Derivative Liability

9 Months Ended

Sep. 30, 2016

Derivative Liability [Abstract]

DERIVATIVE LIABILITY

NOTE 5 DERIVATIVE LIABILITY

As of September 30, 2016, the Company had one outstanding forward foreign exchange contracts (sell EUR dollars for RMB) with total notional amount of EUR0.65 million. As of December 31, 2015, the Company had four outstanding forward foreign exchange contracts (sell US dollars for RMB), with total notional amount of $11.1 million. The fair value of these contracts as of September 30, 2016 and December 31, 2015, as well as realized gains and losses on these foreign currency derivative activities during 2015 and the nine months ended September 30, 2016 were not significant.