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STOCKHOLDERS' EQUITY (Tables)
3 Months Ended
Mar. 31, 2016
Stockholders' Equity Note [Abstract]  
Schedule of assumptions used in the Black-Scholes Model of stock options

The assumptions used in the Black-Scholes Model for options granted during the three months ended March 31, 2016 and 2015 are set forth in the table below.

 

    Three Months Ended
March 31, 2016
  Three Months Ended
March 31, 2015
Risk-free interest rate     1.70 %     1.47 %
Volatility     71.22 %     58.78-62.59 %
Term (in years)     6.25       5.27-6.25  
Dividend yield     0.00 %     0.00 %

  

Schedule of plan activity

A summary of activity under the 2009 and 2012 Plans and related information follows:

 

    Number of Shares Underlying Stock Options   Weighted
Average
Exercise
Price
  Weighted Average Remaining Contractual Life in Years   Aggregate
Intrinsic
Value
Balance at December 31, 2015     20,725,325     $ 3.28       6.5     $ 146,864,184  
Granted     185,500     $ 7.59                  
Exercised     (340,045 )   $ 2.31             $ 2,051,619  
Expired/Forfeited     (1,125 )   $ 3.59                  
Balance at March 31, 2016     20,569,655     $ 3.34       6.3     $ 71,940,245  
Vested and Exercisable at March 31, 2016     15,988,578     $ 2.17       5.5     $ 69,261,183  
Unvested at March 31, 2016     4,581,077     $ 7.42       9.2     $ 2,679,062