Note 9 - Stock Incentive Plans

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

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

Note 

9.

Stock Incentive Plans

2016

Equity Compensation Plan

On

December 15, 2016,

the Company’s shareholders approved the

2016

Equity Compensation Plan (the

“2016

Plan”) and the Company registered

5,348,613

shares of common stock, which

may

be issued under the

2016

Plan. The

2016

Plan replaced the post-emergence Management Incentive Program (the

“2014

Plan”) and

no

other awards will be granted under the

2014

Plan. Outstanding awards under the

2014

Plan will continue to be governed by the terms of the

2014

Plan until exercised, expired, otherwise terminated, or canceled. As of

December 31, 2016,

24,644

shares of common stock were subject to outstanding awards under the

2014

Plan. Under the terms of the

2016

Plan, awards for up to a maximum of

3,000,000

shares

may

be granted under the

2016

Plan to any

one

employee of the Company and its subsidiaries during any

one

calendar year, and awards in the form of options and stock appreciation rights for up to a maximum of

3,000,000

shares

may

be granted under the

2016

Plan. The total number of shares of common stock with respect to which awards

may

be granted under the

2016

Plan to any non-employee director during any

one

calendar year shall

not

exceed

500,000,

subject to adjustment as provided in the

2016

Plan. Any director, officer, employee or consultant of the Company or any of its subsidiaries (including any prospective officer or employee) is eligible to be designated to participate in the

2016

Plan.

As of

June 

30,

2017

and

2016,

stock awards covering a total of

1,843,211

and

30,385

of the Company’s common shares, respectively, are outstanding under the

2014

Plan and

2016

Plan. The vesting terms range between

one

to

three

years from the grant date. The Company is amortizing to non-cash compensation expense included in general and administrative expenses the fair value of non-vested stock awards at the grant date.

As of

June 

30,

2017

and

2016,

options covering

1,865,865

and

68,640

of the Company’s common shares, respectively, are outstanding with exercise prices ranging from

$4.28

to

$505.00

per share. The options vest and become exercisable in

four

equal installments beginning on the grant date. All options expire within

seven

years from the effective date.

Non-cash compensation expense for all stock awards and options included in General and administrative expenses:

	For the Three Months Ended June 30, 2017		For the Three Months Ended June 30, 2016		For the Six Months Ended June 30, 2017		For the Six Months Ended June 30, 2016
Stock awards /Stock Option Plans	$	2,478,051	$	841,933	$	4,648,751	$	1,668,546
Total non-cash compensation expense	$	2,478,051	$	841,933	$	4,648,751	$	1,668,546

The future compensation to be recognized for all the grants issued for the

six

-month period ending

December 

31,

2017,

and the years ending

December 31, 2018

and

2019

will be

$4,276,686,

$6,891,228

and

$1,258,777,

respectively.