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STOCKHOLDERS' EQUITY
 9 Months Ended
Sep. 30, 2016
Stockholders' Equity Note [Abstract]  
STOCKHOLDERS' EQUITY

13.  STOCKHOLDERS’ EQUITY

 

Common Stock

 

The Company had 8,699,712 shares of common stock, $0.001 par value per share, outstanding of as of September 30, 2016 and December 31, 2015.

 

Warrants

 

As of September 30, 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 nine months ended September 30, 2016.

 

Stock-Based Compensation

 

A summary of stock option activity under the 2011 Long-Term Incentive Plan as of September 30, 2016, and changes during the nine months ended September 30, 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     (124,333 )     9.31                  
Outstanding as of September 30, 2016     247,400     $ 8.75       6.2     $ 105,270  
Exercisable as of September 30, 2016     197,733       9.30       5.6       48,840  

  

As of September 30, 2016, there were 452,600 shares available for future grants under the Company’s 2011 Long-Term Incentive Plan.

  

Stock-based compensation expense recorded for the three and nine months ended September 30, 2016 was approximately $28 and $34, respectively, as compared to the expense of $57 and $174, respectively, during the three and nine month ended September 30, 2015. For the three month and nine months ended September 30, 2016, the expense reversal is primarily the result of forfeitures of previously expensed awards to our former Chief Financial Officer. At September 30, 2016, the Company had total stock-based compensation expense remaining to be recognized in the consolidated statements of operations of approximately $72.

 

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 nine months ended September 30, 2016 and unrealized losses of $2.4 million for the nine months ended September 30, 2015.