Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Aug. 06, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | BLONDER TONGUE LABORATORIES INC | |
Entity Central Index Key | 1,000,683 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | BDR | |
Entity Common Stock, Shares Outstanding | 7,393,217 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash | $ 307 | $ 9 |
Accounts receivable, net of allowance for doubtful accounts of $239 | 2,445 | 2,432 |
Inventories | 5,477 | 5,595 |
Prepaid and other current assets | 307 | 277 |
Total current assets | 8,536 | 8,313 |
Inventories, net non-current and reserves | 1,061 | 1,444 |
Property, plant and equipment, net of accumulated depreciation and amortization | 3,392 | 3,621 |
License agreements, net | 267 | 458 |
Intangible assets, net | 1,698 | 1,784 |
Goodwill | 493 | 493 |
Other assets | 114 | 117 |
Total Assets | 15,561 | 16,230 |
Current liabilities: | ||
Line of credit | 2,228 | 2,664 |
Current portion of long-term debt | 3,488 | 3,604 |
Accounts payable | 873 | 1,387 |
Derivative liability | 249 | 0 |
Accrued compensation | 438 | 388 |
Accrued benefit pension liability | 54 | 54 |
Income taxes payable | 6 | 6 |
Other accrued expenses | 269 | 519 |
Total current liabilities | 7,605 | 8,622 |
Subordinated convertible debt with related parties | 344 | 100 |
Long-term debt | 2 | 10 |
Deferred income taxes | 129 | 129 |
Commitments and contingencies | ||
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, 7,393 and 6,766 shares outstanding | 8 | 8 |
Paid-in capital | 26,438 | 26,361 |
Accumulated deficit | (14,193) | (12,198) |
Accumulated other comprehensive loss | (1,168) | (1,168) |
Treasury stock, at cost, 1,071 and 1,699 shares | (3,604) | (5,634) |
Total stockholders' equity | 7,481 | 7,369 |
Total Liabilities and Stockholders' Equity | $ 15,561 | $ 16,230 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Allowance for doubtful accounts (in dollars) | $ 239 | $ 239 |
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 | 7,393 | 6,766 |
Treasury stock, shares | 1,071 | 1,699 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Net sales | $ 5,682 | $ 5,283 | $ 11,625 | $ 10,025 |
Cost of goods sold | 3,205 | 3,747 | 6,940 | 7,109 |
Gross profit | 2,477 | 1,536 | 4,685 | 2,916 |
Operating expenses: | ||||
Selling | 664 | 773 | 1,316 | 1,616 |
General and administrative | 884 | 1,026 | 1,947 | 2,082 |
Research and development | 694 | 925 | 1,387 | 1,729 |
Total Operating expenses | 2,242 | 2,724 | 4,650 | 5,427 |
Earnings (loss) from operations | 235 | (1,188) | 35 | (2,511) |
Other Expense: Interest expense (net) | (90) | (74) | (178) | (166) |
Change in derivative liability | (72) | 0 | (72) | 0 |
Earnings (loss) before income taxes | 73 | (1,262) | (215) | (2,677) |
Provision (benefit) for income taxes | 0 | 0 | 0 | 0 |
Net earnings (loss) | $ 73 | $ (1,262) | $ (215) | $ (2,677) |
Basic and diluted net earnings (loss) per share | $ 0.01 | $ (0.20) | $ (0.03) | $ (0.43) |
Basic weighted averages shares outstanding (in shares) | 7,029 | 6,263 | 6,897 | 6,263 |
Diluted weighted average shares outstanding (in shares) | 7,036 | 6,263 | 6,897 | 6,263 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash Flows From Operating Activities: | ||
Net loss | $ (215) | $ (2,677) |
Adjustments to reconcile net loss to cash provided by (used in) operating activities: | ||
Stock compensation expense | 77 | 107 |
Depreciation | 233 | 243 |
Amortization | 286 | 404 |
Provision for (reversal of) inventory reserves | (76) | 18 |
Provision for doubtful accounts | 0 | 15 |
Non cash interest expense | 21 | 0 |
Non cash directors fees | 249 | 0 |
Change in derivative liability | 72 | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (13) | 150 |
Inventories | 577 | 160 |
Prepaid and other current assets | (30) | 292 |
Other assets | 3 | (23) |
Accounts payable, accrued compensation and other accrued expenses | (714) | 282 |
Net cash provided by (used in) operating activities | 470 | (1,029) |
Cash Flows From Investing Activities: | ||
Capital expenditures | (4) | (171) |
Acquisition of additional licenses | (9) | (444) |
Net cash used in investing activities | (13) | (615) |
Cash Flows From Financing Activities: | ||
Net borrowings (repayments) of line of credit | (436) | 1,578 |
Borrowings from related parties | 400 | 0 |
Repayments of debt | (123) | (141) |
Net cash provided by (used in) financing activities | (159) | 1,437 |
Net increase (decrease) in cash | 298 | (207) |
Cash, beginning of period | 9 | 232 |
Cash, end of period | 307 | 25 |
Supplemental Cash Flow Information: | ||
Cash paid for interest | 152 | 141 |
Cash paid for income taxes | $ 0 | $ 0 |
Company and Basis of Consolidat
Company and Basis of Consolidation | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1 Company and Basis of Consolidation Blonder Tongue Laboratories, Inc. (together with its consolidated subsidiaries, the “ Company The results for the second quarter of 2016 are not necessarily indicative of the results to be expected for the full fiscal year and have not been audited. The unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles ( “GAAP” (“SEC”) |
Liquidity and Going Concern
Liquidity and Going Concern | 6 Months Ended |
Jun. 30, 2016 | |
Liquidity and Going Concern [Abstract] | |
Liquidity and Going Concern [Text Block] | Note 2 Liquidity and Going Concern The accompanying condensed consolidated 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 six months ended June 30, 2016 and 2015, the Company reported earnings (loss) from operations of $ 35 (2,511) 470 (1,029) In response to lower than expected sales due to a slowdown in market activities experienced during the prior fiscal year, the Company implemented a multi-phase cost-reduction program in 2015, which is expected to reduce annualized expenses, including a temporary reduction in certain executive salaries, a decrease in workforce and a decrease in engineering consulting expenses. 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 6 below). As of June 30, 2016, the Company had approximately $ 2,228 742 750 250 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | Note 3 Summary of Significant Accounting Policies Use of Estimates 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 the 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. Actual results could differ from those estimates. (b) Derivative Financial Instruments The Company evaluates its convertible instruments to determine if those contracts or embedded components of those contracts qualify as derivative financial instruments to be separately accounted for in accordance with Topic 815 of the Financial Accounting Standards Board (“ FASB “ASC The Binomial Lattice Model was used to estimate the fair value of the conversion options that is classified as a derivative liability on the condensed consolidated balance sheets. The model includes subjective input assumptions that can materially affect the fair value estimates. The expected volatility is estimated based on the most recent historical period of time equal to the weighted average life of the conversion options. Conversion options are recorded as a discount to the host instrument and are amortized as interest expense over the life of the underlying instrument. (c) Fair Value of Financial Instruments The Company measures fair value of its financial assets on a three-tier value hierarchy, which prioritizes the inputs, used in the valuation methodologies in measuring fair value: · Level 1 Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. · Level 2 Other inputs that are directly or indirectly observable in the marketplace. · Level 3 Unobservable inputs which are supported by little or no market activity. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The derivative liability is measured at fair value using quoted market prices and estimated volatility factors based on historical quoted market prices for the Company’s common stock, and is classified within Level 3 of the valuation hierarchy. (d) Earnings (loss) Per Share Earnings (loss) per share is 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 related to stock options and restricted stock of 1,819 1,963 2,017 1,208 |
New Accounting Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Note 4 New Accounting Pronouncements In March, 2016, the Financial Accounting Standards Board ( “FASB” “ASU” ASU 2016-09, Compensation Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In March, 2016, the FASB issued ASU 2016-06, Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments In February 2016, FASB issued ASU 2016-02 Leases (Topic 842). In November 2015, the FASB issued ASU 2015-17 Balance Sheet Classification of Deferred Taxes In July 2015, the FASB issued ASU 2015-11 Simplifying the Measurement of Inventory In May 2014, the FASB issued ASU 2014-09 Revenue from Contracts with Customers (Topic 606). Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | Note 5 Inventories June 30, December 31, Raw Materials $ 4,173 $ 4,820 Work in process 1,899 1,732 Finished Goods 4,680 4,913 10,752 11,465 Less current inventory (5,477) (5,595) 5,275 5,870 Less reserve for slow moving and excess inventory (4,214) (4,426) $ 1,061 $ 1,444 Inventories are stated at the lower of cost, determined by the first-in, first-out (“FIFO”) method, or market. 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. Approximately 58 73 The Company continually analyzes its slow-moving and excess inventories. Based on historical and projected sales volumes for finished goods, historical and projected usage of raw materials 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 the lower of cost or market value. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Note 6 Debt 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 7,482 4,000 Revolver 3,482 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 Santander (“Prime”) 1.50 Prime plus 1.75% 3.50 On June 1, 2016, the Company entered into the Fifteenth Amendment to Revolving Credit, Term Loan and Security Agreement with Santander (the “ Fifteenth Amendment In addition, the Fifteenth Amendment amended certain of the Company’s financial covenants. In particular, the amended covenants extended the previous balance sheet leverage ratio compliance threshold of not more than 2.00 to 1.00, and required that the Company to achieve EBITDA of not less than negative (-) $82 as of June 30, 2016 (calculated on a trailing six month basis). 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 amended 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 required 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 required 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 Upon expiration of the Revolver, all outstanding borrowings under the Revolver are due. The outstanding principal balance of the Revolver was $ 2,228 18 3,482 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. |
Subordinated Convertible Debt w
Subordinated Convertible Debt with Related Parties | 6 Months Ended |
Jun. 30, 2016 | |
Subordinated Borrowings [Abstract] | |
Subordinated Borrowings Disclosure [Text Block] | Note 7 Subordinated Convertible Debt with Related Parties On March 28, 2016 the Company and its wholly-owned subsidiary, R.L. Drake Holdings, LLC ( “RLD” Agent Subordinated Lenders Subordinated Loan Agreement 750 Subordinated Loan Facility 50 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 (the “ Subordination Agreement As of June 30, 2016, the Subordinated Lenders have advanced $ 500 15 21 249 177 0.48 0.38 0.54 0.54 93 91 2.75 3 0.71 0.87 0 0 72 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 600 300 |
Legal Proceedings
Legal Proceedings | 6 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Matters and Contingencies [Text Block] | Note 8 Legal Proceedings The Company may be a party to certain proceedings incidental to the ordinary course of its business, none of which, in the opinion of management, is likely to have a material adverse effect on the Company’s business, financial condition, results of operations, or cash flows. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 9 Subsequent Events The Company has evaluated subsequent events through the filing of its unaudited condensed consolidated financial statements with the SEC. |
Summary of Significant Accoun15
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates 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 the 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. Actual results could differ from those estimates. |
Derivatives, Reporting of Derivative Activity [Policy Text Block] | (b) Derivative Financial Instruments The Company evaluates its convertible instruments to determine if those contracts or embedded components of those contracts qualify as derivative financial instruments to be separately accounted for in accordance with Topic 815 of the Financial Accounting Standards Board (“ FASB “ASC The Binomial Lattice Model was used to estimate the fair value of the conversion options that is classified as a derivative liability on the condensed consolidated balance sheets. The model includes subjective input assumptions that can materially affect the fair value estimates. The expected volatility is estimated based on the most recent historical period of time equal to the weighted average life of the conversion options. Conversion options are recorded as a discount to the host instrument and are amortized as interest expense over the life of the underlying instrument. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | (c) Fair Value of Financial Instruments The Company measures fair value of its financial assets on a three-tier value hierarchy, which prioritizes the inputs, used in the valuation methodologies in measuring fair value: · Level 1 Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. · Level 2 Other inputs that are directly or indirectly observable in the marketplace. · Level 3 Unobservable inputs which are supported by little or no market activity. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The derivative liability is measured at fair value using quoted market prices and estimated volatility factors based on historical quoted market prices for the Company’s common stock, and is classified within Level 3 of the valuation hierarchy. |
Earnings Per Share, Policy [Policy Text Block] | (d) Earnings (loss) Per Share Earnings (loss) per share is 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 related to stock options and restricted stock of 1,819 1,963 2,017 1,208 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories net of reserves are summarized as follows: June 30, December 31, Raw Materials $ 4,173 $ 4,820 Work in process 1,899 1,732 Finished Goods 4,680 4,913 10,752 11,465 Less current inventory (5,477) (5,595) 5,275 5,870 Less reserve for slow moving and excess inventory (4,214) (4,426) $ 1,061 $ 1,444 |
Liquidity and Going Concern (De
Liquidity and Going Concern (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Liquidity And Going Concern [Line Items] | |||||
Long-Term Line Of Credit | $ 2,228 | $ 2,228 | $ 2,664 | ||
Operating Income (Loss) | 235 | $ (1,188) | 35 | $ (2,511) | |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations, Total | 470 | $ (1,029) | |||
Third phase cost reduction program [Member] | |||||
Liquidity And Going Concern [Line Items] | |||||
Line Of Credit Facility, Maximum Borrowing Capacity | 750 | 750 | |||
Revolving Credit Facility [Member] | |||||
Liquidity And Going Concern [Line Items] | |||||
Long-Term Line Of Credit | 2,228 | 2,228 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 742 | 742 | |||
Line Of Credit Facility, Current Borrowing Capacity | $ 250 | $ 250 |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Details Textual) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Restricted Stock [Member] | Employee Stock Option [Member] | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Incremental Common Shares Attributable to Call Options and Warrants | 1,819 | 1,963 | 2,017 | 1,208 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Inventory [Line Items] | ||
Raw Materials | $ 4,173 | $ 4,820 |
Work in process | 1,899 | 1,732 |
Finished Goods | 4,680 | 4,913 |
Inventory, gross | 10,752 | 11,465 |
Less current inventory | (5,477) | (5,595) |
Inventory Value Before Reserves | 5,275 | 5,870 |
Less reserve for slow moving and excess inventory | (4,214) | (4,426) |
Inventories, net non-current | $ 1,061 | $ 1,444 |
Inventories (Details Textual)
Inventories (Details Textual) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Inventory [Line Items] | ||
Percentage Of Fifo Inventory Non Current For Finished Goods | 58.00% | 73.00% |
Inventory Related Text | Inventories are stated at the lower of cost, determined by the first-in, first-out (FIFO) method, or market. |
Debt (Details Textual)
Debt (Details Textual) - USD ($) | Nov. 14, 2015 | Oct. 14, 2015 | Aug. 12, 2015 | May 14, 2015 | Aug. 06, 2008 | Jun. 01, 2016 | Mar. 01, 2016 | Mar. 30, 2015 | Jan. 21, 2015 | Jun. 30, 2016 | Feb. 01, 2016 | Dec. 31, 2015 | Apr. 24, 2015 |
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility, Interest Rate Description | Prime plus 1.75% | ||||||||||||
Long-Term Line Of Credit | $ 2,228,000 | $ 2,664,000 | |||||||||||
Eighth Amendment [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Amendment Fee | $ 15,000 | ||||||||||||
Revolving Credit Advances Rate | 25.00% | ||||||||||||
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% | ||||||||||||
Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility, Current Borrowing Capacity | 250,000 | ||||||||||||
Line of Credit Facility, Periodic Payment, Principal | 18,000 | ||||||||||||
Long-Term Line Of Credit | 2,228,000 | ||||||||||||
Revolving Credit Facility [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] | Fourteenth Amendment [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Covenant Compliance | In addition, the Fourteenth Amendment amended 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 required 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 required 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). | ||||||||||||
Revolving Credit Facility [Member] | Fifteenth Amendment [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Covenant Compliance | In addition, the Fifteenth Amendment amended certain of the Companys financial covenants. In particular, the amended covenants extended the previous balance sheet leverage ratio compliance threshold of not more than 2.00 to 1.00, and required that the Company to achieve EBITDA of not less than negative (-) $82 as of June 30, 2016 (calculated on a trailing six month basis). | ||||||||||||
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% | ||||||||||||
Term Loan Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-Term Line Of Credit | $ 3,482,000 | ||||||||||||
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] | Thirteenth Amendment [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 8,350,000 | $ 9,350,000 | |||||||||||
Santander Bank [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility, Interest Rate Description | 1.50 | ||||||||||||
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 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 | 7,482,000 | ||||||||||||
Santander Bank [Member] | Revolving Credit Facility [Member] | Fourteenth Amendment [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 500,000 | ||||||||||||
Santander Bank [Member] | Term Loan Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-Term Line Of Credit | $ 3,482,000 |
Subordinated Convertible Debt22
Subordinated Convertible Debt with Related Parties (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Mar. 28, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2016 | Feb. 11, 2016 | Dec. 31, 2015 | |
Subordinated Borrowing [Line Items] | ||||||
Convertible Subordinated Debt, Noncurrent | $ 344 | $ 344 | $ 100 | |||
Prior Subordinated Loan Agreement [Member] | ||||||
Subordinated Borrowing [Line Items] | ||||||
Line Of Credit Facility, Current Borrowing Capacity | $ 300 | |||||
Subordinated Lenders [Member] | ||||||
Subordinated Borrowing [Line Items] | ||||||
Line Of Credit Facility, Maximum Borrowing Capacity | $ 600 | |||||
Subordinated Loan Facility [Member] | ||||||
Subordinated Borrowing [Line Items] | ||||||
Convertible Subordinated Debt, Noncurrent | 500 | 500 | ||||
Paid-in-Kind Interest | 15 | 21 | ||||
Derivative Liability | $ 249 | $ 177 | $ 249 | |||
Share Price | $ 0.48 | $ 0.38 | $ 0.48 | |||
Debt Instrument, Convertible, Conversion Price | $ 0.54 | $ 0.54 | $ 0.54 | $ 0.54 | ||
Fair Value Assumptions, Expected Volatility Rate | 93.00% | 91.00% | ||||
Fair Value Assumptions, Risk Free Interest Rate | 0.71% | 0.87% | ||||
Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | ||||
Fair Value Assumptions, Expected Term | 2 years 9 months | 3 years | ||||
Accretion Expense | $ 72 | |||||
Line Of Credit Facility, Maximum Borrowing Capacity | $ 750 | |||||
Line Of Credit Temporary Over Advance Facility | $ 50 |