Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 15, 2016 | Jun. 30, 2015 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | BLONDER TONGUE LABORATORIES INC | ||
Entity Central Index Key | 1,000,683 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 3,499,802 | ||
Trading Symbol | BDR | ||
Entity Common Stock, Shares Outstanding | 6,764,736 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash | $ 9 | $ 232 |
Accounts receivable, net of allowance for doubtful accounts of $239 and $176 | 2,432 | 2,425 |
Inventories | 5,595 | 9,257 |
Prepaid and other current assets | 277 | 651 |
Prepaid benefit costs | 0 | 0 |
Total current assets | 8,313 | 12,565 |
Inventories, net non-current | 1,444 | 1,628 |
Property, plant and equipment, net of accumulated depreciation and amortization | 3,621 | 3,923 |
License agreements, net | 458 | 645 |
Intangible assets, net | 1,784 | 1,962 |
Goodwill | 493 | 493 |
Other assets, net | 117 | 28 |
Total Assets | 16,230 | 21,244 |
Current liabilities: | ||
Line of credit | 2,664 | 1,269 |
Current portion of long-term debt | 3,604 | 286 |
Accounts payable | 1,387 | 1,351 |
Accrued compensation | 388 | 513 |
Accrued benefit pension liability | 54 | 260 |
Income taxes payable | 6 | 24 |
Other accrued expenses | 519 | 101 |
Total current liabilities | 8,622 | 3,804 |
Long-term debt | 110 | 3,607 |
Deferred income taxes | 129 | 95 |
Commitments and contingencies | 0 | 0 |
Stockholders’ equity: | ||
Preferred stock, $.001 par value; authorized 5,000 shares; no shares outstanding | 0 | 0 |
Common stock, $.001 par value; authorized 25,000 shares, 8,465 shares Issued, 6,766 and 6,263 shares outstanding | 8 | 8 |
Paid-in capital | 26,361 | 26,435 |
Accumulated deficit | (12,198) | (4,096) |
Accumulated other comprehensive loss | (1,168) | (1,354) |
Treasury stock, at cost, 1,699 and 2,202 shares | (5,634) | (7,255) |
Total stockholders’ equity | 7,369 | 13,738 |
Total Liabilities and Stockholders' Equity | $ 16,230 | $ 21,244 |
CONSOLIDATED BALANCE SHEETS _Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Allowance for doubtful accounts (in dollars) | $ 239 | $ 176 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000 | 5,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 25,000 | 25,000 |
Common stock, shares issued | 8,465 | 8,465 |
Common Stock, Shares, Outstanding | 6,766 | 6,263 |
Treasury stock, shares | 1,699 | 2,202 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Net sales | $ 20,943 | $ 29,129 |
Cost of goods sold | 16,788 | 18,168 |
Gross profit | 4,155 | 10,961 |
Operating expenses: | ||
Selling expenses | 3,072 | 3,404 |
General and administrative | 4,152 | 4,770 |
Research and development | 3,331 | 3,416 |
Total Operating expenses | 10,555 | 11,590 |
Loss from operations | (6,400) | (629) |
Other expense: | ||
Interest expense | (325) | (242) |
Loss before income taxes | (6,725) | (871) |
Provision for income taxes | 46 | 31 |
Net loss | $ (6,771) | $ (902) |
Net loss per share, basic and diluted (in dollars per share) | $ (1.05) | $ (0.14) |
Weighted average shares outstanding, basic and diluted (in shares) | 6,464 | 6,223 |
Net loss | $ (6,771) | $ (902) |
Changes in accumulated unrealized pension losses, net of taxes | 186 | (686) |
Comprehensive loss | $ (6,585) | $ (1,588) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] |
Balance at Dec. 31, 2013 | $ 15,028 | $ 8 | $ 26,190 | $ (3,194) | $ (668) | $ (7,308) |
Balance (in shares) at Dec. 31, 2013 | 8,465 | |||||
Net loss | (902) | $ 0 | 0 | (902) | 0 | 0 |
Recognized pension gain\loss, net of taxes | (686) | 0 | 0 | 0 | (686) | 0 |
Stock option exercises | 41 | 0 | 0 | 0 | 0 | 41 |
Common stock sale-Executive Purchase Plan | 12 | 0 | 0 | 0 | 0 | 12 |
Stock-based Compensation | 245 | 0 | 245 | 0 | 0 | 0 |
Balance at Dec. 31, 2014 | 13,738 | $ 8 | 26,435 | (4,096) | (1,354) | (7,255) |
Balance (in shares) at Dec. 31, 2014 | 8,465 | |||||
Net loss | (6,771) | $ 0 | 0 | (6,771) | 0 | 0 |
Recognized pension gain\loss, net of taxes | 186 | 0 | 0 | 0 | 186 | 0 |
Issuance of restricted stock awards for treasury stock, 502 shares | 0 | 0 | (290) | (1,331) | 0 | 1,621 |
Stock-based Compensation | 216 | 0 | 216 | 0 | 0 | 0 |
Balance at Dec. 31, 2015 | $ 7,369 | $ 8 | $ 26,361 | $ (12,198) | $ (1,168) | $ (5,634) |
Balance (in shares) at Dec. 31, 2015 | 8,465 |
CONSOLIDATED STATEMENTS OF STO6
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Restricted Stock [Member] | ||
Issuance of restricted stock awards for treasury stock, Number of shares | 502 | 0 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Flows From Operating Activities: | ||
Net loss | $ (6,771) | $ (902) |
Adjustments to reconcile net loss to cash provided by (used in) operating activities: | ||
Depreciation | 490 | 460 |
Amortization | 818 | 955 |
Stock-based compensation expense | 216 | 245 |
Provision for inventory reserves | 2,053 | 474 |
Provision for doubtful accounts | 65 | (20) |
Non cash pension expense | (20) | (11) |
Deferred income taxes | 34 | 32 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (72) | 836 |
Inventories | 1,793 | (269) |
Prepaid and other current assets | 374 | (193) |
Other assets | (89) | 131 |
Income taxes payable | (18) | 0 |
Accounts payable, accrued expenses and accrued compensation | 329 | (123) |
Net cash provided by (used in) operating activities | (798) | 1,615 |
Cash Flows From Investing Activities: | ||
Capital expenditures | (188) | (673) |
Acquisition of licenses | (453) | (554) |
Net cash used in investing activities | (641) | (1,227) |
Cash Flows From Financing Activities: | ||
Net borrowings (repayment) on line of credit | 1,395 | (6) |
Repayments of debt | (279) | (270) |
Borrowings of debt | 100 | 0 |
Proceeds from exercise of stock options | 0 | 41 |
Proceeds from sale of common stock | 0 | 12 |
Net cash provided by (used in) financing activities | 1,216 | (223) |
Net increase (decrease) in cash | (223) | 165 |
Cash, beginning of year | 232 | 67 |
Cash, end of year | 9 | 232 |
Supplemental Cash Flow Information: | ||
Cash paid for interest | 297 | 249 |
Cash paid for income taxes | $ 0 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | Note 1 Summary of Significant Accounting Policies (a) The Company and Basis of Consolidation Blonder Tongue Laboratories, Inc. (together with its consolidated subsidiaries, the “ Company (b) Cash and Cash Equivalents The Company considers all highly liquid debt instruments with a maturity of less than three months at purchase to be cash equivalents. The Company did not have any cash equivalents at December 31, 2015 and 2014. Cash balances at financial institutions are insured by the Federal Deposit Insurance Corporation (“ FDIC (c) Accounts Receivable and Allowance for Doubtful accounts Accounts receivable are customer obligations due under normal trade terms. The Company sells its products primarily to distributors and private cable operators. The Company performs continuing credit evaluations of its customers’ financial condition and although the Company generally does not require collateral, letters of credit may be required from its customers in certain circumstances. Senior management reviews accounts receivable on a monthly basis to determine if any receivables will potentially be uncollectible. The Company includes any accounts receivable balances that are determined to be uncollectible, along with a general reserve based on historical experience, in its overall allowance for doubtful accounts. (d) Inventories Inventories are stated at the lower of cost, determined by the first-in, first-out (“ FIFO The Company periodically analyzes anticipated product sales based on historical results, current backlog and marketing plans. Based on these analyses, the Company anticipates that certain products will not be sold during the next twelve months. Inventories that are not anticipated to be sold in the next twelve months, have been classified as non-current. The Company continually analyzes its slow-moving and excess inventories. Based on historical and projected sales volumes and anticipated selling prices, the Company establishes reserves. Inventory that is in excess of current and projected use is reduced by an allowance to a level that approximates its estimate of future demand. Products that are determined to be obsolete are written down to net realizable value. (e) Property, Plant and Equipment Property, plant and equipment are stated at cost. The Company provides for depreciation generally on the straight-line method based upon estimated useful lives of 3 5 5 7 6 10 10 15 40 (f) Goodwill and Other Intangible Assets The Company accounts for goodwill and intangible assets in accordance with ASC 350 Intangibles - Goodwill and Other Intangible Assets (“ ASC 350 Goodwill represents the excess of the purchase price over the fair value of net assets acquired in business combinations. Accounting principles generally accepted in the United States (“ GAAP The Company’s business includes one goodwill reporting unit. The Company annually reviews goodwill for possible impairment by comparing the fair value of the reporting unit to the carrying value of the assets. If the fair value exceeds the carrying value of the net asset, no goodwill impairment is deemed to exist. If the fair value does not exceed the carrying value, goodwill is tested for impairment and written down to its implied fair value if it is determined to be impaired. The Company performed its annual goodwill impairment test on December 31, 2015 using the step one impairment test comparing the fair value of the entity with its carrying value. Based upon the results, the Company determined that goodwill was not impaired as of December 31, 2015. The Company considers its trade name to have an indefinite life and in accordance with ASC 350, will not be amortized and will be reviewed annually for impairment. Intangible assets are recorded at cost except for assets acquired in a business combination, which are initially recorded at their estimated fair value. Intangible assets with finite lives include customer relationships and non-compete agreements are amortized on a straight-line basis over the estimated useful lives ranging from 5 10 Description Cost Accumulated Amortization Net Amount Customer relationships $ 1,365 $ 535 $ 830 Proprietary technology 349 136 213 Non-compete agreements 248 248 - Amortized intangible assets 1,962 919 1,043 Non-Amortized Trade name 741 - 741 Total $ 2,703 $ 919 $ 1,784 The components of intangible assets that are carried at cost less accumulated amortization at December 31, 2014 are as follows: Description Cost Accumulated Amortization Net Amount Customer relationships $ 1,365 $ 398 $ 967 Proprietary technology 349 102 247 Non-compete agreements 248 241 7 Amortized intangible assets 1,962 741 1,221 Non-Amortized Trade name 741 - 741 Total $ 2,703 $ 741 $ 1,962 Amortization is computed utilizing the straight-line method over the estimated useful lives of 10 10 3 178 254 171 (g) Long-Lived Assets The Company continually monitors events and changes in circumstances that could indicate carrying amounts of the long-lived assets, including intangible assets may not be recoverable. When such events or changes in circumstances occur, the Company assesses recoverability by determining whether the carrying value of such assets will be recovered through the undiscounted expected future cash flows. If the future undiscounted cash flows are less than the carrying amount of these assets, an impairment loss is recognized based on the excess of the carrying amount over the fair value of the assets. The Company did not recognize any intangible asset impairment charges in 2015. (h) Derivative Financial Instruments The Company utilizes interest rate swaps at times to manage interest rate exposures. The Company specifically designates interest rate swaps as hedges of debt instruments and recognizes interest differentials as adjustments to interest expense in the period they occur. The Company did not hold an interest rate swap during the years ended December 31, 2015 or 2014. The Company does not hold or issue financial instruments for trading purposes. (i) Treasury Stock Treasury Stock is recorded at cost. Gains and losses on subsequent reissuance are recorded as increases or decreases to additional paid-in capital with losses in excess of previously recorded gains charged directly to retained earnings. (j) Significant Risks and Uncertainties The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company’s significant estimates include stock compensation and reserves related to accounts receivable, inventory and deferred tax assets. Actual results could differ from those estimates. At December 31, 2015, approximately 30 The Company’s analog video headend products accounted for approximately 17 27 45 49 (k) Royalty and License Expense The Company records royalty expense, as applicable, when the related products are sold. Royalty expense is recorded as a component of selling expenses. Royalty expense was $ 107 (64) December 31, 2015 2014 License agreements $ 5,904 $ 5,451 Accumulated amortization (5,446) (4,806) $ 458 $ 645 Amortization of license fees is computed utilizing the straight-line method over the estimated useful life of 2 years 640 701 353 105 Foreign Exchange The Company uses the United States dollar as its functional and reporting currency since the majority of the Company’s revenues, expenses, assets and liabilities are in the United States and the focus of the Company’s operations is in that country. Assets and liabilities in foreign currencies are translated using the exchange rate at the balance sheet date. Revenues and expenses are translated at average rates of exchange during the year. Gains and losses from foreign currency transactions and translation for the years ended December 31, 2015 and 2014 and cumulative translation gains and losses as of December 31, 2015 and 2014 were not material. (m) Research and Development Research and development expenditures for the Company’s projects are expensed as incurred. (n) R evenue Recognition The Company records revenues when products are shipped and the amount of revenue is determinable and collection is reasonably assured. Customers do not have a right of return. The Company provides a three year warranty on most products. Warranty expense was de minimis (o) Share Based Payments The Company accounts for share based payments in accordance with ASC Topic 718 “Compensation Stock Payments” (“ ASC Topic 718 216 245 The Company estimates the fair value of each stock option grant by using the Black-Scholes option-pricing model with the following weighted average assumptions used for grants: expected lives of 6.5 51 71 1.58 (p) Income Taxes The Company accounts for income taxes under the provisions of the Financial Accounting Standards Board (“ FASB ASC ASC Topic 740 The Company will classify as income tax expense any interest and penalties recognized in accordance with ASC Topic 740. The Company files income tax returns primarily in New Jersey, along with certain other jurisdictions. (q) Earnings (loss) Per Share Earnings (loss) per share are calculated in accordance with ASC Topic 260 “Earnings Per Share,” which provides for the calculation of “basic” and “diluted” earnings (loss) per share. Basic earnings (loss) per share includes no dilution and is computed by dividing net earnings by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share reflect, in periods in which they have a dilutive effect, the effect of common shares issuable upon exercise of stock options. The diluted share base excludes incremental shares of 1,878 910 (r) Other Comprehensive(Loss) Income Comprehensive (loss) income is a measure of income which includes both net (loss) income and other comprehensive (loss) income. Other comprehensive (loss) income results from items deferred from recognition into the statement of operations and principally consists of unrecognized pension losses net of taxes. Accumulated other comprehensive (loss) income is separately presented on the Company’s consolidated balance sheet as part of stockholders’ equity. (s) Subsequent Events The Company evaluates events that have occurred after the balance sheet date but before the financial statements are issued. Based upon the evaluation, the Company did not identify any additional recognized or non-recognized subsequent events that would require adjustment to or disclosure in the consolidated financial statements. (t) Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“ FASB”) (“ASU”) Leases (Topic 842) In January 2016, the FASB issued ASU 2016-01 (“ ASU 2016-01 Financial InstrumentsOverall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes In September 2015, the FASB issued ASU No. 2015-16: “Business Combinations (Topic 805)”. This guidance was issued to amend existing guidance related to measurement period adjustments associated with a business combination. The new standard requires the Company to recognize measurement period adjustments in the reporting period in which the adjustments are determined, including any cumulative charge to earnings in the current period. The amendment removes the requirement to adjust prior period financial statements for these measurement period adjustments. The guidance is effective for annual period beginning after December 15, 2015 and early adoption is permitted. The adoption of this standard will not have a significant impact on the Company’s consolidated financial position and results of operations. In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory: Topic 330 (“ ASU 2015-11” In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)," which is the new comprehensive revenue recognition standard that will supersede all existing revenue recognition guidance under U.S. GAAP. The standard's core principle is that a company will recognize revenue when it transfers promised goods or services to a customer in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. ASU 2015-14, "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date," which was issued in August 2015, revised the effective date for this ASU to annual and interim periods beginning on or after December 15, 2017, with early adoption permitted, but not earlier than the original effective date of annual and interim periods beginning on or after December 15, 2016, for public entities. Entities will have the option of using either a full retrospective approach or a modified approach to adopt the guidance in ASU 2014-09. The Company has not yet determined the effect of the adoption of this standard on the Company’s consolidated financial position and results of operations. The FASB, the Emerging Issues Task Force and the SEC have issued certain other accounting standards updates and regulations as of December 31, 2015 that will become effective in subsequent periods; however, management of the Company does not believe that any of those updates would have significantly affected the Company’s financial accounting measures or disclosures had they been in effect during 2015 or 2014, and it does not believe that any of those pronouncements will have a significant impact on the Company’s consolidated financial statements at the time they become effective. |
Going Concern
Going Concern | 12 Months Ended |
Dec. 31, 2015 | |
Going Concern [Abstract] | |
Going Concern [Text Block] | Note 2 Going Concern The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities and commitments in the normal course of business. During the year ended December 31, 2015, the Company experienced a decline in sales, a reduction in working capital, reported a loss from operations and net cash used in operating activities, in conjunction with liquidity constraints. Furthermore, the Company’s Revolver and Term Loan will expire by their terms on June 1, 2016, unless extended. The above factors raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern. In response to lower than expected sales due to a slowdown in market activities experienced during the fiscal year, the Company implemented a multi-phase cost-reduction program which is expected to reduce annualized expenses by approximately $ 2,850 The Company’s primary sources of liquidity are its existing cash balances, cash generated from operations and amounts available under the Santander Financing and the Subordinated Loan Facility (as such terms are defined in Note 5 below). As of December 31, 2015, the Company had approximately $ 2,664 423 750 The Company cannot provide any assurance that it will be able to refinance its current debt obligations. If the Company is unable to refinance, it may be required to take additional measures to reduce costs in order to conserve its cash in amounts sufficient to sustain operations and meet its obligations, which measures may be insufficient to enable the Company to continue as a going concern. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | Note 3 Inventories December 31, 2015 2014 Raw materials $ 4,820 $ 5,151 Work in process 1,732 3,045 Finished goods 4,913 5,487 11,465 13,683 Less current inventory (5,595) (9,257) 5,870 4,426 Less reserve for slow moving and excess inventory (4,426) (2,798) $ 1,444 $ 1,628 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Note 4 Property, Plant and Equipment December 31, 2015 2014 Land $ 1,000 $ 1,000 Building 3,361 3,361 Machinery and equipment 10,443 10,327 Furniture and fixtures 432 432 Office equipment 2,304 2,261 Building improvements 1,414 1,414 18,954 18,795 Less: Accumulated depreciation and amortization (15,333) (14,872) $ 3,621 $ 3,923 Depreciation expense amounted to approximately $ 490 460 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Note 5 Debt On March 28, 2016 the Company and RLD, as borrowers and Robert J. Pallé , as agent (in such capacity “ Agent as a lender, together with Steven Shea and James H. Williams collectively, Subordinated Lenders Amended and Restated Subordinated Loan Agreement 750 Subordinated Loan Facility 12 PIK Interest 0.54 Subordinated Mortgage” In connection with the Subordinated Loan Agreement, the Company, RLD, the Subordinated Lenders and Santander entered into an Amended and Restated Subordination Agreement 300 The Subordinated Loan Agreement amended and restated a prior agreement entered into on February 11, 2016 between the Company and RLD, as borrowers and Robert J. Pallé and Carol M. Pallé, as lenders (the “ Prior ubordinated Loan Agreement 600 On August 6, 2008, the Company entered into a Revolving Credit, Term Loan and Security Agreement with Santander Bank, N.A. (formerly known as Sovereign Bank, N.A.) through its Sovereign Business Capital division (“ Santander 8,000 Santander Financing Santander Agreement 7,567 4,000 Revolver 3,567 Term Loan Under the Santander Agreement, the Revolver currently bears interest at a rate per annum equal to the prime lending rate announced from time to time by (“Prime”) 3.50 0.43 0.62 0.87 On March 1, 2016, the Company entered into the Fourteenth Amendment to Revolving Credit, Term Loan and Security Agreement with Santander (the “ Fourteenth Amendment In addition, the Fourteenth Amendment amends certain of the Company’s financial covenants. In particular, the amended covenants relaxed the previous balance sheet leverage ratio compliance threshold of 1.25:1.00, and will now require that the Company maintain a balance sheet leverage ratio of not more than (i) 1.85 to 1.00 as of December 31, 2015 and (ii) 2.00 to 1.00 as of March 31, 2016. In addition, the amended covenants relaxed the previous EBITDA compliance threshold and will now require that the Company achieve EBITDA thresholds of not less than (i) negative (-) $3,897 as of December 31, 2015 (calculated on a trailing twelve month basis) and (ii) $50 as of March 31, 2016 (calculated on a trailing three month basis). 500 On February 1, 2016, the Company entered into the Thirteenth Amendment to Revolving Credit, Term Loan and Security Agreement with Santander (the “ Thirteenth Amendment 9,350 8,350 5,000 4,000 On December 16, 2015, the Company entered into the Twelfth Amendment to Revolving Credit, Term Loan and Security Agreement with Santander (the “ Twelfth Amendment On November 14, 2015, the Company entered into the Eleventh Amendment to Revolving Credit, Term Loan and Security Agreement with Santander (the “ Eleventh Amendment 25 35 25 50 On October 14, 2015, the Company entered into the Tenth Amendment to Revolving Credit, Term Loan and Security Agreement with Santander (the “ Tenth Amendment 25 35 25 5 On August 12, 2015, the Company entered into the Ninth Amendment to Revolving Credit, Term Loan and Security Agreement with Santander (the “ Ninth Amendment 20 On May 14, 2015, the Company entered into the Eighth Amendment to Revolving Credit, Term Loan and Security Agreement with Santander (the “ Eighth Amendment 25 35 25 15 On March 30, 2015, Santander agreed to provide the Company with $ 500 Temporary Overadvance Facility 2.5 On January 21, 2015, the Company entered into the Seventh Amendment to Revolving Credit, Term Loan and Security Agreement with Santander (the “ Seventh Amendment 18 February 1, 2016 0.25 15 On March 28, 2014, the Company entered into the Sixth Amendment to Revolving Credit, Term Loan and Security Agreement with Santander (the “ Sixth Amendment 6,000 5,000 50 35 3,000 2,000 45 Upon termination of the Revolver, all outstanding borrowings under the Revolver are due. The outstanding principal balance of the Revolver was $ 2,664 and $ 1,269 and 2014, respectively 18 3,567 and $ 3,783 and 2014, respectively The Santander Agreement contains customary representations and warranties as well as affirmative and negative covenants, including certain financial covenants. The Santander Agreement contains customary events of default, including, among others, non-payment of principal, interest or other amounts when due. The fair value of the debt approximates the recorded value based on the borrowing rates currently available to the Company for loans with similar terms and maturities, as evidenced by the Santander Agreement. December 31, 2015 2014 Term loan $ 3,567 $ 3,783 Subordinated Loan Facility 100 - Capital leases (Note 6) 47 110 3,714 3,893 Less: Current portion (3,604) (286) $ 110 $ 3,607 Annual maturities of long term debt at December 31, 2015 are $ 3,604 10 , and $ 100 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 6 Commitments and Contingencies Leases The Company leases certain real estate, factory, office and automotive equipment under non-cancellable operating leases and equipment under capital leases expiring at various dates through October, 2021. Capital Operating 2016 $ 38 $ 136 2017 9 125 2018 2 107 2019 - 88 2020 - 66 Thereafter - 43 Total future minimum lease payments 49 $ 565 Less: amounts representing interest (2) Present value of minimum lease payments $ 47 Property, plant and equipment included capitalized leases of $ 307 225 225 Rent expense was $ 146 91 Litigation The Company is a party to certain proceedings incidental to the ordinary course of its business, none of which, in the current opinion of management, is likely to have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows. In addition, on June 19, 2012, K Tech Telecommunications, Inc. (“ K Tech District Court K Tech v. Blonder Tongue Laboratories, Inc. and R.L. Drake Holdings, LLC Litigation K Tech Patents Specified Patents K Tech appealed the District Court’s ruling to the U.S. Court of Appeals for the Federal Circuit. On April 16, 2014, the U.S. Court of Appeals for the Federal Circuit affirmed the District Court’s ruling. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | Note 7 Benefit Plans Defined Contribution Plan The Company has a defined contribution plan covering all full time employees qualified under Section 401(k) of the Internal Revenue Code, in which the Company matches a portion of an employee’s salary deferral. The Company’s contributions to this plan were $ 190 218 Defined Benefit Pension Plan Substantially all union employees who met certain requirements of age, length of service and hours worked per year were covered by a Company sponsored non-contributory defined benefit pension plan. Benefits paid to retirees are based upon age at retirement and years of credited service. On August 1, 2006, the plan was frozen. The defined benefit pension plan is closed to new entrants and existing participants do not accrue any additional benefits. The Company complies with minimum funding requirements. The total expense (credit) for this plan was $ (20) (11) The Company recognizes the funded status of its defined benefit pension plan measured as the difference between the fair value of the plan assets and the projected benefit obligation, in the Consolidated Balance Sheets. As of December 31, 2015 and 2014, the funded status related to the defined benefit pension plan was underfunded by $ 54 260 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 8 Related Party Transactions On March 28, 2016, the Company’s current Chief Executive Officer and his wife, together with two of the Company’s independent directors, as lenders, and the Company and R.L. Drake Holdings, LLC (“ RLD On February 11, 2016, the Company’s current Chief Executive Officer and his wife, as lenders, and the Company and R.L. Drake Holdings, LLC (“ RLD a subordinated loan facility of up to $600 As of December 31, 2015 and 2014, the former Chief Executive Officer (who resigned on March 26, 2015) was no longer indebted to the Company. Indebtedness had arisen from a series of cash advances, the latest of which was advanced in February 2002. Payments on this indebtedness ceased in November 2008 when the Chief Executive Officer filed a voluntary petition under Chapter 11 of the United States Bankruptcy Code and the indebtedness became subject to the automatic stay provisions of the United States Bankruptcy Code. On July 29, 2009 a plan of reorganization in connection with the Chief Executive Officer’s bankruptcy case was confirmed by the United States Bankruptcy Court for the District of New Jersey. Under the confirmed plan of reorganization, the Chief Executive Officer was obligated to pay a pro-rata share, with all other unsecured pre-petition obligations, of the excess, if any, of his disposable income after the payment of all administrative claims and other expenses. However, because the Chief Executive Officer did not have any excess disposable income, no distributions pursuant to the plan of reorganization were made to the Company or other similarly situated unsecured creditors. The Chief Executive Officer completed his plan of reorganization, and he received his discharge in bankruptcy in October 2014, relieving him from any further obligation to the Company or other unsecured creditors with regard to his pre-petition obligations. As a result of this discharge, the Company wrote off this indebtedness in the quarter ended December 31, 2014. From May 2010 through December 31, 2014, the Chief Executive Officer made elective payments to the Company, aggregating $ 30 |
Concentration of Credit Risk
Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2015 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | Note 9 Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash deposits and trade accounts receivable. The Company maintains cash balances at several banks located in the northeastern United States of which, at times, may exceed insurance limits and expose the Company to credit risk. As part of its cash management process, the Company periodically reviews the relative credit standing of these banks. Credit risk with respect to trade accounts receivable was concentrated with two of the Company’s customers in both 2015 and 2014, respectively. These customers accounted for approximately 38 49 The Company’s largest customer accounted for approximately 16 16 26 11 10 16 12 26 23 3 4 |
Stock Repurchase Program
Stock Repurchase Program | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Note 10 Stock Repurchase Program On July 24, 2002, the Company commenced a stock repurchase program to acquire up to $ 300 2002 Program 100 2007 Program 72 100 |
Executive Stock Purchase Plan
Executive Stock Purchase Plan | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity and Share-based Payments [Text Block] | Note 11 Executive Stock Purchase Plan On June 16, 2014, the Company’s Board of Directors adopted the Executive Stock Purchase Plan (the “ Plan |
Preferred Stock
Preferred Stock | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Preferred Stock [Text Block] | Note 12 Preferred Stock The Company is authorized to issue 5,000 |
Stock Option Plans
Stock Option Plans | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 13 Stock Option Plans In May 2005, the stockholders of the Company approved the 2005 Employee Equity Incentive Plan (the “ Employee Plan Committee 500 1,100 1,600 2,600 In May 2005, the stockholders of the Company approved the 2005 Director Equity Incentive Plan (the “ Director Plan Board 200 400 600 Weighted- Weighted- 2005 Average 2005 Average Employee Exercise Director Exercise Plan (#) Price ($) Plan (#) Price ($) Shares under option: Options outstanding at January 1, 2014 1,482 1.56 299 1.34 Granted 325 0.94 50 0.88 Exercised (34) 1.20 - - Forfeited (83) 1.62 - - Options outstanding at December 31, 2014 1,690 1.70 349 1.27 Granted 250 0.40 59 0.95 Exercised - - - - Forfeited (476) 1.20 - - Options outstanding at December 31, 2015 1,464 1.33 408 1.22 Options exercisable at December 31, 2015 1,044 1.49 349 1.27 Weighted-average fair value of options granted during: 2015 $ 0.02 $ 0.02 2014 $ 0.72 $ 0.72 852 1,161 Options Outstanding Options Exercisable Weighted- Number of Average Weighted- Weighted- Options Remaining Average Number Average Range of Exercise Outstanding Contractual Exercise Price Exercisable Exercise Price Prices ($) at 12/31/15 Life in Years ($) at 12/31/15 ($) 2005 Employee Plan: 0.40 to 3.84 1,464 5.3 1.33 1,044 1.49 2005 Director Plan: 0.76 to 1.98 408 5.7 1.22 349 1.27 The exercisable options under each of the Plans at December 31, 2015 had an intrinsic value of $ 14 December 31, 2015 December 31, 2014 Weighted- Weighted- Average Average Grant Grant Date Number of Date Fair Value Number of Fair Value shares per Share shares per Share Non-vested, beginning of period - - - - Granted 502 0.58 - - Vested 180 0.40 - - Non-vested, end of period 322 0.68 - - In August 2012, the Company issued a warrant to purchase 100 AMW 1.09 the warrant vested one-third (1/3) on May 23, 2013, one-third (1/3) on May 23, 2014 and one-third (1/3) on May 23, 2015. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Note 14 Income Taxes 2015 2014 Current: Federal - - State and local 12 - $ 12 $ - Deferred: Federal (2,023) (62) State and local (288) 216 (2,311) 154 Valuation allowance 2,345 (123) Provision for income taxes $ 46 $ 31 2015 2014 Provision (benefit) for Federal income taxes at the statutory rate $ (2,286) $ (296) State and local income taxes, net of Federal benefit (379) (28) Permanent differences: Stock compensation 73 83 Other 23 23 Net operating loss true up - 209 Change in valuation allowance 2,345 (123) Other 270 163 Provision (benefit) for income taxes $ 46 $ 31 December 31, 2015 2014 Deferred tax assets: Allowance for doubtful accounts $ 95 $ 71 Inventories 2,161 1,609 Intangible 162 144 Net operating loss carry forward 9,227 7,477 Other 2 2 Total deferred tax assets 11,647 9,303 Deferred tax liabilities: Depreciation (91) (94) Intangible (8) (6) Indefinite life intangibles (129) (95) Total deferred tax liabilities (228) (195) 11,419 9,108 Valuation allowance (11,548) (9,203) Net $ (129) $ (95) For the years ended December 31, 2015, the Company had approximately $ 24,985 12,316 NOL 2024 The change in the valuation allowance for the years ended December 31, 2015 and December 31, 2014 was $ 2,345 (123) In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and taxing strategies in making this assessment. The deferred tax liability related to indefinite life intangible assets cannot be used in this determination. Therefore, the deferred tax liability related to indefinite life intangibles acquired in 2012 cannot be considered when determining the ultimate realization of deferred tax assets. The decision to record this valuation allowance was based on management evaluating all positive and negative evidence. The significant negative evidence includes a loss for the current year, a cumulative pre-tax loss for the three years ended December 31, 2015, the inability to carryback the net operating losses, limited future reversals of existing temporary differences and the limited availability of tax planning strategies. The Company expects to continue to provide a full valuation allowance until, or unless, it can sustain a level of profitability that demonstrates its ability to utilize these assets. The Company had no change in its liability for uncertain tax position during 2015 and no liabilities for uncertain tax positions as of December 31, 2015. ASC 740 discusses the classification of related interest and penalties on income taxes. The Company’s policy is to record interest and penalties incurred in connection with income taxes as a component of income tax expense. No interest or penalties were recorded during the years ended December 31, 2015 and 2014. The Company is required to file U.S. federal and state income tax returns. These returns are subject to audit by tax authorities beginning with the year ended December 31, 2012. |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | (a) The Company and Basis of Consolidation Blonder Tongue Laboratories, Inc. (together with its consolidated subsidiaries, the “ Company |
Cash and Cash Equivalents, Policy [Policy Text Block] | (b) Cash and Cash Equivalents The Company considers all highly liquid debt instruments with a maturity of less than three months at purchase to be cash equivalents. The Company did not have any cash equivalents at December 31, 2015 and 2014. Cash balances at financial institutions are insured by the Federal Deposit Insurance Corporation (“ FDIC |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | (c) Accounts Receivable and Allowance for Doubtful accounts Accounts receivable are customer obligations due under normal trade terms. The Company sells its products primarily to distributors and private cable operators. The Company performs continuing credit evaluations of its customers’ financial condition and although the Company generally does not require collateral, letters of credit may be required from its customers in certain circumstances. Senior management reviews accounts receivable on a monthly basis to determine if any receivables will potentially be uncollectible. The Company includes any accounts receivable balances that are determined to be uncollectible, along with a general reserve based on historical experience, in its overall allowance for doubtful accounts. |
Inventory, Policy [Policy Text Block] | (d) Inventories Inventories are stated at the lower of cost, determined by the first-in, first-out (“ FIFO The Company periodically analyzes anticipated product sales based on historical results, current backlog and marketing plans. Based on these analyses, the Company anticipates that certain products will not be sold during the next twelve months. Inventories that are not anticipated to be sold in the next twelve months, have been classified as non-current. The Company continually analyzes its slow-moving and excess inventories. Based on historical and projected sales volumes and anticipated selling prices, the Company establishes reserves. Inventory that is in excess of current and projected use is reduced by an allowance to a level that approximates its estimate of future demand. Products that are determined to be obsolete are written down to net realizable value. |
Property, Plant and Equipment, Policy [Policy Text Block] | (e) Property, Plant and Equipment Property, plant and equipment are stated at cost. The Company provides for depreciation generally on the straight-line method based upon estimated useful lives of 3 5 5 7 6 10 10 15 40 |
Goodwill and Intangible Assets, Policy [Policy Text Block] | (f) Goodwill and Other Intangible Assets The Company accounts for goodwill and intangible assets in accordance with ASC 350 Intangibles - Goodwill and Other Intangible Assets (“ ASC 350 Goodwill represents the excess of the purchase price over the fair value of net assets acquired in business combinations. Accounting principles generally accepted in the United States (“ GAAP The Company’s business includes one goodwill reporting unit. The Company annually reviews goodwill for possible impairment by comparing the fair value of the reporting unit to the carrying value of the assets. If the fair value exceeds the carrying value of the net asset, no goodwill impairment is deemed to exist. If the fair value does not exceed the carrying value, goodwill is tested for impairment and written down to its implied fair value if it is determined to be impaired. The Company performed its annual goodwill impairment test on December 31, 2015 using the step one impairment test comparing the fair value of the entity with its carrying value. Based upon the results, the Company determined that goodwill was not impaired as of December 31, 2015. The Company considers its trade name to have an indefinite life and in accordance with ASC 350, will not be amortized and will be reviewed annually for impairment. Intangible assets are recorded at cost except for assets acquired in a business combination, which are initially recorded at their estimated fair value. Intangible assets with finite lives include customer relationships and non-compete agreements are amortized on a straight-line basis over the estimated useful lives ranging from 5 10 Description Cost Accumulated Amortization Net Amount Customer relationships $ 1,365 $ 535 $ 830 Proprietary technology 349 136 213 Non-compete agreements 248 248 - Amortized intangible assets 1,962 919 1,043 Non-Amortized Trade name 741 - 741 Total $ 2,703 $ 919 $ 1,784 The components of intangible assets that are carried at cost less accumulated amortization at December 31, 2014 are as follows: Description Cost Accumulated Amortization Net Amount Customer relationships $ 1,365 $ 398 $ 967 Proprietary technology 349 102 247 Non-compete agreements 248 241 7 Amortized intangible assets 1,962 741 1,221 Non-Amortized Trade name 741 - 741 Total $ 2,703 $ 741 $ 1,962 Amortization is computed utilizing the straight-line method over the estimated useful lives of 10 10 3 178 254 171 |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | (g) Long-Lived Assets The Company continually monitors events and changes in circumstances that could indicate carrying amounts of the long-lived assets, including intangible assets may not be recoverable. When such events or changes in circumstances occur, the Company assesses recoverability by determining whether the carrying value of such assets will be recovered through the undiscounted expected future cash flows. If the future undiscounted cash flows are less than the carrying amount of these assets, an impairment loss is recognized based on the excess of the carrying amount over the fair value of the assets. The Company did not recognize any intangible asset impairment charges in 2015. |
Derivatives, Reporting of Derivative Activity [Policy Text Block] | (h) Derivative Financial Instruments The Company utilizes interest rate swaps at times to manage interest rate exposures. The Company specifically designates interest rate swaps as hedges of debt instruments and recognizes interest differentials as adjustments to interest expense in the period they occur. The Company did not hold an interest rate swap during the years ended December 31, 2015 or 2014. The Company does not hold or issue financial instruments for trading purposes. |
Treasury Stock, Policy [Policy Text Block] | (i) Treasury Stock Treasury Stock is recorded at cost. Gains and losses on subsequent reissuance are recorded as increases or decreases to additional paid-in capital with losses in excess of previously recorded gains charged directly to retained earnings. |
Risk and Uncertainty Policy [Text Block] | (j) Significant Risks and Uncertainties The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company’s significant estimates include stock compensation and reserves related to accounts receivable, inventory and deferred tax assets. Actual results could differ from those estimates. At December 31, 2015, approximately 30 The Company’s analog video headend products accounted for approximately 17 27 45 49 |
Revenue Recognition, Services, Royalty Fees [Policy Text Block] | (k) Royalty and License Expense The Company records royalty expense, as applicable, when the related products are sold. Royalty expense is recorded as a component of selling expenses. Royalty expense was $ 107 (64) December 31, 2015 2014 License agreements $ 5,904 $ 5,451 Accumulated amortization (5,446) (4,806) $ 458 $ 645 Amortization of license fees is computed utilizing the straight-line method over the estimated useful life of 2 years 640 701 353 105 |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Exchange The Company uses the United States dollar as its functional and reporting currency since the majority of the Company’s revenues, expenses, assets and liabilities are in the United States and the focus of the Company’s operations is in that country. Assets and liabilities in foreign currencies are translated using the exchange rate at the balance sheet date. Revenues and expenses are translated at average rates of exchange during the year. Gains and losses from foreign currency transactions and translation for the years ended December 31, 2015 and 2014 and cumulative translation gains and losses as of December 31, 2015 and 2014 were not material. |
Research and Development Expense, Policy [Policy Text Block] | (m) Research and Development Research and development expenditures for the Company’s projects are expensed as incurred. |
Revenue Recognition, Policy [Policy Text Block] | (n) R evenue Recognition The Company records revenues when products are shipped and the amount of revenue is determinable and collection is reasonably assured. Customers do not have a right of return. The Company provides a three year warranty on most products. Warranty expense was de minimis |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | (o) Share Based Payments The Company accounts for share based payments in accordance with ASC Topic 718 “Compensation Stock Payments” (“ ASC Topic 718 216 245 The Company estimates the fair value of each stock option grant by using the Black-Scholes option-pricing model with the following weighted average assumptions used for grants: expected lives of 6.5 51 71 1.58 |
Income Tax, Policy [Policy Text Block] | (p) Income Taxes The Company accounts for income taxes under the provisions of the Financial Accounting Standards Board (“ FASB ASC ASC Topic 740 The Company will classify as income tax expense any interest and penalties recognized in accordance with ASC Topic 740. The Company files income tax returns primarily in New Jersey, along with certain other jurisdictions. |
Earnings Per Share, Policy [Policy Text Block] | (q) Earnings (loss) Per Share Earnings (loss) per share are calculated in accordance with ASC Topic 260 “Earnings Per Share,” which provides for the calculation of “basic” and “diluted” earnings (loss) per share. Basic earnings (loss) per share includes no dilution and is computed by dividing net earnings by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share reflect, in periods in which they have a dilutive effect, the effect of common shares issuable upon exercise of stock options. The diluted share base excludes incremental shares of 1,878 910 |
Comprehensive Income, Policy [Policy Text Block] | (r) Other Comprehensive(Loss) Income Comprehensive (loss) income is a measure of income which includes both net (loss) income and other comprehensive (loss) income. Other comprehensive (loss) income results from items deferred from recognition into the statement of operations and principally consists of unrecognized pension losses net of taxes. Accumulated other comprehensive (loss) income is separately presented on the Company’s consolidated balance sheet as part of stockholders’ equity. |
Subsequent Events, Policy [Policy Text Block] | (s) Subsequent Events The Company evaluates events that have occurred after the balance sheet date but before the financial statements are issued. Based upon the evaluation, the Company did not identify any additional recognized or non-recognized subsequent events that would require adjustment to or disclosure in the consolidated financial statements. |
New Accounting Pronouncements, Policy [Policy Text Block] | (t) Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“ FASB”) (“ASU”) Leases (Topic 842) In January 2016, the FASB issued ASU 2016-01 (“ ASU 2016-01 Financial InstrumentsOverall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes In September 2015, the FASB issued ASU No. 2015-16: “Business Combinations (Topic 805)”. This guidance was issued to amend existing guidance related to measurement period adjustments associated with a business combination. The new standard requires the Company to recognize measurement period adjustments in the reporting period in which the adjustments are determined, including any cumulative charge to earnings in the current period. The amendment removes the requirement to adjust prior period financial statements for these measurement period adjustments. The guidance is effective for annual period beginning after December 15, 2015 and early adoption is permitted. The adoption of this standard will not have a significant impact on the Company’s consolidated financial position and results of operations. In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory: Topic 330 (“ ASU 2015-11” In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)," which is the new comprehensive revenue recognition standard that will supersede all existing revenue recognition guidance under U.S. GAAP. The standard's core principle is that a company will recognize revenue when it transfers promised goods or services to a customer in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. ASU 2015-14, "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date," which was issued in August 2015, revised the effective date for this ASU to annual and interim periods beginning on or after December 15, 2017, with early adoption permitted, but not earlier than the original effective date of annual and interim periods beginning on or after December 15, 2016, for public entities. Entities will have the option of using either a full retrospective approach or a modified approach to adopt the guidance in ASU 2014-09. The Company has not yet determined the effect of the adoption of this standard on the Company’s consolidated financial position and results of operations. The FASB, the Emerging Issues Task Force and the SEC have issued certain other accounting standards updates and regulations as of December 31, 2015 that will become effective in subsequent periods; however, management of the Company does not believe that any of those updates would have significantly affected the Company’s financial accounting measures or disclosures had they been in effect during 2015 or 2014, and it does not believe that any of those pronouncements will have a significant impact on the Company’s consolidated financial statements at the time they become effective. |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Description Cost Accumulated Amortization Net Amount Customer relationships $ 1,365 $ 535 $ 830 Proprietary technology 349 136 213 Non-compete agreements 248 248 - Amortized intangible assets 1,962 919 1,043 Non-Amortized Trade name 741 - 741 Total $ 2,703 $ 919 $ 1,784 The components of intangible assets that are carried at cost less accumulated amortization at December 31, 2014 are as follows: Description Cost Accumulated Amortization Net Amount Customer relationships $ 1,365 $ 398 $ 967 Proprietary technology 349 102 247 Non-compete agreements 248 241 7 Amortized intangible assets 1,962 741 1,221 Non-Amortized Trade name 741 - 741 Total $ 2,703 $ 741 $ 1,962 |
Schedule of finite Lived License Agreement [Table Text Block] | The components of intangible assets consisting of license agreements that are carried at cost less accumulated amortization are as follows: December 31, 2015 2014 License agreements $ 5,904 $ 5,451 Accumulated amortization (5,446) (4,806) $ 458 $ 645 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories, net of reserves, are summarized as follows: December 31, 2015 2014 Raw materials $ 4,820 $ 5,151 Work in process 1,732 3,045 Finished goods 4,913 5,487 11,465 13,683 Less current inventory (5,595) (9,257) 5,870 4,426 Less reserve for slow moving and excess inventory (4,426) (2,798) $ 1,444 $ 1,628 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment are summarized as follows: December 31, 2015 2014 Land $ 1,000 $ 1,000 Building 3,361 3,361 Machinery and equipment 10,443 10,327 Furniture and fixtures 432 432 Office equipment 2,304 2,261 Building improvements 1,414 1,414 18,954 18,795 Less: Accumulated depreciation and amortization (15,333) (14,872) $ 3,621 $ 3,923 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | Long-term debt consists of the following: December 31, 2015 2014 Term loan $ 3,567 $ 3,783 Subordinated Loan Facility 100 - Capital leases (Note 6) 47 110 3,714 3,893 Less: Current portion (3,604) (286) $ 110 $ 3,607 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Future minimum rental payments, required for all non-cancellable leases are as follows: Capital Operating 2016 $ 38 $ 136 2017 9 125 2018 2 107 2019 - 88 2020 - 66 Thereafter - 43 Total future minimum lease payments 49 $ 565 Less: amounts representing interest (2) Present value of minimum lease payments $ 47 |
Stock Option Plans (Tables)
Stock Option Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
Schedule of Share-based Compensation, Activity [Table Text Block] | The following tables summarize information about stock options outstanding for the years ended December 31, 2015 and 2014: Weighted- Weighted- 2005 Average 2005 Average Employee Exercise Director Exercise Plan (#) Price ($) Plan (#) Price ($) Shares under option: Options outstanding at January 1, 2014 1,482 1.56 299 1.34 Granted 325 0.94 50 0.88 Exercised (34) 1.20 - - Forfeited (83) 1.62 - - Options outstanding at December 31, 2014 1,690 1.70 349 1.27 Granted 250 0.40 59 0.95 Exercised - - - - Forfeited (476) 1.20 - - Options outstanding at December 31, 2015 1,464 1.33 408 1.22 Options exercisable at December 31, 2015 1,044 1.49 349 1.27 Weighted-average fair value of options granted during: 2015 $ 0.02 $ 0.02 2014 $ 0.72 $ 0.72 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Total options available for grant were 852 1,161 Options Outstanding Options Exercisable Weighted- Number of Average Weighted- Weighted- Options Remaining Average Number Average Range of Exercise Outstanding Contractual Exercise Price Exercisable Exercise Price Prices ($) at 12/31/15 Life in Years ($) at 12/31/15 ($) 2005 Employee Plan: 0.40 to 3.84 1,464 5.3 1.33 1,044 1.49 2005 Director Plan: 0.76 to 1.98 408 5.7 1.22 349 1.27 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Restricted stock issued to employees and directors during the years ended December 31, 2015 and 2014, respectively is as follows: December 31, 2015 December 31, 2014 Weighted- Weighted- Average Average Grant Grant Date Number of Date Fair Value Number of Fair Value shares per Share shares per Share Non-vested, beginning of period - - - - Granted 502 0.58 - - Vested 180 0.40 - - Non-vested, end of period 322 0.68 - - |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The following summarizes the provision (benefit) for income taxes: 2015 2014 Current: Federal - - State and local 12 - $ 12 $ - Deferred: Federal (2,023) (62) State and local (288) 216 (2,311) 154 Valuation allowance 2,345 (123) Provision for income taxes $ 46 $ 31 |
Schedule Of Components Of Income Tax Expense Benefit Domestic and Foreign [Table Text Block] | The provision (benefit) for income taxes differs from the amounts computed by applying the applicable Federal statutory rates due to the following: 2015 2014 Provision (benefit) for Federal income taxes at the statutory rate $ (2,286) $ (296) State and local income taxes, net of Federal benefit (379) (28) Permanent differences: Stock compensation 73 83 Other 23 23 Net operating loss true up - 209 Change in valuation allowance 2,345 (123) Other 270 163 Provision (benefit) for income taxes $ 46 $ 31 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Significant components of the Company’s deferred tax assets and liabilities are as follows: December 31, 2015 2014 Deferred tax assets: Allowance for doubtful accounts $ 95 $ 71 Inventories 2,161 1,609 Intangible 162 144 Net operating loss carry forward 9,227 7,477 Other 2 2 Total deferred tax assets 11,647 9,303 Deferred tax liabilities: Depreciation (91) (94) Intangible (8) (6) Indefinite life intangibles (129) (95) Total deferred tax liabilities (228) (195) 11,419 9,108 Valuation allowance (11,548) (9,203) Net $ (129) $ (95) |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Summary of Significant Accounting Policies [Line Items] | ||
Cost | $ 2,703 | $ 2,703 |
Accumulated Amortization | 919 | 741 |
Net Amount | 1,784 | 1,962 |
Customer Relationships [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Cost | 1,365 | 1,365 |
Accumulated Amortization | 535 | 398 |
Net Amount | 830 | 967 |
Proprietary Technology [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Cost | 349 | 349 |
Accumulated Amortization | 136 | 102 |
Net Amount | 213 | 247 |
Noncompete Agreements [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Cost | 248 | 248 |
Accumulated Amortization | 248 | 241 |
Net Amount | 0 | 7 |
Amortized Intangible Assets [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Cost | 1,962 | 1,962 |
Accumulated Amortization | 919 | 741 |
Net Amount | 1,043 | 1,221 |
Non Amortized Trade Name [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Cost | 741 | 741 |
Accumulated Amortization | 0 | 0 |
Net Amount | $ 741 | $ 741 |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Details1) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Summary of Significant Accounting Policies [Line Items] | ||
License agreements | $ 5,904 | $ 5,451 |
Accumulated amortization | (5,446) | (4,806) |
License Agreements, Net | $ 458 | $ 645 |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Details Textual) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Summary of Significant Accounting Policies [Line Items] | ||
Amortization of Intangible Assets | $ 178 | $ 254 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 171 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 171 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 171 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 171 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 171 | |
Multiemployer Plans, Collective-Bargaining Arrangement, Percentage of Employer's Participants | 30.00% | |
Royalty Expense | $ 107 | (64) |
Stock or Unit Option Plan Expense | $ 216 | $ 245 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years 6 months | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate | 51.00% | 71.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.25% | 1.58% |
Incremental Common Shares Attributable to Call Options and Warrants | 1,878 | 910 |
Finite-Lived Intangible Assets, Amortization Method | 2 years | |
Amortization | $ 818 | $ 955 |
Customer Relationships [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Finite-Lived Intangible Assets, Amortization Method | 10 | |
Proprietary Technology [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Finite-Lived Intangible Assets, Amortization Method | 10 | |
Noncompete Agreements [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Finite-Lived Intangible Assets, Amortization Method | 3 | |
Analog Video Headend Products [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Concentration Risk, Percentage | 17.00% | 27.00% |
Digital Video Headend Products [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Concentration Risk, Percentage | 45.00% | 49.00% |
Minimum [Member] | Customer Relationships [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 5 years | |
Maximum [Member] | Customer Relationships [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 10 years | |
Office Equipment [Member] | Minimum [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 3 years | |
Office Equipment [Member] | Maximum [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 5 years | |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 5 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 7 years | |
Machinery and Equipment [Member] | Minimum [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 6 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 10 years | |
Building Improvements [Member] | Minimum [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 10 years | |
Building Improvements [Member] | Maximum [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 15 years | |
Manufacturing Facility [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 40 years | |
License [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 353 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 105 | |
Amortization | $ 640 | $ 701 |
Going Concern (Details Textual)
Going Concern (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Going Concern [Line Items] | ||
Long-Term Line Of Credit | $ 2,664 | $ 1,269 |
Line Of Credit Facility, Maximum Borrowing Capacity | 750 | |
Two-phase cost-reduction program [Member] | ||
Going Concern [Line Items] | ||
Expected Decrease in Annual Expense | 2,850 | |
Revolving Credit Facility [Member] | ||
Going Concern [Line Items] | ||
Long-Term Line Of Credit | 2,664 | $ 1,269 |
Line of Credit Facility, Remaining Borrowing Capacity | $ 423 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory [Line Items] | ||
Raw materials | $ 4,820 | $ 5,151 |
Work in process | 1,732 | 3,045 |
Finished goods | 4,913 | 5,487 |
Inventory, gross | 11,465 | 13,683 |
Less current inventory | (5,595) | (9,257) |
Inventory Value Before Reserves | 5,870 | 4,426 |
Less reserve for slow moving and excess inventory | (4,426) | (2,798) |
Inventories, net non-current | $ 1,444 | $ 1,628 |
Property, Plant and Equipment35
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Land | $ 1,000 | $ 1,000 |
Building | 3,361 | 3,361 |
Machinery and equipment | 10,443 | 10,327 |
Furniture and fixtures | 432 | 432 |
Office equipment | 2,304 | 2,261 |
Building improvements | 1,414 | 1,414 |
Property, Plant and Equipment, Gross | 18,954 | 18,795 |
Less: Accumulated depreciation and amortization | (15,333) | (14,872) |
Property, Plant and Equipment, Net | $ 3,621 | $ 3,923 |
Property, Plant and Equipment36
Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation | $ 490 | $ 460 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Term loan | $ 3,567 | $ 3,783 |
Subordinated Loan Facility | 100 | 0 |
Capital leases (Note 6) | 47 | 110 |
Long-term Debt | 3,714 | 3,893 |
Less: Current portion | (3,604) | (286) |
Long Term Debt Noncurrent | $ 110 | $ 3,607 |
Debt (Details Textual)
Debt (Details Textual) - USD ($) | Nov. 14, 2015 | Oct. 14, 2015 | Aug. 12, 2015 | Aug. 06, 2008 | Mar. 30, 2015 | Jan. 21, 2015 | Mar. 01, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 30, 2016 | Mar. 28, 2016 | Feb. 11, 2016 | Feb. 01, 2016 | May. 14, 2015 | Apr. 24, 2015 | Mar. 28, 2014 |
Debt Instrument [Line Items] | ||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 750,000 | |||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 3,604,000 | |||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 10,000 | |||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 100,000 | |||||||||||||||
Long-Term Line Of Credit | $ 2,664,000 | $ 1,269,000 | ||||||||||||||
Eighth Amendment [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Revolving Credit Advances Rate | 25.00% | |||||||||||||||
Debt Instrument, Fee Amount | $ 15,000 | |||||||||||||||
Sixth Amendment [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of Credit Facility, Interest Rate Description | 25% effective on or about June 27, 2014 | |||||||||||||||
Amendment Fee | $ 45,000 | |||||||||||||||
Tenth Amendment [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Amendment Fee | $ 5,000 | |||||||||||||||
Revolving Credit Advances Rate | 25.00% | |||||||||||||||
Eleventh Amendment [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Amendment Fee | $ 50,000 | |||||||||||||||
Revolving Credit Advances Rate | 25.00% | |||||||||||||||
Maximum [Member] | Sixth Amendment [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 6,000,000 | |||||||||||||||
Revolving Credit Advances Against Eligible Inventory Eligible | $ 3,000,000 | |||||||||||||||
Revolving Credit Advances Rate | 50.00% | |||||||||||||||
Minimum [Member] | Sixth Amendment [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000,000 | |||||||||||||||
Revolving Credit Advances Against Eligible Inventory Eligible | $ 2,000,000 | |||||||||||||||
Revolving Credit Advances Rate | 35.00% | |||||||||||||||
Revolving Credit Facility [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of Credit Facility, Interest Rate Description | Santander (Prime) plus 1.50% or the LIBOR rate plus 4.25%. | |||||||||||||||
Line of Credit Facility, Periodic Payment, Principal | $ 18,000 | |||||||||||||||
Long-Term Line Of Credit | $ 2,664,000 | $ 1,269,000 | ||||||||||||||
Revolving Credit Facility [Member] | Maximum [Member] | Eighth Amendment [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Revolving Credit Advances Rate | 35.00% | |||||||||||||||
Revolving Credit Facility [Member] | Maximum [Member] | Tenth Amendment [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Revolving Credit Advances Rate | 35.00% | |||||||||||||||
Revolving Credit Facility [Member] | Maximum [Member] | Eleventh Amendment [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Revolving Credit Advances Rate | 35.00% | |||||||||||||||
Revolving Credit Facility [Member] | Minimum [Member] | Eighth Amendment [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Revolving Credit Advances Rate | 25.00% | |||||||||||||||
Revolving Credit Facility [Member] | Minimum [Member] | Tenth Amendment [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Revolving Credit Advances Rate | 25.00% | |||||||||||||||
Revolving Credit Facility [Member] | Minimum [Member] | Eleventh Amendment [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Revolving Credit Advances Rate | 25.00% | |||||||||||||||
Revolving Credit Facility [Member] | Subsequent Event [Member] | Thirteenth Amendment [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,000,000 | $ 5,000,000 | ||||||||||||||
Revolving Credit Facility [Member] | Subsequent Event [Member] | Fourteenth Amendment [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 500,000 | |||||||||||||||
Debt Instrument, Covenant Compliance | In addition, the Fourteenth Amendment amends certain of the Companys financial covenants. In particular, the amended covenants relaxed the previous balance sheet leverage ratio compliance threshold of 1.25:1.00, and will now require that the Company maintain a balance sheet leverage ratio of not more than (i) 1.85 to 1.00 as of December 31, 2015 and (ii) 2.00 to 1.00 as of March 31, 2016. In addition, the amended covenants relaxed the previous EBITDA compliance threshold and will now require that the Company achieve EBITDA thresholds of not less than (i) negative (-) $3,897 as of December 31, 2015 (calculated on a trailing twelve month basis) and (ii) $50 as of March 31, 2016 (calculated on a trailing three month basis). | |||||||||||||||
Term Loan Credit Facility [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of Credit Facility, Interest Rate Description | Prime plus 1.75% or the LIBOR rate plus 4.50%. | |||||||||||||||
Long-Term Line Of Credit | $ 3,567,000 | $ 3,783,000 | ||||||||||||||
Amendment Fee | $ 15,000 | |||||||||||||||
Term Loan Credit Facility [Member] | Seventh Amendment [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of Credit Facility, Periodic Payment, Principal | $ 18,000 | |||||||||||||||
Debt Instrument, Maturity Date | Feb. 1, 2016 | |||||||||||||||
Line of Credit Facility, Interest Rate During Period | 0.25% | |||||||||||||||
Term Loan Credit Facility [Member] | Subsequent Event [Member] | Thirteenth Amendment [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 8,350,000 | $ 9,350,000 | ||||||||||||||
Subordinated Loan Facility [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 600,000 | |||||||||||||||
Subordinated Loan Facility [Member] | Subsequent Event [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 750,000 | |||||||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 300,000 | |||||||||||||||
Line of Credit Facility, Interest Rate at Period End | 12.00% | |||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ 0.54 | |||||||||||||||
Santander Bank [Member] | Ninth Amendment [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Amendment Fee | $ 20,000 | |||||||||||||||
Santander Bank [Member] | Revolving Credit Facility [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of Credit Facility, Increase (Decrease), Other, Net | $ 8,000,000 | |||||||||||||||
Long-Term Line Of Credit | 4,000,000 | |||||||||||||||
Line Of Credit Facility Interest Rate Period At One Month | 0.43% | |||||||||||||||
Line Of Credit Facility Interest Rate Period At Three Months | 0.62% | |||||||||||||||
Line Of Credit Facility Interest Rate Period At Six Months | 0.87% | |||||||||||||||
Line of Credit Facility, Interest Rate During Period | 3.50% | |||||||||||||||
Line Of Credit Temporary Over Advance Facility | $ 500,000 | |||||||||||||||
Debt Instrument, Fee Amount | $ 2,500 | |||||||||||||||
Santander Bank [Member] | Revolving Credit Facility [Member] | Seventh Amendment [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-Term Line Of Credit | 7,567,000 | |||||||||||||||
Santander Bank [Member] | Term Loan Credit Facility [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-Term Line Of Credit | $ 3,567,000 |
Commitments and Contingencies39
Commitments and Contingencies (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Loss Contingencies [Line Items] | |
2016-Capital | $ 38 |
2017-Capital | 9 |
2018-Capital | 2 |
2019-Capital | 0 |
2020-Capital | 0 |
Thereafter-Capital | 0 |
Total future minimum lease payments | 49 |
Less: amounts representing interest | (2) |
Present value of minimum lease payments | 47 |
2016-Operating | 136 |
2017-Operating | 125 |
2018-Operating | 107 |
2019-Operating | 88 |
2020-Operating | 66 |
Thereafter-Operating | 43 |
Total future minimum lease payments | $ 565 |
Commitments and Contingencies40
Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Loss Contingencies [Line Items] | ||
Capital Leased Assets, Gross | $ 307 | $ 307 |
Accumulated Amortization | 225 | 225 |
Operating Leases, Rent Expense | $ 146 | $ 91 |
Lease Expiration Date | Oct. 31, 2021 |
Benefit Plans (Details Textual)
Benefit Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 190 | $ 218 |
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | 54 | 260 |
Pension Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Pension and Other Postretirement Benefit Expense | $ (20) | $ (11) |
Related Party Transactions (Det
Related Party Transactions (Details Textual) - USD ($) $ in Thousands | 56 Months Ended | |||
Dec. 31, 2014 | Mar. 28, 2016 | Feb. 11, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | ||||
Line Of Credit Facility, Maximum Borrowing Capacity | $ 750 | |||
Chief Executive Officer [Member] | ||||
Related Party Transaction [Line Items] | ||||
Payments For Aggregate Indebtedness | $ 30 | |||
Chief Executive Officer [Member] | Subsequent Event [Member] | ||||
Related Party Transaction [Line Items] | ||||
Line Of Credit Facility, Maximum Borrowing Capacity | $ 750 | $ 600 |
Concentration of Credit Risk (D
Concentration of Credit Risk (Details Textual) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Concentration Risk [Line Items] | ||
Percentage Of Trade Accounts Receivable | 38.00% | 49.00% |
Customer One [Member] | Sales Revenue [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 16.00% | 16.00% |
Customer One [Member] | Accounts Receivable [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 16.00% | 26.00% |
Customer Two [Member] | Sales Revenue [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 11.00% | |
Customer Three [Member] | Sales Revenue [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 10.00% | |
Customer Four [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 16.00% | |
Customer Five [Member] | Accounts Receivable [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 12.00% | |
Customer Six [Member] | Accounts Receivable [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 26.00% | 23.00% |
Foreign Tax Authority [Member] | Sales Revenue [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 3.00% | 4.00% |
Stock Repurchase Program (Detai
Stock Repurchase Program (Details Textual) - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2014 | Feb. 13, 2007 | Jul. 24, 2002 |
Program2002 [Member] | |||
Option Indexed to Issuers Equity [Line Items] | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 300 | ||
Common Stock [Member] | Program2002 [Member] | |||
Option Indexed to Issuers Equity [Line Items] | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 72 | ||
Common Stock [Member] | Program2007 [Member] | |||
Option Indexed to Issuers Equity [Line Items] | |||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 100 | 100 |
Executive Stock Purchase Plan (
Executive Stock Purchase Plan (Details Textual) - shares shares in Thousands | Dec. 31, 2015 | Jun. 16, 2014 |
Executive Stock Purchase Plan [Member] | ||
Class of Stock [Line Items] | ||
Stock Repurchase Program, Number Of Shares Authorized To Be Repurchased | 13 | 250 |
Preferred Stock (Details Textua
Preferred Stock (Details Textual) - shares shares in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Option Indexed to Issuers Equity [Line Items] | ||
Preferred stock, shares authorized | 5,000 | 5,000 |
Stock Option Plans (Details)
Stock Option Plans (Details) - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Plan 2005 [Member] | ||
Shares under option: | ||
Options outstanding-Shares | 1,690 | 1,482 |
Granted-Shares | 250 | 325 |
Exercised - Shares | 0 | (34) |
Forfeited-Shares | (476) | (83) |
Options outstanding-Shares | 1,464 | 1,690 |
Options Exercisable-Shares | 1,044 | |
Options outstanding-Weighted Average Exercise Price | $ 1.70 | $ 1.56 |
Granted-Weighted Average Exercise Price | 0.40 | 0.94 |
Exercised-Weighted Average Exercise Price | 0 | 1.20 |
Forfeited-Weighted Average Exercise Price | 1.20 | 1.62 |
Options outstanding-Weighted Average Exercise Price | 1.33 | 1.70 |
Options exercisable-Weighted Average Exercise Price | 1.49 | |
Weighted-average fair value of options granted during: | ||
Weighted-average fair value of options granted | $ 0.02 | $ 0.72 |
Director Plan 2005 [Member] | ||
Shares under option: | ||
Options outstanding-Shares | 349 | 299 |
Granted-Shares | 59 | 50 |
Exercised - Shares | 0 | 0 |
Forfeited-Shares | 0 | 0 |
Options outstanding-Shares | 408 | 349 |
Options Exercisable-Shares | 349 | |
Options outstanding-Weighted Average Exercise Price | $ 1.27 | $ 1.34 |
Granted-Weighted Average Exercise Price | 0.95 | 0.88 |
Exercised-Weighted Average Exercise Price | 0 | 0 |
Forfeited-Weighted Average Exercise Price | 0 | 0 |
Options outstanding-Weighted Average Exercise Price | 1.22 | 1.27 |
Options exercisable-Weighted Average Exercise Price | 1.27 | |
Weighted-average fair value of options granted during: | ||
Weighted-average fair value of options granted | $ 0.02 | $ 0.72 |
Stock Option Plans (Details 1)
Stock Option Plans (Details 1) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Plan 2005 [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Options Outstanding, Number | 1,464 | ||
Options Outstanding, Weighted-Average Remaining Contractual Life in Years | 5 years 3 months 18 days | ||
Options Outstanding, Weighted-Average Exercise Price | $ 1.33 | $ 1.70 | $ 1.56 |
Options Exercisable, Number | 1,044 | ||
Options Exercisable, Weighted-Average Exercise Price | $ 1.49 | ||
Exercise Price Range, Lower Range Limit | 0.40 | ||
Exercise Price Range, Upper Range Limit | $ 3.84 | ||
Director Plan 2005 [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Options Outstanding, Number | 408 | ||
Options Outstanding, Weighted-Average Remaining Contractual Life in Years | 5 years 8 months 12 days | ||
Options Outstanding, Weighted-Average Exercise Price | $ 1.22 | $ 1.27 | $ 1.34 |
Options Exercisable, Number | 349 | ||
Options Exercisable, Weighted-Average Exercise Price | $ 1.27 | ||
Exercise Price Range, Lower Range Limit | 0.76 | ||
Exercise Price Range, Upper Range Limit | $ 1.98 |
Stock Option Plans (Details 2)
Stock Option Plans (Details 2) - Restricted Stock [Member] - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Non-vested, Number of shares, Beginning | 0 | 0 |
Non-vested, Number of shares, Granted | 502 | 0 |
Non-vested, Number of shares, Vested | 180 | 0 |
Non-vested, Number of shares, Ending | 322 | 0 |
Non-vested, Weighted Average Grant Date Fair Value, Beginning | $ 0 | $ 0 |
Non-vested, Weighted Average Grant Date Fair Value, Granted | 0.58 | 0 |
Non-vested, Weighted Average Grant Date Fair Value, Vested | 0.40 | 0 |
Non-vested, Weighted Average Grant Date Fair Value, Ending | $ 0.68 | $ 0 |
Stock Option Plans (Details Tex
Stock Option Plans (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |
Aug. 31, 2012 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 852 | 1,161 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 14 | ||
Common stock, shares issued | 8,465 | 8,465 | |
Warrant [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Common stock, shares issued | 100 | ||
Vesting Period Of Warrant Description | the warrant vested one-third (1/3) on May 23, 2013, one-third (1/3) on May 23, 2014 and one-third (1/3) on May 23, 2015. | ||
Options exercisable-Weighted Average Exercise Price | $ 1.09 | ||
Employee Plan 2005 [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award | 500 | ||
Options exercisable-Weighted Average Exercise Price | $ 1.49 | ||
Director Plan 2005 [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 200 | ||
Options exercisable-Weighted Average Exercise Price | $ 1.27 | ||
May 2007 Amended Employee Plan [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Period Increase (Decrease) | 1,100 | ||
May 2010 Amended Employee Plan [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Period Increase (Decrease) | 1,600 | ||
May 2010 Amended Director Plan [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Period Increase (Decrease) | 400 | ||
May2014 Amended Employee Plan [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Period Increase (Decrease) | 2,600 | ||
May 2014 Amended Director Plan [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Period Increase (Decrease) | 600 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Current: | ||
Federal | $ 0 | $ 0 |
State and local | 12 | 0 |
Current Income Tax Expense (Benefit) | 12 | 0 |
Deferred: | ||
Federal | (2,023) | (62) |
State and local | (288) | 216 |
Deferred Income Tax Expense (Benefit) | (2,311) | 154 |
Valuation allowance | 2,345 | (123) |
Provision for income taxes | $ 46 | $ 31 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Holiday [Line Items] | ||
Provision (benefit) for Federal income taxes at the statutory rate | $ (2,286) | $ (296) |
State and local income taxes, net of Federal benefit | (379) | (28) |
Permanent differences: | ||
Stock compensation | 73 | 83 |
Other | 23 | 23 |
Net operating loss true up | 0 | 209 |
Change in valuation allowance | 2,345 | (123) |
Other | 270 | 163 |
Provision for income taxes | $ 46 | $ 31 |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Allowance for doubtful accounts | $ 95 | $ 71 |
Inventories | 2,161 | 1,609 |
Intangible | 162 | 144 |
Net operating loss carry forward | 9,227 | 7,477 |
Other | 2 | 2 |
Total deferred tax assets | 11,647 | 9,303 |
Deferred tax liabilities: | ||
Depreciation | (91) | (94) |
Intangible | (8) | (6) |
Indefinite life intangibles | (129) | (95) |
Total deferred tax liabilities | (228) | (195) |
Deferred Tax Assets, Net | 11,419 | 9,108 |
Valuation allowance | (11,548) | (9,203) |
Net | $ (129) | $ (95) |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Holiday [Line Items] | ||
Valuation allowance | $ 2,345 | $ (123) |
Federal [Member] | ||
Income Tax Holiday [Line Items] | ||
Tax benefit for utilization of fully reserved net operating losses | $ 24,985 | |
Operating Loss Carry forwards Expiration Date1 | 2,024 | |
State and Local Jurisdiction [Member] | ||
Income Tax Holiday [Line Items] | ||
Tax benefit for utilization of fully reserved net operating losses | $ 12,316 | |
Operating Loss Carry forwards Expiration Date1 | 2,024 |