STOCK-BASED COMPENSATION PLANS (Tables)

12 Months Ended

Dec. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

The Company used the Black Scholes option pricing model to determine the fair value of stock option grants, using the following assumptions during the years ended December 31, 2016 and 2015:

	2016			2015
Weighted average expected term		6.25 years			4.71 years
Weighted average volatility		122	%		132	%
Weighted average risk-free interest rate		1.48	%		1.25	%
Dividend yield		0	%		0	%

Summary of Stock Option Activity Under the Option Plan

A summary of stock option activity under the Option Plan for the years ended December 31, 2016 and 2015 are presented below:

					Weighted
			Weighted		Average
	Shares		Average		Remaining	Aggregate
	Under		Exercise		Contractual	Intrinsic
	Option		Price		Life	Value
Outstanding at January 1, 2015		1,841,769	$	0.59
Granted		629,000	$	0.43
Exercised		—
Forfeited		(785,519)	$	0.74
Outstanding at December 31, 2015		1,685,250	$	0.46	6.8 Years	$	—
Exercisable at December 31, 2015		1,013,095	$	0.55	6.2 Years	$	—

Outstanding at January 1, 2016		1,685,250	$	0.46
Granted		879,000	$	0.26
Exercised		(1,000)	$	0.15
Forfeited		(373,000)	$	0.33
Outstanding at December 31, 2016		2,190,250	$	0.40	6.7 Years	$	—
Exercisable at December 31, 2016		1,617,797	$	0.45	6.1 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 years ended December 31, 2016 are presented below:

	Non-vested		Weighted
	Shares		Average
	Under		Grant Date
	Option		Fair Value
Non-vested at January 1, 2016		672,155	$	0.31
Granted		879,000	$	0.26
Vested		(652,702)	$	0.26
Exercised		(1,000)	$	0.15
Forfeited		(326,000)	$	0.36
Non-vested at December 31, 2016		571,453	$	0.27