary of changes in the fair value of the Company’s Level 3 derivative liabilities associated with the August 2015 underwritten offering for the nine months ended September 30, 2015: | | | Series A | | Series B | | Series C | | Series D | | Total | | | Balance at January 1, 2015 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | | Recognition of warrant liability on issuance date | | | 1,275,000 | | | 1,568,000 | | | 178,000 | | | 347,000 | | | 3,368,000 | | | Reclassification of derivative liability to stockholders’ equity upon exercise | | | — | | | (1,197,000) | | | — | | | — | | | (1,197,000) | | | Change in fair value of derivative liabilities | | | (151,000) | | | (371,000) | | | (101,000) | | | (198,000) | | | (821,000) | | | Balance at September 30, 2015 | | $ | 1,124,000 | | $ | — | | $ | 77,000 | | $ | 149,000 | | $ | 1,350,000 | |
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| Schedule of Derivative Liabilities at Fair Value [Table Text Block] |
The following are the key assumptions used in connection with the valuation of the warrants exercisable into common stock on the date of issuance and September 30, 2015: | | | Series A | | Series B | | Series C | | Series D | | | Date of warrant | | | 8/19/2015 | | | 8/19/2015 | | | 8/19/2015 | | | 8/19/2015 | | | Number of shares underlying the warrants | | | 2,500,000 | | | 2,450,000 | | | 2,550,000 | | | 4,950,000 | | | Fair market value of stock | | $ | 0.65 | | $ | 0.65 | | $ | 0.65 | | $ | 0.65 | | | Exercise price | | $ | 1.00 | | $ | 0.01 | | $ | 1.00 | | $ | 0.99 | | | Volatility | | | 121.4 | % | | 121.4 | % | | 125.4 | % | | 125.4 | % | | Risk-free interest rate | | | 1.03 | % | | 1.03 | % | | 0.30 | % | | 0.30 | % | | Expected dividend yield | | | — | | | — | | | — | | | — | | | Warrant life (years) | | | 5 | | | 5 | | | 0.25 | | | 0.25 | | | | | Series A | | Series B | | Series C | | Series D | | | Number of shares underlying the warrants on September 30, 2015 | | | 2,500,000 | | | — | | | 2,550,000 | | | 4,950,000 | | | Fair market value of stock | | $ | 0.58 | | | — | | $ | 0.58 | | $ | 0.58 | | | Exercise price | | $ | 1.00 | | | — | | $ | 1.00 | | $ | 0.99 | | | Volatility | | | 124.2 | % | | — | | | 144.4 | % | | 144.4 | % | | Risk-free interest rate | | | 0.98 | % | | — | | | 0.38 | % | | 0.38 | % | | Expected dividend yield | | | — | | | — | | | — | | | — | | | Warrant life (years) | | | 4.88 | | | — | | | 0.13 | | | 0.13 | |
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| Derivative Financial Instruments, Liabilities [Member] |
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| DERIVATIVE LIABILITY [Line Items] |
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| Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] |
The following table sets forth a summary of the changes in the fair value of our Level 3 financial liabilities that are measured at fair value on a recurring basis: | | | Three Months Ended | | Nine Months Ended | | | | | September 30, | | September 30, | | | | | 2015 | | 2014 | | 2015 | | 2014 | | | Beginning balance | | $ | 320,000 | | $ | - | | $ | 270,000 | | $ | - | | | Recognition of conversion feature liability | | | - | | | - | | | 769,000 | | | - | | | Recognition of warrant liability on issuance date | | | 3,368,000 | | | - | | | 3,783,000 | | | - | | | Reclassification to stockholders’ equity upon exercise | | | (1,196,000) | | | - | | | (1,866,000) | | | - | | | Change in fair value of derivative liabilities | | | (1,103,000) | | | - | | | (1,567,000) | | | - | | | Ending balance | | $ | 1,389,000 | | $ | - | | $ | 1,389,000 | | $ | - | |
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| Schedule of Derivative Liabilities at Fair Value [Table Text Block] |
The following are the key assumptions used in connection with the valuation of the conversion options associated with the Series A Financing, Series B Financing, and Series C Financing on the date of issuance, at December 31, 2014 and September 30, 2015: | | | Series A | | | Series B | | | Series B | | | Series C | | | | | Financing | | | Financing | | | (Related Party) | | | Financing | | | Date of issuance | | | 12/31/2014 | | | | 2/11/2015 | | | | 2/24/2015 | | | | 2/24/2015 | | | Number of shares convertible into | | | 750,000 | | | | 350,000 | | | | 845,000 | | | | 1,800,000 | | | Fair market value of stock | | $ | 5.10 | | | $ | 4.22 | | | $ | 4.50 | | | $ | 4.50 | | | Conversion price | | $ | 5.70 | | | $ | 3.57 | | | $ | 4.00 | | | $ | 4.00 | | | Volatility | | | 131 | % | | | 143.4 | % | | | 143.4 | % | | | 143.4 | % | | Risk-free interest rate | | | 0.25 | % | | | 0.24 | % | | | 0.22 | % | | | 0.22 | % | | Expected dividend yield | | | 7 | % | | | 7 | % | | | 7 | % | | | 7 | % | | Life of convertible preferred stock (years) | | | 1 | | | | 1 | | | | 1 | | | | 1 | | |
| Preferred Stock [Member] |
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| DERIVATIVE LIABILITY [Line Items] |
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| Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] |
The table below sets forth a summary of changes in the fair value of the Company’s Level 3 derivative liabilities associated with the Series A Financing, Series B Financing, and Series C Financing for the nine months ended September 30, 2015: | | | Series A | | | Series B | | | Series B | | | Series C | | | | | | | | Financing | | | Financing | | | (Related Party) | | | Financing | | | Total | | | Balance at January 1, 2015 | | $ | 270,000 | | | $ | — | | | $ | — | | | $ | — | | | $ | 270,000 | | | Recognition of conversion feature liability | | | — | | | | 81,000 | | | | 220,000 | | | | 468,000 | | | | 769,000 | | | Recognition of warrant derivative liability | | | — | | | | 45,000 | | | | 118,000 | | | | 252,000 | | | | 415,000 | | | Reclassification to stockholders’ equity upon conversion | | | (150,000) | | | | (54,000) | | | | (220,000) | | | | (245,000) | | | | (669,000) | | | Change in fair value of derivative liabilities | | | (111,000) | | | | (69,000) | | | | (111,000) | | | | (455,000) | | | | (746,000) | | | Balance at September 30, 2015 | | $ | 9,000 | | | $ | 3,000 | | | $ | 7,000 | | | $ | 20,000 | | | $ | 39,000 | | |
| Warrant [Member] |
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| DERIVATIVE LIABILITY [Line Items] |
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| Schedule of Derivative Liabilities at Fair Value [Table Text Block] |
The following are the key assumptions used in connection with the valuation of the warrants associated with the Series A Financing, Series B Financing, and Series C Financing at December 31, 2014, their respective issuance dates, and September 30, 2015: | | | Series A | | | Series B | | | Series B | | | Series C | | | | | Financing | | | Financing | | | (Related Party) | | | Financing | | | Date of warrant | | | 12/31/2014 | | | | 2/11/2015 | | | | 2/24/2015 | | | | 2/24/2015 | | | Number of shares underlying the warrants | | | 37,500 | | | | 17,500 | | | | 42,250 | | | | 90,000 | | | Fair market value of stock | | $ | 5.10 | | | $ | 4.22 | | | $ | 4.50 | | | $ | 4.50 | | | Exercise price | | $ | 20.00 | | | $ | 20.00 | | | $ | 20.00 | | | $ | 20.00 | | | Volatility | | | 112.9 | % | | | 120.6 | % | | | 115.8 | % | | | 115.8 | % | | Risk-free interest rate | | | 0.96 | % | | | 0.90 | % | | | 0.90 | % | | | 0.90 | % | | Expected dividend yield | | | — | | | | — | | | | — | | | | — | | | Warrant life (years) | | | 5 | | | | 5 | | | | 5 | | | | 5 | | | | | Series A | | | Series B | | | Series B | | | Series C | | | | | Financing | | | Financing | | | (Related Party) | | | Financing | | | Number of shares underlying the warrants on September 30, 2015 | | | 37,500 | | | | 17,500 | | | | 42,250 | | | | 90,000 | | | Fair market value of stock | | $ | 0.58 | | | $ | 0.58 | | | $ | 0.58 | | | $ | 0.58 | | | Exercise price | | $ | 11.50 | | | $ | 11.50 | | | $ | 20.00 | | | $ | 11.50 | | | Volatility | | | 119.9 | % | | | 119.7 | % | | | 119.5 | % | | | 119.5 | % | | Risk-free interest rate | | | 1.03 | % | | | 1.03 | % | | | 1.03 | % | | | 1.03 | % | | Expected dividend yield | | | — | | | | — | | | | — | | | | — | | | Warrant life (years) | | | 4.25 | | | | 4.35 | | | | 4.40 | | | | 4.40 | | |