Ring Energy (REI) 10-Q 8 Aug 18 2018 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 08, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Entity Registrant Name	RING ENERGY, INC.
Entity Central Index Key	1,384,195
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Trading Symbol	REI
Entity Common Stock, Shares Outstanding		60,388,029

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Current Assets
Cash	$ 13,431,146	$ 15,006,581
Accounts receivable	11,344,504	12,833,883
Joint interest billing receivable	1,331,682	1,054,022
Prepaid expenses	437,733	229,438
Total Current Assets	26,545,065	29,123,924
Properties and Equipment
Oil and natural gas properties subject to depletion and amortization	547,069,209	433,591,134
Fixed assets subject to depreciation	1,465,551	1,884,818
Total Properties and Equipment	548,534,760	435,475,952
Accumulated depreciation, depletion and amortization	(79,196,695)	(61,864,932)
Net Properties and Equipment	469,338,065	373,611,020
Deferred Income Taxes	7,004,926	11,232,200
Deferred Financing Costs	565,415	135,342
Total Assets	503,453,471	414,102,486
Current Liabilities
Accounts payable	36,887,834	44,475,163
Derivative liabilities	5,858,260	3,968,286
Total Current Liabilities	42,746,094	48,443,449
Asset retirement obligations	9,815,977	9,055,697
Total Liabilities	52,562,071	57,499,146
Stockholders' Equity
Preferred stock - $0.001 par value; 50,000,000 shares authorized; no shares issued or outstanding	0	0
Common stock - $0.001 par value; 150,000,000 shares authorized; 60,388,029 shares and 54,224,029 shares issued and outstanding, respectively	60,388	54,224
Additional paid-in capital	481,801,225	397,904,769
Accumulated deficit	(30,970,213)	(41,355,653)
Total Stockholders' Equity	450,891,400	356,603,340
Total Liabilities and Stockholders' Equity	$ 503,453,471	$ 414,102,486

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2018	Dec. 31, 2017
Preferred Stock, par value	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	50,000,000	50,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, par value	$ 0.001	$ 0.001
Common Stock, Shares Authorized	150,000,000	150,000,000
Common Stock, Shares, Issued	60,388,029	54,224,029
Common Stock, Shares, Outstanding	60,388,029	54,224,029

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Oil and Gas Revenues	$ 29,924,883	$ 14,503,309	$ 59,816,274	$ 26,747,102
Costs and Operating Expenses
Oil and gas production costs	6,638,313	3,514,375	12,420,223	6,219,746
Oil and gas production taxes	1,428,995	691,174	2,854,877	1,274,438
Depreciation, depletion and amortization	9,144,115	5,136,426	17,645,494	8,610,445
Asset retirement obligation accretion	164,670	173,573	325,790	310,749
General and administrative expense	3,151,231	2,366,149	6,237,211	5,207,260
Total Costs and Operating Expenses	20,527,324	11,881,697	39,483,595	21,622,638
Income from Operations	9,397,559	2,621,612	20,332,679	5,124,464
Other Income (Expense)
Interest income	82,991	47,311	91,944	163,990
Interest expense	0	0	(44,483)	0
Realized loss on derivatives	(2,402,426)	0	(3,877,452)	0
Unrealized loss on change in fair value of derivatives	(1,099,273)	0	(1,889,974)	0
Net Other Income (Expense)	(3,418,708)	47,311	(5,719,965)	163,990
Income before tax provision	5,978,851	2,668,923	14,612,714	5,288,454
Provision for Income Taxes	(1,259,045)	(758,160)	(4,227,274)	(2,098,410)
Net Income	$ 4,719,806	$ 1,910,763	$ 10,385,440	$ 3,190,044
Basic Earnings per Share	$ 0.08	$ 0.04	$ 0.18	$ 0.06
Diluted Earnings per Share	$ 0.08	$ 0.04	$ 0.17	$ 0.06

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash Flows From Operating Activities
Net income	$ 10,385,440	$ 3,190,044
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	17,645,494	8,610,445
Accretion of asset retirement obligation	325,790	310,749
Share-based compensation	2,083,547	1,803,292
Deferred income tax provision	3,068,670	1,787,513
Excess tax deficiency related to share-based compensation	1,158,604	310,897
Change in fair value of derivative instruments	1,889,974	0
Changes in assets and liabilities:
Accounts receivable	1,211,719	(4,948,634)
Prepaid expenses	(638,368)	(57,620)
Accounts payable	(3,587,329)	7,424,473
Settlement of asset retirement obligation	(265,728)	(309,511)
Net Cash Provided by Operating Activities	33,277,813	18,121,648
Cash Flows From Investing Activities
Payments to purchase oil and natural gas properties	(3,270,000)	(24,727,390)
Payments to develop oil and natural gas properties	(113,507,857)	(49,184,297)
Proceeds from disposal of fixed assets subject to depreciation	105,536	0
Purchase of equipment, vehicles and leasehold improvements		(186,599)
Purchase of inventory for development	0	(2,816,165)
Net Cash Used in Investing Activities	(116,672,321)	(76,914,451)
Cash Flows From Financing Activities
Amounts paid for registration statement for future offerings	0	(157,200)
Proceeds from issuance of common stock, net of offering costs	81,819,073	0
Net Cash Provided by (Used in) Financing Activities	81,819,073	(157,200)
Net Decrease in Cash	(1,575,435)	(58,950,003)
Cash at Beginning of Period	15,006,581	71,086,381
Cash at End of Period	13,431,146	12,336,378
Supplemental Cash Flow Information
Cash paid for interest	44,483	0
Noncash Investing and Financing Activities
Asset retirement obligation incurred during development	700,218	476,437
Use of inventory in property development	0	2,521,265
Capitalized expenditures attributable to drilling projects financed through current liabilities	$ 19,000,000	$ 8,000,000

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Significant Accounting Policies [Text Block]	NOTE 1 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Condensed Financial Statements Certain notes and other disclosures have been omitted from these interim financial statements. Therefore, these financial statements should be read in conjunction with the Company’s 2017 Annual Report on Form 10-K. Organization and Nature of Operations – Use of Estimates Fair Measurements Fair Values of Financial Instruments Derivative Instruments and Hedging Activities When applicable, the Company records all derivative instruments, other than those that meet the normal purchases and sales exception, on the balance sheet as either an asset or liability measured at fair value. Changes in fair value are recognized currently in earnings unless specific hedge accounting criteria are met. During the three and six months ended June 30, 2018, the change in fair value resulted in the recognition of losses of $1,099,273 and $1,889,974, respectively, on derivative contracts. The was no gain or loss on derivatives during the three and six months ended June 30, 2017, as the Company did not have any derivative instruments in place during that period. Concentration of Credit Risk and Major Customer Approximately 90% of the Company’s accounts and joint interest receivables is from purchasers of oil and gas. Oil and gas sales are generally unsecured. The Company has not had any significant credit losses in the past and believes its accounts are fully collectable. Accordingly, no allowance for doubtful accounts has been provided at June 30, 2018. The Company also has a joint interest billing receivable. Joint interest billing receivables are collateralized by the pro rata revenue attributable to the joint interest holders and further by the interest itself. Oil and Gas Properties All capitalized costs of oil and gas properties, plus estimated future costs to develop proved reserves, are amortized on the unit-of-production method using estimates of proved reserves as determined by independent engineers. The Company evaluates oil and gas properties for impairment at least annually. expense for the three and six months ended June 30, 2018, was $9,144,115 and $17,645,494, respectively, based on depletion at the rate of $16.36 and $17.40 per barrel of oil equivalent compared to $5,136,429 and $8,610,445 for the three and six months ended June 30, 2017, based on depletion at the rate of $13.09 and $12.85 per barrel of oil equivalent. These amounts include $48,740 and $129,186, respectively, of depreciation for the three and six months ended June 30, 2018, compared to $76,773 and $149,478, respectively, of depreciation for the three and six months ended June 30, 2017. Equipment, vehicles and leasehold improvements Asset Retirement Obligation Revenue Recognition Revenues from Contracts with Customers (Topic 606) information. Share-Based Employee Compensation Share-Based Compensation to Non-Employees Income Taxes In January 2017, the Company adopted Accounting Standards Update (“ASU”) 2016-09, Compensation – Stock Compensation (Topic 718.) of $1,596,463 and uses the prospective method to account for current period and future excess tax benefit. For the three months ended June 30, 2017, the Company recorded a decrease in our income tax provision of $105,963. For the three months ended June 30, 2018, the Company recorded no change in the income tax provision. For the six months ended June 30, 2017 and 2018, the Company recorded an increase in our income tax provision of $310,897 and $1,158,604, respectively. On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act of 2017 (the “Tax Act”). The SEC subsequently issued a Staff Accounting Bulletin No. 118, “Income Tax Accounting Implications of the Tax Cuts and Jobs Act” (“SAB 118”), which provides guidance on accounting for the tax effects of the Tax Act. Among other changes, the Tax Act lowered the corporate tax rate to 21%. Recently Adopted Accounting Pronouncements – In August 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-15, Statement of Cash Flows In May 2014, the FASB and the International Accounting Standards Board (IASB) issued a joint revenue recognition standard, ASU 2014-09. The new standard removes inconsistencies in existing standards, changes the way companies recognize revenue from contracts with customers, and increases disclosure requirements. The codification was amended through additional ASUs and, as amended, requires companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. The standard is required to be adopted using either the full retrospective approach, with all prior periods presented adjusted, or the modified retrospective approach, with a cumulative adjustment to retained earnings on the opening balance sheet. Ring adopted ASU 2014-09 as of January 1, 2018. The timing of recognizing revenue from the sale of produced crude oil and natural gas was not changed as a result of adopting ASU 2014-09 and accordingly, the Company has not recorded any cumulative adjustment to retained earnings under the modified retrospective approach. The new guidance requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. A five-step model is utilized to achieve the core principle: (1) identify the customer contract; (2) identify the contract’s performance obligation; (3) determine the transaction price; (4) allocate the transaction price to the performance obligation; and (5) recognize revenue when or as a performance obligation is satisfied. Ring predominantly derives its revenue from the sale of produced crude oil and natural gas. The contractual performance obligation is satisfied when the product is delivered to the customer. Revenue is recorded in the month the product is delivered to the purchaser, and the Company receives payment from one to three months after delivery. The transaction price includes variable consideration as product pricing is based on published market prices and reduced for contract specified differentials. The new guidance does not require that the transaction price be fixed or stated in the contract. Estimating the variable consideration does not require significant judgment and Ring engages third party sources to validate the estimates. Revenue is recognized net of royalties due to third parties in an amount that reflects the consideration the Company expects to receive in exchange for those products. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . . Recent Accounting Pronouncements – In February 2016, FASB issued ASU No. 2016-02, Leases In August 2017, the FASB issued ASU 2017-12 , Derivatives and Hedging (Topic 815), which makes significant changes to the current hedge accounting guidance. The new standard eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. The new standard also eases certain documentation and assessment requirements and modifies the accounting for components excluded from the assessment of hedge effectiveness. The new standard update is effective for annual and interim periods beginning after December 15, 2018, including interim periods within those annual periods. Early adoption is permitted, but we do not plan to early adopt. The adoption of this guidance will not have a material impact on the Company’s financial statements. Basic and Diluted Earnings (Loss) per Share – Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if all contracts to issue common stock were converted into common stock, except for those that are anti-dilutive. The dilutive effect of stock options and other share-based compensation is calculated using the treasury method.

REVENUE RECOGNITION

REVENUE RECOGNITION	6 Months Ended
	Jun. 30, 2018
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer [Text Block]	NOTE 2 – REVENUE RECOGNITION Oil sales Under the Company’s oil sales contracts, the Company sells oil production at the point of delivery and collects an agreed upon index price, net of pricing differentials. The Company recognizes revenue when control transfers to the purchaser at the point of delivery at the net price received. Natural gas sales Under the Company’s natural gas sales processing contracts, the Company delivers natural gas to a midstream processing entity. The midstream processing entity gathers and processes the natural gas and remits proceeds to the Company for the resulting sale of natural gas. Under these processing agreements, the Company recognizes revenue when control transfers to the purchaser at the point of delivery. Disaggregation of Revenue. For The Three Months For The Six Months Ended June 30, Ended June 30, 2018 2017 2018 2017 Operating revenues Oil $ 28,962,880 $ 13,891,527 $ 58,103,045 $ 25,588,611 Natural gas 962,003 611,782 1,713,229 1,158,491 Total operating revenues $ 29,924,883 $ 14,503,309 $ 59,816,274 $ 26,747,102 All revenues, both oil and gas, are from production from the Permian Basin in Texas.

EARNINGS (LOSS) PER SHARE INFOR

EARNINGS (LOSS) PER SHARE INFORMATION	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	NOTE 3 – EARNINGS (LOSS) PER SHARE INFORMATION For The Three Months For The Six Months Ended June 30, Ended June 30, 2018 2017 2018 2017 Net Income (Loss) $ 4,719,806 $ 1,910,763 $ 10,385,440 $ 3,190,044 Basic Weighted-Average Shares Outstanding 60,388,029 49,156,895 58,412,825 49,135,929 Effect of dilutive securities: Stock options 1,499,886 1,317,502 1,495,482 1,298,561 Restricted stock 76,095 - 59,002 - Diluted Weighted-Average Shares Outstanding 61,964,010 50,474,397 59,967,309 50,434,490 Basic Earnings (Loss) per Share $ 0.08 $ 0.04 $ 0.18 $ 0.06 Diluted Earnings (Loss) per Share $ 0.08 $ 0.04 $ 0.17 $ 0.06 Stock options to purchase 583,500 shares of common stock were excluded from the computation of diluted earnings per share during both the three and six months ended June 30, 2018, as their effect would have been anti-dilutive. Stock options to purchase 582,500 and 602,500 shares of common stock were excluded from the computation of diluted earnings per share during the three and six months ended June 30, 2017, respectively, as their effect would have been anti-dilutive.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities Disclosure [Text Block]	NOTE 4 – DERIVATIVE FINANCIAL INSTRUMENTS The Company is exposed to fluctuations in crude oil and natural gas prices on its production. It can utilize derivative strategies that consist of either a single derivative instrument or a combination of instruments to manage the variability in cash flows associated with the forecasted sale of its future domestic oil and natural gas production. While the use of derivative instruments may limit or partially reduce the downside risk of adverse commodity price movements, the use also may limit future income from favorable commodity price movements. On September 25, 2017, the Company entered into new derivative contracts in the form of costless collars of WTI Crude Oil prices in order to protect the Company’s cash flow from price fluctuation and maintain its capital programs. “Costless collars” are the combination of two options, a put option (floor) and call option (ceiling) with the options structured so that the premium paid for the put option will be offset by the premium received from selling the call option. The trades are for 1,000 barrels of oil per day. For the period of January 1, 2018 through December 31, 2018, the put price is $49.00 and the call price is $54.60. On October 27, 2017, the Company entered into additional costless collars of WTI Crude Oil. This trade is for the period January 1, 2018 through December 31, 2018 for 1,000 barrels of oil per day with a put price of $51.00 and a call price of $54.80. Derivative financial instruments are recorded at fair value and included as either assets or liabilities in the accompanying balance sheets. Any gains or losses resulting from changes in fair value of outstanding derivative financial instruments and from the settlement of derivative financial instruments are recognized in earnings and included as a component of other income (expense) in the accompanying statements of operations. The use of derivative transactions involves the risk that the counterparties, which generally are financial institutions, will be unable to meet the financial terms of such transactions. At June 30, 2018, 100% of our volumes subject to derivative instruments are with lenders under our credit facility.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value, Measurement Inputs, Disclosure [Text Block]	NOTE 5 – FAIR VALUE MEASUREMENTS Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The authoritative guidance requires disclosure of the framework for measuring fair value and requires that fair value measurements be classified and disclosed in one of the following categories: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. We consider active markets as those in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. This category includes those derivative instruments that we value using observable market data. Substantially all of these inputs are observable in the marketplace throughout the full term of the derivative instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Level 3: Measured based on prices or valuation models that require inputs that are both significant to the fair value measurement and less observable from objective sources (i.e., supported by little or no market activity). Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy. We continue to evaluate our inputs to ensure the fair value level classification is appropriate. When transfers between levels occur, it is our policy to assume that the transfer occurred at the date of the event or change in circumstances that caused the transfer. The fair values of the Company’s derivatives are not actively quoted in the open market. The Company uses a market approach to estimate the fair values of its derivative instruments on a recurring basis, utilizing commodity futures pricing for the underlying commodities provided by a reputable third party, a Level 2 fair value measurement. The following table summarizes the valuation of our assets and liabilities that are measured at fair value on a recurring basis. Fair Value Measurement Classification Quoted prices in ‎ Actives Markets ‎ for Identical Assets ‎ or (Liabilities) ‎ (Level 1) Significant Other ‎ Observable Inputs ‎ (Level 2) Significant ‎ Unobservable ‎ Inputs (Level 3) Total As of June 30, 2018 Oil and gas derivative contracts $ - $ (5,858,260 ) $ - $ (5,858,260 ) Total $ - $ (5,858,260 ) $ - $ (5,858,260 )

REVOLVING LINE OF CREDIT

REVOLVING LINE OF CREDIT	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	NOTE 6 – REVOLVING LINE OF CREDIT On July 1, 2014, the Company entered into a Credit Agreement with SunTrust Bank, as lender, issuing bank and administrative agent for several banks and other financial institutions and lenders (“Administrative Agent”), which was amended on June 14, 2018, May 18, 2016, June 26, 2015, and July 24, 2014 (as amended, the “Credit Facility”). The Credit Facility provides for a senior secured revolving credit facility with a maximum borrowing amount of $500 million. The Credit Facility matures on June 26, 2020, and is secured by substantially all of the Company’s assets. In June 2018, the borrowing base (the “Borrowing Base”) for the Credit Facility was increased from the $60 million to $175 million. The Borrowing Base is subject to periodic redeterminations, mandatory reductions and further adjustments from time to time. The Borrowing Base will be redetermined semi-annually on each May 1 and November 1. The Borrowing Base will also be reduced in certain circumstances such as the sale or disposition of certain oil and gas properties of the Company or its subsidiaries and cancellation of certain hedging positions. The Credit Facility allows for Eurodollar Loans and Base Rate Loans (each as defined in the Credit Facility). The interest rate on each Eurodollar Loan will be the adjusted LIBOR for the applicable interest period plus a margin between 1.75% and 2.75% (depending on the then-current level of borrowing base usage). The annual interest rate on each Base Rate Loan is (a) the greatest of (i) the Administrative Agent’s prime lending rate, (ii) the federal funds rate plus 0.5% per annum or the (iii) adjusted LIBOR determined on a daily basis for an interest period of one-month, plus 1.00% per annum, plus (b) a margin between 2.75% and 3.75% (depending on the then-current level of borrowing base usage). The Credit Facility contains certain covenants, which, among other things, require the maintenance of (i) a total leverage ratio of not more than 4.0 to 1.0 and (ii) a minimum current ratio of 1.0 to 1.0. The Credit Facility also contains other customary affirmative and negative covenants and events of default. As of June 30, 2018, no amounts were outstanding on the Credit Facility. We are in compliance with all covenants contained in the Credit Facility.

ASSET RETIREMENT OBLIGATION

ASSET RETIREMENT OBLIGATION	6 Months Ended
	Jun. 30, 2018
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligation Disclosure [Text Block]	NOTE 7 – ASSET RETIREMENT OBLIGATION The Company provides for the obligation to plug and abandon oil and gas wells at the dates properties are either acquired or the wells are drilled. The asset retirement obligation is adjusted each quarter for any liabilities incurred or settled during the period, accretion expense and any revisions made to the estimated cash flows. The asset retirement obligation incurred at the time of drilling was computed using the annual credit-adjusted risk-free discount rate at the applicable dates. Changes in the asset retirement obligation were as follows: Balance, December 31, 2017 $ 9,055,697 Liabilities incurred 700,218 Liabilities settled (265,728 ) Accretion expense 325,790 Balance, June 30, 2018 $ 9,815,977

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2018
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	NOTE 8 – STOCKHOLDERS’ EQUITY Common Stock Issued in Option Exercise During the six months ended June 30, 2017, the Company issued 3,491 shares of common stock as the result of the cashless exercise of 4,100 options. The exercise price of the options was $2.00 per share. The Company retained 609 shares of common stock valued at $13.47 for an aggregate of $8,200 as the exercise price. Common Stock Issued in Public Offering

EMPLOYEE STOCK OPTIONS AND REST

EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK AWARD PLAN	6 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	NOTE 9 – EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK AWARD PLAN Compensation expense charged against income for share-based awards during the three and six months ended June 30, 2018, was $1,081,199 and $2,083,547, respectively, as compared to $812,082 and $1,803,292, respectively, for the three and six months ended June 30, 2017. These amounts are included in general and administrative expense in the accompanying financial statements. In 2011, the Board of Directors and stockholders approved and adopted a long-term incentive plan which allowed for the issuance of up to 2,500,000 shares of common stock through the grant of qualified stock options, non-qualified stock options and restricted stock. In 2013, the Company’s stockholders approved an amendment to the long-term incentive plan, increasing the number of shares eligible under the plan to 5,000,000 shares. As of June 30, 2018, there were 1,040,200 shares remaining eligible for issuance under the plan. Stock Options A summary of the stock option activity as of June 30, 2018, and changes during the six months then ended is as follows: Weighted- Weighted- Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Term Value Outstanding, December 31, 2017 3,193,000 $ 6.07 Granted - $ - Forfeited or rescinded - $ - Vested - $ - Outstanding, June 30, 2018 3,193,000 $ 6.07 5.5 Years $ 21,113,520 Exercisable, June 30, 2018 2,412,400 $ 4.84 4.8 Years The intrinsic value was calculated using the closing price on June 29, 2018 of $12.62. As of June 30, 2018, there was $2,762,362 of unrecognized compensation cost related to stock options that is expected be recognized over a weighted-average period of 2.2 years. Restricted Stock A summary of the restricted stock activity as of June 30, 2018, and changes during the six months then ended is as follows: Restricted stock Weighted-Average ‎ Grant Date Fair ‎ Value Outstanding, December 31, 2017 330,900 $ 13.44 Granted - - Forfeited or rescinded - - Vested - - Outstanding, June 30, 2018 330,900 $ 13.44 As of June 30, 2018, there was $3,373,406 of unrecognized compensation cost related to restricted stock grants that will be recognized over a weighted average period of 1.4 years.

CONTINGENCIES AND COMMITMENTS

CONTINGENCIES AND COMMITMENTS	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	NOTE 10 – CONTINGENCIES AND COMMITMENTS Standby Letters of Credit

BASIS OF PRESENTATION AND SIG16

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Condensed Financial Statements Certain notes and other disclosures have been omitted from these interim financial statements. Therefore, these financial statements should be read in conjunction with the Company’s 2017 Annual Report on Form 10-K.
Organization And Nature Of Operations [Policy Text Block]	Organization and Nature of Operations –
Use of Estimates, Policy [Policy Text Block]	Use of Estimates
Fair Value Measurement, Policy [Policy Text Block]	Fair Measurements
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair Values of Financial Instruments
Derivatives, Policy [Policy Text Block]	Derivative Instruments and Hedging Activities When applicable, the Company records all derivative instruments, other than those that meet the normal purchases and sales exception, on the balance sheet as either an asset or liability measured at fair value. Changes in fair value are recognized currently in earnings unless specific hedge accounting criteria are met. During the three and six months ended June 30, 2018, the change in fair value resulted in the recognition of losses of $1,099,273 and $1,889,974, respectively, on derivative contracts. The was no gain or loss on derivatives during the three and six months ended June 30, 2017, as the Company did not have any derivative instruments in place during that period.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of Credit Risk and Major Customer Approximately 90% of the Company’s accounts and joint interest receivables is from purchasers of oil and gas. Oil and gas sales are generally unsecured. The Company has not had any significant credit losses in the past and believes its accounts are fully collectable. Accordingly, no allowance for doubtful accounts has been provided at June 30, 2018. The Company also has a joint interest billing receivable. Joint interest billing receivables are collateralized by the pro rata revenue attributable to the joint interest holders and further by the interest itself.
Oil and Gas Properties Policy [Policy Text Block]	Oil and Gas Properties All capitalized costs of oil and gas properties, plus estimated future costs to develop proved reserves, are amortized on the unit-of-production method using estimates of proved reserves as determined by independent engineers. The Company evaluates oil and gas properties for impairment at least annually. expense for the three and six months ended June 30, 2018, was $9,144,115 and $17,645,494, respectively, based on depletion at the rate of $16.36 and $17.40 per barrel of oil equivalent compared to $5,136,429 and $8,610,445 for the three and six months ended June 30, 2017, based on depletion at the rate of $13.09 and $12.85 per barrel of oil equivalent. These amounts include $48,740 and $129,186, respectively, of depreciation for the three and six months ended June 30, 2018, compared to $76,773 and $149,478, respectively, of depreciation for the three and six months ended June 30, 2017.
Property, Plant and Equipment, Policy [Policy Text Block]	Equipment, vehicles and leasehold improvements
Asset Retirement Obligation [Policy Text Block]	Asset Retirement Obligation
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition Revenues from Contracts with Customers (Topic 606) information.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Share-Based Employee Compensation
Share-based Compensation, Option and Incentive Plans, Director Policy [Policy Text Block]	Share-Based Compensation to Non-Employees
Income Tax, Policy [Policy Text Block]	Income Taxes In January 2017, the Company adopted Accounting Standards Update (“ASU”) 2016-09, Compensation – Stock Compensation (Topic 718.) of $1,596,463 and uses the prospective method to account for current period and future excess tax benefit. For the three months ended June 30, 2017, the Company recorded a decrease in our income tax provision of $105,963. For the three months ended June 30, 2018, the Company recorded no change in the income tax provision. For the six months ended June 30, 2017 and 2018, the Company recorded an increase in our income tax provision of $310,897 and $1,158,604, respectively. On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act of 2017 (the “Tax Act”). The SEC subsequently issued a Staff Accounting Bulletin No. 118, “Income Tax Accounting Implications of the Tax Cuts and Jobs Act” (“SAB 118”), which provides guidance on accounting for the tax effects of the Tax Act. Among other changes, the Tax Act lowered the corporate tax rate to 21%.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Adopted Accounting Pronouncements – In August 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-15, Statement of Cash Flows In May 2014, the FASB and the International Accounting Standards Board (IASB) issued a joint revenue recognition standard, ASU 2014-09. The new standard removes inconsistencies in existing standards, changes the way companies recognize revenue from contracts with customers, and increases disclosure requirements. The codification was amended through additional ASUs and, as amended, requires companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. The standard is required to be adopted using either the full retrospective approach, with all prior periods presented adjusted, or the modified retrospective approach, with a cumulative adjustment to retained earnings on the opening balance sheet. Ring adopted ASU 2014-09 as of January 1, 2018. The timing of recognizing revenue from the sale of produced crude oil and natural gas was not changed as a result of adopting ASU 2014-09 and accordingly, the Company has not recorded any cumulative adjustment to retained earnings under the modified retrospective approach. The new guidance requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. A five-step model is utilized to achieve the core principle: (1) identify the customer contract; (2) identify the contract’s performance obligation; (3) determine the transaction price; (4) allocate the transaction price to the performance obligation; and (5) recognize revenue when or as a performance obligation is satisfied. Ring predominantly derives its revenue from the sale of produced crude oil and natural gas. The contractual performance obligation is satisfied when the product is delivered to the customer. Revenue is recorded in the month the product is delivered to the purchaser, and the Company receives payment from one to three months after delivery. The transaction price includes variable consideration as product pricing is based on published market prices and reduced for contract specified differentials. The new guidance does not require that the transaction price be fixed or stated in the contract. Estimating the variable consideration does not require significant judgment and Ring engages third party sources to validate the estimates. Revenue is recognized net of royalties due to third parties in an amount that reflects the consideration the Company expects to receive in exchange for those products. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . . Recent Accounting Pronouncements – In February 2016, FASB issued ASU No. 2016-02, Leases In August 2017, the FASB issued ASU 2017-12 , Derivatives and Hedging (Topic 815), which makes significant changes to the current hedge accounting guidance. The new standard eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. The new standard also eases certain documentation and assessment requirements and modifies the accounting for components excluded from the assessment of hedge effectiveness. The new standard update is effective for annual and interim periods beginning after December 15, 2018, including interim periods within those annual periods. Early adoption is permitted, but we do not plan to early adopt. The adoption of this guidance will not have a material impact on the Company’s financial statements.
Earnings Per Share, Policy [Policy Text Block]	Basic and Diluted Earnings (Loss) per Share – Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if all contracts to issue common stock were converted into common stock, except for those that are anti-dilutive. The dilutive effect of stock options and other share-based compensation is calculated using the treasury method.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	6 Months Ended
	Jun. 30, 2018
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue [Table Text Block]	Disaggregation of Revenue. For The Three Months For The Six Months Ended June 30, Ended June 30, 2018 2017 2018 2017 Operating revenues Oil $ 28,962,880 $ 13,891,527 $ 58,103,045 $ 25,588,611 Natural gas 962,003 611,782 1,713,229 1,158,491 Total operating revenues $ 29,924,883 $ 14,503,309 $ 59,816,274 $ 26,747,102

EARNINGS (LOSS) PER SHARE INF18

EARNINGS (LOSS) PER SHARE INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	For The Three Months For The Six Months Ended June 30, Ended June 30, 2018 2017 2018 2017 Net Income (Loss) $ 4,719,806 $ 1,910,763 $ 10,385,440 $ 3,190,044 Basic Weighted-Average Shares Outstanding 60,388,029 49,156,895 58,412,825 49,135,929 Effect of dilutive securities: Stock options 1,499,886 1,317,502 1,495,482 1,298,561 Restricted stock 76,095 - 59,002 - Diluted Weighted-Average Shares Outstanding 61,964,010 50,474,397 59,967,309 50,434,490 Basic Earnings (Loss) per Share $ 0.08 $ 0.04 $ 0.18 $ 0.06 Diluted Earnings (Loss) per Share $ 0.08 $ 0.04 $ 0.17 $ 0.06

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	The following table summarizes the valuation of our assets and liabilities that are measured at fair value on a recurring basis. Fair Value Measurement Classification Quoted prices in ‎ Actives Markets ‎ for Identical Assets ‎ or (Liabilities) ‎ (Level 1) Significant Other ‎ Observable Inputs ‎ (Level 2) Significant ‎ Unobservable ‎ Inputs (Level 3) Total As of June 30, 2018 Oil and gas derivative contracts $ - $ (5,858,260 ) $ - $ (5,858,260 ) Total $ - $ (5,858,260 ) $ - $ (5,858,260 )

ASSET RETIREMENT OBLIGATION (Ta

ASSET RETIREMENT OBLIGATION (Tables)	6 Months Ended
	Jun. 30, 2018
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Asset Retirement Obligations [Table Text Block]	Changes in the asset retirement obligation were as follows: Balance, December 31, 2017 $ 9,055,697 Liabilities incurred 700,218 Liabilities settled (265,728 ) Accretion expense 325,790 Balance, June 30, 2018 $ 9,815,977

EMPLOYEE STOCK OPTIONS AND RE21

EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK AWARD PLAN (Tables)	6 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based Compensation, Stock Options, Activity [Table Text Block]	A summary of the stock option activity as of June 30, 2018, and changes during the six months then ended is as follows: Weighted- Weighted- Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Term Value Outstanding, December 31, 2017 3,193,000 $ 6.07 Granted - $ - Forfeited or rescinded - $ - Vested - $ - Outstanding, June 30, 2018 3,193,000 $ 6.07 5.5 Years $ 21,113,520 Exercisable, June 30, 2018 2,412,400 $ 4.84 4.8 Years
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block]	A summary of the restricted stock activity as of June 30, 2018, and changes during the six months then ended is as follows: Restricted stock Weighted-Average ‎ Grant Date Fair ‎ Value Outstanding, December 31, 2017 330,900 $ 13.44 Granted - - Forfeited or rescinded - - Vested - - Outstanding, June 30, 2018 330,900 $ 13.44

BASIS OF PRESENTATION AND SIG22

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Organization And Summary Of Significant Accounting Policies [Line Items]
Depreciation	$ 48,740	$ 76,773	$ 129,186	$ 149,478
Amortization expense	9,144,115	5,136,429	17,645,494	8,610,445
Depletion At The Rate Per Barrel	$ 16.36	13.09	$ 17.40	12.85
Percentage Of Accounts Receivables	90.00%		90.00%
Adjustment to Deferred Tax Asset for Change in Effective Tax Rate		$ 105,963	$ 1,158,604	310,897
Cumulative Effect on Retained Earnings, Net of Tax			1,596,463
Derivative, Gain (Loss) on Derivative, Net	$ 1,099,273		$ (1,889,974)	$ 0
Maximum [Member] | Office Equipment [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life			7 years
Minimum [Member] | Office Equipment [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life			5 years
Sales Revenue, Net [Member] | Customer One [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage			84.00%
Sales Revenue, Net [Member] | Customer Two [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage			13.00%
Accounts Receivable [Member] | Customer One [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage			86.00%
Accounts Receivable [Member] | Customer Two [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage			11.00%

REVENUE RECOGNITION (Details)

REVENUE RECOGNITION (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Oil	$ 28,962,880	$ 13,891,527	$ 58,103,045	$ 25,588,611
Natural gas	962,003	611,782	1,713,229	1,158,491
Total operating revenues	29,924,883	14,503,309	59,816,274	26,747,102
Oil and Gas [Member]
Total operating revenues	$ 29,924,883	$ 14,503,309	$ 59,816,274	$ 26,747,102

EARNINGS (LOSS) PER SHARE INF24

EARNINGS (LOSS) PER SHARE INFORMATION (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net Income (Loss)	$ 4,719,806	$ 1,910,763	$ 10,385,440	$ 3,190,044
Basic Weighted-Average Shares Outstanding	60,388,029	49,156,895	58,412,825	49,135,929
Effect of dilutive securities:
Diluted Weighted-Average Shares Outstanding	61,964,010	50,474,397	59,967,309	50,434,490
Basic Earnings (Loss) per Share	$ 0.08	$ 0.04	$ 0.18	$ 0.06
Diluted Earnings (Loss) per Share	$ 0.08	$ 0.04	$ 0.17	$ 0.06
Stock options [Member]
Effect of dilutive securities:
Weighted Average Number Diluted Shares Outstanding Adjustment	1,499,886	1,317,502	1,495,482	1,298,561
Restricted stock [Member]
Effect of dilutive securities:
Weighted Average Number Diluted Shares Outstanding Adjustment	76,095	0	59,002	0

EARNINGS (LOSS) PER SHARE INF25

EARNINGS (LOSS) PER SHARE INFORMATION (Details Textual) - shares	3 Months Ended	6 Months Ended
	Mar. 31, 2017	Jun. 30, 2018	Jun. 30, 2017
Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	582,500	583,500	602,500

DERIVATIVE FINANCIAL INSTRUME26

DERIVATIVE FINANCIAL INSTRUMENTS (Details Textual)	Dec. 31, 2018$ / Rate	Sep. 25, 2017
Number Of Barrels Per Day		1,000
Addititional Derivative Contracts [Member] | Scenario, Forecast [Member]
Number Of Barrels Per Day	1,000
Call Option [Member] | Scenario, Forecast [Member]
Derivative, Price Risk Option Strike Price	54.60
Call Option [Member] | Addititional Derivative Contracts [Member] | Scenario, Forecast [Member]
Derivative, Price Risk Option Strike Price	54.80
Put Option [Member] | Scenario, Forecast [Member]
Derivative, Price Risk Option Strike Price	49
Put Option [Member] | Addititional Derivative Contracts [Member] | Scenario, Forecast [Member]
Derivative, Price Risk Option Strike Price	51

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details)	Jun. 30, 2018USD ($)
Oil and gas derivative contracts	$ (5,858,260)
Total	(5,858,260)
Fair Value, Inputs, Level 1 [Member]
Oil and gas derivative contracts	0
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Total	0
Fair Value, Inputs, Level 2 [Member]
Oil and gas derivative contracts	(5,858,260)
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Total	(5,858,260)
Fair Value, Inputs, Level 3 [Member]
Oil and gas derivative contracts	0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Total	$ 0

REVOLVING LINE OF CREDIT (Detai

REVOLVING LINE OF CREDIT (Details Textual) $ in Millions	6 Months Ended
	Jun. 30, 2018USD ($)
Line of Credit Facility [Line Items]
Line of Credit Facility, Interest Rate Description	The annual interest rate on each Base Rate Loan is (a) the greatest of (i) the Administrative Agent’s prime lending rate, (ii) the federal funds rate plus 0.5% per annum or the (iii) adjusted LIBOR determined on a daily basis for an interest period of one-month, plus 1.00% per annum, plus (b) a margin between 2.75% and 3.75% (depending on the then-current level of borrowing base usage).
Leverage Ratio, Total	4.0 to 1.0
Minimum Leverage Ratio Current	1.0 to 1.0
Debt Instrument, Redemption, Description	The Borrowing Base will be redetermined semi-annually on each May 1 and November 1.
Minimum [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 60
Debt Instrument, Basis Spread on Variable Rate	2.75%
Maximum [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 175
Debt Instrument, Basis Spread on Variable Rate	1.75%
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 500
Line of Credit Facility, Expiration Date	Jun. 26, 2020

ASSET RETIREMENT OBLIGATION (De

ASSET RETIREMENT OBLIGATION (Details) - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Asset Retirement Obligation [Line Items]
Balance	$ 9,055,697
Liabilities incurred	700,218
Liabilities settled	(265,728)
Accretion expense	325,790	$ 310,749
Balance	$ 9,815,977

STOCKHOLDERS' EQUITY (Details T

STOCKHOLDERS' EQUITY (Details Textual) - USD ($)	1 Months Ended	6 Months Ended
	Feb. 28, 2018	Jun. 30, 2018	Jun. 30, 2017
Class of Stock [Line Items]
Proceeds from issuance of common stock		$ 81,819,073	$ 0
Exercise Price 2.00 [Member]
Class of Stock [Line Items]
Stock Issued During Period Shares Stock Options Cashless Exercised			4,100
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price			$ 2
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period			3,491
Underwritten Public Offering [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues	6,164,000
Share Price	$ 14
Proceeds from issuance of common stock	$ 81,819,073
Payments of Stock Issuance Costs	4,476,927
Proceeds From Issuance Of Common Stock Gross	$ 86,296,000
Over-Allotment Option [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues	804,000
Common Stock [Member]
Class of Stock [Line Items]
Share Price			$ 13.47
Stock Issued During Period Value, Issued For Consideration			$ 8,200
Stock Issued During Period Shares, Issued For Consideration			609

EMPLOYEE STOCK OPTIONS AND RE31

EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK AWARD PLAN (Details) - Employee Stock Option [Member]	6 Months Ended
	Jun. 30, 2018USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding at beginning of the year | shares	3,193,000
Granted | shares	0
Forfeited or rescinded | shares	0
Vested | shares	0
Options Outstanding at end of year | shares	3,193,000
Options Exercisable at end of year | shares	2,412,400
Weighted Average Exercise Price, Outstanding at beginning of the year | $ / shares	$ 6.07
Weighted Average Exercise Price, Granted | $ / shares	0
Weighted Average Exercise Price, Forfeited or rescinded | $ / shares	0
Weighted Average Exercise Price, Vested | $ / shares	0
Weighted Average Exercise Price, Outstanding at end of year | $ / shares	6.07
Weighted Average Exercise Price, Exercisable at end of year | $ / shares	$ 4.84
Weighted Average Remaining contractual Term Outstanding at end of year	5 years 6 months
Weighted Average Remaining contractual Term Exercisable	4 years 9 months 18 days
Aggregate Intrinsic Value | $	$ 21,113,520

EMPLOYEE STOCK OPTIONS AND RE32

EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK AWARD PLAN (Details 1) - Restricted Stock [Member]	6 Months Ended
	Jun. 30, 2018$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock, Outstanding at beginning of the year | shares	330,900
Restricted stock, Granted | shares	0
Restricted stock, Forfeited or rescinded | shares	0
Restricted stock, Vested | shares	0
Restricted stock, Outstanding at end of year | shares	330,900
Weighted-Average Grant Date Fair Value, Outstanding at beginning of the year | $ / shares	$ 13.44
Weighted-Average Grant Date Fair Value, Granted | $ / shares	0
Weighted-Average Grant Date Fair Value, Forfeited or rescinded | $ / shares	0
Weighted-Average Grant Date Fair Value, Vested | $ / shares	0
Weighted-Average Grant Date Fair Value, Outstanding at end of year | $ / shares	$ 13.44

EMPLOYEE STOCK OPTIONS AND RE33

EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK AWARD PLAN (Details Textual) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2013	Jun. 29, 2018	Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	1,040,200		1,040,200
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$ 2,762,362		$ 2,762,362
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			2 years 2 months 12 days
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased						$ 12.62
Compensation Expenses Charged Against Income For Share Based Awards Included In General And Administrative Expenses	1,081,199	$ 812,082	$ 2,083,547	$ 1,803,292
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized							2,500,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized					5,000,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$ 3,373,406		$ 3,373,406
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			1 year 4 months 24 days

CONTINGENCIES AND COMMITMENTS (

CONTINGENCIES AND COMMITMENTS (Details Textual)	Jun. 30, 2018USD ($)
Standby Letters of Credit [Member]
Loss Contingencies [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 250,000