SHARE-BASED PAYMENTS (Tables)

3 Months Ended

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