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STOCK-BASED COMPENSATION (Tables) | 3 Months Ended
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Mar. 31, 2017
2014 MIP Plan |
Nonvested Stock Awards |
Summary of nonvested stock awards |
|  |  |  | Weighted |
|  | Number of |  | Average Grant |
|  | Shares |  | Date Price |
Outstanding at January 1, 2017 |  | 9,255 |  | $ | 200.00 |
Granted |  | — |  |  | — |
Vested |  | — |  |  | — |
Forfeited |  | — |  |  | — |
Outstanding at March 31, 2017 |  | 9,255 |  | $ | 200.00 |
Schedule of nonvested stock amortization expense |
|  | For the Three Months Ended |
|  | March 31, |
|  | 2017 |  | 2016 |
General and administrative expenses |  | $ | 152 |  | $ | 1,536 |
2015 EIP Plan | Restricted Stock Units |
Nonvested Stock Awards |
Summary of nonvested stock awards |
|  |  |  | Weighted |
|  | Number of |  | Average Grant |
|  | RSUs |  | Date Price |
Outstanding at January 1, 2017 |  | 66,666 |  | $ | 5.10 |
Granted |  | 292,398 |  |  | 11.13 |
Vested |  | — |  |  | — |
Forfeited |  | — |  |  | — |
Outstanding at March 31, 2017 |  | 359,064 |  | $ | 10.01 |
The total fair value of the RSUs that vested during the three months ended March 31, 2017 and 2016 was $0 and $12, respectively. The total fair value is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date. On February 17, 2016, the vesting of 23,286 outstanding RSUs, or 2,328 outstanding RSUs on a post-reverse stock split basis, was accelerated upon the resignation of two members on the Company’s Board of Directors. The following table summarizes certain information of the RSUs unvested and vested as of March 31, 2017:
Unvested RSUs |  | Vested RSUs |
March 31, 2017 |  | March 31, 2017 |
|  |  |  | Weighted |  |  |  |  |
|  | Weighted |  | Average |  |  |  | Weighted |
|  | Average |  | Remaining |  |  |  | Average |
Number of |  | Grant Date |  | Contractual |  | Number of |  | Grant Date |
RSUs |  | Price |  | Life |  | RSUs |  | Price |
359,064 |  | $ | 10.01 |  | 2.09 |  | 7,440 |  | $ | 71.18 |
Schedule of nonvested stock amortization expense |
|  | For the Three Months Ended |
|  | March 31, |
|  | 2017 |  | 2016 |
General and administrative expenses |  | $ | 159 |  | $ | 155 |
2015 EIP Plan | Restricted Stock |
Nonvested Stock Awards |
Summary of nonvested stock awards |
|  |  |  | Weighted |
|  | Number of |  | Average Grant |
|  | Shares |  | Date Price |
Outstanding at January 1, 2017 |  | 13,605 |  | $ | 5.20 |
Granted |  | — |  |  | — |
Vested |  | — |  |  | — |
Forfeited |  | — |  |  | — |
Outstanding at March 31, 2017 |  | 13,605 |  | $ | 5.20 |
Schedule of nonvested stock amortization expense |
|  | For the Three Months Ended |
|  | March 31, |
|  | 2017 |  | 2016 |
General and administrative expenses |  | $ | 8 |  | $ | 30 |
2015 EIP Plan | Stock Options |
Nonvested Stock Awards |
Schedule of nonvested stock amortization expense |
|  | For the Three Months Ended |
|  | March 31, |
|  | 2017 |  | 2016 |
General and administrative expenses |  | $ | 20 |  | $ | — |
Schedule of stock option activity |
|  |  |  | Weighted |  | Weighted |
|  | Number of |  | Average Exercise |  | Average Fair |
|  | Options |  | Price |  | Value |
Outstanding at January 1, 2017 |  | — |  | $ | — |  | $ | — |
Granted |  | 133,000 |  |  | 11.13 |  |  | 6.41 |
Exercisable |  | — |  |  | — |  |  | — |
Exercised |  | — |  |  | — |  |  | — |
Forfeited |  | — |  |  | — |  |  | — |
Outstanding at March 31, 2017 |  | 133,000 |  | $ | 11.13 |  | $ | 6.41 |
The following table summarizes certain information about the options outstanding as of March 31, 2017:
|  |  | Options Outstanding and Unvested, |  | Options Outstanding and Exercisable, |
|  |  | March 31, 2017 |  | March 31, 2017 |
Weighted |  |  |  |  |  |  | Weighted |  |  |  |  |  |  | Weighted |
Average |  |  |  | Weighted |  | Average |  |  |  | Weighted |  | Average |
Exercise Price of |  |  |  | Average |  | Remaining |  |  |  | Average |  | Remaining |
Outstanding |  | Number of |  | Exercise |  | Contractual |  | Number of |  | Exercise |  | Contractual |
Options |  | Options |  | Price |  | Life |  | Warrants |  | Price |  | Life |
$ | 11.13 |  | 133,000 |  | $ | 11.13 |  | 5.98 |  | — |  | $ | — |  | — |
As of March 31, 2017, there were no vested stock options.
Warrants | 2014 MIP Plan |
Nonvested Stock Awards |
Schedule of nonvested stock amortization expense |
|  | For the Three Months Ended |
|  | March 31, |
|  | 2017 |  | 2016 |
General and administrative expenses |  | $ | 372 |  | $ | 3,765 |
Summary of warrant activity and warrants outstanding |
|  |  |  | Weighted |  | Weighted |
|  | Number of |  | Average Exercise |  | Average Fair |
|  | Warrants |  | Price |  | Value |
Outstanding at January 1, 2017 - Unvested |  | 713,122 |  | $ | 303.12 |  | $ | 6.36 |
Granted |  | — |  |  | — |  |  | — |
Exercisable |  | — |  |  | — |  |  | — |
Exercised |  | — |  |  | — |  |  | — |
Forfeited |  | — |  |  | — |  |  | — |
Outstanding at March 31, 2017 - Unvested |  | 713,122 |  | $ | 303.12 |  | $ | 6.36 |
The following table summarizes certain information about the warrants outstanding as of March 31, 2017:
|  |  | Warrants Outstanding and Unvested, |  | Warrants Outstanding and Exercisable, |
|  |  | March 31, 2017 |  | March 31, 2017 |
Weighted |  |  |  |  |  | Weighted |  |  |  |  |  | Weighted |
Average |  |  |  | Weighted |  | Average |  |  |  | Weighted |  | Average |
Exercise Price of |  |  |  | Average |  | Remaining |  |  |  | Average |  | Remaining |
Outstanding |  | Number of |  | Exercise |  | Contractual |  | Number of |  | Exercise |  | Contractual |
Warrants |  | Warrants |  | Price |  | Life |  | Warrants |  | Price |  | Life |
$ | 303.12 |  | 713,122 |  | $ | 303.12 |  | 3.36 |  | 7,844,339 |  | $ | 303.12 |  | 3.36 |

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