Document and Entity Information
Document and Entity Information - shares shares in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Nov. 06, 2017 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | BLONDER TONGUE LABORATORIES INC | |
Entity Central Index Key | 1,000,683 | |
Trading Symbol | BDR | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 8,121,835 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash | $ 199 | $ 468 |
Accounts receivable, net of allowance for doubtful accounts of $180 | 2,626 | 2,273 |
Inventories | 5,644 | 5,064 |
Prepaid and other current assets | 334 | 275 |
Total current assets | 8,803 | 8,080 |
Inventories, net of current and reserves | 865 | 991 |
Property, plant and equipment, net of accumulated depreciation and amortization | 3,147 | 3,279 |
License agreements, net | 41 | 117 |
Intangible assets, net | 1,484 | 1,612 |
Goodwill | 493 | 493 |
Other assets | 346 | 428 |
Total Assets | 15,179 | 15,000 |
Current liabilities: | ||
Line of credit | 2,427 | 2,120 |
Current portion of long-term debt | 250 | 228 |
Accounts payable | 1,367 | 1,390 |
Derivative liability | 260 | |
Accrued compensation | 184 | 320 |
Accrued benefit pension liability | 101 | 101 |
Other accrued expenses | 361 | 197 |
Total current liabilities | 4,690 | 4,616 |
Subordinated convertible debt with related parties | 605 | 376 |
Long-term debt, net of current portion | 3,157 | 3,335 |
Deferred income taxes | 139 | 139 |
Total liabilities | 8,591 | 8,466 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $.001 par value; authorized 5,000 shares; No shares outstanding | ||
Common stock, $.001 par value; authorized 25,000 shares, 8,465 shares Issued, 8,122 shares outstanding | 8 | 8 |
Paid-in capital | 26,826 | 26,132 |
Accumulated deficit | (17,819) | (17,179) |
Accumulated other comprehensive loss | (1,278) | (1,278) |
Treasury stock, at cost, 342 shares | (1,149) | (1,149) |
Total stockholders' equity | 6,588 | 6,534 |
Total liabilities and stockholders' equity | $ 15,179 | $ 15,000 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 180 | $ 180 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000 | 5,000 |
Preferred stock, shares outstanding | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 25,000 | 25,000 |
Common stock, shares issued | 8,465 | 8,465 |
Common stock, shares, outstanding | 8,122 | 8,122 |
Treasury stock, shares | 342 | 342 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Statement [Abstract] | ||||
Net sales | $ 5,576 | $ 5,432 | $ 17,713 | $ 17,057 |
Cost of goods sold | 3,399 | 3,531 | 11,010 | 10,471 |
Gross profit | 2,177 | 1,901 | 6,703 | 6,586 |
Operating expenses: | ||||
Selling | 631 | 645 | 1,941 | 1,961 |
General and administrative | 956 | 959 | 2,802 | 2,906 |
Research and development | 605 | 711 | 1,877 | 2,098 |
Total operating expenses | 2,192 | 2,315 | 6,620 | 6,965 |
Earnings (loss) from operations | (15) | (414) | 83 | (379) |
Other Expense - net | (138) | (107) | (581) | (285) |
Change in derivative liability | (121) | (142) | (194) | |
Loss before income taxes | (153) | (642) | (640) | (857) |
Provision (benefit) for income taxes | ||||
Net loss | $ (153) | $ (642) | $ (640) | $ (857) |
Basic and diluted net loss per share | $ (0.02) | $ (0.08) | $ (0.08) | $ (0.12) |
Basic weighted averages shares outstanding | 8,122 | 7,738 | 8,122 | 7,179 |
Diluted weighted average shares outstanding | 8,122 | 7,738 | 8,122 | 7,179 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash Flows From Operating Activities: | ||
Net loss | $ (640) | $ (857) |
Adjustments to reconcile net loss to cash (used in) provided by operating activities: | ||
Stock compensation expense | 292 | 129 |
Depreciation | 242 | 336 |
Amortization | 264 | 411 |
Amortization of loan fees | 105 | |
Reversal of inventory reserves | (28) | (30) |
Non cash interest expense | 229 | 37 |
Non cash directors' fees | 249 | |
Change in derivative liability | 142 | 194 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (353) | 179 |
Inventories | (426) | 877 |
Prepaid and other current assets | (59) | (32) |
Other assets | (23) | (52) |
Accounts payable, accrued compensation and other accrued expenses | 5 | (678) |
Net cash (used in) provided by operating activities | (250) | 763 |
Cash Flows From Investing Activities: | ||
Capital expenditures | (100) | (67) |
Acquisition of licenses | (60) | (19) |
Net cash used in investing activities | (160) | (86) |
Cash Flows From Financing Activities: | ||
Net borrowings (repayments) of line of credit | 307 | (754) |
Borrowings from related parties | 400 | |
Repayments of debt | (166) | (119) |
Net cash provided by (used in) financing activities | 141 | (473) |
Net (decrease) increase in cash | (269) | 204 |
Cash, beginning of period | 468 | 9 |
Cash, end of period | 199 | 213 |
Supplemental Cash Flow Information: | ||
Cash paid for interest | 218 | 227 |
Cash paid for income taxes | ||
Capital expenditures financed with debt | $ 10 |
Company and Basis of Consolidat
Company and Basis of Consolidation | 9 Months Ended |
Sep. 30, 2017 | |
Company and Basis of Consolidation [Abstract] | |
Company and Basis of Consolidation | Note 1 - Company and Basis of Consolidation Blonder Tongue Laboratories, Inc. (together with its consolidated subsidiaries, the “ Company The unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles ( “GAAP” SEC |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2017 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2- Summary of Significant Accounting Policies (a) 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. 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. (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 Black-Scholes Model (which approximates 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 (See Note 6). 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 potential issuances of common shares. The diluted share base excludes incremental shares related to stock options and convertible debt of 2,053 and 1,121 and 1,875 and 995 for the three-month periods ended September 30, 2017 and 2016, respectively and 1,852 and 1,121 and 2,028 and 995 for the nine-month periods ended September 30, 2017 and 2016, respectively. These shares were excluded due to their antidilutive effect. |
New Accounting Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2017 | |
New Accounting Pronouncements [Abstract] | |
New Accounting Pronouncements | Note 3 – New Accounting Pronouncements In July 2017, the FASB issued a two-part ASU No. 2017-11, “Earnings per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), Derivatives and Hedging (Topic 815): I “Accounting for Certain Financial Instruments With Down Round Features” and II “Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests With a Scope Execution.” The ASU Part I changes the classification analysis of certain equity –linked financial instruments with down round features and the related disclosures. Part II of the amendment recharacterizes the indefinite deferral of certain provisions of Topic 480 and do not have an accounting effect. The ASU is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this new standard will have on its consolidated financial position and results of operations. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). ASU 2014-09 superseded the revenue recognition requirements in ASC Topic 604 “Revenue Recognition” and some cost guidance included in ASC Subtopic: 05-35, “Revenue Recognition – Construction-Type and Production-Type Contracts.” The core principle of ASU 2014-09 is that revenue is recognized when the transfer of goods or services to customers occurs in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. ASU 2014-09 requires the disclosure of sufficient information to enable readers of the Company’s financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. ASU 2014-09 also requires disclosure of information regarding significant judgments and changes in judgments, and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 provides two methods of retrospective application. The first method would require the Company to apply ASU 2014-09 to each prior reporting period presented. The second method would require the Company to apply ASU 2014-09 to retrospectively apply ASU 2014-09 with the cumulative effect recognized at the date of initial application. ASU 2014-09 will be effective for the Company beginning in fiscal 2019 as a result of ASU 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, “which was issued by the FASB in August 2015 and extended the original effective date by one year. In preparation for the adoption of the new standard in the fiscal year beginning January 2019, the Company continues to evaluate contract terms and potential impacts of the five-step model specified by the new guidance. That five-step model includes: (1) determination of whether a contract-an agreement between two or more parties that creates legally enforceable rights and obligations-exists; (2) identification of the performance obligations in the contract; (3) determination of the transaction price; (4) allocation of the transaction price to the performance obligations in the contract; and (5) recognition of revenue when (or as) the performance obligation is satisfied. The Company anticipates adopting the standard using the modified retrospective approach at adoption. The Company is currently evaluating individual customer contracts and will be documenting changes, as needed, to its accounting policies and controls as the Company continues to evaluate the impact of the adoption of this standard. The results of its procedures to date indicate that the adoption of this standard will not have a material impact on its net income; however, the Company continues to evaluate the impact of the adoption on related financial statement disclosures. There have been four new ASUs issued amending certain aspects of ASU 2014-09, ASU 2016-08, “Principal versus Agent Considerations (Reporting Revenue Gross Versus Net),” was issued in March 2016 to clarify certain aspects of the principal versus agent guidance in ASU 2014-09. In addition, ASU 2016-10, “Identifying Performance Obligations and Licensing,” issued in April 2016, amends other sections of ASU 2014-09 including clarifying guidance related to identifying performance obligations and licensing implementation. ASU 2016-12, “Revenue from Contracts with Customers — Narrow Scope Improvements and Practical Expedients” provides amendments and practical expedients to the guidance in ASU 2014-09 in the areas of assessing collectability, presentation of sales taxes received from customers, noncash consideration, contract modification and clarification of using the full retrospective approach to adopt ASU 2014-09. Finally, ASU 2016-20, “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers,” was issued in December 2016, and provides elections regarding the disclosures required for remaining performance obligations in certain cases and makes other technical corrections and improvements to the standard. With its evaluation of the impact of ASU 2014-09, the Company will also consider the impact on its financial statements related to the updated guidance provided by these four new ASUs. In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718) Scope of Modification Accounting (“ASU 2017-09”). This ASU clarifies which changes to the terms or conditions of a share-based payment award require an entry to apply modification accounting in Topic 718. The standard is effective for the Company on January 1, 2018, with early adoption permitted. The impact of this new standard will depend on the extent and nature of future changes to the terms of the Company’s share-based payment awards. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2017 | |
Inventories [Abstract] | |
Inventories | Note 4 – Inventories Inventories net of reserves are summarized as follows: September 30, December 31, Raw Materials $ 3,797 $ 4,001 Work in process 1,576 1,860 Finished Goods 3,832 4,143 9.205 10,004 Less current inventory (5,644 ) (5,064 ) 3,561 4,940 Less reserve for slow moving and excess inventory (2,696 ) (3,949 ) $ 865 $ 991 Inventories are stated at the lower of net realizable value or cost, determined by the first-in, first-out (“FIFO”) method. 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 59% and 68% of the non-current inventories were comprised of finished goods at September 30, 2017 and December 31, 2016, respectively. The Company has established a program to use interchangeable parts in its various product offerings and to modify certain of its finished goods to better match customer demands. In addition, the Company has instituted additional marketing programs to dispose of the slower moving inventories. 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 net realizable value. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2017 | |
Debt [Abstract] | |
Debt | Note 5 – Debt On December 28, 2016, the Company entered into a Loan and Security Agreement (the “ Sterling Agreement Sterling Sterling Facility Revolver Term Loan First Amendment The Sterling Agreement contains customary covenants, including restrictions on the incurrence of additional indebtedness, encumbrances on the Company’s assets, the payment of cash dividends or similar distributions, the repayment of any subordinated indebtedness and the sale or other disposition of the Company’s assets. In addition, the Company must maintain (i) a fixed charge coverage ratio of not less than 1.1 to 1.0 for any fiscal month (determined as of the last day of each fiscal month on a rolling twelve-month basis, as calculated for the Company and its consolidated subsidiaries) and (ii) a leverage ratio of not more than 2.0 to 1.0 for any fiscal month (determined as of the last day of each fiscal month, as calculated for the Company and its consolidated subsidiaries). By virtue of the First Amendment, compliance with the foregoing financial covenants was tested commencing as of January 31, 2017. |
Subordinated Convertible Debt w
Subordinated Convertible Debt with Related Parties | 9 Months Ended |
Sep. 30, 2017 | |
Subordinated Convertible Debt with Related Parties [Abstract] | |
Subordinated Convertible Debt with Related Parties | Note 6 – Subordinated Convertible Debt with Related Parties On March 28, 2016, the Company and its wholly-owned subsidiary, R.L. Drake Holdings, LLC ( “Drake” Agent Subordinated Lenders Subordinated Loan Agreement Subordinated Loan Facility PIK Interest Subordinated Mortgage” In connection with the Subordinated Loan Agreement, the Company, Drake, the Subordinated Lenders and Sterling entered into a Subordination Agreement (the “ Subordination Agreement As of September 30, 2017, the Subordinated Lenders advanced $500 to the Company. In addition, $18 and $52 of PIK interest was accrued in the three months and nine months ended September 30, 2017, respectively. The Company evaluated the conversion option embedded in the Subordinated Loan Agreement issued in December 2016 in accordance with the provisions of ASC Topic 815, Derivatives and Hedging Price Protection Provision First Sub-Debt Amendmen |
Legal Proceedings
Legal Proceedings | 9 Months Ended |
Sep. 30, 2017 | |
Legal Proceedings [Abstract] | |
Legal Proceedings | Note 7 – Legal Proceedings The Company is 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 | 9 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 8 – Subsequent Events The Company has evaluated subsequent events through the filing of its consolidated financial statements with the SEC. |
Summary of Significant Accoun14
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Summary of Significant Accounting Policies [Abstract] | |
Use of Estimates | (a) 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. 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. |
Derivative Financial Instruments | (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 Black-Scholes Model (which approximates 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 (See Note 6). 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 | (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 (loss) Per Share | (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 potential issuances of common shares. The diluted share base excludes incremental shares related to stock options and convertible debt of 2,053 and 1,121 and 1,875 and 995 for the three-month periods ended September 30, 2017 and 2016, respectively and 1,852 and 1,121 and 2,028 and 995 for the nine-month periods ended September 30, 2017 and 2016, respectively. These shares were excluded due to their antidilutive effect. |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Inventories [Abstract] | |
Summary of inventories net of reserves | September 30, December 31, Raw Materials $ 3,797 $ 4,001 Work in process 1,576 1,860 Finished Goods 3,832 4,143 9.205 10,004 Less current inventory (5,644 ) (5,064 ) 3,561 4,940 Less reserve for slow moving and excess inventory (2,696 ) (3,949 ) $ 865 $ 991 |
Summary of Significant Accoun16
Summary of Significant Accounting Policies (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Stock Options [Member] | ||||
Summary of Significant Accounting Policies (Textual) | ||||
Incremental shares related to stock options and convertible debt | 2,053 | 1,121 | 1,852 | 1,121 |
Convertible Debt [Member] | ||||
Summary of Significant Accounting Policies (Textual) | ||||
Incremental shares related to stock options and convertible debt | 1,875 | 995 | 2,028 | 995 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Summary of inventories net of reserves | ||
Raw Materials | $ 3,797 | $ 4,001 |
Work in process | 1,576 | 1,860 |
Finished Goods | 3,832 | 4,143 |
Inventory, gross | 9,205 | 10,004 |
Less current inventory | 5,644 | 5,064 |
Inventory value before reserves | 3,561 | 4,940 |
Less reserve for slow moving and excess inventory | (2,696) | (3,949) |
Inventories, net | $ 865 | $ 991 |
Inventories (Details Textual)
Inventories (Details Textual) | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Inventories (Textual) | ||
Inventories method, description | Inventories are stated at the lower of net realizable value or cost, determined by the first-in, first-out ("FIFO") method. | |
Percentage of non-current inventories were comprised of finished goods | 59.00% | 68.00% |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2017 | Dec. 31, 2016 | Dec. 28, 2016 | |
Debt (Textual) | |||
Outstanding balances under revolver | $ 2,427 | $ 2,120 | |
Revolver [Member] | |||
Debt (Textual) | |||
LIBOR interest rate, description | Plus a margin of 4.00%. | ||
Term Loan [Member] | |||
Debt (Textual) | |||
LIBOR interest rate, description | Plus a margin of 4.50%. | ||
Sterling National Bank [Member] | |||
Debt (Textual) | |||
Credit facility aggregate amount | $ 8,500 | ||
Subordinated indebtedness, description | (i) a fixed charge coverage ratio of not less than 1.1 to 1.0 for any fiscal month (determined as of the last day of each fiscal month on a rolling twelve-month basis, as calculated for the Company and its consolidated subsidiaries) and (ii) a leverage ratio of not more than 2.0 to 1.0 for any fiscal month. | ||
Sterling facility, maturity date | Dec. 31, 2019 | ||
Sterling National Bank [Member] | Revolver [Member] | |||
Debt (Textual) | |||
Credit facility aggregate amount | 5,000 | ||
Interest on revolver - margin | 4.00% | ||
Outstanding balances under revolver | $ 2,427 | ||
Variable rate basis, description | Interest on the Revolver is variable, based upon the 30-day LIBOR rate (1.23% at September 30, 2017). | ||
Sterling National Bank [Member] | Term Loan [Member] | |||
Debt (Textual) | |||
Credit facility aggregate amount | $ 3,500 | ||
Term loan amortize rate | $ 19 | ||
Outstanding balances under term loan | $ 3,344 | ||
Variable rate basis, description | Interest on the Term Loan also is variable, based upon the 30-day LIBOR rate (1.23% at September 30, 2017). |
Subordinated Convertible Debt20
Subordinated Convertible Debt with Related Parties (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Mar. 28, 2016 | Sep. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Subordinated Convertible Debt with Related Parties (Textual) | |||||||
Subordinated lenders advanced amount | $ 605 | $ 605 | $ 376 | ||||
Derivative liability | 402 | 402 | |||||
Incurred interest | 229 | $ 37 | |||||
Change in derivative liability (expense) | $ (121) | (142) | $ (194) | ||||
Subordinated Loan Facility [Member] | |||||||
Subordinated Convertible Debt with Related Parties (Textual) | |||||||
Subordinated lenders advanced amount | 500 | 500 | |||||
PIK interest accrued | $ 18 | $ 52 | |||||
Derivative liability | $ 260 | ||||||
Stock price | $ 0.65 | $ 0.65 | |||||
Conversion price | $ 0.54 | $ 0.54 | $ 0.54 | ||||
Volatility | 104.00% | ||||||
Risk free rate | 1.30% | ||||||
Dividend yield | 0.00% | ||||||
Expected term | 2 years | ||||||
Term loan facility | $ 750 | ||||||
Advances in amounts | $ 50 | ||||||
Subordinated loan facility, interest accrues | 12.00% | ||||||
Change in derivative liability (expense) | $ 142 |