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SHARE-BASED PAYMENTS (Tables) | 3 Months Ended
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Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Schedule of share-based payment award, stock options, valuation assumptions | The following weighted average assumptions were used for the Black-Scholes option pricing model to calculate the $1.46 million of fair value for the 2,515,625 warrants at March 31, 2017.
Risk-free rate | 1.27%
Expected life | 2.0 years
Expected volatility | 98.01%*
Expected dividend yield | 0.00%
* | Expected volatility is measured based on the Company’s historical share price volatility over the expected life of the warrants.
The fair value of the options granted under the Compensation Plan for the three months ended March 31, 2017 was estimated at the date of grant, using the Black-Scholes Option Valuation Model, with the following weighted-average assumptions:
Risk-free interest rate | 1.93% |
Expected life | 5.0 years | *
Expected volatility | 62.95% |
Expected dividend yield | 0.00% |
Weighted-average expected life of option | 5.00 |
Weighted-average grant date fair value | $1.19 |
* | Expected volatility is measured based on the Company’s historical share price volatility over a period equivalent to the expected life of the options.
Schedule of share-based compensation, stock options, activity | The summary of the Company’s stock options at March 31, 2017 and December 31, 2016, and the changes for the fiscal periods ending on those dates is presented below:
| Range of Exercise Prices $ |  | Weighted Average Exercise Price $ |  | Number of Options
Balance, December 31, 2015 | 2.55 - 32.10 |  |  | 6.54 |  |  | 2,122,897 |
Granted | 2.12 - 2.22 |  |  | 2.13 |  |  | 449,537 |
Exercised | 2.12 |  |  | 2.12 |  |  | (8,369 | )
Forfeited | 2.12 - 18.99 |  |  | 5.52 |  |  | (317,960 | )
Expired | 2.95 - 32.03 |  |  | 8.03 |  |  | (200,962 | )
Balance, December 31, 2016 | 2.12 - 15.61 |  |  | 5.69 |  |  | 2,045,143 |
Granted | 2.35 |  |  | 2.35 |  |  | 732,328 |
Exercised | — |  |  | — |  |  | — |
Forfeited | 2.12 - 8.63 |  |  | 3.39 |  |  | (30,283 | )
Expired | 11.63 - 12.55 |  |  | 11.69 |  |  | (66,725 | )
Balance, March 31, 2017 | 2.12 - 15.61 |  |  | 4.67 |  |  | 2,680,463 |
A summary of the status and activity of non-vested stock options for the three months ended March 31, 2017 is as follows:
| Number of shares |  | Weighted Average Grant- Date Fair Value
Non-vested December 31, 2016 | 227,178 |  |  | $ | 1.48 |
Granted | 732,328 |  |  | 1.19 |
Vested | (483,104 | ) |  | 1.31 |
Forfeited | (9,258 | ) |  | 1.47 |
Non-vested March 31, 2017 | 467,144 |  |  | $ | 1.21 |
Schedule of share-based compensation, restricted stock and restricted stock units activity | A summary of the status and activity of non-vested RSUs at March 31, 2017 is as follows:
| RSU
| Number of shares |  | Weighted Average Grant- Date Fair Value
Non-vested December 31, 2016 | 1,330,469 |  |  | $ | 2.37 |
Granted | 1,131,760 |  |  | 2.51 |
Vested | (752,580 | ) |  | 2.35 |
Forfeited | (33,019 | ) |  | 2.12 |
Non-vested March 31, 2017 | 1,676,630 |  |  | $ | 2.48 |

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- Definition Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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