Options, Warrants, and Restricted Stock Units

3 Months Ended

Mar. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Options, Warrants, and Restricted Stock Units

10. Options, Warrants, and Restricted Stock Units

The Company has established an equity incentive plan for employees and directors of the Company (the “Plan”). The purpose of the Plan is to create incentives designed to motivate recipients to contribute toward the Company’s growth and success, and also to attract and retain persons of outstanding competence, and provide such persons with an opportunity to acquire an equity interest in the Company.

In April 2015, the Company’s shareholders approved an amendment to the Plan to allow for the issuance of additional award types under the Plan. In addition to non-qualified stock options issuable under the Plan, the amendment provides for the issuance of restricted stock, restricted stock units (“RSUs”), performance shares, performance cash awards, and other stock-based awards. The Plan provides for the issuance of 354,912 shares of common stock. As of March 31, 2017, both stock options and RSUs had been issued to the Company’s employees under the Plan resulting in 156,956 shares available for future issuance under the Plan.

There were no grants, exercises, or cancellations of the Company’s stock options for the three months ended March 31, 2017. The following table summarizes the Company’s stock options outstanding as of March 31, 2017.

Stock Options Outstanding as of March 31, 2017
Date of Grant	Exercise Price ($)	Expiration Date	Remaining Contractual Life (Years)	Number Outstanding	Number Exercisable
03/31/2014	8.00	03/31/2019	2.00	163,301	143,704
04/04/2014	8.69	04/04/2019	2.01	14,155	10,757
			Total	177,456	154,461

On May 29, 2015, the Company’s Board of Directors granted RSUs to certain of its executive officers under the Plan. Each RSU granted entitles the grantee to one share of the Company’s common stock upon the vesting date of the RSU. The RSUs vest as follows: (i) 50% upon the date that the closing price of the Company’s common stock equals or exceeds $10.00 per share and; (ii) 50% upon the date that the closing price of the Company’s common stock equals or exceeds $12.00 per share. Prior to the vesting of the RSUs, the grantee will not be entitled to any dividends declared on the Company’s common stock. The RSUs do not expire, however, should the grantee discontinue employment with the Company for any reason other than death or disability, all unvested RSUs will be deemed forfeited on the date employment is discontinued. The following table summarizes RSU activity for the three months ended March 31, 2017.

Restricted Stock Units	Number of Units		Weighted Average Grant Date Fair Value
Non-vested units, December 31, 2016		20,500	$	1.34
Granted		—		—
Vested		—		—
Forfeited		—		—
Non-vested units, March 31, 2017		20,500	$	1.34

Total stock based compensation expense for the three months ended March 31, 2017 and 2016 was $7 and $10, respectively. As of March 31, 2017, total unrecognized stock compensation expense of $23 remained, which will be recognized through March 31, 2018.

There were no grants, exercises, or cancellations of the Company’s common stock warrants for the three months ended March 31, 2017. The following table summarizes the Company’s warrants outstanding as of March 31, 2017.

Date of Grant	Exercise Price ($)	Expiration Date	Remaining Contractual Life (Years)	Number Outstanding and Exercisable
03/31/2014	9.60	03/31/2019	2.00	312,500
03/31/2014	10.00	03/31/2019	2.00	94,375
02/24/2015	15.00	02/24/2022	4.91	1,500,000
			Total	1,906,875