SHAREHOLDERS' EQUITY AND STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2016

SHAREHOLDERS' EQUITY AND 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:

	Year Ended December 31,
	2016		2015
Employee stock options	$	383,778	$	697,269
Consultant stock options		170,622		257,342
Restricted stock awards		448,906		816,286
Total	$	1,003,306	$	1,770,897

Summary of the stock option activity

The following is a summary of the stock option activity for the years ended December 31, 2016 and 2015:

	Shares			Weighted Average Exercise Price
Outstanding, December 31, 2014		1,665,571		$	2.93
Granted		1,413,765		$	1.28
Exercised		(241,752	)	$	0.71
Forfeited		(129,434	)	$	3.08
Expired		(267,073	)	$	3.17
Outstanding, December 31, 2015		2,441,077		$	2.11
Granted		591,005		$	1.14
Exercised		(2,500	)	$	0.92
Forfeited		(449,122	)	$	1.43
Expired		(445,562	)	$	2.09
Outstanding, December 31, 2016		2,134,898		$	1.99

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 years ended December 31, 2016 and 2015:

	Year Ended December 31,
	2016			2015
Dividend yield		0.0	%		0.0	%
Expected volatility		62.2	%		63.8	%
Risk-free interest rate		1.42	%		1.64	%
Expected lives (years)		5.6			5.7

Information about stock options outstanding

The following table summarizes information about stock options outstanding at December 31, 2016:

Options Outstanding						Options Exercisable						Options Vested or Expected to Vest
Balance as of 12/31/2016		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Balance as of 12/31/2016		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Balance as of 12/31/2016		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price
	2,134,898		6.71	$	1.99		1,477,644		5.65	$	2.30		2,041,970		6.60	$	2.02

Restricted stock activity

The following is a summary of the restricted stock activity for the years ended December 31, 2016 and 2015:

	Shares			Weighted Average Grant Date Fair Value
Unvested, December 31, 2014		287,006		$	3.29
Granted		487,500		$	1.38
Vested		(349,506	)	$	2.36
Canceled		-		$	-
Unvested, December 31, 2015		425,000		$	1.87
Granted		509,250		$	0.93
Vested		(321,400	)	$	2.00
Canceled		(253,450	)	$	1.18
Unvested, December 31, 2016		359,400		$	0.91