STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2017

Stockholders' Equity Note [Abstract]

STOCKHOLDERS' EQUITY

10. STOCKHOLDERS’ EQUITY

Common Stock

The Company had 8,712,712 and 8,699,712 shares of common stock, $0.001 par value per share, outstanding as of March 31, 2017 and December 31, 2016, respectively.

Warrants

As of March 31, 2017 and December 31, 2016, the Company had warrants outstanding to purchase 50,600 shares of common stock with a weighted average exercise price of $7.00 per share. The warrants expire on September 18, 2018. No warrants were exercised during the three months ended March 31, 2017.

Stock-Based Compensation

A summary of stock option activity under the 2011 Long-Term Incentive Plan as of March 31, 2017, and changes during the three months ended March 31, 2017, are presented below:

	Stock Options			Weighted average exercise price		Weighted average remaining contractual term		Aggregate intrinsic value
Outstanding as of January 1, 2017		247,400		$	8.75			$
Granted		262,000			7.30
Exercised		(13,000	)		4.53
Forfeited		—			—
Outstanding as of March 31, 2017		496,400		$	8.10		8.1	$	293,790
Exercisable as of March 31, 2017		226,066			9.15		5.9		215,922

As of March 31, 2017, there were 203,600 shares available for future grants under the Company’s 2011 Long-Term Incentive Plan.

Stock-based compensation expense recorded for the three months ended March 31, 2017 and 2016 was approximately $30 and $54, respectively. At March 31, 2017, the Company had total stock-based compensation expense remaining to be recognized in the consolidated statements of operations of approximately $642.

Foreign Currency Translation

Foreign assets and liabilities are translated using the exchange rate in effect at the balance sheet date and results of operations are translated using an average rate for the period. Translation adjustments are accumulated and reported as a component of accumulated other comprehensive income. The Company had foreign currency translation adjustments resulting in unrealized income of $0.1 million and $0.5 million for the three months ended March 31, 2017, and 2016, respectively.