XML 55 R15.htm IDEA: XBRL DOCUMENT v3.2.0.727
Shareholders' Equity
 6 Months Ended
Jun. 30, 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 June 30, 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 June 30, 2015, the Company had warrants outstanding to purchase 50,600 shares of common stock at an exercise price of $7.00 per share. These warrants are scheduled to expire on September 18, 2018 unless exercised earlier. No warrants were exercised during the six months ended June 30, 2015.

 

Stock-Based Compensation

 

A summary of stock option activity under the 2011 Long-Term Incentive Plan as of June 30, 2015, and changes during the six months ended June 30, 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 

 

$
9.81 

 
6.9 

 

$
268,400 

Granted

 
13,000 

 

 
8.98 

 
10.0 

 

 

 -

Exercised

 

 -

 

 

 -

 

 -

 

 

 -

Forfeited

 
(30,000)

 

 

 -

 

 -

 

 

 -

Outstanding as of June 30, 2015

 
349,400 

 

$
9.34 

 
7.1 

 

$
268,400 

Exercisable as of June 30, 2015

 
278,401 

 

$
9.48 

 
6.4 

 

$
229,774 

 

As of June 30, 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 and six months ended June 30, 2015 was approximately $57,000 and $117,000, respectively, as compared to $63,000 and $100,000 during the three and six months ended June 30, 2014, respectively. At June 30, 2015, the Company had total stock-based compensation expense remaining to be recognized in the statement of operations of approximately $319,000.

 

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 an unrealized loss of $1.2 million for the six months ended June 30, 2015, as compared to an unrealized gain of $0.1 million for the six months ended June 30, 2014.