Derivative Liability

12 Months Ended

Dec. 31, 2016

Derivative Liability [Abstract]

DERIVATIVE LIABILITY

NOTE 8 DERIVATIVE LIABILITY

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.

At December 31, 2016, the Company had one outstanding forward foreign exchange contract (sell EUR dollars for RMB), with total notional amount of EUR$0.65 million. The fair value of this contract at December 31, 2016, as well as realized gains on this foreign currency derivative activity during 2016 was not significant.