Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 30, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Document Fiscal Year Focus | '2014 | ' |
Entity Registrant Name | 'EMAGIN CORP | ' |
Entity Central Index Key | '0001046995 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 23,989,902 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $2,063 | $4,032 |
Investments | 5,750 | 6,250 |
Accounts receivable, net | 4,753 | 4,319 |
Inventories, net | 4,740 | 3,434 |
Prepaid expenses and other current assets | 773 | 745 |
Total current assets | 18,079 | 18,780 |
Long-term investments | 500 | 750 |
Equipment, furniture and leasehold improvements, net | 9,196 | 9,119 |
Other assets | 27 | 27 |
Total assets | 27,802 | 28,676 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' |
Accounts payable | 1,830 | 1,470 |
Accrued expenses | 2,656 | 2,812 |
Other current liabilities | 380 | 395 |
Total current liabilities | 4,866 | 4,677 |
Commitments and contingencies (Note 8) | ' | ' |
Shareholders' equity: | ' | ' |
Preferred stock, $.001 par value: authorized 10,000,000 shares: Series B Convertible Preferred stock, (liquidation preference of $5,659,000) stated value $1,000 per share, $.001 par value: 10,000 shares designated and 5,659 issued and outstanding as of March 31, 2014 and December 31, 2013 | ' | ' |
Common stock, $.001 par value: authorized 200,000,000 shares, issued and outstanding, 23,989,902 shares as of March 31, 2014 and 23,928,619 as of December 31, 2013 | 24 | 24 |
Additional paid in capital | 226,606 | 226,051 |
Accumulated deficit | -203,194 | -201,576 |
Treasury stock, 162,066 shares as of March 31, 2014 and December 31, 2013 | -500 | -500 |
Total shareholders' equity | 22,936 | 23,999 |
Total liabilities and shareholders' equity | $27,802 | $28,676 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 23,989,902 | 23,928,619 |
Common stock, shares outstanding | 23,989,902 | 23,928,619 |
Treasury stock, shares | 162,066 | 162,066 |
Series B Convertible Preferred Stock [Member] | ' | ' |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock - Series B, liquidation preference | $5,659,000 | $5,659,000 |
Preferred stock, stated value | $1,000 | $1,000 |
Preferred stock, shares issued | 5,659 | 5,659 |
Preferred stock, shares outstanding | 5,659 | 5,659 |
Designated Series B Convertible Preferred Stock, shares | 10,000 | 10,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Operations (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenue: | ' | ' |
Product | $6,259 | $8,129 |
Contract | 19 | 374 |
Total revenue, net | 6,278 | 8,503 |
Cost of goods sold: | ' | ' |
Product | 4,332 | 4,537 |
Contract | 15 | 215 |
Total cost of goods sold | 4,347 | 4,752 |
Gross profit | 1,931 | 3,751 |
Operating expenses: | ' | ' |
Research and development | 1,426 | 1,190 |
Selling, general and administrative | 2,119 | 2,239 |
Total operating expenses | 3,545 | 3,429 |
(Loss) Income from operations | -1,614 | 322 |
Other income (expense): | ' | ' |
Interest expense, net | -11 | -11 |
Other income, net | 7 | 14 |
Total other income (expense), net | -4 | 3 |
(Loss) income before provision for income taxes | -1,618 | 325 |
Provision for income taxes | ' | 120 |
Net (loss) income | -1,618 | 205 |
Less net income allocated to participating securities | ' | 50 |
Net (loss) income allocated to common shares | ($1,618) | $155 |
(Loss) income per share, basic | ($0.07) | $0.01 |
(Loss) income per share, diluted | ($0.07) | $0.01 |
Weighted average number of shares outstanding: | ' | ' |
Basic | 23,778,110 | 23,527,072 |
Diluted | 23,778,110 | 25,332,976 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net (loss) income | ($1,618) | $205 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ' | ' |
Depreciation and amortization | 256 | 204 |
Amortization of bond premium | ' | 10 |
Inventory reserve | 175 | 29 |
Stock-based compensation | 490 | 619 |
Loss on sale of asset | 7 | ' |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -434 | -471 |
Inventories, net | -1,482 | 50 |
Prepaid expenses and other current assets | -28 | -155 |
Accounts payable, accrued expenses, and other current liabilities | 189 | 632 |
Net cash (used in) provided by operating activities | -2,445 | 1,123 |
Cash flows from investing activities: | ' | ' |
Purchase of equipment | -346 | -150 |
Proceeds from sale of asset | 7 | ' |
Maturities of investments | 2,750 | 3,000 |
Purchase of investments | -2,000 | -2,750 |
Net cash provided by investing activities | 411 | 100 |
Cash flows from financing activities: | ' | ' |
Proceeds from exercise of stock options | 65 | 24 |
Net cash provided by financing activities | 65 | 24 |
Net (decrease) increase in cash and cash equivalents | -1,969 | 1,247 |
Cash and cash equivalents, beginning of period | 4,032 | 4,385 |
Cash and cash equivalents, end of period | 2,063 | 5,632 |
Cash paid for interest | 3 | 3 |
Cash paid for taxes | ' | $20 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Summary of Significant Accounting Policies [Abstract] | ' | |||||||||
Summary of Significant Accounting Policies | ' | |||||||||
Note 1: Summary of Significant Accounting Policies | ||||||||||
The Business | ||||||||||
eMagin Corporation (the “Company”) designs, develops, manufactures, and markets OLED (organic light emitting diode) on silicon microdisplays and virtual imaging products which utilize OLED microdisplays. The Company’s products are sold mainly in North America, Asia, and Europe. | ||||||||||
Basis of Presentation | ||||||||||
In the opinion of management, the accompanying unaudited condensed consolidated financial statements of eMagin Corporation and its subsidiary reflect all adjustments, including normal recurring accruals, necessary for a fair presentation. All significant intercompany balances and transactions have been eliminated in consolidation. Certain information and footnote disclosure normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to instructions, rules and regulations prescribed by the Securities and Exchange Commission. The Company believes that the disclosures provided herein are adequate to make the information presented not misleading when these unaudited condensed consolidated financial statements are read in conjunction with the audited consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. The results of operations for the period ended March 31, 2014 are not necessarily indicative of the results to be expected for the full year. The consolidated condensed financial statements of December 31, 2013 are derived from audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | ||||||||||
In accordance with accounting principles generally accepted in the United States of America, management utilizes certain estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, management evaluates its estimates and judgments related to, among others, allowance for doubtful accounts, warranty reserves, inventory reserves, stock-based compensation expense, deferred tax asset valuation allowances, litigation and other loss contingencies. Management bases its estimates and judgments on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates. | ||||||||||
Revenue and Cost Recognition | ||||||||||
Revenue on product sales is recognized when persuasive evidence of an arrangement exists, such as when a purchase order or contract is received from the customer, the price is fixed, title and risk of loss to the goods has changed and there is a reasonable assurance of collection of the sales proceeds. We obtain written purchase authorizations from our customers for a specified amount of product at a specified price and consider delivery to have occurred at the time of shipment. | ||||||||||
Revenues from research and development activities relating to firm fixed-price contracts and cost-type contracts are generally recognized on the percentage-of-completion method of accounting as costs are incurred (cost-to-cost basis). Progress is generally based on a cost-to-cost approach however an alternative method may be used such as physical progress, labor hours or others depending on the type of contract. Physical progress is determined as a combination of input and output measures as deemed appropriate by the circumstances. Contract costs include all direct material, labor and subcontractor costs and an allocation of allowable indirect costs as defined by each contract, as periodically adjusted to reflect revised agreed upon rates. These rates are subject to audit by the other party. | ||||||||||
New Accounting Pronouncement | ||||||||||
In July 2013, the FASB issued ASU 2013-11, Presentation of Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, an amendment to FASB Accounting Standards Codification (“ASC”) Topic 740, Income Taxes (“FASB ASC Topic 740”). The amendment provides guidance on the financial statement presentation of an | ||||||||||
unrecognized tax benefit when a net operating loss carryforward, similar tax loss, or tax credit carryforward exists. An unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. This new guidance was effective for annual and interim periods beginning after December 15, 2013. The Company adopted ASU 2013-11 effective January 1, 2014 and it did not have a significant impact on the Company’s financial statements. | ||||||||||
Investments | ||||||||||
Investments consist of FDIC-insured certificates of deposit (“CDs”) which are classified as held-to-maturity since the Company has the positive intent and ability to hold them until maturity. The CDs are carried at cost which approximates fair value. As of March 31, 2014, the current investments mature within one year and the long-term investments within 14 months. | ||||||||||
Net (Loss) Income per Common Share | ||||||||||
Basic (loss) income per share is computed using the weighted average number of common shares outstanding during the period, and excludes any dilutive effects of common stock equivalent shares, such as stock options, warrants, and convertible preferred stock. Diluted (loss) income per share is computed using the weighted average number of common shares outstanding and potentially dilutive common stock equivalent shares outstanding during the period. Common stock equivalent shares are excluded from the computation if their effect is anti-dilutive. | ||||||||||
The Company’s Series B Convertible Preferred stock (“Preferred Stock – Series B”) is considered a participating security as the preferred stock participates in dividends with the common stock, which requires the use of the two-class method when computing basic and diluted earnings per share. The Preferred Stock – Series B is not required to absorb any net loss. Though the Company paid a one-time special dividend in 2012, the Company does not expect to continue to pay dividends on its common or preferred stock in the near future. | ||||||||||
For the three months ended March 31, 2014, the Company has reported a net loss and as a result, basic and diluted net loss per common share are the same. Therefore, in calculating net loss per share amounts, shares underlying the potentially dilutive common stock equivalents were excluded from the calculation of diluted net income per common share because their effect was anti-dilutive. | ||||||||||
The following table sets forth the computation of basic and diluted earnings per share (in thousands, except share and per share data) for the three months ended March 31, 2013: | ||||||||||
Three Months Ended | ||||||||||
31-Mar-13 | ||||||||||
(unaudited) | ||||||||||
Income | Shares | Per Share Amount | ||||||||
Basic EPS | ||||||||||
Net Income | $ | 205 | ||||||||
Income allocated to participating securities | 50 | |||||||||
Income allocated to common shares | $ | 155 | 23,527,072 | $ | 0.01 | |||||
Diluted EPS | ||||||||||
Diluted potential common shares (1) | 1,805,904 | |||||||||
Income allocated to common shares | $ | 155 | 25,332,976 | $ | 0.01 | |||||
(1) Dilutive potential common shares consist of shares of common stock issuable upon exercise of outstanding stock options and warrants. | ||||||||||
The following is a table of the potentially dilutive common stock equivalents for the three month periods ended March 31, 2014 and 2013 that were not included in diluted EPS as their effect would be anti-dilutive: | ||||||||||
Three Months Ended March 31, | ||||||||||
2014 | 2013 | |||||||||
Options and warrants | 5,672,198 | 2,841,215 | ||||||||
Convertible preferred stock | 7,545,333 | — | ||||||||
Total potentially dilutive common stock equivalents | 13,217,531 | 2,841,215 | ||||||||
Accounts_Receivables_net
Accounts Receivables, net | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Accounts Receivables, net [Abstract] | ' | ||||||||
Accounts Receivables, net | ' | ||||||||
Note 2: Accounts Receivable, net | |||||||||
The majority of the Company’s commercial accounts receivable are due from Original Equipment Manufacturers ("OEM’s”). Credit is extended based on an evaluation of a customer’s financial condition and, generally, collateral is not required. | |||||||||
Accounts receivable consisted of the following (in thousands): | |||||||||
31-Mar-14 | December 31, | ||||||||
(unaudited) | 2013 | ||||||||
Accounts receivable | $ | 4,898 | $ | 4,464 | |||||
Less allowance for doubtful accounts | -145 | -145 | |||||||
Net receivable | $ | 4,753 | $ | 4,319 | |||||
Inventories_net
Inventories, net | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Inventories, net [Abstract] | ' | ||||||||
Inventories, net | ' | ||||||||
Note 3: Inventories, net | |||||||||
The components of inventories are as follows (in thousands): | |||||||||
31-Mar-14 | December 31, | ||||||||
(unaudited) | 2013 | ||||||||
Raw materials | $ | 2,234 | $ | 1,905 | |||||
Work in process | 2,059 | 987 | |||||||
Finished goods | 717 | 637 | |||||||
Total inventories | 5,010 | 3,529 | |||||||
Less inventory reserve | -270 | -95 | |||||||
Total inventories, net | $ | 4,740 | $ | 3,434 | |||||
Line_of_Credit
Line of Credit | 3 Months Ended |
Mar. 31, 2014 | |
Line of Credit [Abstract] | ' |
Line of Credit | ' |
Note 4: Line of Credit | |
At March 31, 2014, the Company had a credit facility with Access Business Finance, LLC (“Access”) under which the Company may borrow up to a maximum of $3 million based on a borrowing base equivalent of 75% of eligible accounts receivable. The terms are: interest rate is Prime plus 4% but not less than 7.25%, the minimum monthly interest payment is $1,000 and the early termination fee is $6,000. The renewal date of the line of credit is September 1, 2014. The Company’s obligations under the credit facility are secured by its assets. For the three months ended March 31, 2014 and 2013, the Company had not borrowed on its line of credit. | |
Stockbased_Compensation
Stock-based Compensation | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Stock-based Compensation [Abstract] | ' | |||||||||||||
Stock-based Compensation | ' | |||||||||||||
Note 5: Stock-based Compensation | ||||||||||||||
The Company uses the fair value method of accounting for share-based compensation arrangements. The fair value of stock options is estimated at the date of grant using the Black-Scholes option valuation model. Stock-based compensation expense is reduced for estimated forfeitures and is amortized over the vesting period using the straight-line method. | ||||||||||||||
The following table summarizes the allocation of non-cash stock-based compensation to our expense categories for the three month periods ended March 31, 2014 and 2013 (in thousands): | ||||||||||||||
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
(unaudited) | ||||||||||||||
2014 | 2013 | |||||||||||||
Cost of revenue | $ | 70 | $ | 79 | ||||||||||
Research and development | 143 | 155 | ||||||||||||
Selling, general and administrative | 277 | 385 | ||||||||||||
Total stock compensation expense | $ | 490 | $ | 619 | ||||||||||
At March 31, 2014, total unrecognized compensation costs related to stock options was approximately $0.9 million, net of estimated forfeitures. Total unrecognized compensation cost will be adjusted for future changes in estimated forfeitures and is expected to be recognized over a weighted average period of approximately 2 years. | ||||||||||||||
The following key assumptions were used in the Black-Scholes option pricing model to determine the fair value of stock options granted: | ||||||||||||||
For the Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Dividend yield | 0 | % | 0 | % | ||||||||||
Risk free interest rates | 0.78 – 1.61 | % | 0.37 - 0.88 | % | ||||||||||
Expected volatility | 62.9 to 67.8 | % | 71.6 to 73.8 | % | ||||||||||
Expected term (in years) | 3.5 to 5.0 | 3.5 to 5.0 | ||||||||||||
The Company paid a special one-time dividend in 2012 however, the Company does not expect to continue to pay dividends in the near future and therefore the Company used an expected dividend yield of 0%. The risk-free interest rate used in the Black-Scholes option pricing model is based on the implied yield at the time of grant available on U.S. Treasury securities with an equivalent term. Expected volatility is based on the weighted average historical volatility of the Company’s common stock for the equivalent term. The expected term of options represents the period that the Company’s stock-based awards are expected to be outstanding and was determined based on historical experience and vesting schedules of similar awards. | ||||||||||||||
A summary of the Company’s stock option activity for the three months ended March 31, 2014 is presented in the following table (unaudited): | ||||||||||||||
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (In Years) | Aggregate Intrinsic Value | |||||||||||
Outstanding at December 31, 2013 | 4,597,186 | $ | 3.82 | |||||||||||
Options granted | 151,175 | 3.24 | ||||||||||||
Options exercised | -61,283 | 1.05 | ||||||||||||
Options forfeited | -13,780 | 3.72 | ||||||||||||
Options cancelled or expired | -1,100 | 4.15 | ||||||||||||
Outstanding at March 31, 2014 | 4,672,198 | $ | 3.84 | 4.42 | $ | 1,800,311 | ||||||||
Vested or expected to vest at March 31, 2014 (1) | 4,651,155 | $ | 3.84 | 4.42 | $ | 1,800,227 | ||||||||
Exercisable at March 31, 2014 | 4,156,181 | $ | 3.83 | 4.40 | $ | 1,798,214 | ||||||||
(1) The expected to vest options are the result of applying the pre-vesting forfeiture rate assumptions to total unvested options. | ||||||||||||||
The aggregate intrinsic value in the table above represents the difference between the exercise price of the underlying options and the quoted price of the Company’s common stock. For the three months ended March 31, 2014, the aggregate intrinsic value of options exercised was approximately $84 thousand. The Company issues new shares of common stock upon exercise of stock options. | ||||||||||||||
Shareholders_Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2014 | |
Shareholders' Equity [Abstract] | ' |
Shareholders' Equity | ' |
Note 6: Shareholders’ Equity | |
Preferred Stock - Series B Convertible Preferred Stock (“the Preferred Stock – Series B”) | |
As of March 31, 2014 and December 31, 2013, there were 5,659 shares of Preferred Stock – Series B issued and outstanding. | |
Common Stock | |
The Company received approximately $65 thousand for the exercise of 61,283 stock options in the three months ended March 31, 2014. The Company received approximately $24 thousand for the exercise of 12,655 stock options in the three months ended March 31, 2013. | |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
Note 7: Income Taxes | |
The Company’s effective tax rate is calculated quarterly based upon current assumptions relating to the full year’s estimated operating results and various tax-related items. The Company’s effective tax rate for the three months ended March 31, 2014 and 2013 was 0% and 36.9%, respectively. The difference between the effective tax rate of 0% and the U.S. federal statutory rate of 34% for the three months ended March 31, 2014 was primarily due to the increase of the valuation allowance on deferred tax assets. The difference between the effective tax rate of 36.9% and the U.S. federal statutory rate of 34% for the three months ended March 31, 2013 was primarily due to the impact of state income taxes and alternative minimum tax. | |
At December 31, 2013, the Company determined that based on all available evidence, both positive and negative, and based on the weight of the available evidence, including the Company’s 2013 operating loss and projected cumulative loss through 2014, it was more likely than not that none of its deferred tax assets would be realized and therefore, recorded a full valuation allowance. As the Company incurred an operating loss for the three month period ended March 31, 2014 and is still projecting a cumulative loss through 2014, it is still more likely than not that none of its deferred tax assets would be realized and therefore, the Company continued to record a full valuation allowance. The Company’s net operating loss carry forward amounts substantially expire in 2028. | |
Due to the Company’s operating loss carryforwards, all tax years remain open to examination by the major taxing jurisdictions to which the Company is subject. In the event that the Company is assessed interest or penalties at some point in the future, it will be classified in the financial statements as tax expense. | |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies [Abstract] | ' |
Commitments and Contingencies | ' |
Note 8: Commitments and Contingencies | |
Royalty Payments | |
On January 13, 2014, Global OLED Technology, LLC (“GOT”) filed a complaint against the Company in the New York State Supreme Court sitting in Dutchess County, NY seeking damages for unpaid annual minimum royalties, unpaid royalties on net sales of certain licensed products, unpaid interest, and damages for breach of confidentiality provisions, in each case allegedly arising under a certain license agreement. GOT also sought a declaratory judgment mandating specific performance of the parties obligations under the license agreement in accordance with the terms and conditions thereof, a full accounting of net sales thereunder and recoupment of reasonable costs and attorneys’ fees. Following the filing of the complaint, GOT and the Company engaged in discussions in attempts to amicably resolve the dispute between the parties without the costs associated with a lengthy litigation. The Company recorded a $0.5 million liability on the Company’s Consolidated Balance Sheets as of December 31, 2013 and March 31, 2014, respectively, and a selling, general and administrative expense on the Company’s Consolidated Statements of Operations for the year ended December 31, 2013 as a reasonable estimate of the loss contingency related to this matter. | |
On April 29, 2014, the Company and GOT entered into a settlement agreement resolving the matter in full. Pursuant to the settlement agreement, the parties agreed to terminate the patent license agreements entered into in 1998 and 1999, respectively, between FED Corporation (predecessor to the Company) and Eastman Kodak Company (predecessor to GOT), in exchange for mutual releases and the payment by the Company of a one-time settlement amount, substantially all of which was recorded as an expense by the Company as described above. In addition, the parties agreed to dismiss with prejudice the lawsuit commenced by GOT in January 2014. | |
Operating Leases | |
The Company leases office facilities and office, lab and factory equipment under operating leases. Certain leases provide for payments of monthly operating expenses. The Company currently has lease commitments for space in Hopewell Junction, New York, Bellevue, Washington, and Santa Clara, California. | |
The Company’s manufacturing facilities are leased from IBM in Hopewell Junction, New York. The Company leases approximately 37,000 square feet to house its equipment for OLED microdisplay fabrication and for research and development, an assembly area and administrative offices. In May 2014, the Company renewed its lease agreement with IBM until May 31, 2019. The corporate headquarters are located in Bellevue, Washington where eMagin leases approximately 6,300 square feet. The lease expires on August 31, 2014. In addition, the Company leases approximately 2,400 square feet of office space for design and product development in Santa Clara, California and the lease expires December 31, 2014. | |
Rent expense was approximately $302 thousand and $303 thousand, respectively, for the three months ended March 31, 2014 and 2013. | |
Equipment Purchase Commitments | |
The Company has committed to equipment purchases of approximately $0.6 million at March 31, 2014. | |
Concentrations
Concentrations | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Concentrations [Abstract] | ' | ||||||||
Concentrations | ' | ||||||||
Note 9: Concentrations | |||||||||
For the three months ended March 31, 2014 and 2013, approximately 47% and 62%, respectively, of the Company’s net revenues were derived from customers in the United States and approximately 53% and 38%, respectively, of the Company’s net revenues were derived from international customers. For the three months ended March 31, 2014, there was no customer that accounted for more than 10% of its net revenue and for the three months ended March 31, 2013, three customers accounted for 36% of its net revenue. | |||||||||
The following is a schedule of revenue by geographic location (in thousands): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(unaudited) | |||||||||
2014 | 2013 | ||||||||
North and South America | $ | 3,006 | $ | 5,622 | |||||
Europe, Middle East, and Africa | 2,395 | 2,107 | |||||||
Asia Pacific | 877 | 774 | |||||||
Total | $ | 6,278 | $ | 8,503 | |||||
The Company purchases principally all of its silicon wafers from a single supplier located in Taiwan. | |||||||||
Summary_of_Signiicant_Accounti
Summary of Signiicant Accounting Policies (Policy) | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Summary of Significant Accounting Policies [Abstract] | ' | |||||||||
Basis of Presentation | ' | |||||||||
Basis of Presentation | ||||||||||
In the opinion of management, the accompanying unaudited condensed consolidated financial statements of eMagin Corporation and its subsidiary reflect all adjustments, including normal recurring accruals, necessary for a fair presentation. All significant intercompany balances and transactions have been eliminated in consolidation. Certain information and footnote disclosure normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to instructions, rules and regulations prescribed by the Securities and Exchange Commission. The Company believes that the disclosures provided herein are adequate to make the information presented not misleading when these unaudited condensed consolidated financial statements are read in conjunction with the audited consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. The results of operations for the period ended March 31, 2014 are not necessarily indicative of the results to be expected for the full year. The consolidated condensed financial statements of December 31, 2013 are derived from audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | ||||||||||
In accordance with accounting principles generally accepted in the United States of America, management utilizes certain estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, management evaluates its estimates and judgments related to, among others, allowance for doubtful accounts, warranty reserves, inventory reserves, stock-based compensation expense, deferred tax asset valuation allowances, litigation and other loss contingencies. Management bases its estimates and judgments on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates. | ||||||||||
Revenue and Cost Recognition | ' | |||||||||
Revenue and Cost Recognition | ||||||||||
Revenue on product sales is recognized when persuasive evidence of an arrangement exists, such as when a purchase order or contract is received from the customer, the price is fixed, title and risk of loss to the goods has changed and there is a reasonable assurance of collection of the sales proceeds. We obtain written purchase authorizations from our customers for a specified amount of product at a specified price and consider delivery to have occurred at the time of shipment. | ||||||||||
Revenues from research and development activities relating to firm fixed-price contracts and cost-type contracts are generally recognized on the percentage-of-completion method of accounting as costs are incurred (cost-to-cost basis). Progress is generally based on a cost-to-cost approach however an alternative method may be used such as physical progress, labor hours or others depending on the type of contract. Physical progress is determined as a combination of input and output measures as deemed appropriate by the circumstances. Contract costs include all direct material, labor and subcontractor costs and an allocation of allowable indirect costs as defined by each contract, as periodically adjusted to reflect revised agreed upon rates. These rates are subject to audit by the other party. | ||||||||||
New Accounting Pronouncements | ' | |||||||||
New Accounting Pronouncement | ||||||||||
In July 2013, the FASB issued ASU 2013-11, Presentation of Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, an amendment to FASB Accounting Standards Codification (“ASC”) Topic 740, Income Taxes (“FASB ASC Topic 740”). The amendment provides guidance on the financial statement presentation of an | ||||||||||
unrecognized tax benefit when a net operating loss carryforward, similar tax loss, or tax credit carryforward exists. An unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. This new guidance was effective for annual and interim periods beginning after December 15, 2013. The Company adopted ASU 2013-11 effective January 1, 2014 and it did not have a significant impact on the Company’s financial statements. | ||||||||||
Investments | ' | |||||||||
Investments | ||||||||||
Investments consist of FDIC-insured certificates of deposit (“CDs”) which are classified as held-to-maturity since the Company has the positive intent and ability to hold them until maturity. The CDs are carried at cost which approximates fair value. As of March 31, 2014, the current investments mature within one year and the long-term investments within 14 months. | ||||||||||
Net (Loss) Income per Common Share | ' | |||||||||
Net (Loss) Income per Common Share | ||||||||||
Basic (loss) income per share is computed using the weighted average number of common shares outstanding during the period, and excludes any dilutive effects of common stock equivalent shares, such as stock options, warrants, and convertible preferred stock. Diluted (loss) income per share is computed using the weighted average number of common shares outstanding and potentially dilutive common stock equivalent shares outstanding during the period. Common stock equivalent shares are excluded from the computation if their effect is anti-dilutive. | ||||||||||
The Company’s Series B Convertible Preferred stock (“Preferred Stock – Series B”) is considered a participating security as the preferred stock participates in dividends with the common stock, which requires the use of the two-class method when computing basic and diluted earnings per share. The Preferred Stock – Series B is not required to absorb any net loss. Though the Company paid a one-time special dividend in 2012, the Company does not expect to continue to pay dividends on its common or preferred stock in the near future. | ||||||||||
For the three months ended March 31, 2014, the Company has reported a net loss and as a result, basic and diluted net loss per common share are the same. Therefore, in calculating net loss per share amounts, shares underlying the potentially dilutive common stock equivalents were excluded from the calculation of diluted net income per common share because their effect was anti-dilutive. | ||||||||||
The following table sets forth the computation of basic and diluted earnings per share (in thousands, except share and per share data) for the three months ended March 31, 2013: | ||||||||||
Three Months Ended | ||||||||||
31-Mar-13 | ||||||||||
(unaudited) | ||||||||||
Income | Shares | Per Share Amount | ||||||||
Basic EPS | ||||||||||
Net Income | $ | 205 | ||||||||
Income allocated to participating securities | 50 | |||||||||
Income allocated to common shares | $ | 155 | 23,527,072 | $ | 0.01 | |||||
Diluted EPS | ||||||||||
Diluted potential common shares (1) | 1,805,904 | |||||||||
Income allocated to common shares | $ | 155 | 25,332,976 | $ | 0.01 | |||||
(1) Dilutive potential common shares consist of shares of common stock issuable upon exercise of outstanding stock options and warrants. | ||||||||||
The following is a table of the potentially dilutive common stock equivalents for the three month periods ended March 31, 2014 and 2013 that were not included in diluted EPS as their effect would be anti-dilutive: | ||||||||||
Three Months Ended March 31, | ||||||||||
2014 | 2013 | |||||||||
Options and warrants | 5,672,198 | 2,841,215 | ||||||||
Convertible preferred stock | 7,545,333 | — | ||||||||
Total potentially dilutive common stock equivalents | 13,217,531 | 2,841,215 | ||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Summary of Significant Accounting Policies [Abstract] | ' | |||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | |||||||||
Three Months Ended | ||||||||||
31-Mar-13 | ||||||||||
(unaudited) | ||||||||||
Income | Shares | Per Share Amount | ||||||||
Basic EPS | ||||||||||
Net Income | $ | 205 | ||||||||
Income allocated to participating securities | 50 | |||||||||
Income allocated to common shares | $ | 155 | 23,527,072 | $ | 0.01 | |||||
Diluted EPS | ||||||||||
Diluted potential common shares (1) | 1,805,904 | |||||||||
Income allocated to common shares | $ | 155 | 25,332,976 | $ | 0.01 | |||||
(1) Dilutive potential common shares consist of shares of common stock issuable upon exercise of outstanding stock options and warrants. | ||||||||||
Potentially Dilutive Common Stock Equivalents | ' | |||||||||
Three Months Ended March 31, | ||||||||||
2014 | 2013 | |||||||||
Options and warrants | 5,672,198 | 2,841,215 | ||||||||
Convertible preferred stock | 7,545,333 | — | ||||||||
Total potentially dilutive common stock equivalents | 13,217,531 | 2,841,215 | ||||||||
Accounts_Receivables_net_Table
Accounts Receivables, net (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Accounts Receivables, net [Abstract] | ' | ||||||||
Schedule of Accounts Receivable | ' | ||||||||
31-Mar-14 | December 31, | ||||||||
(unaudited) | 2013 | ||||||||
Accounts receivable | $ | 4,898 | $ | 4,464 | |||||
Less allowance for doubtful accounts | -145 | -145 | |||||||
Net receivable | $ | 4,753 | $ | 4,319 | |||||
Inventories_net_Tables
Inventories, net (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Inventories, net [Abstract] | ' | ||||||||
Schedule of Components of Inventories | ' | ||||||||
31-Mar-14 | December 31, | ||||||||
(unaudited) | 2013 | ||||||||
Raw materials | $ | 2,234 | $ | 1,905 | |||||
Work in process | 2,059 | 987 | |||||||
Finished goods | 717 | 637 | |||||||
Total inventories | 5,010 | 3,529 | |||||||
Less inventory reserve | -270 | -95 | |||||||
Total inventories, net | $ | 4,740 | $ | 3,434 | |||||
Stockbased_Compensation_Tables
Stock-based Compensation (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Stock-based Compensation [Abstract] | ' | |||||||||||||
Allocation Of Stock-Based Compensation To Expense Catagories | ' | |||||||||||||
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
(unaudited) | ||||||||||||||
2014 | 2013 | |||||||||||||
Cost of revenue | $ | 70 | $ | 79 | ||||||||||
Research and development | 143 | 155 | ||||||||||||
Selling, general and administrative | 277 | 385 | ||||||||||||
Total stock compensation expense | $ | 490 | $ | 619 | ||||||||||
Key Assumptions Used For Black-Scholes Option Pricing Model | ' | |||||||||||||
For the Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Dividend yield | 0 | % | 0 | % | ||||||||||
Risk free interest rates | 0.78 – 1.61 | % | 0.37 - 0.88 | % | ||||||||||
Expected volatility | 62.9 to 67.8 | % | 71.6 to 73.8 | % | ||||||||||
Expected term (in years) | 3.5 to 5.0 | 3.5 to 5.0 | ||||||||||||
Stock Option Activity | ' | |||||||||||||
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (In Years) | Aggregate Intrinsic Value | |||||||||||
Outstanding at December 31, 2013 | 4,597,186 | $ | 3.82 | |||||||||||
Options granted | 151,175 | 3.24 | ||||||||||||
Options exercised | -61,283 | 1.05 | ||||||||||||
Options forfeited | -13,780 | 3.72 | ||||||||||||
Options cancelled or expired | -1,100 | 4.15 | ||||||||||||
Outstanding at March 31, 2014 | 4,672,198 | $ | 3.84 | 4.42 | $ | 1,800,311 | ||||||||
Vested or expected to vest at March 31, 2014 (1) | 4,651,155 | $ | 3.84 | 4.42 | $ | 1,800,227 | ||||||||
Exercisable at March 31, 2014 | 4,156,181 | $ | 3.83 | 4.40 | $ | 1,798,214 | ||||||||
(1) The expected to vest options are the result of applying the pre-vesting forfeiture rate assumptions to total unvested options. | ||||||||||||||
Concentrations_Tables
Concentrations (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Concentrations [Abstract] | ' | ||||||||
Concentrations | ' | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(unaudited) | |||||||||
2014 | 2013 | ||||||||
North and South America | $ | 3,006 | $ | 5,622 | |||||
Europe, Middle East, and Africa | 2,395 | 2,107 | |||||||
Asia Pacific | 877 | 774 | |||||||
Total | $ | 6,278 | $ | 8,503 | |||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Schedule of Earnings Per Share, Basic and Diluted) (Details) (USD $) | 3 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | |
Summary of Significant Accounting Policies [Abstract] | ' | ' | |
Net income | ($1,618) | $205 | |
Income allocated to participating securities | ' | 50 | |
Net (loss) income allocated to common shares | -1,618 | 155 | |
Diluted potential common shares | ' | ' | [1] |
Income allocated to common shares, diluted | ' | $155 | |
Income allocated to common shares, basic shares | 23,778,110 | 23,527,072 | |
Diluted potential common shares | ' | 1,805,904 | [1] |
Income allocated to common shares, diluted shares | 23,778,110 | 25,332,976 | |
Income allocated to common shares, per share, basic | ($0.07) | $0.01 | |
Income allocated to common shares, per share, diluted | ($0.07) | $0.01 | |
[1] | Dilutive potential common shares consist of shares of common stock issuable upon exercise of outstanding stock options and warrants. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Potentially Dilutive Common Stock Equivalents) (Details) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Total potentially dilutive common stock equivalents | 13,217,531 | 2,841,215 |
Options and Warrants [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Total potentially dilutive common stock equivalents | 5,672,198 | 2,841,215 |
Convertible Preferred Stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Total potentially dilutive common stock equivalents | 7,545,333 | ' |
Accounts_Receivables_net_Detai
Accounts Receivables, net (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts Receivables, net [Abstract] | ' | ' |
Accounts receivable | $4,898 | $4,464 |
Less allowance for doubtful accounts | -145 | -145 |
Net receivable | $4,753 | $4,319 |
Inventories_net_Details
Inventories, net (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventories, net [Abstract] | ' | ' |
Raw materials | $2,234 | $1,905 |
Work in process | 2,059 | 987 |
Finished goods | 717 | 637 |
Total inventories | 5,010 | 3,529 |
Less inventory reserve | -270 | -95 |
Total inventories, net | $4,740 | $3,434 |
Line_of_Credit_Details
Line of Credit (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Sep. 01, 2013 | |
Amended Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of credit facility, maximum borrowing capacity | $3,000,000 | ' | ' |
Eligible accounts receivable percentage | 75.00% | ' | ' |
Line of credit facility, borrowing capacity, description | 'the Company may borrow up to a maximum of $3 million based on a borrowing base equivalent of 75% of eligible accounts receivable. | ' | ' |
Monthly interest payment required | 1,000 | ' | ' |
Interest rate plus Prime | ' | ' | 4.00% |
Minimum interest rate | ' | ' | 7.25% |
Early termination fee | 6,000 | ' | ' |
Renewal date for credit facility | 1-Sep-14 | ' | ' |
Outstanding amount on credit facility | $0 | $0 | ' |
Stockbased_Compensation_Narrat
Stock-based Compensation (Narrative) (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Stock-based Compensation [Abstract] | ' |
Unrecognized stock option compensation net of for feitures | $0.90 |
Unrecognized stock option compensation recognition term | '2 years |
Expected dividend yield | 0.00% |
Stockbased_Compensation_Alloca
Stock-based Compensation (Allocation Of Stock-Based Compensation To Expense Catagories) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Total stock compensation expense | $490 | $619 |
Cost of Sales [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Total stock compensation expense | 70 | 79 |
Research and Development Expense [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Total stock compensation expense | 143 | 155 |
Selling, General and Administrative Expenses [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Total stock compensation expense | $277 | $385 |
Stockbased_Compensation_Key_As
Stock-based Compensation (Key Assumptions Used For Black-Scholes Option Pricing Model) (Details) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Dividend yield | 0.00% | 0.00% |
Risk free interest rates, minimum | 0.78% | 0.37% |
Risk free interest rates, maximum | 1.61% | 0.88% |
Expected volatility, minimum | 62.90% | 71.60% |
Expected volatility, maximum | 67.80% | 73.80% |
Minimum [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Expected term (in years) | '3 years 6 months | '3 years 6 months |
Maximum [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Expected term (in years) | '5 years | '5 years |
Stockbased_Compensation_Stock_
Stock-based Compensation (Stock Option Activity) (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | ||
Stock-based Compensation [Abstract] | ' | ' | |
Outstanding at December 31, 2013, shares | 4,597,186 | ' | |
Options granted, shares | 151,175 | ' | |
Options exercised, shares | -61,283 | -12,655 | |
Options forfeited, shares | -13,780 | ' | |
Options cancelled or expired, shares | -1,100 | ' | |
Outstanding at March 31, 2014, shares | 4,672,198 | ' | |
Vested or expected to vest at March 31, 2014, shares | 4,651,155 | [1] | ' |
Exercisable at March 31, 2014, shares | 4,156,181 | ' | |
Outstanding at December 31, 2013, exercise price | $3.82 | ' | |
Options granted, exercise price | $3.24 | ' | |
Options exercised, exercise price | $1.05 | ' | |
Options forfeited, exercise price | $3.72 | ' | |
Options cancelled or expired, exercise price | $4.15 | ' | |
Outstanding at March 31, 2014, exercise price | $3.84 | ' | |
Vested or expected to vest at March 31, 2014, exercise price | $3.84 | [1] | ' |
Exercisable at March 31, 2014, exercise price | $3.83 | ' | |
Outstanding at March 31, 2014, contractual life | '4 years 5 months 1 day | ' | |
Vested or expected to vest at March 31, 2014, contractual life | '4 years 5 months 1 day | [1] | ' |
Exercisable at March 31, 2014, contractual life | '4 years 4 months 24 days | ' | |
Outstanding at March 31, 2014, intrinsic value | $1,800,311 | ' | |
Vested or expected to vest at March 31, 2014, intrinsic value | 1,800,227 | [1] | ' |
Exercisable at March 31, 2014, intrinsic value | 1,798,214 | ' | |
Aggregate intrinsic value of options exercised | $84,000 | ' | |
[1] | The expected to vest options are the result of applying the pre-vesting forfeiture rate assumptions to total unvested options |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 3 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
Series B Convertible Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] | |||
Shareholders' Equity [Line Items] | ' | ' | ' | ' |
Preferred stock, shares issued | ' | ' | 5,659 | 5,659 |
Preferred stock, shares outstanding | ' | ' | 5,659 | 5,659 |
Proceeds from stock options exercised | $65 | $24 | ' | ' |
Exercise of common stock options, shares | 61,283 | 12,655 | ' | ' |
Income_Taxes_Details
Income Taxes (Details) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Income Taxes [Abstract] | ' | ' |
Effective tax rate | 0.00% | 36.90% |
Federal statutory rate | 34.00% | 34.00% |
Operating loss carry forward amounts substantially expire | '2028 | ' |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |
Hopewell Junction, New York [Member] | Bellevue, Washington [Member] | Santa Clara, California [Member] | Global OLED Technology [Member] | |||
sqft | sqft | sqft | Royalty Agreement [Member] | |||
Commitments And Contingencies [Line Items] | ' | ' | ' | ' | ' | ' |
Selling, general and administrative expense | $2,119,000 | $2,239,000 | ' | ' | ' | $500,000 |
Area of leased real estate property | ' | ' | 37,000 | 6,300 | 2,400 | ' |
Lease expiration date | ' | ' | 31-May-19 | 31-Aug-14 | 31-Dec-14 | ' |
Rent expense | 302,000 | 303,000 | ' | ' | ' | ' |
Equipment purchases commitments | $600,000 | ' | ' | ' | ' | ' |
Concentrations_Details
Concentrations (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Revenues | $6,278 | $8,503 |
North And South America [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Revenues | 3,006 | 5,622 |
Europe, Middle East, And Africa [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Revenues | 2,395 | 2,107 |
Asia Pacific [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Revenues | $877 | $774 |
United States [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Net revenues, percentage | 47.00% | 62.00% |
International [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Net revenues, percentage | 53.00% | 38.00% |
No Customer [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Net revenues, percentage | 10.00% | ' |
Number of customers | 0 | ' |
Three Customers [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Net revenues, percentage | ' | 36.00% |
Number of customers | ' | 3 |