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Stockholders' Equity
 3 Months Ended
Mar. 31, 2016
Stockholders' Equity Note [Abstract]  
Stockholders' Equity

12. STOCKHOLDERS’ EQUITY

 

Common Stock

 

The Company had 8,699,712 shares of common stock, $0.001 par value per share, outstanding of as of March 31, 2016 and December 31, 2015.

 

Warrants

 

As of March 31, 2016 and December 31, 2015, 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, 2016.

 

Stock-Based Compensation

 

A summary of stock option activity under the 2011 Long-Term Incentive Plan as of March 31, 2016, and changes during the three months ended March 31, 2016, are presented below:

 

    Stock
options		  Weighted average exercise price  Weighted average remaining contractual term  Aggregate intrinsic value
Outstanding as of January 1, 2016   344,733   $9.35        $ 
Granted   27,000    3.68           
Exercised   —    —           
Forfeited   (36,667)   9.16           
Outstanding as of March 31, 2016   335,066   $8.92    6.5   $83,050 
Exercisable as of March 31, 2016   285,400   $9.32    6.0   $40,600 

 

As of March 31, 2016, there were 364,934 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, 2016 and 2015 was approximately $54,000 and $60,000, respectively. At March 31, 2016, the Company had total stock-based compensation expense remaining to be recognized in the consolidated statements of operations of approximately $177,000.

 

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 income of $0.4 million for the three months ended March 31, 2016 and unrealized losses of $1.5 million for the three months ended March 31, 2015.