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STOCK BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Schedule of automatic additions to the 2010 Plan | he following table presents the automatic additions to the 2010 Plan since inception pursuant to the “evergreen” terms of the 2010 Plan:
January 1, |  | Number of shares |
2012 |  |  | 30,018 |
2013 |  |  | 34,452 |
2014 |  |  | 49,532 |
2015 |  |  | 65,557 |
2016 |  |  | 220,419 |
Total additional shares |  |  | 399,978 |
Schedule of allocation of compensation costs | the Company recognized stock based compensation expense of $876,189 and $840,103 for the years ended December 31, 2016 and 2015, respectively, which was included in the following captions in the consolidated statements of operations.
|  | Year Ended December 31, |
|  | 2016 |  |  | 2015 |
General and administrative |  | $ | 850,378 |  |  | $ | 747,255 |
Research and development |  |  | 25,811 |  |  |  | 67,475 |
Selling |  |  | - |  |  |  | 25,373 |
Total stock compensation expense |  | $ | 876,189 |  |  | $ | 840,103
Schedule of stock options valuation assumptions | The fair value of stock options granted for the years ended December 31, 2016 and 2015 was calculated using the Black-Scholes option-pricing model applying the following assumptions:
|  | Year ended December 31, |
|  | 2016 |  |  | 2015 |
Risk free interest rate |  |  | 1.48% - 1.55% |  |  |  | 1.64% - 1.82% |
Expected term |  |  | 5.58- 6.06 years |  |  |  | 5.31 - 6.61 years |
Dividend yield |  |  | - % |  |  |  | - % |
Expected volatility |  |  | 115.52% - 115.58% |  |  |  | 105.00% - 115.01% |
Schedule of stock options | Options issued and outstanding as of December 31, 2016 and their activities during the year then ended are as follows:
|  | Number of Underlying Shares |  |  | Weighted- Average Exercise Price Per Share |  |  | Weighted- Average Contractual Life Remaining in Years |  |  | Aggregate Intrinsic Value |
Outstanding as of January 1, 2016 |  |  | 240,930 |  |  | $ | 38.89 |  |  |  |  |  |  | $ | - |
Granted |  |  | 185,245 |  |  |  | 3.90 |  |  |  |  |  |  |  | - |
Forfeited |  |  | (47,251 | ) |  |  | 23.85 |  |  |  |  |  |  |  | - |
Expired |  |  | - |  |  |  | 69.15 |  |  |  |  |  |  |  | - |
Outstanding as of December 31, 2016 |  |  | 378,924 |  |  |  | 26.25 |  |  |  | 7.08 |  |  | $ | - |
Exercisable as of December 31, 2016 |  |  | 272,998 |  |  |  | 37.80 |  |  |  | 5.74 |  |  | $ | - |
Vested and expected to vest (1) |  |  | 327,101 |  |  | $ | 28.65 |  |  |  | 6.82 |  |  | $ | - |
(1) vested shares and unvested shares after a forfeiture rate is applied

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- Definition Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 + Details
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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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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + 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 (f)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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