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Shareholders' Equity
 3 Months Ended
Mar. 31, 2015
Shareholders' Equity [Abstract]  
Shareholders' Equity

9. SHAREHOLDERS’ EQUITY

 

Common Stock

 

The Company had 7,405,962 shares of common stock, $0.001 par value per share, outstanding of as of March 31, 2015 and December 31, 2014, respectively. In December 2014, in connection with the acquisition of Titan, the Company issued 233,707 shares of its common stock to Titan’s former convertible preferred stockholders and note holders in exchange for their interests in Titan.

 

Warrants

 

As of March 31, 2015, the Company had warrants outstanding to purchase 280,600 shares of common stock with a weighted average exercise price of $13.91 per share, of which 230,000 with a weighted average exercise price of $15.43 per share were scheduled to expire on dates between April 26 and April 30, 2015. The remaining 50,600 warrants, having an exercise price of $7.00 per share, will expire on September 18, 2018 unless exercised earlier.  No warrants were exercised during the three months ended March 31, 2015.

 

Stock-Based Compensation

 

A summary of stock option activity under the 2011 Long-Term Incentive Plan as of March 31, 2015, and changes during the three months ended March 31, 2015, are presented below:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock
Options

 

Weighted average
exercise price

 

Weighted
average remaining
contractual term

 

Aggregate
intrinsic value

Outstanding as of December 31, 2014

 
366,400 

 

$
9.92 

 
6.9 

 

$
518,133 

Granted

 
13,000 

 

 
8.98 

 
10.0 

 

 
617 

Exercised

 

 -

 

 

 -

 

 -

 

 

 -

Forfeited

 

 -

 

 

 -

 

 -

 

 

 -

Outstanding as of March 31, 2015

 
379,400 

 

$
9.89 

 
6.7 

 

$
518,750 

Exercisable as of March 31, 2015

 
278,401 

 

$
10.21 

 
6.0 

 

$
435,699 

 

As of March 31, 2015, there were 320,600 shares available for future grants under the Company’s 2011 Long-Term Incentive Plan.

 

Expense for stock-based compensation recorded for the three months ended March 31, 2015 and 2014 was approximately $60,000 and $36,000, respectively. At March 31, 2015, the Company had total stock-based compensation expense remaining to be recognized in the statement of operations of approximately $376,000.

 

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 losses of $1.5 million and $0.7 million, respectively, for the three months ended March 31, 2015 and 2014.