Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 01, 2015 | |
Document Information [Line Items] | ||
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 | SAJAN INC | |
Entity Central Index Key | 1,118,037 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | SAJA | |
Entity Common Stock, Shares Outstanding | 4,782,743 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 3,278 | $ 4,662 |
Accounts receivable, net of allowance | 4,729 | 3,999 |
Unbilled services | 1,297 | 1,024 |
Prepaid expenses and other current assets | 675 | 550 |
Total current assets | 9,979 | 10,235 |
Property and equipment, net | 725 | 711 |
Other assets: | ||
Intangible assets, net | 118 | 256 |
Capitalized software development costs, net | 86 | 213 |
Other assets | 24 | 22 |
Total other assets | 228 | 491 |
Total assets | 10,932 | 11,437 |
Current liabilities: | ||
Accounts payable | 3,448 | 3,076 |
Customer prepayments | 925 | 966 |
Accrued interest - related party | 0 | 81 |
Note payable - related party | 0 | 750 |
Accrued compensation and benefits | 813 | 789 |
Accrued liabilities | 120 | 128 |
Capital lease obligations | 0 | 93 |
Total current liabilities | 5,306 | 5,883 |
Stockholders' equity: | ||
Preferred stock, $.01 par value, 10,000 shares authorized and no shares issued and outstanding | 0 | 0 |
Common stock, $.01 par value, 35,000 shares authorized; 4,783 and 4,773 shares issued and outstanding, respectively. | 48 | 48 |
Additional paid-in capital | 10,561 | 10,327 |
Accumulated deficit | (4,663) | (4,540) |
Accumulated other comprehensive loss | (320) | (281) |
Total stockholders' equity | 5,626 | 5,554 |
Total liabilities and stockholders' equity | $ 10,932 | $ 11,437 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000 | 10,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 35,000 | 35,000 |
Common stock, shares issued | 4,783 | 4,773 |
Common stock, shares outstanding | 4,783 | 4,773 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenues: | $ 7,333 | $ 7,340 | $ 22,192 | $ 20,734 |
Operating expenses: | ||||
Cost of revenues (exclusive of depreciation and amortization) | 4,706 | 4,354 | 13,598 | 12,624 |
Sales and marketing | 974 | 884 | 2,780 | 2,521 |
Research and development | 354 | 382 | 1,262 | 1,214 |
General and administrative | 1,163 | 1,348 | 3,897 | 3,659 |
Depreciation and amortization | 250 | 247 | 712 | 726 |
Total operating expenses | 7,447 | 7,215 | 22,249 | 20,744 |
Income (loss) from operations | (114) | 125 | (57) | (10) |
Other income (expense): | ||||
Interest expense | (11) | (20) | (47) | (64) |
Foreign currency transaction gain (loss) | 1 | 1 | (5) | (2) |
Total other expense | (10) | (19) | (52) | (66) |
Income (loss) before income taxes | (124) | 106 | (109) | (76) |
Income tax expense | 3 | 5 | 12 | 39 |
Net income (loss) | (127) | 101 | (121) | (115) |
Effect of foreign currency translation adjustments | (3) | (21) | (38) | (31) |
Comprehensive income (loss) | $ (130) | $ 80 | $ (159) | $ (146) |
Income (loss) per common share - basic (in dollars per share) | $ (0.03) | $ 0.02 | $ (0.03) | $ (0.03) |
Income (loss) per common share - diluted (in dollars per share) | $ (0.03) | $ 0.02 | $ (0.03) | $ (0.03) |
Weighted average shares outstanding - basic (in shares) | 4,781 | 4,216 | 4,780 | 4,117 |
Weighted average shares outstanding - diluted (in shares) | 4,781 | 4,297 | 4,780 | 4,117 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (121) | $ (115) |
Adjustments to reconcile net loss to net cash from operating activities: | ||
Depreciation | 393 | 410 |
Amortization | 319 | 316 |
Stock-based compensation expense | 223 | 205 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (730) | 0 |
Unbilled services | (273) | (20) |
Prepaid expenses and other assets | (129) | (131) |
Accounts payable and accrued liabilities | 364 | 348 |
Accrued interest - related party | (81) | (45) |
Accrued compensation and benefits | 24 | 192 |
Customer prepayments | (41) | 82 |
Net cash flows (used in) provided by operating activities | (52) | 1,242 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (410) | (175) |
Payments on long term licenses | (54) | (36) |
Net cash flows used in investing activities | (464) | (211) |
Cash flows from financing activities: | ||
Net proceeds from issuance of stock | 11 | 2,701 |
Payoff of note payable - related party | (750) | 0 |
Payments on capital lease obligations | (93) | (138) |
Net cash flows (used in) provided by financing activities | (832) | 2,563 |
Net change in cash and cash equivalents | (1,348) | 3,594 |
Effect of exchange rate changes in cash | (36) | (49) |
Cash and cash equivalents - beginning of period | 4,662 | 1,364 |
Cash and cash equivalents - end of period | 3,278 | 4,909 |
Cash paid for taxes | 12 | 31 |
Cash paid for interest including loan fees | $ 128 | $ 109 |
Nature of Business and Summary
Nature of Business and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
Nature Of Business and Summary Of Significant Accounting Policies [Abstract] | |
Nature of Business and Summary of Significant Accounting Policies [Text Block] | 1. Nature of Business and Summary of Significant Accounting Policies Sajan, Inc. (the “Company” or “Sajan”), a Delaware corporation, provides language translation services and technology solutions to companies located throughout the world, particularly in the technology, consumer products, medical and life sciences, financial services, manufacturing, and retail industries that are selling products into global markets. The Company is located in River Falls, Wisconsin and has active, wholly-owned subsidiaries in the following countries: ⋅ Ireland Sajan Software Ltd. ⋅ Spain Sajan Spain S.L.A. ⋅ Singapore Sajan Singapore Pte. Ltd. The condensed consolidated balance sheet as of December 31, 2014, which has been derived from audited consolidated financial statements, and the unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information. Accordingly, certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. Operating results for the three and nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015 or any other period. The accompanying condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements of the Company, and notes thereto, contained in this report. The financial information furnished in this report is unaudited and reflects all adjustments which are normal recurring adjustments and which, in the opinion of management, are necessary to fairly present the results of the interim periods presented in order to make the condensed consolidated financial statements not misleading. The accompanying condensed consolidated financial statements include the accounts of Sajan, Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. The carrying amounts of the Company’s financial instruments, which include cash equivalents, accounts receivable, accounts payable and other accrued expenses, approximate their fair values due to their short maturities and/or market-consistent interest rates. The Company extends unsecured credit to customers in the normal course of business. The Company provides an allowance for doubtful accounts when appropriate, the amount of which is based upon a review of outstanding receivables, historical collection information, and existing economic conditions on an individual customer basis. Normal accounts receivable are due 30 days after issuance of the invoice. Receivables are written off only after all collection attempts have failed, and are based on individual credit evaluation and specific circumstances of the customer. Accounts receivable have been reduced by an allowance for uncollectible accounts of $ 30 Basic income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding. Diluted income (loss) per share is computed based on the weighted average number of common shares outstanding adjusted by the number of additional shares that would have been outstanding had the potentially dilutive common shares been issued. For the three months ended September 30, 2015, all options and warrants to purchase shares were excluded because the Company had a net loss and inclusion of these shares would have been anti-dilutive. For the three months ended September 30, 2014, options to 54 13 were excluded from the diluted weighted average shares outstanding calculation because the inclusion of these shares would have been anti-dilutive. For the nine months ended September 30, 2015 and 2014, all options and warrants to purchase shares were excluded because the Company had a net loss and inclusion of these shares would have been anti-dilutive. A reconciliation of the denominator in the basic and diluted income or loss per share is as follows: Three months ended September 30, 2015 2014 Numerator: Net income (loss) $ (127) $ 101 Denominator: Weighted average common shares outstanding - basic 4,781 4,216 Effect of dilutive stock options and warrants - 81 Weighted average common shares outstanding - diluted 4,781 4,297 Basic income (loss) per common share $ (0.03) $ 0.02 Diluted income (loss) per common share $ (0.03) $ 0.02 Nine months ended September 30, 2015 2014 Numerator: Net (loss) $ (121) $ (115) Denominator: Weighted average common shares outstanding - basic 4,780 4,117 Effect of dilutive stock options and warrants - - Weighted average common shares outstanding - diluted 4,780 4,117 Basic (loss) per common share $ (0.03) $ (0.03) Diluted (loss) per common share $ (0.03) $ (0.03) Property and equipment are recorded at cost and depreciated over their estimated useful lives, initially determined to be two to twelve years, using the straight-line method. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation are removed from the accounts, and any resulting gain or loss is included in operating results. Repairs and maintenance costs are expensed as incurred. September 30, 2015 December 31, 2014 Customer lists acquired $ 784 $ 784 Patents and licenses 301 247 Less accumulated amortization (967) (775) Total intangible assets, net $ 118 $ 256 Intangible assets are amortized over their expected useful lives of 4 15 64 60 192 181 222 53 21 2 11 The Company annually reviews its long-lived assets for events or changes that may indicate that the carrying amount of a long-lived asset may not be recoverable or exceeds its fair value. There were no indicators of impairment or impairment for the three and nine months ended September 30, 2015 or 2014. The Company capitalizes software development costs incurred during the application development stage related to new software or major enhancements to the functionality of existing software that are developed solely to meet the Company’s internal operational needs and when no substantive plans exist or are being developed to market the software externally. Costs capitalized include external direct costs of materials and services and internal payroll and payroll-related costs. Any costs during the preliminary project stage or related to training or maintenance are expensed as incurred. Capitalization ceases when the software project is substantially complete and ready for its intended use. The capitalization and ongoing assessment of recoverability of development costs requires considerable judgment by management with respect to certain external factors, including, but not limited to, technological and economic feasibility and estimated economic life. The Company did not capitalize any additional software development costs in the three or nine months ended September 30, 2015 or 2014. September 30, 2015 December 31, 2014 Capitalized software development costs $ 543 $ 543 Less accumulated amortization (457) (330) Total capitalized software development costs, net $ 86 $ 213 When the software projects are ready for their intended use, the Company amortizes such costs over their estimated useful lives of three years. Capitalized software amortization expense was $ 42 45 127 135 170 43 The Company measures and recognizes compensation expense for all stock-based compensation at fair value. The Company recognizes stock-based compensation costs on a straight-line basis over the requisite service period of the award, which is generally the option vesting term. Total stock-based compensation expense was $ 75 223 205 545 There were no options to purchase shares issued during the three months ended September 30, 2015 and options to purchase 48 52 59 Three months ended September 30, 2015 2014 Risk-free interest rate - 1.6 % Expected life of options granted - 7 Yrs. Expected volatility range - 91.5 % Expected dividend yield - - Using the Black-Scholes option pricing model, management has determined that the options issued in the three months ended September 30, 2014 have a weighted-average grant date fair value of $ 3.90 Nine months ended September 30, 2015 2014 Risk-free interest rate 1.5 % 1.4 % Expected life of options granted 7 Yrs. 6 Yrs. Expected volatility range 85.4 % 79.9 % Expected dividend yield - - Using the Black-Scholes option pricing model, management has determined that the options issued in the nine months ended September 30, 2015 and 2014 have a weighted-average grant date fair value of $ 4.38 4.00 The Company derives revenues primarily from language translation services and professional consulting services. Translation services utilize the Company’s proprietary translation management system Transplicity to provide a solution for all of the customer’s language translation requirements. Services include content analysis, translation memory and retrieval, language translation, account management, graphic design services, technical consulting and professional services. Services associated with translation of content are generally billed on a “per word” basis. Professional services, including technical consulting and project management, are billed on a per hour basis. The Company considers revenue earned and realizable at the time services are performed and amounts are earned. The Company considers amounts to be earned when (1) persuasive evidence of an arrangement has been obtained; (2) services are delivered; (3) the fee is fixed or determinable; and (4) collectability is reasonably assured. Determination of criteria (3) and (4) is based on management’s judgments regarding the fixed nature of the fee charged for services rendered and products delivered and the collectability of those fees. The Company recognizes revenue for translation services on a standard “per word” basis at the time the translation is completed. The Company recognizes revenue for professional services when the services have been completed in accordance with the statement of work. The Company’s agreements with its customers may provide the customer with a limited time period following delivery of the project for the customer to identify any non-conformities to the pre-defined project specifications. The Company has the opportunity to correct these items. Historically, errors in project deliverables have been minimal and accordingly, revenue is recognized as services are performed. Revenues recognized in excess of billings are recorded as unbilled services. Billings in excess of revenues recognized and customer prepayment for services are recorded as customer prepayments to the extent cash has been received. Cost of revenues consists primarily of expenses incurred for translation services provided by third parties as well as salaries and associated employee benefits for personnel related to client projects. Research and development expenses primarily represent costs incurred for development of enhancements and maintenance to the Company’s operating software system and include costs incurred during the preliminary project stage of development or related to training or maintenance activities. To a lesser degree, research and development expenses also consist of costs to add features to the Company’s operating software system that could make portions of the system licensable to outside third parties. Research and development expenses consist primarily of salaries and related costs of software engineers, and fees paid to third party consultants. All research and development expenses are expensed as incurred. For operations in local currency environments, assets and liabilities are translated at period-end exchange rates with cumulative translation adjustments included as a component of stockholders’ equity. Income and expense items are translated at average foreign exchange rates prevailing during the period. For operations in which the U.S. dollar is not considered the functional currency, certain financial statements amounts are re-measured at historical exchange rates, with all other asset and liability amounts translated at period-end exchange rates. These re-measured adjustments are reflected in the results of operations. Gains and losses from foreign currency transactions are included in the Consolidated Statements of Comprehensive Income (Loss). Current income taxes are recorded based on statutory obligations for the current operating period for the various countries in which the Company has operations. Deferred taxes are provided on an asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their respective tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates. Revenue from Contracts with Customers. In April 2015, FASB issued an Accounting Standards Update that defers the effective date of ASC Section 606 by one year. As updated, ASC Section 606 is effective for annual reporting periods beginning on or after December 15, 2017, and interim periods within those annual periods. The Company will adopt the new provisions of this accounting standard at the beginning of fiscal year 2018. FASB does permit the adoption of the new revenue standard early, but not before the original effective date for annual periods beginning after December 15, 2016. The Company will further study the implications of this statement in order to evaluate the expected impact on the consolidated financial statements. |
Concentrations of Credit Risk
Concentrations of Credit Risk | 9 Months Ended |
Sep. 30, 2015 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | 2. Concentrations of Credit Risk Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. Cash concentration. Accounts receivable concentration. 21 16 Sales concentration. 10 10 12 |
Segment Information and Major C
Segment Information and Major Customers | 9 Months Ended |
Sep. 30, 2015 | |
Segment Information and Major Customers [Abstract] | |
Segment Reporting Disclosure [Text Block] | 3. Segment Information and Major Customers The Company views its operations and manages its business as one reportable segment, providing language translation solutions to a variety of companies, primarily in its targeted vertical markets. Factors used to identify the Company’s single operating segment include the financial information available for evaluation by the chief operating decision maker in making decisions about how to allocate resources and assess performance. The Company markets its products and services through its headquarters in the United States and its wholly-owned subsidiaries operating in Ireland, Spain, and Singapore. Three Months Ended September 30, 2015 2014 Revenues Percent Revenues Percent United States $ 5,583 76 % $ 5,359 73 % Asia 203 3 % 246 3 % Europe 1,212 17 % 1,490 20 % Other International 335 4 % 245 4 % Total Revenues $ 7,333 100 % $ 7,340 100 % Nine Months Ended September 30, 2015 2014 Revenues Percent Revenues Percent United States $ 17,021 77 % $ 15,157 73 % Asia 579 3 % 763 4 % Europe 3,505 16 % 4,077 20 % Other International 1,087 4 % 737 3 % Total Sales $ 22,192 100 % $ 20,734 100 % For the three and nine months ended September 30, 2015 and 2014, no single foreign country accounted for 10 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 4. Related Party Transactions Note Payable The Company previously had a note payable in the amount of $ 750 August 23, 2015 8 81 8 15 38 45 8 Lease Sajan leases its office space under three non-cancelable operating leases from River Valley Business Center, LLC, a limited liability company that is owned by Shannon and Angela Zimmerman. The space consists of approximately 20,000 86 258 |
Credit Facility
Credit Facility | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Credit Facility In March 2012, the Company entered into a one-year revolving working capital line of credit with Silicon Valley Bank (“SVB”). In March 2013, the line of credit was replaced with a new credit facility (as amended from time to time, the “Credit Facility”) with SVB, which consisted of a two-year revolving working capital line of credit. The Credit Facility was amended in March 2015 and extended for another two-year period. The Credit Facility permits borrowings of up to a principal amount equal to the lesser of (a) $ 3,000 85 March 28, 2017 Any unpaid principal amount borrowed under the Credit Facility accrues interest at a floating rate per annum equal to (a) 1.0% above the “prime rate” published from time to time in the money rates section of the Wall Street Journal (the “Prime Rate”) when the Company’s liquidity ratio is greater than or equal to 1.75 to 1.0 and (b) 2.25% above the Prime Rate when the Company’s liquidity ratio is less than 1.75 to 1.0. The interest rate floor is set at 4.0% per annum. 0.1875 The Credit Facility is governed by the terms of an Amended and Restated Loan and Security Agreement, dated as of March 28, 2013, entered into by and between Sajan and SVB, as amended on March 28, 2015 and May 5, 2015 (as amended, the “A&R Loan Agreement”). The A&R Loan Agreement contains several financial and customary affirmative and negative covenants, including requiring Sajan to maintain a consolidated minimum tangible net worth of at least $2,500, increasing as of the last day of each fiscal quarter by an amount equal to 25% of the sum of (i) net income for such quarter, (ii) any increase in the principal amount of outstanding subordinated debt during such quarter, and (iii) the net amount of proceeds received by Sajan in such quarter from the sale or issuance of equity securities. The Credit Facility is secured by all of Sajan’s domestic assets except for intellectual property (which the Company has agreed not to pledge to others), and the pledge of the Company’s equity interests in its foreign subsidiaries that are controlled foreign corporations (as defined in the Internal Revenue Code). The obligations under the A&R Loan Agreement are guaranteed on an unsecured basis by certain of Sajan’s subsidiaries. |
Options and Warrants
Options and Warrants | 9 Months Ended |
Sep. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Options and Warrants 2014 Equity Incentive Plan On June 12, 2014, the Company’s stockholders approved the 2014 Equity Incentive Plan (the “2014 Plan) as a replacement for the 2004 Amended and Restated Long Term Incentive Plan. The 2014 Plan allows the Company’s Board of Directors, or a committee of the Board, to grant awards to the Company’s employees (including named executive officers), directors, and/or consultants of the Company and its affiliates. The awards may take the form of incentive stock options, non-qualified stock options, restricted stock awards, restricted stock units, performance awards and stock appreciation rights. A total of 375 268 As of September 30, 2015, there were options to purchase a total of 419 5.27 21 2.44 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 7. Income Taxes The Company has cumulative net operating losses available to offset future income for federal and state reporting purposes of $ 28,895 3,048 745 The Company’s policies with respect to the recording of deferred tax assets and liabilities have not changed in 2015. All balances and valuation allowances as of December 31, 2014 were evaluated and no changes were deemed necessary as of September 30, 2015. |
Legal Proceedings
Legal Proceedings | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Matters and Contingencies [Text Block] | 8. Legal Proceedings The Company expenses legal costs as incurred. In the ordinary course of business, the Company is subject to legal actions, proceedings and claims. As of the date of this report, management is not aware of any undisclosed actual or threatened litigation that would have a material adverse effect on the Company’s financial condition or results of operations. |
Nature of Business and Summar14
Nature of Business and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Nature Of Business and Summary Of Significant Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Nature of Business / Basis of Presentation Sajan, Inc. (the “Company” or “Sajan”), a Delaware corporation, provides language translation services and technology solutions to companies located throughout the world, particularly in the technology, consumer products, medical and life sciences, financial services, manufacturing, and retail industries that are selling products into global markets. The Company is located in River Falls, Wisconsin and has active, wholly-owned subsidiaries in the following countries: ⋅ Ireland Sajan Software Ltd. ⋅ Spain Sajan Spain S.L.A. ⋅ Singapore Sajan Singapore Pte. Ltd. |
Interim Financial Information Policy [Policy Text Block] | Interim Financial Information The condensed consolidated balance sheet as of December 31, 2014, which has been derived from audited consolidated financial statements, and the unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information. Accordingly, certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. Operating results for the three and nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015 or any other period. The accompanying condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements of the Company, and notes thereto, contained in this report. The financial information furnished in this report is unaudited and reflects all adjustments which are normal recurring adjustments and which, in the opinion of management, are necessary to fairly present the results of the interim periods presented in order to make the condensed consolidated financial statements not misleading. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Sajan, Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments The carrying amounts of the Company’s financial instruments, which include cash equivalents, accounts receivable, accounts payable and other accrued expenses, approximate their fair values due to their short maturities and/or market-consistent interest rates. |
Receivables, Policy [Policy Text Block] | Accounts Receivable The Company extends unsecured credit to customers in the normal course of business. The Company provides an allowance for doubtful accounts when appropriate, the amount of which is based upon a review of outstanding receivables, historical collection information, and existing economic conditions on an individual customer basis. Normal accounts receivable are due 30 days after issuance of the invoice. Receivables are written off only after all collection attempts have failed, and are based on individual credit evaluation and specific circumstances of the customer. Accounts receivable have been reduced by an allowance for uncollectible accounts of $ 30 |
Earnings Per Share, Policy [Policy Text Block] | Income/Loss Per Common Share Basic income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding. Diluted income (loss) per share is computed based on the weighted average number of common shares outstanding adjusted by the number of additional shares that would have been outstanding had the potentially dilutive common shares been issued. For the three months ended September 30, 2015, all options and warrants to purchase shares were excluded because the Company had a net loss and inclusion of these shares would have been anti-dilutive. For the three months ended September 30, 2014, options to 54 13 were excluded from the diluted weighted average shares outstanding calculation because the inclusion of these shares would have been anti-dilutive. For the nine months ended September 30, 2015 and 2014, all options and warrants to purchase shares were excluded because the Company had a net loss and inclusion of these shares would have been anti-dilutive. A reconciliation of the denominator in the basic and diluted income or loss per share is as follows: Three months ended September 30, 2015 2014 Numerator: Net income (loss) $ (127) $ 101 Denominator: Weighted average common shares outstanding - basic 4,781 4,216 Effect of dilutive stock options and warrants - 81 Weighted average common shares outstanding - diluted 4,781 4,297 Basic income (loss) per common share $ (0.03) $ 0.02 Diluted income (loss) per common share $ (0.03) $ 0.02 Nine months ended September 30, 2015 2014 Numerator: Net (loss) $ (121) $ (115) Denominator: Weighted average common shares outstanding - basic 4,780 4,117 Effect of dilutive stock options and warrants - - Weighted average common shares outstanding - diluted 4,780 4,117 Basic (loss) per common share $ (0.03) $ (0.03) Diluted (loss) per common share $ (0.03) $ (0.03) |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are recorded at cost and depreciated over their estimated useful lives, initially determined to be two to twelve years, using the straight-line method. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation are removed from the accounts, and any resulting gain or loss is included in operating results. Repairs and maintenance costs are expensed as incurred. |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible Assets September 30, 2015 December 31, 2014 Customer lists acquired $ 784 $ 784 Patents and licenses 301 247 Less accumulated amortization (967) (775) Total intangible assets, net $ 118 $ 256 Intangible assets are amortized over their expected useful lives of 4 15 64 60 192 181 222 53 21 2 11 |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-lived Assets The Company annually reviews its long-lived assets for events or changes that may indicate that the carrying amount of a long-lived asset may not be recoverable or exceeds its fair value. There were no indicators of impairment or impairment for the three and nine months ended September 30, 2015 or 2014. |
Internal Use Software, Policy [Policy Text Block] | Capitalized Software Development Costs The Company capitalizes software development costs incurred during the application development stage related to new software or major enhancements to the functionality of existing software that are developed solely to meet the Company’s internal operational needs and when no substantive plans exist or are being developed to market the software externally. Costs capitalized include external direct costs of materials and services and internal payroll and payroll-related costs. Any costs during the preliminary project stage or related to training or maintenance are expensed as incurred. Capitalization ceases when the software project is substantially complete and ready for its intended use. The capitalization and ongoing assessment of recoverability of development costs requires considerable judgment by management with respect to certain external factors, including, but not limited to, technological and economic feasibility and estimated economic life. The Company did not capitalize any additional software development costs in the three or nine months ended September 30, 2015 or 2014. September 30, 2015 December 31, 2014 Capitalized software development costs $ 543 $ 543 Less accumulated amortization (457) (330) Total capitalized software development costs, net $ 86 $ 213 When the software projects are ready for their intended use, the Company amortizes such costs over their estimated useful lives of three years. Capitalized software amortization expense was $ 42 45 127 135 170 43 |
Compensation Related Costs, Policy [Policy Text Block] | Stock-Based Compensation The Company measures and recognizes compensation expense for all stock-based compensation at fair value. The Company recognizes stock-based compensation costs on a straight-line basis over the requisite service period of the award, which is generally the option vesting term. Total stock-based compensation expense was $ 75 223 205 545 There were no options to purchase shares issued during the three months ended September 30, 2015 and options to purchase 48 52 59 Three months ended September 30, 2015 2014 Risk-free interest rate - 1.6 % Expected life of options granted - 7 Yrs. Expected volatility range - 91.5 % Expected dividend yield - - Using the Black-Scholes option pricing model, management has determined that the options issued in the three months ended September 30, 2014 have a weighted-average grant date fair value of $ 3.90 Nine months ended September 30, 2015 2014 Risk-free interest rate 1.5 % 1.4 % Expected life of options granted 7 Yrs. 6 Yrs. Expected volatility range 85.4 % 79.9 % Expected dividend yield - - Using the Black-Scholes option pricing model, management has determined that the options issued in the nine months ended September 30, 2015 and 2014 have a weighted-average grant date fair value of $ 4.38 4.00 |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition The Company derives revenues primarily from language translation services and professional consulting services. Translation services utilize the Company’s proprietary translation management system Transplicity to provide a solution for all of the customer’s language translation requirements. Services include content analysis, translation memory and retrieval, language translation, account management, graphic design services, technical consulting and professional services. Services associated with translation of content are generally billed on a “per word” basis. Professional services, including technical consulting and project management, are billed on a per hour basis. The Company considers revenue earned and realizable at the time services are performed and amounts are earned. The Company considers amounts to be earned when (1) persuasive evidence of an arrangement has been obtained; (2) services are delivered; (3) the fee is fixed or determinable; and (4) collectability is reasonably assured. Determination of criteria (3) and (4) is based on management’s judgments regarding the fixed nature of the fee charged for services rendered and products delivered and the collectability of those fees. The Company recognizes revenue for translation services on a standard “per word” basis at the time the translation is completed. The Company recognizes revenue for professional services when the services have been completed in accordance with the statement of work. The Company’s agreements with its customers may provide the customer with a limited time period following delivery of the project for the customer to identify any non-conformities to the pre-defined project specifications. The Company has the opportunity to correct these items. Historically, errors in project deliverables have been minimal and accordingly, revenue is recognized as services are performed. Revenues recognized in excess of billings are recorded as unbilled services. Billings in excess of revenues recognized and customer prepayment for services are recorded as customer prepayments to the extent cash has been received. |
Cost of Sales, Policy [Policy Text Block] | Cost of Revenues Cost of revenues consists primarily of expenses incurred for translation services provided by third parties as well as salaries and associated employee benefits for personnel related to client projects. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Research and development expenses primarily represent costs incurred for development of enhancements and maintenance to the Company’s operating software system and include costs incurred during the preliminary project stage of development or related to training or maintenance activities. To a lesser degree, research and development expenses also consist of costs to add features to the Company’s operating software system that could make portions of the system licensable to outside third parties. Research and development expenses consist primarily of salaries and related costs of software engineers, and fees paid to third party consultants. All research and development expenses are expensed as incurred. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation For operations in local currency environments, assets and liabilities are translated at period-end exchange rates with cumulative translation adjustments included as a component of stockholders’ equity. Income and expense items are translated at average foreign exchange rates prevailing during the period. For operations in which the U.S. dollar is not considered the functional currency, certain financial statements amounts are re-measured at historical exchange rates, with all other asset and liability amounts translated at period-end exchange rates. These re-measured adjustments are reflected in the results of operations. Gains and losses from foreign currency transactions are included in the Consolidated Statements of Comprehensive Income (Loss). |
Income Tax, Policy [Policy Text Block] | Income Tax Current income taxes are recorded based on statutory obligations for the current operating period for the various countries in which the Company has operations. Deferred taxes are provided on an asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their respective tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates. |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements Revenue from Contracts with Customers. In April 2015, FASB issued an Accounting Standards Update that defers the effective date of ASC Section 606 by one year. As updated, ASC Section 606 is effective for annual reporting periods beginning on or after December 15, 2017, and interim periods within those annual periods. The Company will adopt the new provisions of this accounting standard at the beginning of fiscal year 2018. FASB does permit the adoption of the new revenue standard early, but not before the original effective date for annual periods beginning after December 15, 2016. The Company will further study the implications of this statement in order to evaluate the expected impact on the consolidated financial statements. |
Nature of Business and Summar15
Nature of Business and Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Nature Of Business and Summary Of Significant Accounting Policies [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | A reconciliation of the denominator in the basic and diluted income or loss per share is as follows: Three months ended September 30, 2015 2014 Numerator: Net income (loss) $ (127) $ 101 Denominator: Weighted average common shares outstanding - basic 4,781 4,216 Effect of dilutive stock options and warrants - 81 Weighted average common shares outstanding - diluted 4,781 4,297 Basic income (loss) per common share $ (0.03) $ 0.02 Diluted income (loss) per common share $ (0.03) $ 0.02 Nine months ended September 30, 2015 2014 Numerator: Net (loss) $ (121) $ (115) Denominator: Weighted average common shares outstanding - basic 4,780 4,117 Effect of dilutive stock options and warrants - - Weighted average common shares outstanding - diluted 4,780 4,117 Basic (loss) per common share $ (0.03) $ (0.03) Diluted (loss) per common share $ (0.03) $ (0.03) |
Schedule of Intangible Assets and Goodwill [Table Text Block] | The Company's intangible assets consist of customer lists, patents and licenses, are subject to amortization, and are as follows: September 30, 2015 December 31, 2014 Customer lists acquired $ 784 $ 784 Patents and licenses 301 247 Less accumulated amortization (967) (775) Total intangible assets, net $ 118 $ 256 |
Schedule Of Capitalized Software Development Costs [Table Text Block] | Total capitalized software development costs consist of the following as of: September 30, 2015 December 31, 2014 Capitalized software development costs $ 543 $ 543 Less accumulated amortization (457) (330) Total capitalized software development costs, net $ 86 $ 213 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value [Table Text Block] | In determining the compensation cost of the options granted, the fair value of each option grant has been estimated on the date of grant using the Black-Scholes option pricing model, and the weighted average assumptions used in these calculations are summarized as follows: Three months ended September 30, 2015 2014 Risk-free interest rate - 1.6 % Expected life of options granted - 7 Yrs. Expected volatility range - 91.5 % Expected dividend yield - - Using the Black-Scholes option pricing model, management has determined that the options issued in the three months ended September 30, 2014 have a weighted-average grant date fair value of $ 3.90 Nine months ended September 30, 2015 2014 Risk-free interest rate 1.5 % 1.4 % Expected life of options granted 7 Yrs. 6 Yrs. Expected volatility range 85.4 % 79.9 % Expected dividend yield - - |
Segment Information and Major16
Segment Information and Major Customers (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting Information, Revenue For Reportable Segment [Abstract] | |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Net revenues per geographic region, based on the billing location of the end customer, are summarized below. Three Months Ended September 30, 2015 2014 Revenues Percent Revenues Percent United States $ 5,583 76 % $ 5,359 73 % Asia 203 3 % 246 3 % Europe 1,212 17 % 1,490 20 % Other International 335 4 % 245 4 % Total Revenues $ 7,333 100 % $ 7,340 100 % Nine Months Ended September 30, 2015 2014 Revenues Percent Revenues Percent United States $ 17,021 77 % $ 15,157 73 % Asia 579 3 % 763 4 % Europe 3,505 16 % 4,077 20 % Other International 1,087 4 % 737 3 % Total Sales $ 22,192 100 % $ 20,734 100 % |
Nature of Business and Summar17
Nature of Business and Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Numerator: | ||||
Net income (loss) | $ (127) | $ 101 | $ (121) | $ (115) |
Denominator: | ||||
Weighted average common shares outstanding - basic (in shares) | 4,781 | 4,216 | 4,780 | 4,117 |
Effect of dilutive stock options and warrants (in shares) | 0 | 81 | 0 | 0 |
Weighted average common shares outstanding - diluted (in shares) | 4,781 | 4,297 | 4,780 | 4,117 |
Basic income (loss) per common share (in dollars per shares) | $ (0.03) | $ 0.02 | $ (0.03) | $ (0.03) |
Diluted income (loss) per common share (in dollars per shares) | $ (0.03) | $ 0.02 | $ (0.03) | $ (0.03) |
Nature of Business and Summar18
Nature of Business and Summary of Significant Accounting Policies (Details 1) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Summary of Significant Accounting [Line Items] | ||
Customer lists acquired | $ 784 | $ 784 |
Patents and licenses | 301 | 247 |
Less accumulated amortization | (967) | (775) |
Total intangible assets, net | $ 118 | $ 256 |
Nature of Business and Summar19
Nature of Business and Summary of Significant Accounting Policies (Details 2) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Summary of Significant Accounting [Line Items] | ||
Capitalized software development costs | $ 543 | $ 543 |
Less accumulated amortization | (457) | (330) |
Total capitalized software development costs, net | $ 86 | $ 213 |
Nature of Business and Summar20
Nature of Business and Summary of Significant Accounting Policies (Details 3) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Summary of Significant Accounting [Line Items] | ||||
Risk-free interest rate | 0.00% | 1.60% | 1.50% | 1.40% |
Expected life of options granted | 7 years | 7 years | 6 years | |
Expected volatility range | 0.00% | 91.50% | 85.40% | 79.90% |
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Nature of Business and Summar21
Nature of Business and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Summary of Significant Accounting [Line Items] | |||||
Share-based Compensation, Total | $ 75 | $ 76 | $ 223 | $ 205 | |
Time Sharing Transactions, Allowance for Uncollectible Accounts | 30 | $ 30 | $ 30 | ||
Awards excluded from diluted income (loss) per share | 54 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 3.90 | $ 4.38 | $ 4 | ||
Amortization of Intangible Assets | 64 | $ 60 | $ 192 | $ 181 | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 222 | 222 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 53 | 53 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 21 | 21 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 2 | 2 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 11 | 11 | |||
Capitalized Computer Software, Amortization | 42 | $ 45 | 127 | $ 135 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 545 | $ 545 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 59 | 48 | 52 | |
Computer Software, Intangible Asset [Member] | |||||
Summary of Significant Accounting [Line Items] | |||||
Amortization of Intangible Assets | $ 170 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 43 | $ 43 | |||
Minimum [Member] | |||||
Summary of Significant Accounting [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 4 years | ||||
Maximum [Member] | |||||
Summary of Significant Accounting [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||||
Warrant [Member] | |||||
Summary of Significant Accounting [Line Items] | |||||
Awards excluded from diluted income (loss) per share | 13 |
Concentrations of Credit Risk (
Concentrations of Credit Risk (Details Textual) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Dec. 31, 2014 | |
Sales [Member] | ||||
Unusual Risk or Uncertainty [Line Items] | ||||
Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% | |
Sales [Member] | Customer One [Member] | ||||
Unusual Risk or Uncertainty [Line Items] | ||||
Concentration Risk, Percentage | 12.00% | |||
Accounts Receivable [Member] | Customer One [Member] | ||||
Unusual Risk or Uncertainty [Line Items] | ||||
Concentration Risk, Percentage | 21.00% | 16.00% |
Segment Information and Major23
Segment Information and Major Customers (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] | ||||
Total Revenues | $ 7,333 | $ 7,340 | $ 22,192 | $ 20,734 |
Sales Percentage | 100.00% | 100.00% | 100.00% | 100.00% |
United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | $ 5,583 | $ 5,359 | $ 17,021 | $ 15,157 |
Sales Percentage | 76.00% | 73.00% | 77.00% | 73.00% |
Asia [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | $ 203 | $ 246 | $ 579 | $ 763 |
Sales Percentage | 3.00% | 3.00% | 3.00% | 4.00% |
Europe [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | $ 1,212 | $ 1,490 | $ 3,505 | $ 4,077 |
Sales Percentage | 17.00% | 20.00% | 16.00% | 20.00% |
Other International [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | $ 335 | $ 245 | $ 1,087 | $ 737 |
Sales Percentage | 4.00% | 4.00% | 4.00% | 3.00% |
Segment Information and Major24
Segment Information and Major Customers (Details Textual) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting Information [Line Items] | |
Foreign Country Accounted Percentage | no single foreign country accounted for 10% or more of net revenues. |
Related Party Transactions (Det
Related Party Transactions (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015USD ($)ft² | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)ft² | Sep. 30, 2014USD ($) | Aug. 20, 2015USD ($) | Dec. 31, 2014USD ($) | |
Related Party Transaction [Line Items] | ||||||
Notes Payable, Related Parties, Current | $ 0 | $ 0 | $ 750 | |||
Interest Expense, Related Party | $ 8 | $ 15 | $ 38 | $ 45 | ||
Land Subject to Ground Leases | ft² | 20,000 | 20,000 | ||||
Operating Leases, Rent Expense, Net | $ 86 | $ 86 | $ 258 | $ 258 | ||
Related Party Transaction, Rate | 8.00% | |||||
Lease Expiration Date | Aug. 23, 2015 | |||||
Accrued Interest Related Party | $ 0 | $ 0 | $ 81 | |||
Interest Payable | $ 8 |
Credit Facility (Details Textua
Credit Facility (Details Textual) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Short-term Debt [Line Items] | |
Line Of Credit Maximum Borrowing Capacity Percentage | 85.00% |
Line of Credit Facility, Interest Rate During Period | 0.1875% |
A&R Loan Agreement [Member] | |
Short-term Debt [Line Items] | |
Minimum Net Worth Required Description | consolidated minimum tangible net worth of at least $2,500, increasing as of the last day of each fiscal quarter by an amount equal to 25% of the sum of (i) net income for such quarter, (ii) any increase in the principal amount of outstanding subordinated debt during such quarter, and (iii) the net amount of proceeds received by Sajan in such quarter from the sale or issuance of equity securities. |
Revolving Credit Facility [Member] | |
Short-term Debt [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000 |
Line of Credit Facility, Interest Rate Description | Any unpaid principal amount borrowed under the Credit Facility accrues interest at a floating rate per annum equal to (a) 1.0% above the prime rate published from time to time in the money rates section of the Wall Street Journal (the Prime Rate) when the Companys liquidity ratio is greater than or equal to 1.75 to 1.0 and (b) 2.25% above the Prime Rate when the Companys liquidity ratio is less than 1.75 to 1.0. The interest rate floor is set at 4.0% per annum. |
Line of Credit Facility, Expiration Date | Mar. 28, 2017 |
Debt Instrument, Term | 1 year |
Line of Credit Facility, Expiration Period | 2 years |
Options and Warrants (Details T
Options and Warrants (Details Textual) - $ / shares shares in Thousands | Sep. 30, 2015 | Jun. 12, 2014 |
Equity Incentive Plan [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance | 419 | |
Equity Incentive Plan 2014 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 5.27 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 268 | 375 |
Warrant [Member] | Equity Incentive Plan 2014 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance | 21 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 2.44 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Income Taxes [Line Items] | |
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | $ 28,895 |
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 3,048 |
Deferred Tax Assets, Tax Credit Carryforwards, Research | $ 745 |
Maximum [Member] | Domestic Tax Authority [Member] | |
Income Taxes [Line Items] | |
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2028 |
Maximum [Member] | State and Local Jurisdiction [Member] | |
Income Taxes [Line Items] | |
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2030 |
Minimum [Member] | Domestic Tax Authority [Member] | |
Income Taxes [Line Items] | |
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2020 |
Minimum [Member] | State and Local Jurisdiction [Member] | |
Income Taxes [Line Items] | |
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2015 |