Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 10, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | ON TRACK INNOVATIONS LTD | |
Entity Central Index Key | 1,021,604 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 40,835,974 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 4,419 | $ 5,351 |
Short-term investments | 7,056 | 11,048 |
Trade receivables (net of allowance for doubtful accounts of $696 and $671 as of September 30, 2015 and December 31, 2014, respectively) | 2,719 | 4,299 |
Other receivables and prepaid expenses | 2,917 | 2,530 |
Inventories | 3,961 | 3,703 |
Total current assets | 21,072 | 26,931 |
Long-term restricted deposit for employees benefit | 519 | 555 |
Severance pay deposits | 469 | 614 |
Property, plant and equipment, net | 8,828 | $ 9,234 |
Intangible assets, net | 145 | |
Deferred tax asset | 39 | $ 47 |
Total Assets | 31,072 | 37,381 |
Current Liabilities | ||
Short-term bank credit and current maturities of long-term bank loans | 3,280 | 3,617 |
Trade payables | 7,297 | 7,306 |
Other current liabilities | 2,730 | 2,656 |
Total current liabilities | 13,307 | 13,579 |
Long-Term Liabilities | ||
Long-term loans, net of current maturities | 2,050 | 2,161 |
Accrued severance pay | 1,232 | 1,456 |
Deferred tax liability | 318 | 302 |
Total long-term liabilities | 3,600 | 3,919 |
Total Liabilities | 16,907 | 17,498 |
Shareholders' Equity | ||
Ordinary shares of NIS 0.1 par value: Authorized - 50,000,000 shares as of September 30, 2015 and December 31, 2014; issued: 42,014,673 and 41,996,602 shares as of September 30, 2015 and December 31, 2014, respectively; outstanding: 40,835,974 and 40,817,903 shares as of September 30, 2015 and December 31, 2014, respectively | 1,055 | 1,055 |
Additional paid-in capital | 224,603 | 224,234 |
Treasury shares at cost - 1,178,699 shares as of September 30, 2015 and December 31, 2014 | (2,000) | (2,000) |
Accumulated other comprehensive loss | (1,092) | (800) |
Accumulated deficit | (207,895) | (202,103) |
Total Shareholder's equity | 14,671 | 20,386 |
Non-controlling interest | (506) | (503) |
Total Equity | 14,165 | 19,883 |
Total Liabilities and Equity | $ 31,072 | $ 37,381 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) $ in Thousands | Sep. 30, 2015USD ($)shares | Sep. 30, 2015₪ / shares | Dec. 31, 2014USD ($)shares | Dec. 31, 2014₪ / shares |
Condensed Consolidated Balance Sheets [Abstract] | ||||
Allowance for doubtful accounts | $ | $ 696 | $ 671 | ||
Ordinary shares, par value | ₪ / shares | ₪ 0.1 | ₪ 0.1 | ||
Ordinary shares, shares authorized | 50,000,000 | 50,000,000 | ||
Ordinary shares, shares issued | 42,014,673 | 41,996,602 | ||
Ordinary shares, shares outstanding | 40,835,974 | 40,817,903 | ||
Treasury shares held | 1,178,699 | 1,178,699 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Revenues | |||||
Sales | $ 2,361 | $ 3,691 | $ 10,015 | $ 13,381 | |
Licensing and transaction fees | 1,394 | 1,564 | 4,131 | 4,226 | |
Total revenues | 3,755 | 5,255 | 14,146 | 17,607 | |
Cost of revenues | |||||
Cost of sales | 1,673 | 2,619 | 6,896 | 9,066 | |
Gross profit | 2,082 | 2,636 | 7,250 | 8,541 | |
Operating expenses | |||||
Research and development | 807 | 1,281 | 2,712 | 3,662 | |
Selling and marketing | 1,730 | 1,968 | 5,388 | 6,160 | |
General and administrative | 1,056 | 1,382 | 3,440 | 4,491 | |
Patent litigation and maintenance | 371 | $ 194 | 830 | $ 1,213 | |
Other expenses | 408 | 918 | |||
Total operating expenses | 4,372 | $ 4,825 | 13,288 | $ 15,526 | |
Operating loss from continuing operations | (2,290) | (2,189) | (6,038) | (6,985) | |
Financial expenses, net | (122) | (44) | (542) | (397) | |
Loss from continuing operations before taxes on income | (2,412) | (2,233) | (6,580) | (7,382) | |
Income tax | (35) | (29) | (38) | (202) | |
Net loss from continuing operations | (2,447) | (2,262) | (6,618) | (7,584) | |
Net income from discontinued operations | 461 | 311 | 823 | 41 | |
Net loss | (1,986) | (1,951) | (5,795) | (7,543) | |
Net (income) loss attributable to noncontrolling interest | (23) | (46) | 3 | (37) | |
Net loss attributable to shareholders | $ (2,009) | $ (1,997) | $ (5,792) | $ (7,580) | |
Basic and diluted net gain (loss) attributable to shareholders per ordinary share | |||||
From continuing operations | $ (0.06) | $ (0.07) | $ (0.16) | $ (0.23) | |
From discontinued operations | 0.01 | 0.01 | 0.02 | [1] | |
Total | $ (0.05) | $ (0.06) | $ (0.14) | $ (0.23) | |
Weighted average number of ordinary shares used in computing basic and diluted net loss per ordinary share | 40,874,474 | 33,310,672 | 40,868,252 | 33,245,249 | |
[1] | Less than $0.01 per ordinary share. |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Condensed Consolidated Statements of Comprehensive Loss [Abstract] | ||||
Net loss | $ (1,986) | $ (1,951) | $ (5,795) | $ (7,543) |
Foreign currency translation adjustments | $ (98) | (276) | $ (292) | (313) |
Foreign currency translation released following sale of a subsidiary | (60) | (396) | ||
Total comprehensive loss | $ (2,084) | (2,287) | $ (6,087) | (8,252) |
Comprehensive loss (income) attributable to the non-controlling interest | (23) | (46) | 3 | (37) |
Total comprehensive loss attributable to shareholders | $ (2,107) | $ (2,333) | $ (6,084) | $ (8,289) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Share capital [Member] | Additional paid-in capital [Member] | Treasury Shares (at cost) [Member] | Accumulated other comprehensive Income (loss) [Member] | Accumulated deficit [Member] | Noncontrolling interest [Member] | ||
Balance at Dec. 31, 2013 | $ 18,404 | $ 854 | $ 212,246 | $ (2,000) | $ 28 | $ (192,179) | $ (545) | ||
Balance, shares at Dec. 31, 2013 | 34,199,511 | ||||||||
Changes during the nine months period ended | |||||||||
Stock-based compensation related to options granted | 642 | 642 | |||||||
Exercise of options and warrants | 870 | $ 16 | $ 854 | ||||||
Exercise of options and warrants, shares | 561,333 | ||||||||
Foreign currency translation adjustments | (709) | $ (709) | |||||||
Net loss | (7,543) | $ (7,580) | $ 37 | ||||||
Balance at Sep. 30, 2014 | 11,664 | $ 870 | $ 213,742 | $ (2,000) | $ (681) | (199,759) | (508) | ||
Balance, shares at Sep. 30, 2014 | 34,760,844 | ||||||||
Balance at Dec. 31, 2014 | 19,883 | $ 1,055 | 224,234 | $ (2,000) | $ (800) | $ (202,103) | $ (503) | ||
Balance, shares at Dec. 31, 2014 | 41,996,602 | ||||||||
Changes during the nine months period ended | |||||||||
Stock-based compensation related to options granted | $ 369 | $ 369 | |||||||
Exercise of warrants | [1] | [1] | |||||||
Exercise of warrants, shares | 18,071 | ||||||||
Foreign currency translation adjustments | $ (292) | $ (292) | |||||||
Net loss | (5,795) | $ (5,792) | $ (3) | ||||||
Balance at Sep. 30, 2015 | $ 14,165 | $ 1,055 | $ 224,603 | $ (2,000) | $ (1,092) | $ (207,895) | $ (506) | ||
Balance, shares at Sep. 30, 2015 | 42,014,673 | ||||||||
[1] | Less than $1. |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | ||
Cash flows from continuing operating activities | |||
Net loss from continuing operations | $ (6,618) | $ (7,584) | |
Adjustments required to reconcile net loss to net cash used in continuing operating activities: | |||
Stock-based compensation related to options and shares issued to employees | 369 | 642 | |
Gain on sale of property and equipment | (8) | (5) | |
Accrued interest and linkage differences | 30 | 55 | |
Depreciation | 941 | 959 | |
Changes in operating assets and liabilities: | |||
Accrued severance pay, net | (79) | (112) | |
Deferred tax, net | 36 | 135 | |
Decrease in trade receivables | 1,936 | 240 | |
Decrease (increase) in other receivables and prepaid expenses | 131 | (308) | |
Increase in inventories | (382) | (689) | |
Increase in trade payables | 402 | 235 | |
Increase (decrease) in other current liabilities | 197 | (772) | |
Net cash used in continuing operating activities | (3,045) | (7,204) | |
Cash flows from continuing investing activities | |||
Purchase of property and equipment | (1,117) | (340) | |
Purchase of short-term investments | (4,181) | $ (2,434) | |
Investment in capitalized product costs | (153) | ||
Investment in restricted deposit for employees benefit | (281) | ||
Proceeds from restricted deposit for employees benefit | 144 | ||
Proceeds from maturity or sale of short-term investments | 8,179 | $ 1,317 | |
Proceeds from sale of property and equipment | 31 | 6 | |
Net cash provided by (used in) continuing investing activities | 2,622 | (1,451) | |
Cash flows from continuing financing activities | |||
(Decrease) increase in short-term bank credit, net | (783) | 179 | |
Proceeds from long-term bank loans | 716 | 29 | |
Repayment of long-term bank loans | $ (606) | (811) | |
Proceeds from exercise of options and warrants | [1] | 965 | |
Net cash provided by (used in) continuing financing activities | $ (673) | 362 | |
Cash flows from discontinued operations | |||
Net cash used in discontinued operating activities | (25) | (1,325) | |
Net cash provided by discontinued investing activities | $ 387 | 925 | |
Net cash used in discontinued financing activities | (154) | ||
Total net cash provided by (used in) discontinued operations | $ 362 | (554) | |
Effect of exchange rate changes on cash and cash equivalents | (198) | (227) | |
Decrease in cash and cash equivalents | (932) | (9,074) | |
Cash and cash equivalents at the beginning of the period | 5,351 | 14,962 | |
Cash and cash equivalents at the end of the period | 4,419 | 5,888 | |
Cash paid during the period for: | |||
Interest paid | $ 217 | 233 | |
Income taxes paid | $ 33 | ||
[1] | Less than $1. |
Organization and Basis of Prese
Organization and Basis of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
Organization and Basis of Presentation [Abstract] | |
Organization and Basis of Presentation | Note 1 - Organization and Basis of Presentation A. Description of business On Track Innovations Ltd. (the Company) was founded in 1990, in Israel. The Company and its subsidiaries (together the Group) are principally engaged in the field of design and development of cashless payment solutions. The Company's shares are listed for trading on NASDAQ. B. Interim Unaudited Financial Information The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and therefore should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2014. In the opinion of management, all adjustments considered necessary for a fair presentation, consisting of normal recurring adjustments, have been included. Operating results for the nine month period ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the assets, liabilities, revenue, costs, expenses and accumulated other comprehensive income/(loss) that are reported in the Interim Consolidated Financial Statements and accompanying disclosures. These estimates are based on management's best knowledge of current events, historical experience, actions that the Company may undertake in the future and on various other assumptions that are believed to be reasonable under the circumstances. As a result, actual results may be different from these estimates. C. Divestiture of operations 1. In December 2013, the Company completed the sale of certain assets, subsidiaries and intellectual property ("IP") relating to its Smart ID division. Accordingly the results and the cash flows of this operation for all reporting periods are presented in the statements of operations and in the statements of cash flows, respectively, as discontinued operations separately from continuing operations. During the nine month periods ended September 30, 2015 and September 30, 2014, the Company recorded profit from contingent consideration in the amount of $848 and $500, respectively, from which $461 and $270 were recognized during the three month periods ended on such dates, respectively, according to an earn out mechanism. This profit is included in other income, net' within income from discontinued operations for those periods (see also Note 7). In June 2015, the purchaser of our Smart ID division, SuperCom Ltd., or SuperCom, raised cash through an equity public offering. Based on certain provisions of the Smart ID division sale agreement, such an event entitles the Company to additional consideration. After repeated demands for payment, on October 19, 2015, the Company filed a lawsuit in the District Court in Lod, Israel, against SuperCom, requesting, among other things, monetary relief in the amount of NIS 28.9 million (approximately $7.4 million) with respect to additional consideration owed to the Company for the sale of our Smart ID division. SuperCom is required by applicable law to file a response by November 20, 2015. Any such additional consideration, if and when received, will be accounted for as income from discontinued operations. 2. In February 2014, the Company signed a final agreement to sell its wholly owned German subsidiary, Intercard System Electronics GmbH (Intercard), for a total purchase price of EURO 700 (approx. $960) and an additional immaterial contingent consideration based on future sales (the "German Subsidiary Divesture). Accordingly, the results and the cash flows of this operation for all reporting periods are presented in the statements of operations and in the statements of cash flows, respectively, as discontinued operations separately from continuing operations. On the closing date in 2014, the Company recorded a loss from this divesture in the amount of $7, which consists of transaction costs, in the amount of $343, and a profit in the amount of $336 due to transfer of Intercard's accumulated foreign currency translation adjustments from other comprehensive loss to the statement of operations. Those amounts are included in other income, net' from discontinued operations for the nine months ended September 30, 2014 (see also note 7). The Company has not recorded any profit from contingent consideration pursuant to the German Subsidiary Divesture as of September 30, 2015. D. Other expenses Other operating expenses consist of compensation expenses related to the termination of employment of the Company's former Chief Executive Office (CEO), Mr. Ofer Tziperman, according to his employment terms, following his resignation from the Company and its subsidiaries on February 10, 2015 and compensation expenses related to the termination of employment of our former CEO of our U.S. subsidiary on August 3, 2015. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2 Significant Accounting Policies These interim unaudited condensed consolidated financial statements have been prepared according to the same accounting policies as those discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2014, and according to the following additional policies: A. Intangible assets, net Intangible assets subject to capitalization include costs incurred by the Company to acquire product certifications. According to Accounting Standards Codification (ASC) Topic 350, Intangibles - Goodwill and Other, software that is part of a product or process to be sold to a customer shall be accounted for under ASC Subtopic 985-20. Our products contain embedded software which is an integral part of these products because it allows the various components of the products to communicate with each other and the products are clearly unable to function without this coding. The costs of product certification are capitalized once technological feasibility is determined. The Company determines that technological feasibility for its products is reached after all high-risk development issues have been resolved. Once the products are available for general release to the Company's customers, the Company ceases capitalizing the product certification costs and all additional costs, if any, are expensed. The capitalized product certification costs are amortized on a product-by-product basis using the straight-line amortization. The amortization begins when the products are available for general release to the Company's customers. B. Recent accounting pronouncements 1. On May 28, 2014, the Financial Accounting Standards Board (FASB) issued ASU (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606), which requires an entity to recognize the amount of revenues to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2018. Early application will be permitted starting January 1, 2017. The ASU permits the use of either the retrospective or cumulative effect transition method. The Company is currently evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. 2. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern. The ASU is intended to define management's responsibility to evaluate whether there is substantial doubt about an organization's ability to continue as a going concern and to provide related footnote disclosures. The amendments in this ASU are effective for reporting periods beginning after December 15, 2016, with early adoption permitted. The Company is currently assessing the impact the adoption of ASU 2014-15 will have on its ongoing financial reporting. 3. In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330), Simplifying the Measurement of Inventory (ASU 2015-11), which changes the measurement principle for inventory from the lower of cost or market to lower of cost and net realizable value. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. ASU 2015-11 eliminates the guidance that entities consider replacement cost or net realizable value less an approximately normal profit margin in the subsequent measurement of inventory when cost is determined on a first-in, first-out or average cost basis. The provisions of ASU 2015-11 are effective for public entities with fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted. The Company is in the process of evaluating the impact to its consolidated financial position, consolidated results of operations, and consolidated cash flows of the adoption of ASU 2015-11. |
Other Receivables and Prepaid E
Other Receivables and Prepaid Expenses | 9 Months Ended |
Sep. 30, 2015 | |
Other Receivables and Prepaid Expenses [Abstract] | |
Other Receivables and Prepaid Expenses | Note 3 - Other Receivables and Prepaid Expenses September 30, December 31, 2015 2014 Government institutions $ 473 $ 452 Prepaid expenses 636 690 Receivables under contractual obligations to be transferred to others * 771 695 Smart ID divestiture earn out receivables (see also note 7) 461 - Other receivables 576 693 $ 2,917 $ 2,530 * The Company's subsidiary in Poland is required to collect certain fees that are to be transferred to local authorities. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2015 | |
Inventories [Abstract] | |
Inventories | Note 4 - Inventories Inventories consist of the following: September 30, December 31, 2015 2014 Raw materials $ 984 $ 884 Work in progress 588 552 Finished products 2,389 2,267 $ 3,961 $ 3,703 |
Other Current Liabilities
Other Current Liabilities | 9 Months Ended |
Sep. 30, 2015 | |
Other Current Liabilities [Abstract] | |
Other Current Liabilities | Note 5 - Other Current Liabilities September 30, December 31, 2015 2014 Employees and related expenses $ 959 $ 1,175 Accrued expenses 998 902 Customer advances 470 244 Other current liabilities 303 335 $ 2,730 $ 2,656 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 6 - Commitments and Contingencies A. Legal claims 1. On October 3, 2013, a financial claim was filed against the Company and its then French subsidiary, Parx France (in this paragraph, together the Defendants), in the Commercial Court of Paris, France (in this paragraph, the Court). The sum of the claim is Euro 1,500 (approximately $1,680), and is based on the allegation that the plaintiff sustained certain losses in connection with Defendants not granting the plaintiff exclusive marketing rights to distribute and operate the Defendants' PIAF Parking System in Paris and the Ile of France. The Company filed an initial memorandum of defense rejecting the plaintiff's allegations and claims. On May 19, 2014, during a preliminary Court hearing, it was established that the plaintiff, at all relevant times, was and is insolvent and under receivership, and therefore does not have the legal capacity to pursue the claim. During the preliminary hearings held the Company also raised allegations on lack of jurisdiction of the French court to hear the claim. The Court scheduled an additional pre-trial review hearing for November 16, 2015, and a closing arguments hearing is expected to be held on the first quarter of 2016. Based on the advice of counsel, the Company currently believes that it has no material obligations to the plaintiff and that there is no need for a provision for the claim. 2. On July 29, 2014, a former employee of the Company's Smart ID division filed a financial claim against the Company in the Regional Labor Court in Tel Aviv. The sum of the claim is NIS 4,744 (approximately $1,233), and is based on the allegation that the Company owes the plaintiff certain commissions. On October 29, 2014 the Company filed a statement of defense rejecting the plaintiff's allegations and claims. B. Guarantees As The C. As of September 30, 2015, the Company is in compliance with the covenant signed with Bank Leumi L'Israel Ltd. (see note 8(F) in the Company's consolidated financial statements as of December 31, 2014, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014). |
Discontinued operations
Discontinued operations | 9 Months Ended |
Sep. 30, 2015 | |
Discontinued operations [Abstract] | |
Discontinued operations | Note 7 Discontinued operations As described in Note 1C, the Company divested the SmartID division and its interest in Intercard and presented these activities as discontinued operations. During the nine month periods ended September 30, 2015 and September 30, 2014, the Company recorded profit from contingent consideration in the amount of $848 and $500, respectively, according to an earn out mechanism derived from the Smart ID division divesture. This profit is included in the table below as other income, net' within income from discontinued operations for the nine month periods ended September 30, 2015 and September 30, 2014. During the nine months ended September 30, 2014, the Company recorded loss from the German Subsidiary Divesture, including transaction costs, and profit due to transfer of its accumulated foreign currency translation adjustments from other comprehensive loss to the statement of operations which Set forth below are the results of the discontinued operations: Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Revenues $ - $ - $ - $ 1,131 Expenses - (47 ) (25 ) (1,671 ) Other income, net 461 358 848 581 Net profit from discontinued operations $ 461 $ 311 $ 823 $ 41 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | Note 8 - Fair Value of Financial Instruments The Company's financial instruments consist mainly of cash and cash equivalents, short-term interest bearing investments, accounts receivable, restricted deposits for employee benefits, accounts payable and short-term and long-term loans. Fair value for the measurement of financial assets and liabilities is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The Company utilizes a valuation hierarchy for disclosure of the inputs for fair value measurement. This hierarchy prioritizes the inputs into three broad levels as follows: Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. By distinguishing between inputs that are observable in the market place, and therefore more objective, and those that are unobservable and therefore more subjective, the hierarchy is designed to indicate the relative reliability of the fair value measurements. A financial asset or liability's classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The Company, in estimating fair value for financial instruments, used the following methods and assumptions: The carrying amounts of cash and cash equivalents, trade receivables, short-term bank credit and trade payables are equivalent to, or approximate their fair value due to the short-term maturity of these instruments. The carrying amounts of variable interest rate long-term loans are equivalent or approximate to their fair value as they bear interest at approximate market rates. As of September 30, 2015, fair value of bank loans with fixed interest rates did not differ materially from the carrying amount. As of September 30, 2015, the Company held approximately $7,056 of short-term bank deposits (as of December 31, 2014, $11,048). As of September 30, 2015, short -term deposits in the amount of $2,254 have been pledged as security in respect of guarantees granted in respect of performance guarantees, loans and credit lines received from a bank (as of December 31, 2014 - $2,045) and cannot be pledged to others or withdrawn without the consent of the bank. |
Equity
Equity | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Equity | Note 9 Equity A. Stock option plans During the nine months ended September 30, 2015 and September 30, 2014, 135,000 and 1,056,667 options were granted, respectively. The vesting period for the options ranges from immediate vesting to vesting over a three year period. The exercise prices for the options range from $1.29 to $2.84. Those options expire up to five years after the date of the grant. Any options which are forfeited or cancelled before expiration become available for future grants under the Company's option plan. The fair value of each option granted to employees during the nine months ended September 30, 2015 and during the nine months ended September 30, 2014, for which the exercise price was greater than par value, was estimated on the date of grant, using the Black-Scholes model and the following assumptions: 1. Dividend yield of zero percent for all periods. 2. Risk-free interest rate of 1.03%-1.10% and 0.79%-1.05% for grants during the nine months ended September 30, 2015 and September 30, 2014, respectively, based on U.S. Treasury yield curve in effect at the time of grant. 3. Estimated expected lives of 3.5 and 2.85-3.75 years for grants during the nine months ended September 30, 2015 and September 30, 2014, respectively, using the simplified method. 4. Expected average volatility of 69% and 65%-67% for grants during the nine months ended September 30, 2015 and September 30, 2014, respectively, which represent a weighted average standard deviation rate for the price of the Company's Ordinary Shares in the NASDAQ Global Market. The Number of Weighted options average exercise outstanding price per share Outstanding December 31, 2014 1,923,833 $ 2.09 Options granted 135,000 1.65 Options expired or forfeited (408,459 ) 2.44 Outstanding September 30, 2015 1,650,374 1.97 Exercisable as of: December 31, 2014 697,003 $ 1.90 September 30, 2015 983,479 $ 1.90 The weighted average fair value of options granted during the nine months ended September 30, 2015 and during the nine months ended September 30, 2014 is $0.82 and $1.09, respectively, per option. The aggregate intrinsic value of outstanding options as of September 30, 2015 and December 31, 2014 is approximately $14 and $309, respectively. The aggregate intrinsic value of exercisable options as of September 30, 2015 and December 31, 2014 is approximately $14 and $165, respectively. The following table summarizes information about options outstanding and exercisable (including options to non-employees) as of September 30, 2015: Options outstanding Options Exercisable Number Weighted Number Weighted outstanding average Weighted Outstanding average Weighted as of remaining Average As of remaining Average Range of September 30, contractual Exercise September 30, contractual Exercise exercise price 2015 life (years) Price 2015 life (years) Price $ 0.03 18,000 0.60 $ 0.03 18,000 0.60 $ 0.03 0.90 198,814 0.99 0.90 175,666 1.02 0.90 1.08-1.29 148,000 1.69 1.11 88,000 1.47 1.10 1.46 135,000 2.51 1.46 86,666 2.27 1.46 1.67-1.76 155,000 3.06 1.68 55,000 1.11 1.68 2.32-2.37 850,005 2.95 2.35 466,814 2.40 2.34 $ 3.03-3.23 145,555 1.26 $ 3.16 93,333 0.51 $ 3.19 1,650,374 2.40 983,479 1.77 As of September 30, 2015, there was approximately $545 of total unrecognized compensation cost related to non-vested stock-based compensation arrangements. That cost is expected to be recognized over a weighted-average period of approximately 1.5 years. During the nine months ended September 30, 2015 and September 30, 2014, the Company recorded stock-based compensation expenses in the amount of $369 and $642, respectively, in accordance with ASC Topic 718, Compensation-Stock Compensation. B. Warrants During the nine months ended September 30, 2015, 18,071 warrants were exercised. The following table summarizes information about warrants outstanding and exercisable as of September 30, 2015: Warrants outstanding Warrants Exercisable Number Weighted Number Weighted outstanding average Weighted Outstanding average Weighted as of remaining Average As of remaining Average Range of September 30, contractual Exercise September 30, contractual Exercise exercise price 2015 life (years) Price 2015 life (years) Price $ 0 - 0.03 56,648 1.18 $ 0.01 20,500 0.61 $ 0.03 $ 3.75 260,869 0.36 3.75 260,869 0.36 3.75 317,517 0.51 281,369 0.38 |
Operating segments
Operating segments | 9 Months Ended |
Sep. 30, 2015 | |
Operating segments [Abstract] | |
Operating segments | Note 10 - Operating segments For the purposes of allocating resources and assessing performance in order to improve profitability, the Company's chief operating decision maker ("CODM") examines three segments which are the Company's strategic business units: Retail and Mass Transit Ticketing, Petroleum and Parking. In addition to its three reportable segments, certain products for the medical industry and other secure smart card solutions are classified under the Company's "Other" segment. The strategic business unit's allocation of resources and evaluation of performance are managed separately. The CODM does not examine assets or liabilities for those segments and therefore they are not presented. Information regarding the results of each reportable segment is included below based on the internal management reports that are reviewed by the CODM. Three months ended September 30, 2015 Petroleum Retail and Mass Transit Parking Other Consolidated Revenues $ 1,013 $ 1,588 $ 353 $ 801 $ 3,755 Reportable segment gross profit * 598 999 231 454 2,282 Reconciliation of reportable segment gross profit to gross profit for the period Depreciation (193 ) Stock-based compensation (7 ) Gross profit for the period $ 2,082 Three months ended September 30, 2014 Petroleum Retail and Mass Transit Ticketing Parking Other Consolidated Revenues $ 734 $ 3,695 $ 528 $ 298 $ 5,255 Reportable segment gross profit * 424 1,888 365 140 2,817 Reconciliation of reportable segment gross profit to gross profit for the period Depreciation (171 ) Stock-based compensation (10 ) Gross profit for the period $ 2,636 Nine months ended September 30, 2015 Petroleum Retail and Mass Transit Ticketing Parking Other Consolidated Revenues $ 3,108 $ 8,303 $ 1,103 $ 1,632 $ 14,146 Reportable segment gross profit * 1,800 4,463 705 873 7,841 Reconciliation of reportable segment gross profit to gross profit for the period Depreciation (556 ) Stock-based compensation (35 ) Gross profit for the period $ 7,250 Nine months ended September 30, 2014 Petroleum Retail and Mass Transit Ticketing Parking Other Consolidated Revenues $ 2,902 $ 11,835 $ 1,711 $ 1,159 $ 17,607 Reportable segment gross profit * 1,800 5,567 1,136 593 9,096 Reconciliation of reportable segment gross profit to gross profit for the period Depreciation (531 ) Stock-based compensation (24 ) Gross profit for the period $ 8,541 * Gross profit as reviewed by the CODM, represents gross profit, adjusted to exclude depreciation and stock-based compensation. |
Significant Accounting Polici18
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Significant Accounting Policies [Abstract] | |
Intangible assets, net | A. Intangible assets, net Intangible assets subject to capitalization include costs incurred by the Company to acquire product certifications. According to Accounting Standards Codification (ASC) Topic 350, Intangibles - Goodwill and Other, software that is part of a product or process to be sold to a customer shall be accounted for under ASC Subtopic 985-20. Our products contain embedded software which is an integral part of these products because it allows the various components of the products to communicate with each other and the products are clearly unable to function without this coding. The costs of product certification are capitalized once technological feasibility is determined. The Company determines that technological feasibility for its products is reached after all high-risk development issues have been resolved. Once the products are available for general release to the Company's customers, the Company ceases capitalizing the product certification costs and all additional costs, if any, are expensed. The capitalized product certification costs are amortized on a product-by-product basis using the straight-line amortization. The amortization begins when the products are available for general release to the Company's customers. |
Recent accounting pronouncements | B. Recent accounting pronouncements 1. On May 28, 2014, the Financial Accounting Standards Board (FASB) issued ASU (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606), which requires an entity to recognize the amount of revenues to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2018. Early application will be permitted starting January 1, 2017. The ASU permits the use of either the retrospective or cumulative effect transition method. The Company is currently evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. 2. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern. The ASU is intended to define management's responsibility to evaluate whether there is substantial doubt about an organization's ability to continue as a going concern and to provide related footnote disclosures. The amendments in this ASU are effective for reporting periods beginning after December 15, 2016, with early adoption permitted. The Company is currently assessing the impact the adoption of ASU 2014-15 will have on its ongoing financial reporting. 3. In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330), Simplifying the Measurement of Inventory (ASU 2015-11), which changes the measurement principle for inventory from the lower of cost or market to lower of cost and net realizable value. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. ASU 2015-11 eliminates the guidance that entities consider replacement cost or net realizable value less an approximately normal profit margin in the subsequent measurement of inventory when cost is determined on a first-in, first-out or average cost basis. The provisions of ASU 2015-11 are effective for public entities with fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted. The Company is in the process of evaluating the impact to its consolidated financial position, consolidated results of operations, and consolidated cash flows of the adoption of ASU 2015-11. |
Other Receivables and Prepaid19
Other Receivables and Prepaid Expenses (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Other Receivables and Prepaid Expenses [Abstract] | |
Schedule of Other Receivables and Prepaid Expenses | September 30, December 31, 2015 2014 Government institutions $ 473 $ 452 Prepaid expenses 636 690 Receivables under contractual obligations to be transferred to others * 771 695 Smart ID divestiture earn out receivables (see also note 7) 461 - Other receivables 576 693 $ 2,917 $ 2,530 * The Company's subsidiary in Poland is required to collect certain fees that are to be transferred to local authorities. |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Inventories [Abstract] | |
Schedule of Inventory | September 30, December 31, 2015 2014 Raw materials $ 984 $ 884 Work in progress 588 552 Finished products 2,389 2,267 $ 3,961 $ 3,703 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Other Current Liabilities [Abstract] | |
Summary of Other Current Liabilities | September 30, December 31, 2015 2014 Employees and related expenses $ 959 $ 1,175 Accrued expenses 998 902 Customer advances 470 244 Other current liabilities 303 335 $ 2,730 $ 2,656 |
Discontinued operations (Tables
Discontinued operations (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Discontinued operations [Abstract] | |
Schedule of Results of Discontinued Operations | Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Revenues $ - $ - $ - $ 1,131 Expenses - (47 ) (25 ) (1,671 ) Other income, net 461 358 848 581 Net profit from discontinued operations $ 461 $ 311 $ 823 $ 41 |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Schedule of Stock Option Activity | Number of Weighted options average exercise outstanding price per share Outstanding December 31, 2014 1,923,833 $ 2.09 Options granted 135,000 1.65 Options expired or forfeited (408,459 ) 2.44 Outstanding September 30, 2015 1,650,374 1.97 Exercisable as of: December 31, 2014 697,003 $ 1.90 September 30, 2015 983,479 $ 1.90 |
Summary of Options Outstanding and Exercisable | Options outstanding Options Exercisable Number Weighted Number Weighted outstanding average Weighted Outstanding average Weighted as of remaining Average As of remaining Average Range of September 30, contractual Exercise September 30, contractual Exercise exercise price 2015 life (years) Price 2015 life (years) Price $ 0.03 18,000 0.60 $ 0.03 18,000 0.60 $ 0.03 0.90 198,814 0.99 0.90 175,666 1.02 0.90 1.08-1.29 148,000 1.69 1.11 88,000 1.47 1.10 1.46 135,000 2.51 1.46 86,666 2.27 1.46 1.67-1.76 155,000 3.06 1.68 55,000 1.11 1.68 2.32-2.37 850,005 2.95 2.35 466,814 2.40 2.34 $ 3.03-3.23 145,555 1.26 $ 3.16 93,333 0.51 $ 3.19 1,650,374 2.40 983,479 1.77 |
Schedule of Warrants Outstanding and Exercisable | Warrants outstanding Warrants Exercisable Number Weighted Number Weighted outstanding average Weighted Outstanding average Weighted as of remaining Average As of remaining Average Range of September 30, contractual Exercise September 30, contractual Exercise exercise price 2015 life (years) Price 2015 life (years) Price $ 0 - 0.03 56,648 1.18 $ 0.01 20,500 0.61 $ 0.03 $ 3.75 260,869 0.36 3.75 260,869 0.36 3.75 317,517 0.51 281,369 0.38 |
Operating segments (Tables)
Operating segments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Operating segments [Abstract] | |
Reconciliation of Segment Information to Consolidated Financial Information | Three months ended September 30, 2015 Petroleum Retail and Mass Transit Parking Other Consolidated Revenues $ 1,013 $ 1,588 $ 353 $ 801 $ 3,755 Reportable segment gross profit * 598 999 231 454 2,282 Reconciliation of reportable segment gross profit to gross profit for the period Depreciation (193 ) Stock-based compensation (7 ) Gross profit for the period $ 2,082 Three months ended September 30, 2014 Petroleum Retail and Mass Transit Ticketing Parking Other Consolidated Revenues $ 734 $ 3,695 $ 528 $ 298 $ 5,255 Reportable segment gross profit * 424 1,888 365 140 2,817 Reconciliation of reportable segment gross profit to gross profit for the period Depreciation (171 ) Stock-based compensation (10 ) Gross profit for the period $ 2,636 Nine months ended September 30, 2015 Petroleum Retail and Mass Transit Ticketing Parking Other Consolidated Revenues $ 3,108 $ 8,303 $ 1,103 $ 1,632 $ 14,146 Reportable segment gross profit * 1,800 4,463 705 873 7,841 Reconciliation of reportable segment gross profit to gross profit for the period Depreciation (556 ) Stock-based compensation (35 ) Gross profit for the period $ 7,250 Nine months ended September 30, 2014 Petroleum Retail and Mass Transit Ticketing Parking Other Consolidated Revenues $ 2,902 $ 11,835 $ 1,711 $ 1,159 $ 17,607 Reportable segment gross profit * 1,800 5,567 1,136 593 9,096 Reconciliation of reportable segment gross profit to gross profit for the period Depreciation (531 ) Stock-based compensation (24 ) Gross profit for the period $ 8,541 * Gross profit as reviewed by the CODM, represents gross profit, adjusted to exclude depreciation and stock-based compensation. |
Organization and Basis of Pre25
Organization and Basis of Presentation (Divestiture of Operations) (Details) € in Thousands, $ in Thousands, ₪ in Millions | Oct. 19, 2015USD ($) | Oct. 19, 2015ILS (₪) | Feb. 28, 2014USD ($) | Feb. 28, 2014EUR (€) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) |
Organization and Basis of Presentation [Abstract] | ||||||||
Gain from contingent consideration | $ 461 | $ 270 | $ 848 | $ 500 | ||||
Proceeds from sale of subsidiary | $ 960 | € 700 | ||||||
Loss from divestiture | 7 | |||||||
Transaction cost, sale of subsidiary | 343 | |||||||
Foreign currency translation released following sale of a subsidiary | $ (336) | $ (60) | $ (396) | |||||
Subsequent event [Member] | ||||||||
Divestiture of operations [Line Items] | ||||||||
Lawsuit, damages sought | $ 7,400 | ₪ 28.9 |
Other Receivables and Prepaid26
Other Receivables and Prepaid Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Other Receivables and Prepaid Expenses [Abstract] | |||
Government institutions | $ 473 | $ 452 | |
Prepaid expenses | 636 | 690 | |
Receivables under contractual obligations to be transferred to others | [1] | 771 | $ 695 |
Smart ID divestiture earn out receivables (see also note 7) | 461 | ||
Other receivables | 576 | $ 693 | |
Total other receivables and prepaid expenses | $ 2,917 | $ 2,530 | |
[1] | The Company's subsidiary in Poland is required to collect certain fees that are to be transferred to local authorities. |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Inventories [Abstract] | ||
Raw materials | $ 984 | $ 884 |
Work in progress | 588 | 552 |
Finished products | 2,389 | 2,267 |
Inventories | $ 3,961 | $ 3,703 |
Other Current Liabilities (Deta
Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Other Current Liabilities [Abstract] | ||
Employees and related expenses | $ 959 | $ 1,175 |
Accrued expenses | 998 | 902 |
Customer advances | 470 | 244 |
Other current liabilities | 303 | 335 |
Total other current liabilities | $ 2,730 | $ 2,656 |
Commitments and Contingencies (
Commitments and Contingencies (Legal Claims) (Details) € in Thousands, ₪ in Thousands, $ in Thousands | 1 Months Ended | |||
Jul. 31, 2014USD ($) | Jul. 31, 2014ILS (₪) | Oct. 31, 2013USD ($) | Oct. 31, 2013EUR (€) | |
Former Employee One [Member] | ||||
Loss Contingencies [Line Items] | ||||
Lawsuit, damages sought | $ 1,233 | ₪ 4,744 | ||
French Subsidiary [Member] | ||||
Loss Contingencies [Line Items] | ||||
Lawsuit, damages sought | $ 1,680 | € 1,500 |
Commitments and Contingencies30
Commitments and Contingencies (Guarantees) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Commitments and Contingencies [Abstract] | |
Granted guarantee to third party | $ 727 |
Gurantee obligation expiration date, earliest | Oct. 31, 2015 |
Gurantee obligation expiration date, latest | Jul. 31, 2016 |
Discontinued operations (Schedu
Discontinued operations (Schedule of Results) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Feb. 28, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Discontinued operations [Abstract] | |||||
Gain from contingent consideration | $ 461 | $ 270 | $ 848 | $ 500 | |
Loss from divestiture | $ 7 | ||||
Revenues | $ 1,131 | ||||
Expenses | $ (47) | $ (25) | (1,671) | ||
Other income, net | $ 461 | 358 | 848 | 581 | |
Net profit from discontinued operations | $ 461 | $ 311 | $ 823 | $ 41 |
Fair Value of Financial Instr32
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value of Financial Instruments [Abstract] | ||
Short-term investments | $ 7,056 | $ 11,048 |
Short-term deposit pledged as security | $ 2,254 | $ 2,045 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Equity [Abstract] | ||
Options granted | 135,000 | 1,056,667 |
Unrecognized compensation cost | $ 545 | |
Unrecognized compensation cost, period for recognition | 1 year 6 months | |
Share-based compensation expense | $ 369 | $ 642 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise price | $ 1.65 | |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise price | $ 1.29 | |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 3 years | |
Expiration period | 5 years | |
Exercise price | $ 2.84 |
Equity (Schedule of Fair Value
Equity (Schedule of Fair Value Assumptions) (Details) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Stock option plans | ||
Dividend yield | 0.00% | 0.00% |
Expected life | 3 years 6 months | |
Expected volatility | 69.00% | |
Minimum [Member] | ||
Stock option plans | ||
Risk-free interest rate | 1.03% | 0.79% |
Expected life | 2 years 10 months 6 days | |
Expected volatility | 65.00% | |
Maximum [Member] | ||
Stock option plans | ||
Risk-free interest rate | 1.10% | 1.05% |
Expected life | 3 years 9 months | |
Expected volatility | 67.00% |
Equity (Schedule of Stock Optio
Equity (Schedule of Stock Options Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Number of options outstanding | |||
Outstanding - Beginning Balance | 1,923,833 | ||
Options granted | 135,000 | 1,056,667 | |
Options expired or forfeited | (408,459) | ||
Outstanding - Ending Balance | 1,650,374 | ||
Exercisable | 983,479 | 697,003 | |
Weighted average exercise price per share | |||
Outstanding - Beginning Balance | $ 2.09 | ||
Options granted | 1.65 | ||
Options expired or forfeited | 2.44 | ||
Outstanding - Ending Balance | 1.97 | ||
Exercisable | $ 1.90 | $ 1.90 | |
Aggregate intrinsic value | |||
Outstanding | $ 14 | $ 309 | |
Exercisable | $ 14 | $ 165 | |
Weighted average fair value of options granted | $ 0.82 | $ 1.09 |
Equity (Schedule of Options Out
Equity (Schedule of Options Outstanding and Exercisable) (Details) | 9 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Options outstanding | |
Number outstanding | shares | 1,650,374 |
Weighted average remaining contractual life | 2 years 4 months 24 days |
Options exercisable | |
Number outstanding | shares | 983,479 |
Weighted average remainging cotractual life | 1 year 9 months 7 days |
$0.03 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower limit | $ 0.03 |
Upper limit | $ 0.03 |
Options outstanding | |
Number outstanding | shares | 18,000 |
Weighted average remaining contractual life | 7 months 6 days |
Weighted average exercise price | $ 0.03 |
Options exercisable | |
Number outstanding | shares | 18,000 |
Weighted average remainging cotractual life | 7 months 6 days |
Weighted average exercise price | $ 0.03 |
$0.90 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower limit | 0.90 |
Upper limit | $ 0.90 |
Options outstanding | |
Number outstanding | shares | 198,814 |
Weighted average remaining contractual life | 11 months 26 days |
Weighted average exercise price | $ 0.90 |
Options exercisable | |
Number outstanding | shares | 175,666 |
Weighted average remainging cotractual life | 1 year 7 days |
Weighted average exercise price | $ 0.90 |
$1.08 - $1.29 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower limit | 1.08 |
Upper limit | $ 1.29 |
Options outstanding | |
Number outstanding | shares | 148,000 |
Weighted average remaining contractual life | 1 year 8 months 8 days |
Weighted average exercise price | $ 1.11 |
Options exercisable | |
Number outstanding | shares | 88,000 |
Weighted average remainging cotractual life | 1 year 5 months 19 days |
Weighted average exercise price | $ 1.10 |
$1.46 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower limit | 1.46 |
Upper limit | $ 1.46 |
Options outstanding | |
Number outstanding | shares | 135,000 |
Weighted average remaining contractual life | 2 years 6 months 4 days |
Weighted average exercise price | $ 1.46 |
Options exercisable | |
Number outstanding | shares | 86,666 |
Weighted average remainging cotractual life | 2 years 3 months 7 days |
Weighted average exercise price | $ 1.46 |
$1.67 - $1.76 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower limit | 1.67 |
Upper limit | $ 1.76 |
Options outstanding | |
Number outstanding | shares | 155,000 |
Weighted average remaining contractual life | 3 years 22 days |
Weighted average exercise price | $ 1.68 |
Options exercisable | |
Number outstanding | shares | 55,000 |
Weighted average remainging cotractual life | 1 year 1 month 10 days |
Weighted average exercise price | $ 1.68 |
$2.32 - $2.37 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower limit | 2.32 |
Upper limit | $ 2.37 |
Options outstanding | |
Number outstanding | shares | 850,005 |
Weighted average remaining contractual life | 2 years 11 months 12 days |
Weighted average exercise price | $ 2.35 |
Options exercisable | |
Number outstanding | shares | 466,814 |
Weighted average remainging cotractual life | 2 years 4 months 24 days |
Weighted average exercise price | $ 2.34 |
$3.03 - $3.23 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower limit | 3.03 |
Upper limit | $ 3.23 |
Options outstanding | |
Number outstanding | shares | 145,555 |
Weighted average remaining contractual life | 1 year 3 months 4 days |
Weighted average exercise price | $ 3.16 |
Options exercisable | |
Number outstanding | shares | 93,333 |
Weighted average remainging cotractual life | 6 months 4 days |
Weighted average exercise price | $ 3.19 |
Equity (Schedule of Warrants Ou
Equity (Schedule of Warrants Outstanding and Exercisable) (Details) | 9 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Warrants outstanding | |
Number outstanding | 317,517 |
Weighted average remaining contractual life | 6 months 4 days |
Warrants exercisable | |
Number outstanding | 281,369 |
Weighted average remaining contractual life | 4 months 17 days |
Warrants exercised | 18,071 |
$0 - 0.03 [Member] | |
Warrants outstanding | |
Number outstanding | 56,648 |
Weighted average remaining contractual life | 1 year 2 months 5 days |
Weighted average exercise price | $ / shares | $ 0.01 |
Warrants exercisable | |
Number outstanding | 20,500 |
Weighted average remaining contractual life | 7 months 10 days |
Weighted average exercise price | $ / shares | $ 0.03 |
$3.75 [Member] | |
Warrants outstanding | |
Number outstanding | 260,869 |
Weighted average remaining contractual life | 4 months 10 days |
Weighted average exercise price | $ / shares | $ 3.75 |
Warrants exercisable | |
Number outstanding | 260,869 |
Weighted average remaining contractual life | 4 months 10 days |
Weighted average exercise price | $ / shares | $ 3.75 |
Operating segments (Details)
Operating segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Segment Reporting Information [Line Items] | |||||
Revenues | $ 3,755 | $ 5,255 | $ 14,146 | $ 17,607 | |
Reportable segment gross profit | [1] | 2,282 | 2,817 | 7,841 | 9,096 |
Reconciliation of reportable segment gross profit to gross profit for the period | |||||
Depreciation | (193) | (171) | (556) | (531) | |
Stock based compensation | (7) | (10) | (35) | (24) | |
Gross profit | 2,082 | 2,636 | 7,250 | 8,541 | |
Petroleum [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 1,013 | 734 | 3,108 | 2,902 | |
Reportable segment gross profit | [1] | 598 | 424 | 1,800 | 1,800 |
Retail and Mass Transit Ticketing [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 1,588 | 3,695 | 8,303 | 11,835 | |
Reportable segment gross profit | [1] | 999 | 1,888 | 4,463 | 5,567 |
Parking [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 353 | 528 | 1,103 | 1,711 | |
Reportable segment gross profit | [1] | 231 | 365 | 705 | 1,136 |
Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 801 | 298 | 1,632 | 1,159 | |
Reportable segment gross profit | [1] | $ 454 | $ 140 | $ 873 | $ 593 |
[1] | Gross profit as reviewed by the CODM, represents gross profit, adjusted to exclude depreciation and stock-based compensation. |