STOCK OPTIONS (Tables)

6 Months Ended

Jun. 30, 2016

Stock Options

Assumption used for stock option granted

	2016		2015
Risk-free interest rate %		0.98 – 1.07		1.52 – 1.61
Expected dividend yield		—		—
Expected term -  years		3 – 4		5 – 5.5
Forfeiture rate % (excluding fully vested stock options)	2 – 5			15
Expected volatility %		0.94 – 1.02		0.80 – 1.06

Stock option activity

Stock Options	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (years)		Aggregate Intrinsic Value
Outstanding options at January 1, 2016		1,667,233		$	2.01
Granted		1,222,810		$	1.28
Exercised		(10,500	)	$	1.19
Forfeited or expired		(90,000	)	$	5.69
Outstanding options at June 30, 2016		2,789,543		$	1.57		8.89	$	—
Exercisable options at June 30, 2016		1,332,531		$	1.68		8.58	$	—