STOCKHOLDERS' EQUITY

6 Months Ended

Jun. 30, 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 June 30, 2017 and December 31, 2016, respectively.

Warrants

As of June 30, 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 six months ended June 30, 2017.

Stock-Based Compensation

A summary of stock option activity under the 2011 Long-Term Incentive Plan as of June 30, 2017, and changes during the six months ended June 30, 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		(38,333	)		6.01
Outstanding as of June 30, 2017		458,067		$	8.27		7.9	$	105,207
Exercisable as of June 30, 2017		196,066			9.57		5.4		105,206

As of June 30, 2017, there were 241,933 shares available for future grants under the Company’s 2011 Long-Term Incentive Plan.

Stock-based compensation expense recorded for the three and six months ended June 30, 2017 was approximately $141 and $171, respectively, as compared to the expense of ($47) and $6, during the three and six months ended June 30, 2016, respectively. For the three and six months ended June 30, 2016, the expense reversal was primarily as a result of forfeitures of previously expensed awards to our former Chief Financial Officer. At June 30, 2017, the Company had total stock-based compensation expense remaining to be recognized in the consolidated statements of income of approximately $487.

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 (loss). The Company had foreign currency translation adjustments resulting in unrealized income of $6 and $117 for the three months ended June 30, 2017 and 2016, respectively. For the six months ended June 30, 2017 and 2016, the Company had foreign currency translation adjustments resulting in unrealized income of $68 and $592, respectively.