WARRANTS (Tables)

6 Months Ended

Jun. 30, 2016

Warrants

Warrant Activity

Warrants	Shares		Weighted- Average Exercise Price
Outstanding warrants at January 1, 2016		4,530,428	$	3.68
Granted		3,552,875	$	1.50
Forfeited		—	$	—
Outstanding warrants at June 30, 2016		8,083,303	$	2.72

Outstanding Warrants

Type of Warrant/ Range of Exercise Prices		Expirations	Number Outstanding		Weighted- Average Remaining Contractual Life (years)		Weighted- Average Exercise Price		Number Exercisable
Derivative:
$	1.50	7/29/21		1,274,280		5.08	$	1.50		1,274,280
$	1.50	5/3/18		2,278,595		1.84	$	1.50		2,278,595
$	7.50	8/31/17 to 11/6/17		700,000		1.23	$	7.50		700,000
Equity:
$	2.75 - $3.00	12/10/18 to 10//30/20		3,830,428		3.69	$	2.98		3,830,428
Total outstanding				8,083,303						8,083,303

Warrants assumptions utilized by the Company

By expiration:	7/29/21		5/3/18		8/31/17 - 11/6/17
Risk-free interest rate %		1.03		0.56		0.73
Expected dividend yield		—		—		—
Expected term - years (contractual term)		5.15		1.87		1.17 - 1.35
Forfeiture rate		—		—		—
Expected volatility %		103		103		84.95
Timing of down-round triggering event	August 2016		August 2016			N/A