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STOCK-BASED COMPENSATION (Tables)
 6 Months Ended
Jun. 30, 2016
STOCK-BASED COMPENSATION [Abstract]  
Schedule for components of stock based compensation
The following table summarizes the components of the Company’s stock-based compensation included in net loss:

  
Three Months Ended June 30,
  
Six Months Ended June 30,
 
  
2016
  
2015
  
2016
  
2015
 
Employee stock options
 
$
105,543
  
$
119,990
  
$
244,726
  
$
306,461
 
Consultant stock options
  
46,862
   
25,203
   
97,110
   
41,448
 
Restricted stock awards
  
152,472
   
248,910
   
297,063
   
425,433
 
Totals
 
$
304,877
  
$
394,103
  
$
638,899
  
$
773,342
 
Summary of the stock option activity
The following is a summary of the stock option activity for the six months ended June 30, 2016:

  
Shares
  
Weighted
Average
Exercise Price
 
Outstanding, December 31, 2015
  
2,441,077
  
$
2.11
 
Granted
  
441,005
  
$
1.11
 
Exercised
  
(2,500
)
 
$
0.92
 
Forfeited
  
(298,747
)
 
$
1.40
 
Expired
  
(261,229
)
 
$
1.80
 
Outstanding, June 30, 2016
  
2,319,606
  
$
2.05
 
Weighted average assumptions for stock options granted
The fair value of each stock option is estimated on the date of grant using the Black-Scholes-Merton option pricing model with the following weighted average assumptions for stock options granted during the six months ended June 30, 2016:

Dividend yield
  
0.0
%
Expected volatility
  
61.9
%
Risk-free interest rate
  
1.47
%
Expected lives (years)
  
5.54
 
Information about stock options outstanding
The following table summarizes information about stock options outstanding at June 30, 2016:

Options Outstanding
  
Options Exercisable
  
Options Vested or Expected to Vest
 
Balance
as of
6/30/2016
  
Weighted
Average
 Remaining
Contractual
 Life
(Years)
  
Weighted
Average
Exercise
Price
  
Balance
as of
6/30/2016
  
Weighted
Average
Remaining
Contractual
Life
(Years)
  
Weighted
Average
Exercise
Price
  
Balance
as of
6/30/2016
  
Weighted
Average
Remaining
Contractual
 Life
(Years)
  
Weighted
Average
 Exercise
Price
 
 
2,319,606
   
7.40
  
$
2.05
   
1,389,202
   
6.16
  
$
2.42
   
2,257,735
   
7.35
  
$
2.06
 
Restricted stock activity
The following is a summary of the restricted stock activity for the six months ended June 30, 2016:

  
Shares
  
Weighted
Average
Grant Date
Fair Value
 
Unvested, December 31, 2015
  
425,000
  
$
1.87
 
Granted
  
509,250
  
$
0.93
 
Vested
  
(295,146
)
 
$
1.74
 
Canceled
  
(116,100
)
 
$
1.42
 
Unvested, June 30, 2016
  
523,004
  
$
1.13