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STOCK BASED COMPENSATION (Tables)
3 Months Ended
Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of automatic additions to the 2010 Plan

The following table presents the automatic additions to the 2010 Plan since inception pursuant to the “evergreen” terms of the 2010 Plan:

 

January 1,   Number of
shares
 
2012     450,275  
2013     516,774  
2014     742,973  
2015     983,362  
2016     1,306,290  
Total additional shares     3,999,674  
Schedule of stock options

Options issued and outstanding as of March 31, 2016 and their activities during the three months ended are as follows:

 

    Number of
Underlying
Shares
    Weighted-
Average
Exercise
Price Per
Share
    Weighted-
Average
Contractual
Life
Remaining
in
Years
    Aggregate
Intrinsic Value
 
Outstanding as of January 1, 2016     3,613,944     $ 2.40             $ -  
Granted     -       -               -  
Forfeited     (412,224 )     1.51               -  
Outstanding as of  March 31, 2016     3,201,720       2.51       8.07     $ -  
Exercisable as of  March 31, 2016     1,724,319       3.17       7.56     $ -  
Vested and expected to vest (1)     3,044,186     $ 2.56       8.02     $ -  

 

(1) vested shares and unvested shares after a forfeiture rate is applied