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WARRANTS AND EMBEDDED DERIVATIVES (Details) - USD ($)
$ in Thousands
Mar. 31, 2016
[1]
Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Number of Shares, Warrants 350,283,333 305,068,558
Number of Shares, Embedded derivatives in convertible debt [2] 26,386,904 28,068,159
Number of Shares, Total 376,670,237 333,136,717
Liability, Warrants [3] $ 67,199 $ 54,412
Liability, Embedded derivatives in convertible debt [2] 155 496
Liability, Total 67,354 54,908
Less current portion $ (67,354) $ (54,908)
Long-term portion
[1] As of March 31, 2016, the Company has 300,000,000 common shares authorized. As of March 31, 2016, there were 75,311,764 common shares issued and outstanding and the Company would need an additional 405,431,803 common shares to accommodate the exercise and conversion of all of the common stock options, warrants, convertible debt, and unvested restricted stock presently outstanding. Accordingly, the Company has an authorized share deficiency of 180,743,567 shares to accommodate all such exercise and conversion requests through the remaining unissued common shares. In order to increase the number of shares available to cover the authorized share deficiency, the Company would need either to (i) amend its articles of incorporation to increase the amount of its authorized common shares or (ii) effect a reverse stock split which would decrease the current number of shares issued and outstanding as well as the number of shares issuable upon exercise or conversion of its outstanding stock options, warrants and convertible debt. Either of these corporate actions would require shareholder approval. If the Company is not able to cure the authorized share deficiency by the point when holders of such options, warrants and convertible debt attempt to exercise or convert such securities and the Company no longer has common shares available to fill such exercise or conversion, the Company would be required to settle a portion of its warrant and derivative liabilities in cash which requires that these instruments continue to be classified as liabilities rather than equity instruments. However, as discussed in Note 9, 294,294,399 of the Company's outstanding warrants are held by Calm Waters which is currently restricted by contractual agreement from owning more than 4.99% of the Company's common stock through exercise of the warrants, convertible debentures and ownership of the Company's common stock.
[2] The debt instruments summarized in Note 6(c) contain features that permit the holders to elect conversion of the debt to shares of the Company's common stock. The Company bifurcates the conversion features from the related debt instruments and accounts for each component at its estimated fair value with updated valuations performed at the end of each calendar quarter.
[3] Please refer to note 14 for additional information about methodologies used to determine the fair value of warrants.