FAIR VALUE (Tables)
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12 Months Ended |
Dec. 31, 2015 |
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| Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] |
The following tables set forth the Company’s financial instruments carried at fair value using the lowest level of input applicable to each financial instrument as of December 31, 2015 and 2014:
| | | December 31, 2015 | | | | | Level 1 | | Level 2 | | Level 3 | | Fair Value | | | | | | | | | | | | | | | | | | Liabilities: | | | | | | | | | | | | | | | February 2013 Public Offering Warrants | | $ | — | | $ | — | | $ | 209,000 | | $ | 209,000 | | | August 2014 Warrants | | | — | | | 2,714,000 | | | — | | | 2,714,000 | | | October 2015 Warrants | | | — | | | — | | | 1,858,000 | | | 1,858,000 | | | Total | | $ | — | | $ | 2,714,000 | | $ | 2,067,000 | | $ | 4,781,000 | |
| | | December 31, 2014 | | | | | Level 1 | | Level 2 | | Level 3 | | Fair Value | | | | | | | | | | | | | | | | | | Liabilities: | | | | | | | | | | | | | | | Legacy Warrants | | $ | — | | $ | 999 | | $ | — | | $ | 999 | | | February 2013 Public Offering Warrants | | | — | | | — | | | 1,127,500 | | | 1,127,500 | | | August 2014 Warrants | | | — | | | 4,048,416 | | | — | | | 4,048,416 | | | Total | | $ | — | | $ | 4,049,415 | | $ | 1,127,500 | | $ | 5,176,915 | |
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| Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] |
The following table summarizes the modified option-pricing assumptions used at the issuance date:
| | | October 1, 2015 | | | | | Series A | | | Series B | | | Volatility | | | 94.33 | % | | | 97.57 | % | | Risk-free interest rate | | | 1.76 | % | | | 1.76 | % | | Expected life (years) | | | 5.00 | | | | 5.00 | | | Dividend | | | 0 | % | | | 0 | % |
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| Schedule Of Changes In Fair Value Warrants Classified Level Three [Table Text Block] |
The following table summarizes the changes in the fair market value of the Company’s warrants which are classified within the Level 3 fair value hierarchy.
| | | Year Ended December 31, | | | | | 2015 | | 2014 | | | | | | | | | | | | Beginning fair value of warrants | | $ | 1,127,500 | | $ | 3,355,000 | | | Fair value of warrants issued in connection with the October 2015 offering | | | 3,272,000 | | | — | | | Gain on derivatives resulting from change in fair value | | | (2,332,500) | | | (2,227,500) | | | Ending fair value of warrants | | $ | 2,067,000 | | $ | 1,127,500 | |
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| 2013 Warrants [Member] |
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| Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] |
The following table summarizes the modified option-pricing assumptions used:
| | | Year Ended December 31, | | | | | 2015 | | 2014 | | | Volatility | | | 87.3-90.0 | % | | 100.0-115.0 | % | | Risk-free interest rate | | | 0.82-1.10 | % | | 1.07-2.63 | % | | Expected life (years) | | | 2.14-2.89 | | | 3.14-3.89 | | | Dividend | | | 0 | % | | 0 | % | |
| 2015 Warrants [Member] |
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| Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] |
The following table summarizes the modified option-pricing assumptions used:
| | | Year Ended
December 31, | | | | | 2015 | | | Volatility | | | 97.57 | % | | Risk-free interest rate | | | 1.70 | % | | Expected life (years) | | | 4.75 | | | Dividend | | | 0 | % | |