PREFERRED STOCK AND TEMPORARY EQUITY (Tables)

12 Months Ended

Dec. 31, 2015

Equity [Abstract]

Summary of Temporary Equity

The BCF was determined by calculating the intrinsic value of the conversion feature as follows:

Face amount of Series B Preferred Stock	$	25,000,000
Less: allocated value of Warrants	7,028,067
Allocated value of Series B Preferred Stock	$	17,971,933
Shares of Common stock to be converted	8,064,534
Effective conversion price	$	2.23
Market price	$	2.94
Intrinsic value per share	$	0.7115
Intrinsic value of beneficial conversion feature	$	5,682,741

The following table represents the carrying amount of the Series B Preferred Stock, classified as Temporary Equity on the Balance Sheet, at inception and as of December 31, 2015:

Temporary Equity:
At Inception	Amount
Face amount of Series B Preferred	$	25,000,000
Less: warrant value	7,028,067
Less: beneficial conversion feature	5,737,796
Less: issuance costs and fees	1,442,462
Carrying amount at inception	$	10,791,675
At December 31, 2015	Amount
Face amount of Series B Preferred	$	25,000,000
Less: un-accreted discount	13,044,793
Carrying amount at December 31, 2015	$	11,955,207

Schedule of Liabilities with Unobservable Inputs

The changes in liabilities measured using significant unobservable inputs for the period ended December 31, 2015 were as follows:

Level Three Roll-Forward
Item	Level 3
Balance at December 31, 2014	$	—
Warrants issued June 24, 2015	7,028,067
Change in valuation of warrants	(5,479,463		)
Balance at December 31, 2015	$	1,548,604