DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of assumptions for valuation of warrants

The Company calculated the fair value of the warrants using the Monte Carlo Simulation utilizing the following assumptions as of the grant date of the warrants:

Risk free rate	1.39		%
Expected volatility	85		%
Expected life (in years), represents the weighted average period until next liquidity event	0.3
Expected dividend yield	—
Exercise Price	$	13.25

The Company calculated the fair value of the warrants using the Binomial Lattice pricing model using the following assumptions as of the grant date of the Warrants:

Risk free rate	1.62		%
Expected volatility	85		%
Expected life (in years), represents the weighted average period until next liquidity event	0.36
Expected dividend yield	—
Exercise Price	$	12.76

The Company calculated the fair value of the warrants using the Monte Carlo Simulation as of December 31, 2015 and the Binomial Lattice options pricing model as of December 31, 2014, using the following assumptions:

	As of
	December 31, 2015			December 31, 2014
Fair value of common stock	$	19.29		$	12.24
Expected life (in years), represents the weighted average period until next liquidity event	n/a**			0.33 years
Remaining Life (in years) of the Warrants	2.1 – 4.0 years			3.1 – 4.9 years
Risk-free interest rate	1.11 – 1.59%			1.13 – 1.69%
Expected volatility	75 – 85%			85		%
Dividend yield	—		%	—		%

**There are no liquidity events expected within the life of the outstanding warrants.

Schedule of derivative warrant issuances and balances outstanding

The following tables presents the Company’s derivative warrant issuances and balances outstanding during the years ended December 31, 2015 and 2014:

		Weighted Average
	Warrants	Exercise Price		Grant Date Fair Value
Outstanding at December 31, 2013	4,782,249	$	5.04	$	3.13
Issued	637,500	11.44		6.49
Canceled	—	—		—
Exercised	1,998,394	4.70		3.05
Outstanding at December 31, 2014	3,421,355	$	6.43	$	3.79
Issued	125,000	13.25		8.40
Canceled	—	—		—
Exercised	880,807	5.35		3.23
Outstanding at December 31, 2015	2,665,548	$	7.05	$	4.20

Schedule of derivative warrants outstanding

The following information applies to derivative warrants outstanding at December 31, 2015:

Exercise Price		Number of Warrants	Weighted Average Remaining Contractual Life (years)	Number  Exercisable
$	3.60	660,036	2.12	660,036
$	6.00	1,243,012	2.62	1,243,012
$	12.76	337,500	3.5	337,500
$	9.96	300,000	3.87	300,000
$	13.25	125,000	4.03	125,000