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STOCK-BASED COMPENSATION PLANS (Tables) | 9 Months Ended
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Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Fair Value of Stock Options Grants | The Company used the Black Scholes option pricing model to determine the fair value of stock option grants, using the following assumptions during the nine months ended September 30, 2016:
|  | 2016 |
Weighted average expected term |  |  | 6.25 years |
Weighted average volatility |  |  | 122.73% |
Weighted average risk-free interest rate |  |  | 1.51% |
Dividend yield |  |  | 0% |
Summary of Stock Option Activity Under the Option Plan | A summary of stock option activity under all equity compensation plans for the nine months ended September 30, 2016, is presented below:
|  |  |  |  |  | Weighted |  |  |
|  |  |  | Weighted |  | Average |  |  |
|  | Shares |  | Average |  | Remaining |  | Aggregate |
|  | Under |  | Exercise |  | Contractual |  | Intrinsic |
|  | Option |  | Price |  | Life |  | Value |
Outstanding at January 1, 2016 |  |  | 1,685,250 |  | $ | 0.46 |  |  |  |  |  |
Granted |  |  | 804,000 |  | $ | 0.27 |  |  |  |  |  |
Exercised |  |  |  |  |  |  |  |  |  |  |  |
Forfeited |  |  | (329,000) |  | $ | 0.36 |  |  |  |  |  |
Outstanding at September 30, 2016 |  |  | 2,160,250 |  | $ | 0.40 |  | 6.91 years |  | $ | - |
Exercisable at September 30, 2016 |  |  | 1,537,048 |  | $ | 0.45 |  | 6.23 years |  | $ | - |
Summary of Status of the Company's Non-Vested Shares Under Option | A summary of status of the Company’s non-vested share awards as of and for the nine months ended September 30, 2016, is presented below:
|  | Non-vested Shares |  | Weighted Average |
|  | Under Option |  | Grant Date Fair Value |
Non-vested at January 1, 2016 |  |  | 672,155 |  | $ | 0.31 |
Granted |  |  | 804,000 |  | $ | 0.27 |
Vested |  |  | (523,953) |  | $ | 0.26 |
Forfeited |  |  | (329,000) |  | $ | 0.36 |
Non-vested at September 30, 2016 |  |  | 623,202 |  | $ | 0.27 |

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- Definition Tabular disclosure of the changes in outstanding nonvested shares. + 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)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + 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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