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EQUITY PLANS AND SHARE-BASED COMPENSATION (Tables)
 6 Months Ended
Jun. 30, 2017
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 June 30,
 
For the six months ended June 30,
 
 
2017
 
2016
 
2017
 
2016
Share-based compensation cost included in:
 
 
 
 
 
 
 
 
Research and development
 
$
287

 
$
79,595

 
$
16,898

 
$
125,284

Selling, general and administrative
 
15,887

 
260,547

 
79,013

 
432,696

Total share-based compensation cost
 
$
16,174

 
$
340,142

 
$
95,911

 
$
557,980
Share-based compensation cost by award type
The following table presents share-based compensation expense by type:

 
 
For the three months ended June 30,
 
For the six months ended June 30,
 
 
2017
 
2016
 
2017
 
2016
Type of Award:
 
 
 
 
 
 
 
 
Stock Options
 
$
16,174

 
$
141,574

 
$
69,582

 
$
236,958

Restricted Stock Units and Awards
 
—

 
198,568

 
26,329

 
321,022

Total share-based compensation cost
 
$
16,174

 
$
340,142

 
$
95,911

 
$
557,980
Share-based compensation fair value assumptions
air value was calculated using the Black-Scholes Model with the following assumptions:

 
 
For the six months ended June 30,
 
 
2017
 
2016
Expected volatility
 
114%
 
115%
Risk free interest rate
 
1%
 
1%
Expected dividends
 
—
 
—
Expected life (in years)
 
6.0
 
5.8