FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Schedule of assets and liabilities that are measured at fair value on a recurring basis

The Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2016 by level within the fair value hierarchy, are as follows:

	Quoted prices in active markets		Significant other observable inputs		Significant unobservable inputs
	(Level 1)		(Level 2)		(Level 3)
Embedded conversion option	$	-	$	-	$	832,663
Warrant derivative	$	-	$	-	$	443,816

Schedule of level 3 fair value measurement

Rollforward of Level 3 Fair Value Measurement for the Year Ended December 31, 2016

	Balance as of December 31,				Change in Fair Market			Balance as of December 31,
	2015		Issuance		Value			2016
Embedded conversion option	$	-	$	1,695,460	$	(862,797	)	$	832,663
Warrant derivative	$	-	$	579,451	$	(135,635	)	$	443,816

Schedule of embedded conversion option key inputs

A summary of the weighted average (in aggregate) significant unobservable inputs (Level 3 inputs) used in measuring the Company’s embedded conversion options that are categorized within Level 3 of the fair value hierarchy as of December 31, 2016 is as follows:

	As of December 31, 2016
Stock price	$	0.36
Term (years)		2.72
Volatility		116	%
Risk-free rate of interest		1.18	%
Dividend yield		0.0	%

A summary of the weighted average significant unobservable inputs (Level 3 inputs) used in measuring the Company’s warrant derivatives that are categorized within Level 3 of the fair value hierarchy as of December 31, 2016 is as follows:

	As of December 31, 2016
Stock price	$	0.36
Term (years)		6.84
Volatility		112	%
Risk-free rate of interest		2.23	%
Dividend yield		0.0	%