Derivative Liability

12 Months Ended

Dec. 31, 2015

Derivative Liability [Abstract]

DERIVATIVE LIABILITY

NOTE 8 DERIVATIVE LIABILITY

In October 2014, we entered into a forward foreign exchange option contract (sell EUR dollars for RMB), with a notional amount of EUR $60,000, that was settled in March 2015. The settlement amounts were not significant.

At December 31, 2015, the Company had four outstanding forward foreign exchange contracts (sell US dollars for RMB), with total notional amount of US$11.1 million. The fair value of this contract at December 31, 2015, as well as realized losses on this foreign currency derivative activity during 2015 was not significant.