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EQUITY PLANS AND SHARE-BASED COMPENSATION (Tables)
 9 Months Ended
Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Share-based compensation cost by line item
The share-based compensation expense recognized in the Condensed Consolidated Statements of Operations was as follows: 
 
 
For the three months ended September 30,
 
For the nine months ended September 30,
 
 
2016
 
2015
 
2016
 
2015
Share-based compensation cost included in:
 
 
 
 
 
 
 
 
Research and development
 
$
29,502

 
$
63,094

 
$
154,786

 
$
217,300

Selling, general and administrative
 
121,294

 
169,317

 
553,990

 
472,611

Total share-based compensation cost
 
$
150,796

 
$
232,411

 
$
708,776

 
$
689,911
Share-based compensation cost by award type
The following table presents share-based compensation expense by type:

 
 
For the three months ended September 30,
 
For the nine months ended September 30,
 
 
2016
 
2015
 
2016
 
2015
Type of Award:
 
 
 
 
 
 
 
 
Stock Options
 
$
58,271

 
$
151,998

 
$
295,229

 
$
438,995

Restricted Stock Units and Awards
 
92,525

 
80,413

 
413,547

 
250,916

Total share-based compensation cost
 
$
150,796

 
$
232,411

 
$
708,776

 
$
689,911
Share-based compensation fair value assumptions
Fair value was calculated using the Black-Scholes Model with the following assumptions:

 
 
For the nine months ended September 30,
 
 
2016
 
2015
Expected volatility
 
115%
 
93%
Risk free interest rate
 
1%
 
2%
Expected dividends
 
—
 
—
Expected life (in years)
 
5.8
 
5.9