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STOCK-BASED COMPENSATION (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2017 |  | 9,255 |  | $ | 200.00 |
Schedule of nonvested stock amortization expense |
|  | For the Three Months Ended |  | For the Six Months Ended |
|  | June 30, |  | June 30, |
|  | 2017 |  | 2016 |  | 2017 |  | 2016 |
General and administrative expenses |  | $ | 154 |  | $ | 1,537 |  | $ | 306 |  | $ | 3,073 |
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 |  | 317,595 |  |  | 11.05 |
Vested |  | (66,666) |  |  | 5.10 |
Forfeited |  | — |  |  | — |
Outstanding at June 30, 2017 |  | 317,595 |  | $ | 11.05 |
The total fair value of the RSUs that vested during the six months ended June 30, 2017 and 2016 was $675 and $30, 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 June 30, 2017:
Unvested RSUs |  | Vested RSUs |
June 30, 2017 |  | June 30, 2017 |
|  |  |  | Weighted |  |  |  |  |
|  | Weighted |  | Average |  |  |  | Weighted |
|  | Average |  | Remaining |  |  |  | Average |
Number of |  | Grant Date |  | Contractual |  | Number of |  | Grant Date |
RSUs |  | Price |  | Life |  | RSUs |  | Price |
317,595 |  | $ | 11.05 |  | 2.18 |  | 74,106 |  | $ | 11.73 |
Schedule of nonvested stock amortization expense |
|  | For the Three Months Ended |  | For the Six Months Ended |
|  | June 30, |  | June 30, |
|  | 2017 |  | 2016 |  | 2017 |  | 2016 |
General and administrative expenses |  | $ | 833 |  | $ | 79 |  | $ | 992 |  | $ | 234 |
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 June 30, 2017 |  | 13,605 |  | $ | 5.20 |
Schedule of nonvested stock amortization expense |
|  | For the Three Months Ended |  | For the Six Months Ended |
|  | June 30, |  | June 30, |
|  | 2017 |  | 2016 |  | 2017 |  | 2016 |
General and administrative expenses |  | $ | 8 |  | $ | 60 |  | $ | 16 |  | $ | 90 |
2015 EIP Plan | Stock Options |
Nonvested Stock Awards |
Schedule of nonvested stock amortization expense |
|  | For the Three Months Ended |  | For the Six Months Ended |
|  | June 30, |  | June 30, |
|  | 2017 |  | 2016 |  | 2017 |  | 2016 |
General and administrative expenses |  | $ | 198 |  | $ | — |  | $ | 218 |  | $ | — |
Schedule of stock option activity |
|  |  |  | Weighted |  | Weighted |
|  | Number of |  | Average Exercise |  | Average Fair |
|  | Options |  | Price |  | Value |
Outstanding at January 1, 2017 - Unvested |  | — |  | $ | — |  | $ | — |
Granted |  | 133,000 |  |  | 11.13 |  |  | 6.41 |
Exercisable |  | — |  |  | — |  |  | — |
Exercised |  | — |  |  | — |  |  | — |
Forfeited |  | — |  |  | — |  |  | — |
Outstanding at June 30, 2017 - Unvested |  | 133,000 |  | $ | 11.13 |  | $ | 6.41 |
The following table summarizes certain information about the options outstanding as of June 30, 2017:
|  |  | Options Outstanding and Unvested, |  | Options Outstanding and Exercisable, |
|  |  | June 30, 2017 |  | June 30, 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 |  | 5.73 |  | — |  | $ | — |  | — |
As of June 30, 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 |  | For the Six Months Ended |
|  | June 30, |  | June 30, |
|  | 2017 |  | 2016 |  | 2017 |  | 2016 |
General and administrative expenses |  | $ | 377 |  | $ | 3,765 |  | $ | 749 |  | $ | 7,531 |
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 June 30, 2017 - Unvested |  | 713,122 |  | $ | 303.12 |  | $ | 6.36 |
The following table summarizes certain information about the warrants outstanding as of June 30, 2017:
|  |  | Warrants Outstanding and Unvested, |  | Warrants Outstanding and Exercisable, |
|  |  | June 30, 2017 |  | June 30, 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 |  | 3.11 |  | 7,844,339 |  | $ | 303.12 |  | 3.11 |

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