Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 29, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Entity Registrant Name | TSS, Inc. | ||
Entity Central Index Key | 0001320760 | ||
Trading Symbol | tssi | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 17,958,690 | ||
Entity Public Float | $ 11,627,475 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(g) Security | Common Stock, $.0001 par value |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash and cash equivalents | $ 19,012 | $ 8,678 |
Contract and other receivables, net | 915 | 3,865 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 806 | 181 |
Inventories, net | 197 | 1,353 |
Prepaid expenses and other current assets | 58 | 108 |
Total current assets | 20,988 | 14,185 |
Property and equipment, net | 662 | 705 |
Lease right-of-use asset | 876 | 1,481 |
Goodwill | 780 | 780 |
Other intangible assets, net | 217 | 307 |
Other assets | 285 | 109 |
Total assets | 23,808 | 17,567 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 13,374 | 8,851 |
Deferred revenues | 3,962 | 2,104 |
Current portion of lease liabilities | 748 | 645 |
Total current liabilities | 18,084 | 11,600 |
Long-term borrowings | 2,234 | 2,028 |
Non-current portion of lease liabilities | 208 | 956 |
Non-current portion of deferred revenues | 99 | 114 |
Total liabilities | 20,625 | 14,698 |
Commitments and Contingencies | ||
Stockholders’ Equity: | ||
Preferred stock, $.0001 par value, 1,000 shares authorized; none issued | ||
Common stock, $.0001 par value, 49,000 shares authorized; 19,055 and 18,524 issued; 17,958 and 17,562 outstanding at December 31, 2020 and 2019, respectively | 2 | 2 |
Additional paid-in capital | 70,070 | 69,661 |
Treasury stock 1,097 and 962 shares at cost at December 31, 2020 and, 2019, respectively | (1,874) | (1,700) |
Accumulated deficit | (65,015) | (65,094) |
Total stockholders' equity | 3,183 | 2,869 |
Total liabilities and stockholders’ equity | $ 23,808 | $ 17,567 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 1,000 | 1,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 49,000 | 49,000 |
Common stock, shares issued (in shares) | 19,055 | 18,524 |
Common stock, shares outstanding (in shares) | 17,958 | 17,562 |
Treasury stock, shares (in shares) | 1,097 | 962 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue | $ 45,062 | $ 32,779 |
Cost of revenue | 38,259 | 26,188 |
Gross profit | 6,803 | 6,591 |
Selling, general and administrative expenses | 6,674 | 5,741 |
Depreciation and amortization | 529 | 370 |
Income (loss) from operations | (400) | 480 |
Interest income (expense), net | (367) | (313) |
Other income | 896 | |
Income (loss) before income tax provision | 129 | 167 |
Income tax provision | 50 | 41 |
Net income | $ 79 | $ 126 |
Basic net income per share (in dollars per share) | $ 0 | $ 0.01 |
Diluted net income per share (in dollars per share) | $ 0 | $ 0.01 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2018 | 17,520,000 | 777,000 | |||
Balance at Dec. 31, 2018 | $ 2,000 | $ 69,241,000 | $ (1,542,000) | $ (65,220,000) | $ 2,481,000 |
Restricted stock vested (in shares) | 390,000 | ||||
Restricted stock vested | |||||
Treasury stock repurchased (in shares) | 185,000 | 185,112 | |||
Treasury stock repurchased | $ (158,000) | $ (158,000) | |||
Issuance of shares on option exercise (in shares) | 614,000 | 604,000 | |||
Issuance of shares on option exercise | 62,000 | $ 62,000 | |||
Stock-based compensation | 358,000 | 358,000 | |||
Net income for the year | 126,000 | 126,000 | |||
Balance (in shares) at Dec. 31, 2019 | 18,524,000 | 962,000 | |||
Balance at Dec. 31, 2019 | $ 2,000 | 69,661,000 | $ (1,700,000) | (65,094,000) | 2,869,000 |
Restricted stock vested (in shares) | 407,000 | ||||
Restricted stock vested | |||||
Treasury stock repurchased (in shares) | 135,000 | 135,154 | |||
Treasury stock repurchased | $ (174,000) | $ (174,000) | |||
Issuance of shares on option exercise (in shares) | 24,000 | 24,000 | |||
Issuance of shares on option exercise | 2,000 | $ 2,000 | |||
Stock-based compensation | 392,000 | 392,000 | |||
Net income for the year | 79,000 | 79,000 | |||
Exercise of warrants (in shares) | 100,000 | ||||
Exercise of warrants | 15,000 | 15,000 | |||
Balance (in shares) at Dec. 31, 2020 | 19,055,000 | 1,097,000 | |||
Balance at Dec. 31, 2020 | $ 2,000 | $ 70,070,000 | $ (1,874,000) | $ (65,015,000) | $ 3,183,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flows from Operating Activities: | ||
Net income | $ 79 | $ 126 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 529 | 370 |
Stock-based compensation | 392 | 358 |
Gain on forgiveness of debt | (896) | |
Amortization of discount on note payable | 91 | 82 |
Non-cash interest | 121 | 108 |
Changes in operating assets and liabilities: | ||
Contracts and other receivables | 2,950 | (3,138) |
Costs and estimated earnings in excess of billings on uncompleted contracts | (625) | (27) |
Inventories, net | 1,156 | (1,245) |
Prepaid expenses and other current assets | (126) | (17) |
Right-of-use assets | 605 | 530 |
Accounts payable and accrued expenses | 4,523 | 6,461 |
Deferred revenues | 1,843 | (75) |
Operating lease liabilities | (645) | (518) |
Other liabilities | ||
Net cash provided by operating activities | 9,997 | 3,015 |
Cash Flows from Investing Activities: | ||
Capital expenditures | (396) | (594) |
Proceeds from sale of business component | 175 | |
Net cash provided by (used in) investing activities | (396) | (419) |
Cash Flows from Financing Activities: | ||
Repurchase of treasury stock | (174) | (158) |
Proceeds from bank promissory note | 890 | |
Proceeds from exercise of warrants | 15 | |
Proceeds from issuance of stock | 2 | 62 |
Net cash provided by (used in) financing activities | 733 | (96) |
Net increase in cash | 10,334 | 2,500 |
Cash, beginning of period | 8,678 | 6,178 |
Cash, end of period | 19,012 | 8,678 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 154 | 231 |
Cash paid for taxes | 62 | 71 |
Non-cash financing activities: | ||
Forgiveness of bank promissory note (see Note 3) | $ 896 |
Note 1 - Significant Accounting
Note 1 - Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 1 Significant Accounting Policies Description of Business TSS, Inc. (“TSS”, the “Company”, “we”, “us” or “our”) provides comprehensive services for the planning, design, deployment, maintenance, refresh and take-back of end-user and enterprise systems, including the mission-critical facilities they are housed in. We provide a single source solution for enabling technologies in data centers, operations centers, network facilities, server rooms, security operations centers, communications facilities and the infrastructure systems that are critical to their function. Our services consist of technology consulting, design and engineering, project management, systems integration, system installation, facilities management and IT procurement services. Our corporate offices and integration facility are located in Round Rock, Texas. The preparation of the consolidated financial statements in accordance with the accounting principles generally accepted in the United States of America (“GAAP”) requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates which are based on historical experience and on various other assumptions that we believe are reasonable under the circumstances, the results of which form a basis for making judgments about the carrying value of assets and liabilities that are not may not Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Financial Instruments The Company's financial instruments primarily consist of cash and cash equivalents, accounts receivable, accounts payable and long-term debt. The carrying amounts of the other financial instruments approximate their fair value at December 31, 2020 2019, Note 9 Accounting for Business Combinations We allocate the purchase price of an acquired business to its identifiable assets and liabilities based on estimated fair values. The excess of the purchase price over the fair value of the assets acquired and liabilities assumed, if any, is recorded as goodwill. We use all available information to estimate fair values. We typically engage outside appraisal firms to assist in the fair value determination of identifiable intangible assets such as customer contracts, leases and any other significant assets or liabilities and contingent consideration. Preliminary purchase price allocation is adjusted, as necessary, up to one Revenue Recognition We recognize revenues when control of the promised goods or services is transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Some of our contracts with customers contain multiple performance obligations. For these contracts, we account for individual performance obligations separately if they are distinct. The transaction price is allocated to the separate performance obligations based on relative standalone selling prices. Maintenance services We generate maintenance services revenues from fees that provide our customers with as-needed maintenance and repair services on modular data centers during the contract term. Our contract terms are typically one Integration s ervices We generate integration services revenues from fees that provide our customers with customized system and rack-level integration services. We recognize revenue upon shipment to the customer of the completed systems as this is when we have completed our services and when the customer obtains control of the promised goods. We typically extend credit terms to our integration customers based on their creditworthiness and generally do not 30 105 December 31, 2020, 2019, $7,000 $8,000, Equipment s ales We generate revenues under fixed price contracts from the sale of data center and related ancillary equipment to customers in the United States. We recognize revenue when the product is shipped to the customer as that is when the customer obtains control of the promised goods. Typically, we do not 30 45 Deployment and Other services We generate revenues from fees we charge our customers for other services, including repairs or other services not third Procurement services We generate revenues from fees we charge our customers to procure third third no 30 60 Judgments We consider several factors in determining that control transfers to the customer upon shipment of equipment or upon completion of our services. These factors include that legal title transfers to the customer, we have a present right to payment, and the customer has assumed the risks and rewards of ownership at the time of shipment or completion of the services. Sales taxes Sales (and similar) taxes that are imposed on our sales and collected from customers are excluded from revenues. Shipping and handling costs Costs for shipping and handling activities, including those activities that occur subsequent to transfer of control to the customer, are recorded as cost of sales and are expensed as incurred. We accrue costs for shipping and handling activities that occur after control of the promised good or service has transferred to the customer. The following table shows our revenues disaggregated by reportable segment and by product or service type (in '000's Years ended December 31 , 20 20 201 9 FACILITIES: Maintenance revenues $ 3,749 $ 4,148 Equipment sales 1,980 545 Deployment and other services 3,274 4,564 Total facilities revenues $ 9,003 $ 9,257 SYSTEMS INTEGRATION: Integration services $ 7,286 $ 6,382 Procurement services 28,773 17,140 Total systems integration revenues 36,059 23,522 TOTAL REVENUES $ 45,062 $ 32,779 Remaining Performance Obligations Remaining performance obligations include deferred revenue and amounts we expect to receive for goods and services that have not one not December 31, 2020, $1,555,000 one $2,407,000 one $99,000 one three Stock-Based Compensation Stock-based compensation is measured at the grant date based on the fair value of the award and is recognized as expense ratably over the requisite service period, net of estimated forfeitures. We award shares of restricted stock and stock options to employees, managers, executive officers and directors. During each of the years ended December 31, 2020 2019, $0.4 . Concentration of Credit Risk We are currently economically dependent upon our relationship with a large US-based IT Original Equipment Manufacturer (OEM). If this relationship is unsuccessful or discontinues, our business and revenue will suffer. The loss of or a significant reduction in orders from this customer or the failure to provide adequate products or services to them would significantly reduce our revenue. The following customers accounted for a significant percentage of our revenues for the periods shown: 20 20 201 9 U.S.-based IT OEM 97% 96% No 10% 70% 96% December 31, 2020 2019, No 10% December 31, 2020 2019. Cash and cash equivalents Cash and cash equivalents are comprised of cash in banks and highly liquid instruments with original maturities of three $18.7 $8.4 December 31, 2020 2019, Contract and Other Receivables Accounts receivable are recorded at the invoiced amount and may Allowance for Doubtful Accounts We estimate an allowance for doubtful accounts based on factors related to the specific credit risk of each customer. Historically our credit losses have been minimal. We perform credit evaluations of new customers and may The following table summarizes the changes in our allowance for doubtful accounts (in $'000 Year Ended December 31, 20 20 201 9 Balance at beginning of year $ 8 $ 8 Additions charged to expense - - Recovery of amounts previously reserved - - Amounts written off 1 - Balance at end of year $ 7 $ 8 Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined using the first first Property and Equipment Property and equipment are recorded at cost. We provide for depreciation using the straight-line method over the estimated useful lives of the assets. Additions and major replacements or improvements are capitalized, while minor replacements and maintenance costs are charged to expense as incurred. Depreciation expense is included in operating expenses in the consolidated statements of operations. The cost and accumulated depreciation of assets sold or retired are removed from the accounts and any gain or loss is included in the results of operations for the period of the transaction. Goodwill and Intangible Assets We have recorded goodwill and intangibles with definite lives, including customer relationships and acquired software, in conjunction with the acquisition of various businesses. These intangible assets are amortized based on their estimated economic lives. Goodwill represents the excess of the purchase price over the fair value of net identified tangible and intangible assets acquired and liabilities assumed, and it is not GAAP requires us to perform an impairment test of goodwill on an annual basis or whenever events or circumstances make it more likely than not may no may may may We also review intangible assets with definite lives for impairment whenever events or circumstances indicate that the carrying amount may not We have elected to use December 31 December 31, 2020 2019 no no December 31, 2020 2019 December 31, 2020 2019, $0.8 Income Taxes Deferred income taxes are provided for the temporary differences between the financial reporting and tax basis of the Company's assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The U.S. net operating losses generated prior to 2018 not 20 not not Non-recourse factoring We have entered into a factoring agreement with a financial institution to sell certain of our accounts receivables from a US-based OEM customer under a non-recourse agreement. Under the arrangement, we sell certain trade receivables on a non-recourse basis and account for the transaction as sales of the receivable. The financial institution assumes the full risk of collection, without recourse to the Company in the event of a loss. Debtors are directed to send payments directly to the financial institution. The applicable receivables are removed from our consolidated balance sheet when the cash proceeds are received by us. We do not $56.6 $33.2 December 31, 2020 2019, $329,000 $258,000 December 31, 2020 2019, $247,000 2020 $82,000 2020 Earnings Per - Common Share Basic and diluted earnings per share are based on the weighted average number of shares of common stock and potential common stock outstanding during the period. Potential common stock, for the purposes of determining diluted earnings per share, includes the effects of dilutive unvested restricted stock, options to purchase common stock and convertible securities. The effect of such potential common stock is computed using the treasury stock method or the if-converted method, as applicable. Treasury Stock We account for treasury shares using the cost method. Purchases of shares of common stock are recorded at cost and results in a reduction of stockholders' equity. We hold repurchased shares in treasury for general corporate purposes, including issuances under various employee compensation plans. When treasury shares are issued, we use a weighted average cost method. Purchase costs in excess of reissue price are treated as a reduction of retained earnings. Reissue price in excess of purchase costs is treated as additional paid-in-capital. Recent Accounting Guidance Recently Adopted Accounting Guidance In February 2017, 2017 04, Intangibles – Goodwill and Other (topic 350 Goodwill Impairment 2017 04” one not no 2017 04 zero zero 2017 04 2017 04 December 15, 2019, 2017 04 January 1, 2020 no 2017 04. In August 2018, 2018 15, Intangibles-Goodwill and Other Internal Use Software 350 40 Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract 2015 18” 2018 15 2015 18 350 40 2018 15 not 2018 15 2020 2020. 2020 2020 not Recently Issued Accounting Pronouncements In June 2016, 2016 13, Financial Instruments – Credit Los s es 326 Measurement of Credit Losses on Financial Instruments 2016 13” 2016 13 December 31, 2023, In December 2019, 2019 12, Income Taxes 740 Simplifying the Accounting for Income Taxes 2019 12 2019 12 740. first 2023, In May 2019, No. 2019 15, Financial Instruments Credit Losses (Topic 326 2019 15” 2019 15 one 2016 13. In October 2020, No. 2020 10, Codification Improvements 2020 10” 2020 10 not 2020 10 January 1, 2021. 20202 10 not |
Note 2 - Supplemental Balance-s
Note 2 - Supplemental Balance-sheet Information | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | Note 2 Receivables Contract and other receivables consisted of the following (in ‘000's December 31, 2020 December 31, 2019 Contract and other receivables $ 922 $ 3,873 Allowance for doubtful accounts (7 ) (8 ) $ 915 $ 3,865 Inventor ies We state inventories at the lower of cost or net realizable value, using the first first ‘000's December 31, 2020 December 31, 2019 Raw materials $ 149 $ 99 Reseller inventories 52 1,258 Reserve (4 ) (4 ) Inventories, net $ 197 $ 1,353 Goodwill and Intangible Assets Goodwill and Intangible Assets consisted of the following (in ‘000's December 3 1 , 20 20 December 31, 20 19 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization Intangible assets not subject to amortization: Goodwill $ 780 - $ 780 - Intangible assets subject to amortization: Customer relationships $ 906 $ (690 ) $ 906 $ (599 ) Acquired software $ 234 $ (234 ) $ 234 $ (234 ) Goodwill attributable to reporting units (in ‘000's December 31, 2020 December 31, 2019 Facilities unit $ 643 $ 643 Systems Integration unit 137 137 Total $ 780 $ 780 At December 31, 2020, We recognized amortization expense related to intangibles of approximately $91,000 December 31, 2020 2019. Annual amortization expense for the customer relationships is expected to be approximately $91,000 2022 $34,000 2023. Property and equipment Property and equipment consisted of the following (in '000's Estimated Useful December 31, Lives (in years) 2020 2019 Trade equipment 5 $ 144 $ 105 Leasehold improvements 2 – 5 725 638 Furniture and fixtures 7 16 16 Computer equipment and software 3 2,071 1,802 2,956 2,561 Less accumulated depreciation (2,294 ) (1,856 ) Property and equipment, net $ 662 $ 705 Depreciation of property and equipment and amortization of leasehold improvements and software totaled $0.4 $0.3 December 31, 2020 2019, Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of the following (in '000's December 31, 2020 201 9 Accounts payable $ 12,550 $ 7,890 Accrued expenses 453 473 Compensation, benefits and related taxes 358 464 Other accrued expenses 13 24 Total accounts payable and accrued expenses $ 13,374 $ 8,851 |
Note 3 - Bank Note Payable
Note 3 - Bank Note Payable | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Notes Payable to Bank [Text Block] | Note 3 In April 2020, 2020 $889,858 April 17, 2020 The PPP Loan, which took the form of a promissory note issued by the Borrower, has a two April 12, 2022, 1% first six 2020 In June 2020, not five “June 5, 2020”) The Flexibility Act also provides that if a borrower does not 10 no six ten eight May 2021. eight twenty-four June 5, 2020 eight twenty-four The Borrower did not third The Borrower may may may August 2020 November 2020 $896,000 fourth 2020 |
Note 4 - Long-term Borrowings
Note 4 - Long-term Borrowings | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | Note 4 Long-term Borrowings Long-term borrowings consisted of the following (in '000's December 31, 2020 2019 Notes Payable due July, 2022 $ 1,995 $ 1,995 Accrued in-kind interest – long term 370 255 Less unamortized discount and debt issuance costs (131 ) (222 ) 2,234 2,028 Current portion of long-term borrowing - - Non-current portion of long-term borrowing $ 2,234 $ 2,028 In February 2015 $2 $945,000 February 3, 2015 In July 2017, $2.5 sixty $2 five $945,000 July 19, 2022. $945,000 12%, 6% 6% In conjunction with entering into the loan agreement with MHW, the Company and MHW also entered into a warrant agreement granting MHW the right to purchase up to 1,115,827 July 2017 July 19, 2022. five July 19, 2017 $0.10 first 390,539 $0.20 390,539 $0.30 334,749 $167,000 $6,000. $93,000 $19,000 December 31, 2020 2019 On July 19, 2017, $650,000 $945,000 12% 6% 6% July 19, 2022. The obligations under the loans to MHW and MHW Partners are secured by substantially all of the Company's assets pursuant to the terms of a security agreement. At the time we entered into the revolving line of credit described below, MHW and MHW Partners executed a subordination agreement to evidence their agreement that their security interest is subordinated to the security interest of Texas Capital Bank, N.A. In conjunction with entering into the loan with MHW Partners, we entered into a warrant granting MHW Partners the right to purchase up to 767,500 5 July 19, 2017, $0.10 first 268,625 $0.20 268,625 $0.30 230,250 $115,000. $98,000 $20,000 December 31, 2020 2019. Peter H. Woodward, the Chairman of our Board of Directors, is a principal of MHW Capital Management LLC, which is the investment manager of MHW and MHW Partners. MHW Capital Management LLC is entitled to a performance-related fee tied to any appreciation in the valuation of the common stock in excess of the applicable strike price under the warrants. On October 6, 2017, $300,000 $100,000 The New Loans have a maturity date of July 19, 2022. not second not 95% The New Loans include customary affirmative covenants for secured transactions of this type, including compliance with laws, maintenance of insurance, maintenance of assets, timely payments of taxes and notice of adverse events. The loan agreement and ancillary documents include customary negative covenants including limitations on liens on assets of the Company. Concurrent with the New Loans, we entered into a warrant with Mr. Ikeda granting Mr. Ikeda the right to purchase up to 954,231 July 19, 2022, $0.10 first 498,981 $0.20 273,981 $0.30 181,269 December 2018. Concurrent with the new loans, we entered into a warrant with Mr. Berg granting Mr. Berg the right to purchase up to 318,077 July 19, 2022, $0.10 first 166,327 $0.20 91,327 $0.30 60,423 December 2018. The fair value of the two $367,000. $191,000, $40,000 December 31, 2020 2019. Future principal repayments on the notes payable as at December 31, 2020 '000's 2021 $ - 2022 1,995 Total $ 1,995 |
Note 5 - Revolving Line of Cred
Note 5 - Revolving Line of Credit | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 5 - Revolving Line of Credit On December 31, 2018, The maximum principal amount of the credit facility is $1,500,000. 80% 3% 3.18% 4.80% December 31, 2020 2019, 0.25% December 31, 2020. The credit facility requires that we maintain a minimum liquidity of $500,000 3.00, 2.50, 1.25. $250,000 June 2020 not 2.50, 1.25x $2,000,000 two The Loan Agreement and ancillary documents include customary affirmative covenants for secured transactions of this type, including maintaining adequate books and records, periodic financial reporting, compliance with laws, maintenance of insurance, maintenance of assets, timely payment of taxes, and notice of adverse events. The Loan Agreement and ancillary documents include customary negative covenants, including incurrence of other indebtedness, mergers, consolidations and transfers of assets and liens on assets of the Company. The Loan Agreement and ancillary documents include customary events of default, including payment defaults, failure to perform or observe terms, covenants or agreements included in the Loan Agreement and ancillary documents, insolvency and bankruptcy defaults, judgment defaults, material adverse change defaults, and change of ownership defaults. There were no December 31, 2020 2019. December 31, 2020 2019 $161,000 $135,000, not December 31, 2020, not |
Note 6 - Leasing Arrangements
Note 6 - Leasing Arrangements | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | Note 6 Leasing Arrangements We have operating leases for our office and integration facilities as well as for certain equipment and vehicles. Our leases have remaining lease terms of 1 3 December 31, 2020, not We determine if an arrangement is a lease at inception. Operating leases are included in lease right-of-use assets, current lease liabilities and lease liabilities, non-current, on our consolidated balance sheets. We have elected an accounting policy to not one not Right-of-use assets and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date. When the implicit rate of the lease is not may Year ended Dec. 31, 2020 Lease expense Operating lease cost $ 804 Variable lease cost - Sublease income (45 ) Total operating lease cost 759 Operating Lease – operating cash flows (645 ) New right-of-use assets – operating leases - Weighted average remaining lease term – Operating leases (in months) 14 Weighted average discount rate – Operating leases 12.0 % Future minimum lease payments under non-cancellable leases as of December 31, 2020 ‘000's Dec. 31, 2020 2021 $ 823 2022 209 2023 5 Thereafter - Total minimum future lease payments 1,037 Less imputed interest (81 ) Total $ 956 Reported as of December 31, 2020 Current lease liability $ 748 Lease liability – non-current 208 $ 956 |
Note 7 - Income Taxes
Note 7 - Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 7 – Income Taxes Income taxes are recognized for the amount of taxes payable or refundable for the current year and deferred tax liabilities and assets are established for the future tax consequences of events that have been recognized in our consolidated financial statements or tax returns. The effects of income taxes are measured based on enacted tax laws and rates. The provision for income taxes from continuing operations consists of the following (in $'000 Year Ended December 31, 2020 2019 Current: Federal $ - $ - State 50 41 Deferred: Federal - - State - - Total provision for income taxes before valuation allowance $ 50 $ 41 Change in valuation allowance - - Total provision for income taxes $ 50 $ 41 The significant components of our deferred tax assets and liabilities are as follows (in $'000 December 31, 2020 201 9 Deferred tax assets: Accrued expenses $ 32 $ 34 Net operating loss carryover 8,760 8,407 Goodwill and other intangibles 439 817 Deferred compensation 122 96 Depreciation 64 17 Deferred revenue 25 24 Lease liability 205 349 Other carryovers and credits 2 2 Total deferred tax assets 9,649 9,746 Deferred tax liabilities: Prepaid expenses $ (7 ) $ (7 ) Depreciation - - Right-of-use asset (189 ) (323 ) Total deferred tax liabilities (196 ) (330 ) Valuation Allowance (9,453 ) (9,416 ) Net deferred tax asset (liability) $ - $ - At December 31, 2020 2019, $39.6 $37.1 2028. Utilization of the net operating loss and credit carryforwards may 1986. may Our provision for income taxes reflects the establishment of a full valuation allowance against deferred tax assets as of December 31,2020, 2019. 740 Income Taxes not 2020, $37 We have adopted the provisions of the guidance related to accounting for uncertainties in income taxes. We have analyzed our current tax reporting compliance positions for all open years and have determined that it does not not 12 2017 2017 The Company's provision for income taxes attributable to continuing operations differs from the expected tax benefit amount computed by applying the statutory federal income tax rate of 21% December 31, 2020 2019 Year Ended December 31, 20 20 201 9 Federal statutory rate 21.0 % 21.0 % State tax, net of income tax benefit 26.7 % 24.9 % Effect of permanent differences (130.9 )% (6.5 )% Stock compensation (48.9 )% (21.0 )% Change in valuation allowance 170.7 % 12.9 % Total 38.6 % 31.3 % |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 8 For years ended December 31, 2020 2019, $0.2 $0.6 $0.8 December 31, 2020 2019, In the normal course of business, we issue binding purchase orders to subcontractors and equipment suppliers. At December 31, 2020, $2.1 first six 2021 From time to time, we are involved in various legal matters and proceedings concerning matters arising in the ordinary course of business. We currently estimate that a material adverse effect on our financial position, results of operations and cash flows from such matters is not |
Note 9 - Fair Value Measurement
Note 9 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 9 – Fair Value Measurements GAAP defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. GAAP also established a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. As of December 31, 2020, not not 3 |
Note 10 - Share Based Payments
Note 10 - Share Based Payments | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 10 Share Based Payments In January 2007, 2006 5.1 June 2015 2015 2.5 December 31, 2020, 388,375 The Plan is administered by the compensation committee of our Board of Directors. Subject to the express provisions of the Plan, the compensation committee has the Board of Directors' authority to administer and interpret the Plan, including the discretion to determine the form of grant, exercise price, vesting schedule, contractual life and the number of shares to be issued. We have historically issued restricted stock under the Plan; however, as further incentive to key employees, the Company also issued options to purchase shares of our common stock during the year ended December 31, 2019. Stock-based Compensation Expense For the years ended December 31, 2020 2019, $392,000 $358,000, As of December 31, 2020, $1.1 1.95 Stock Options Although we had historically issued restricted stock under the Plan, we also issued options to purchase shares of our common stock during the year ended December 31, 2019. not December 31, 2020. Fair Value Determination Volatility Expected Term 10 Risk-free Interest Rate Dividend Yield not The following table summarizes weighted-average assumptions used in our calculations of fair value for stock-option grants for the year ended December 31, 2019: Black-Scholes-Merton Volatility 171 % Expected life of options (in years) 5 Risk-free interest rate 1.74 % Dividend yield 0 % During the year ended December 31, 2019 0.25 $0.80 December 31, 2019, $0.80. The following table includes information with respect to stock option activity and stock options outstanding for the years ended December 31, 2020 2019: Weighted Average Number Weighted Remaining Aggregate Of Average Contractual Intrinsic Shares Exercise Price Life (years) Value* Shares under option, January 1, 2019 2,572,000 $ 0.18 - $ - Options granted 250,000 $ 0.80 Options exercised (604,000 ) $ 0.10 Options cancelled and expired (44,000 ) $ (0.10 ) Shares under option, December 31, 2019 2,174,000 $ 0.27 7.02 Options granted - $ - Options exercised (24,000 ) $ 0.10 Options cancelled and expired (250,000 ) $ (0.80 ) Shares under option, December 31, 2020 1,900,000 $ 0.21 5.63 $ 955 *Aggregate intrinsic value includes only those options with intrinsic value (options where the exercise price is below the market price). The following table summarizes non-vested stock options for the years ended December 31, 2020 2019: Weighted Number of Average Shares Fair Value Non-vested stock options at January 1, 2019 1,138,500 $ 0.20 Options granted 250,000 $ 0.80 Vested during period (971,833 ) $ (0.16 ) Options cancelled - $ - Non-vested shares under option, December 31, 2019 416,667 $ 0.67 Options granted - $ - Vested during period (83,333 ) $ (0.47 ) Options cancelled (250,000 ) $ (0.80 ) Non-vested shares under option, December 31, 2020 83,334 $ 0.47 The following table includes information concerning stock options exercisable and stock options expected to vest at December 31, 2020: Weighted Average Weighted Remaining Average Aggregate Contractual Exercise Intrinsic Options Life (years) Price Value Stock options exercisable 1,816,666 5.83 $ 0.19 $ 937 Stock options expected to vest 83,334 7.06 $ 0.49 $ 18 Options exercisable and expected to vest 1,900,000 Restricted Stock We have granted shares of restricted stock under the Plan. A restricted stock award is an issuance of shares that cannot be sold or transferred by the recipient until the vesting period lapses. Restricted shares issued to employees typically vest over two three The fair value of restricted stock awarded for the years ended December 31, 2020 2010 $1,225,000 $489,000, zero December 31, 2020 2019, The following table summarizes the restricted stock activity during the years ended December 31, 2020 2019: Weighted Average Number of Grant Date Shares Fair Value Unvested January 1, 2019 827,000 $ 0.49 Granted restricted stock 554,000 $ 0.88 Cancelled restricted stock (49,500 ) $ (0.76 ) Vested restricted stock (390,000 ) $ (0.47 ) Unvested December 31, 2019 956,500 $ 0.72 Granted restricted stock 1,396,000 $ 0.88 Cancelled restricted stock (225,000 ) $ (0.81 ) Vested restricted stock (407,167 ) $ (0.50 ) Unvested December 31, 2020 1,720,333 $ 0.89 |
Note 11 - Common Stock Repurcha
Note 11 - Common Stock Repurchases | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | Note 11 Common Stock Repurchases During the years ended December 31, 2020 2019, 135,154 185,112 $174,000 $158,000 |
Note 12 - Related Party Transac
Note 12 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 1 2 Related Party Transactions We have $945,000 December 31, 2020 2019 $32,000 $53,000 $136,000 $128,000 December 31, 2020 2019, $231,000 December 31, 2020 $650,000 December 31, 2020 2019 $33,000 $55,000 $93,000 $87,000 December 31, 2020 2019, $149,000 December 31, 2020 |
Note 13 - Net Income Per-Share
Note 13 - Net Income Per-Share | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 13 – Net Income Per-Share Basic and diluted income per share are based on the weighted average number of shares of common stock and potential common stock outstanding during the period. Potential common stock, for the purpose of determining diluted income per share, includes the effects of dilutive unvested restricted stock, options to purchase common stock and convertible securities. The effect of such potential common stock is computed using the treasury stock method or the if-converted method, as applicable. The following table presents a reconciliation of the numerators and denominators of the basic and diluted income per share computations for income from continuing operations. In the table below, income represents the numerator and shares represent the denominator (in thousands except per share amounts): Years Ended December 31 , 2020 201 9 Basic net income per share Numerator: Net income $ 79 $ 126 Denominator: Weighted-average shares of common stock outstanding 17,820 17,358 Basic net income per share $ 0.00 $ 0.01 Diluted net income per share Numerator: Net income $ 79 $ 126 Plus interest expense on convertible debt - - $ 79 $ 126 Denominator: Weighted-average shares of common stock outstanding 17,820 17,358 Dilutive options and warrants outstanding 3,168 3,576 Number of shares used in diluted per-share computation 20,988 20,934 Diluted net income per share $ 0. 00 $ 0.01 |
Note 14 - Segment Reporting
Note 14 - Segment Reporting | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 1 4 Segment Reporting Segment information reported in the tables below represents the operating segments of the Company organized in a manner consistent with which separate information is available and for which segment results are evaluated regularly by our chief operating decision-maker in assessing performance and allocating resources. Our activities are organized into two Revenue and operating result by reportable segment reconciled to reportable net loss for the years ended December 31, 2020 2019 Year Ended December 31, 20 20 201 9 Revenues: Facilities $ 9,003 $ 9,257 Systems integration services 36,059 23,522 Total revenues $ 45,062 32,779 Operating income (loss): Facilities $ 1,207 $ 1,852 Systems integration services (1,607 ) ,372 ) Operating income (loss) $ (400 ) $ 480 Depreciation expense: Facilities design and maintenance $ 181 $ 68 Systems integration services 254 211 Consolidated depreciation expense $ 435 $ 279 Interest expense Facilities design and maintenance $ 196 $ 173 Systems integration services 171 140 Consolidated interest expense $ 367 $ 313 Total Assets Facilities $ 1,366 $ 939 Systems integration services 2,072 6,120 Other consolidated activities 20,370 10,508 Total assets $ 23,808 $ 17,567 Other consolidated activities includes assets not |
Note 15 - Subsequent Events
Note 15 - Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 15 Subsequent Events On February 11, 2021, December 31, 2020. The maximum principal amount of the credit facility is $1,500,000. $1,500,000 80% 3% 3.147% December 31, 2020). 0.25% December 31, 2021. The credit facility requires that we maintain a minimum liquidity of $1,500,000 3.00 1.50. $250,000 The Loan Agreement and ancillary documents include customary affirmative covenants for secured transactions of this type, including maintaining adequate books and records, periodic financial reporting, compliance with laws, maintenance of insurance, timely payment of taxes, and notice of adverse events. The Loan Agreement and ancillary documents include customary negative covenants, including incurrence of other indebtedness, mergers, consolidations, transfers of assets, and liens on our assets. The Loan Agreement and ancillary documents include customary events of default, including payment defaults, failure to perform or observe terms, covenants or agreements included in the Loan Agreement and ancillary documents, insolvency and bankruptcy defaults, judgment defaults, material adverse change defaults, and change of ownership defaults. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Description of Business [Policy Text Block] | Description of Business TSS, Inc. (“TSS”, the “Company”, “we”, “us” or “our”) provides comprehensive services for the planning, design, deployment, maintenance, refresh and take-back of end-user and enterprise systems, including the mission-critical facilities they are housed in. We provide a single source solution for enabling technologies in data centers, operations centers, network facilities, server rooms, security operations centers, communications facilities and the infrastructure systems that are critical to their function. Our services consist of technology consulting, design and engineering, project management, systems integration, system installation, facilities management and IT procurement services. Our corporate offices and integration facility are located in Round Rock, Texas. The preparation of the consolidated financial statements in accordance with the accounting principles generally accepted in the United States of America (“GAAP”) requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates which are based on historical experience and on various other assumptions that we believe are reasonable under the circumstances, the results of which form a basis for making judgments about the carrying value of assets and liabilities that are not may not |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Financial Instruments The Company's financial instruments primarily consist of cash and cash equivalents, accounts receivable, accounts payable and long-term debt. The carrying amounts of the other financial instruments approximate their fair value at December 31, 2020 2019, Note 9 |
Business Combinations Policy [Policy Text Block] | Accounting for Business Combinations We allocate the purchase price of an acquired business to its identifiable assets and liabilities based on estimated fair values. The excess of the purchase price over the fair value of the assets acquired and liabilities assumed, if any, is recorded as goodwill. We use all available information to estimate fair values. We typically engage outside appraisal firms to assist in the fair value determination of identifiable intangible assets such as customer contracts, leases and any other significant assets or liabilities and contingent consideration. Preliminary purchase price allocation is adjusted, as necessary, up to one |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition We recognize revenues when control of the promised goods or services is transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Some of our contracts with customers contain multiple performance obligations. For these contracts, we account for individual performance obligations separately if they are distinct. The transaction price is allocated to the separate performance obligations based on relative standalone selling prices. Maintenance services We generate maintenance services revenues from fees that provide our customers with as-needed maintenance and repair services on modular data centers during the contract term. Our contract terms are typically one Integration s ervices We generate integration services revenues from fees that provide our customers with customized system and rack-level integration services. We recognize revenue upon shipment to the customer of the completed systems as this is when we have completed our services and when the customer obtains control of the promised goods. We typically extend credit terms to our integration customers based on their creditworthiness and generally do not 30 105 December 31, 2020, 2019, $7,000 $8,000, Equipment s ales We generate revenues under fixed price contracts from the sale of data center and related ancillary equipment to customers in the United States. We recognize revenue when the product is shipped to the customer as that is when the customer obtains control of the promised goods. Typically, we do not 30 45 Deployment and Other services We generate revenues from fees we charge our customers for other services, including repairs or other services not third Procurement services We generate revenues from fees we charge our customers to procure third third no 30 60 Judgments We consider several factors in determining that control transfers to the customer upon shipment of equipment or upon completion of our services. These factors include that legal title transfers to the customer, we have a present right to payment, and the customer has assumed the risks and rewards of ownership at the time of shipment or completion of the services. Sales taxes Sales (and similar) taxes that are imposed on our sales and collected from customers are excluded from revenues. Shipping and handling costs Costs for shipping and handling activities, including those activities that occur subsequent to transfer of control to the customer, are recorded as cost of sales and are expensed as incurred. We accrue costs for shipping and handling activities that occur after control of the promised good or service has transferred to the customer. The following table shows our revenues disaggregated by reportable segment and by product or service type (in '000's Years ended December 31 , 20 20 201 9 FACILITIES: Maintenance revenues $ 3,749 $ 4,148 Equipment sales 1,980 545 Deployment and other services 3,274 4,564 Total facilities revenues $ 9,003 $ 9,257 SYSTEMS INTEGRATION: Integration services $ 7,286 $ 6,382 Procurement services 28,773 17,140 Total systems integration revenues 36,059 23,522 TOTAL REVENUES $ 45,062 $ 32,779 Remaining Performance Obligations Remaining performance obligations include deferred revenue and amounts we expect to receive for goods and services that have not one not December 31, 2020, $1,555,000 one $2,407,000 one $99,000 one three |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation Stock-based compensation is measured at the grant date based on the fair value of the award and is recognized as expense ratably over the requisite service period, net of estimated forfeitures. We award shares of restricted stock and stock options to employees, managers, executive officers and directors. During each of the years ended December 31, 2020 2019, $0.4 . |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk We are currently economically dependent upon our relationship with a large US-based IT Original Equipment Manufacturer (OEM). If this relationship is unsuccessful or discontinues, our business and revenue will suffer. The loss of or a significant reduction in orders from this customer or the failure to provide adequate products or services to them would significantly reduce our revenue. The following customers accounted for a significant percentage of our revenues for the periods shown: 20 20 201 9 U.S.-based IT OEM 97% 96% No 10% 70% 96% December 31, 2020 2019, No 10% December 31, 2020 2019. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents Cash and cash equivalents are comprised of cash in banks and highly liquid instruments with original maturities of three $18.7 $8.4 December 31, 2020 2019, |
Accounts Receivable [Policy Text Block] | Contract and Other Receivables Accounts receivable are recorded at the invoiced amount and may |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | Allowance for Doubtful Accounts We estimate an allowance for doubtful accounts based on factors related to the specific credit risk of each customer. Historically our credit losses have been minimal. We perform credit evaluations of new customers and may The following table summarizes the changes in our allowance for doubtful accounts (in $'000 Year Ended December 31, 20 20 201 9 Balance at beginning of year $ 8 $ 8 Additions charged to expense - - Recovery of amounts previously reserved - - Amounts written off 1 - Balance at end of year $ 7 $ 8 |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined using the first first |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are recorded at cost. We provide for depreciation using the straight-line method over the estimated useful lives of the assets. Additions and major replacements or improvements are capitalized, while minor replacements and maintenance costs are charged to expense as incurred. Depreciation expense is included in operating expenses in the consolidated statements of operations. The cost and accumulated depreciation of assets sold or retired are removed from the accounts and any gain or loss is included in the results of operations for the period of the transaction. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Intangible Assets We have recorded goodwill and intangibles with definite lives, including customer relationships and acquired software, in conjunction with the acquisition of various businesses. These intangible assets are amortized based on their estimated economic lives. Goodwill represents the excess of the purchase price over the fair value of net identified tangible and intangible assets acquired and liabilities assumed, and it is not GAAP requires us to perform an impairment test of goodwill on an annual basis or whenever events or circumstances make it more likely than not may no may may may We also review intangible assets with definite lives for impairment whenever events or circumstances indicate that the carrying amount may not We have elected to use December 31 December 31, 2020 2019 no no December 31, 2020 2019 December 31, 2020 2019, $0.8 |
Income Tax, Policy [Policy Text Block] | Income Taxes Deferred income taxes are provided for the temporary differences between the financial reporting and tax basis of the Company's assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The U.S. net operating losses generated prior to 2018 not 20 not not |
Non-recourse Factoring, Policy [Policy Text Block] | Non-recourse factoring We have entered into a factoring agreement with a financial institution to sell certain of our accounts receivables from a US-based OEM customer under a non-recourse agreement. Under the arrangement, we sell certain trade receivables on a non-recourse basis and account for the transaction as sales of the receivable. The financial institution assumes the full risk of collection, without recourse to the Company in the event of a loss. Debtors are directed to send payments directly to the financial institution. The applicable receivables are removed from our consolidated balance sheet when the cash proceeds are received by us. We do not $56.6 $33.2 December 31, 2020 2019, $329,000 $258,000 December 31, 2020 2019, $247,000 2020 $82,000 2020 |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per - Common Share Basic and diluted earnings per share are based on the weighted average number of shares of common stock and potential common stock outstanding during the period. Potential common stock, for the purposes of determining diluted earnings per share, includes the effects of dilutive unvested restricted stock, options to purchase common stock and convertible securities. The effect of such potential common stock is computed using the treasury stock method or the if-converted method, as applicable. |
Treasury Stock Policy [Policy Text Block] | Treasury Stock We account for treasury shares using the cost method. Purchases of shares of common stock are recorded at cost and results in a reduction of stockholders' equity. We hold repurchased shares in treasury for general corporate purposes, including issuances under various employee compensation plans. When treasury shares are issued, we use a weighted average cost method. Purchase costs in excess of reissue price are treated as a reduction of retained earnings. Reissue price in excess of purchase costs is treated as additional paid-in-capital. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Guidance Recently Adopted Accounting Guidance In February 2017, 2017 04, Intangibles – Goodwill and Other (topic 350 Goodwill Impairment 2017 04” one not no 2017 04 zero zero 2017 04 2017 04 December 15, 2019, 2017 04 January 1, 2020 no 2017 04. In August 2018, 2018 15, Intangibles-Goodwill and Other Internal Use Software 350 40 Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract 2015 18” 2018 15 2015 18 350 40 2018 15 not 2018 15 2020 2020. 2020 2020 not Recently Issued Accounting Pronouncements In June 2016, 2016 13, Financial Instruments – Credit Los s es 326 Measurement of Credit Losses on Financial Instruments 2016 13” 2016 13 December 31, 2023, In December 2019, 2019 12, Income Taxes 740 Simplifying the Accounting for Income Taxes 2019 12 2019 12 740. first 2023, In May 2019, No. 2019 15, Financial Instruments Credit Losses (Topic 326 2019 15” 2019 15 one 2016 13. In October 2020, No. 2020 10, Codification Improvements 2020 10” 2020 10 not 2020 10 January 1, 2021. 20202 10 not |
Note 1 - Significant Accounti_2
Note 1 - Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Years ended December 31 , 20 20 201 9 FACILITIES: Maintenance revenues $ 3,749 $ 4,148 Equipment sales 1,980 545 Deployment and other services 3,274 4,564 Total facilities revenues $ 9,003 $ 9,257 SYSTEMS INTEGRATION: Integration services $ 7,286 $ 6,382 Procurement services 28,773 17,140 Total systems integration revenues 36,059 23,522 TOTAL REVENUES $ 45,062 $ 32,779 |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | 20 20 201 9 U.S.-based IT OEM 97% 96% |
Allowance for Doubtful Accounts [Table Text Block] | Year Ended December 31, 20 20 201 9 Balance at beginning of year $ 8 $ 8 Additions charged to expense - - Recovery of amounts previously reserved - - Amounts written off 1 - Balance at end of year $ 7 $ 8 |
Note 2 - Supplemental Balance_2
Note 2 - Supplemental Balance-sheet Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Financing Receivable, Past Due [Table Text Block] | December 31, 2020 December 31, 2019 Contract and other receivables $ 922 $ 3,873 Allowance for doubtful accounts (7 ) (8 ) $ 915 $ 3,865 |
Schedule of Inventory, Current [Table Text Block] | December 31, 2020 December 31, 2019 Raw materials $ 149 $ 99 Reseller inventories 52 1,258 Reserve (4 ) (4 ) Inventories, net $ 197 $ 1,353 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | December 3 1 , 20 20 December 31, 20 19 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization Intangible assets not subject to amortization: Goodwill $ 780 - $ 780 - Intangible assets subject to amortization: Customer relationships $ 906 $ (690 ) $ 906 $ (599 ) Acquired software $ 234 $ (234 ) $ 234 $ (234 ) |
Schedule of Goodwill [Table Text Block] | December 31, 2020 December 31, 2019 Facilities unit $ 643 $ 643 Systems Integration unit 137 137 Total $ 780 $ 780 |
Property, Plant and Equipment [Table Text Block] | Estimated Useful December 31, Lives (in years) 2020 2019 Trade equipment 5 $ 144 $ 105 Leasehold improvements 2 – 5 725 638 Furniture and fixtures 7 16 16 Computer equipment and software 3 2,071 1,802 2,956 2,561 Less accumulated depreciation (2,294 ) (1,856 ) Property and equipment, net $ 662 $ 705 |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | December 31, 2020 201 9 Accounts payable $ 12,550 $ 7,890 Accrued expenses 453 473 Compensation, benefits and related taxes 358 464 Other accrued expenses 13 24 Total accounts payable and accrued expenses $ 13,374 $ 8,851 |
Note 4 - Long-term Borrowings (
Note 4 - Long-term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | December 31, 2020 2019 Notes Payable due July, 2022 $ 1,995 $ 1,995 Accrued in-kind interest – long term 370 255 Less unamortized discount and debt issuance costs (131 ) (222 ) 2,234 2,028 Current portion of long-term borrowing - - Non-current portion of long-term borrowing $ 2,234 $ 2,028 |
Contractual Obligation, Fiscal Year Maturity [Table Text Block] | 2021 $ - 2022 1,995 Total $ 1,995 |
Note 6 - Leasing Arrangements (
Note 6 - Leasing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Year ended Dec. 31, 2020 Lease expense Operating lease cost $ 804 Variable lease cost - Sublease income (45 ) Total operating lease cost 759 Operating Lease – operating cash flows (645 ) New right-of-use assets – operating leases - Weighted average remaining lease term – Operating leases (in months) 14 Weighted average discount rate – Operating leases 12.0 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Dec. 31, 2020 2021 $ 823 2022 209 2023 5 Thereafter - Total minimum future lease payments 1,037 Less imputed interest (81 ) Total $ 956 Reported as of December 31, 2020 Current lease liability $ 748 Lease liability – non-current 208 $ 956 |
Note 7 - Income Taxes (Tables)
Note 7 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2020 2019 Current: Federal $ - $ - State 50 41 Deferred: Federal - - State - - Total provision for income taxes before valuation allowance $ 50 $ 41 Change in valuation allowance - - Total provision for income taxes $ 50 $ 41 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2020 201 9 Deferred tax assets: Accrued expenses $ 32 $ 34 Net operating loss carryover 8,760 8,407 Goodwill and other intangibles 439 817 Deferred compensation 122 96 Depreciation 64 17 Deferred revenue 25 24 Lease liability 205 349 Other carryovers and credits 2 2 Total deferred tax assets 9,649 9,746 Deferred tax liabilities: Prepaid expenses $ (7 ) $ (7 ) Depreciation - - Right-of-use asset (189 ) (323 ) Total deferred tax liabilities (196 ) (330 ) Valuation Allowance (9,453 ) (9,416 ) Net deferred tax asset (liability) $ - $ - |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 20 20 201 9 Federal statutory rate 21.0 % 21.0 % State tax, net of income tax benefit 26.7 % 24.9 % Effect of permanent differences (130.9 )% (6.5 )% Stock compensation (48.9 )% (21.0 )% Change in valuation allowance 170.7 % 12.9 % Total 38.6 % 31.3 % |
Note 10 - Share Based Payments
Note 10 - Share Based Payments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Black-Scholes-Merton Volatility 171 % Expected life of options (in years) 5 Risk-free interest rate 1.74 % Dividend yield 0 % |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Average Number Weighted Remaining Aggregate Of Average Contractual Intrinsic Shares Exercise Price Life (years) Value* Shares under option, January 1, 2019 2,572,000 $ 0.18 - $ - Options granted 250,000 $ 0.80 Options exercised (604,000 ) $ 0.10 Options cancelled and expired (44,000 ) $ (0.10 ) Shares under option, December 31, 2019 2,174,000 $ 0.27 7.02 Options granted - $ - Options exercised (24,000 ) $ 0.10 Options cancelled and expired (250,000 ) $ (0.80 ) Shares under option, December 31, 2020 1,900,000 $ 0.21 5.63 $ 955 |
Schedule of Nonvested Share Activity [Table Text Block] | Weighted Number of Average Shares Fair Value Non-vested stock options at January 1, 2019 1,138,500 $ 0.20 Options granted 250,000 $ 0.80 Vested during period (971,833 ) $ (0.16 ) Options cancelled - $ - Non-vested shares under option, December 31, 2019 416,667 $ 0.67 Options granted - $ - Vested during period (83,333 ) $ (0.47 ) Options cancelled (250,000 ) $ (0.80 ) Non-vested shares under option, December 31, 2020 83,334 $ 0.47 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block] | Weighted Average Weighted Remaining Average Aggregate Contractual Exercise Intrinsic Options Life (years) Price Value Stock options exercisable 1,816,666 5.83 $ 0.19 $ 937 Stock options expected to vest 83,334 7.06 $ 0.49 $ 18 Options exercisable and expected to vest 1,900,000 |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Weighted Average Number of Grant Date Shares Fair Value Unvested January 1, 2019 827,000 $ 0.49 Granted restricted stock 554,000 $ 0.88 Cancelled restricted stock (49,500 ) $ (0.76 ) Vested restricted stock (390,000 ) $ (0.47 ) Unvested December 31, 2019 956,500 $ 0.72 Granted restricted stock 1,396,000 $ 0.88 Cancelled restricted stock (225,000 ) $ (0.81 ) Vested restricted stock (407,167 ) $ (0.50 ) Unvested December 31, 2020 1,720,333 $ 0.89 |
Note 13 - Net Income Per-Share
Note 13 - Net Income Per-Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Years Ended December 31 , 2020 201 9 Basic net income per share Numerator: Net income $ 79 $ 126 Denominator: Weighted-average shares of common stock outstanding 17,820 17,358 Basic net income per share $ 0.00 $ 0.01 Diluted net income per share Numerator: Net income $ 79 $ 126 Plus interest expense on convertible debt - - $ 79 $ 126 Denominator: Weighted-average shares of common stock outstanding 17,820 17,358 Dilutive options and warrants outstanding 3,168 3,576 Number of shares used in diluted per-share computation 20,988 20,934 Diluted net income per share $ 0. 00 $ 0.01 |
Note 14 - Segment Reporting (Ta
Note 14 - Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended December 31, 20 20 201 9 Revenues: Facilities $ 9,003 $ 9,257 Systems integration services 36,059 23,522 Total revenues $ 45,062 32,779 Operating income (loss): Facilities $ 1,207 $ 1,852 Systems integration services (1,607 ) ,372 ) Operating income (loss) $ (400 ) $ 480 Depreciation expense: Facilities design and maintenance $ 181 $ 68 Systems integration services 254 211 Consolidated depreciation expense $ 435 $ 279 Interest expense Facilities design and maintenance $ 196 $ 173 Systems integration services 171 140 Consolidated interest expense $ 367 $ 313 Total Assets Facilities $ 1,366 $ 939 Systems integration services 2,072 6,120 Other consolidated activities 20,370 10,508 Total assets $ 23,808 $ 17,567 |
Note 1 - Significant Accounti_3
Note 1 - Significant Accounting Policies 1 (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 7,000 | $ 8,000 | $ 8,000 |
Share-based Payment Arrangement, Noncash Expense, Total | 392,000 | 358,000 | |
Unrestricted Cash and Cash Equivalents | 18,700,000 | 8,400,000 | |
Goodwill, Ending Balance | $ 780,000 | 780,000 | |
Operating Loss, Carry forwards, Expiration Term (Year) | 20 years | ||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 0 | ||
Goodwill, Impairment Loss | 0 | ||
Factoring Agreement, Gross Amount Factored | $ 56,600,000 | 33,200,000 | |
Factoring Agreement, Finance Fees Paid | $ 329,000 | $ 258,000 | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | US-based IT OEM Company [Member] | |||
Concentration Risk, Percentage | 70.00% | 96.00% | |
Selling, General and Administrative Expenses [Member] | |||
Share-based Payment Arrangement, Noncash Expense, Total | $ 400,000 | $ 400,000 | |
Cost of Sales [Member] | |||
Factoring Agreement, Finance Fees Paid | 247,000 | ||
Interest Expense [Member] | |||
Factoring Agreement, Finance Fees Paid | $ 82,000 |
Note 1 - Significant Accounti_4
Note 1 - Significant Accounting Policies 2 (Details Textual) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | Dec. 31, 2020USD ($) |
Maintenance [Member] | |
Revenue, Remaining Performance Obligation, Amount | $ 1,555,000 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Integration Services [Member] | |
Revenue, Remaining Performance Obligation, Amount | $ 2,407,000 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Service, Other [Member] | Minimum [Member] | |
Revenue, Remaining Performance Obligation, Amount | $ 99,000 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Service, Other [Member] | Maximum [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 3 years |
Note 1 - Significant Accounti_5
Note 1 - Significant Accounting Policies - Disaggregated Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue | $ 45,062 | $ 32,779 |
Facilities Segment [Member] | ||
Revenue | 9,003 | 9,257 |
Facilities Segment [Member] | Maintenance [Member] | ||
Revenue | 3,749 | 4,148 |
Facilities Segment [Member] | Equipment Sales [Member] | ||
Revenue | 1,980 | 545 |
Facilities Segment [Member] | Deployment and Other Services [Member] | ||
Revenue | 3,274 | 4,564 |
System Integration Services Segment [Member] | ||
Revenue | 36,059 | 23,522 |
System Integration Services Segment [Member] | Integration Services [Member] | ||
Revenue | 7,286 | 6,382 |
System Integration Services Segment [Member] | Procurement Services [Member] | ||
Revenue | $ 28,773 | $ 17,140 |
Note 1 - Significant Accounti_6
Note 1 - Significant Accounting Policies - Major Customers (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | US-based IT OEM Company [Member] | ||
Concentration risk, percentage | 97.00% | 96.00% |
Note 1 - Significant Accounti_7
Note 1 - Significant Accounting Policies - Summary of Allowance for Doubtful Accounts (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Balance | $ 8,000 | $ 8,000 |
Additions charged to expense | ||
Recovery of amounts previously reserved | ||
Amounts written off | 1,000 | |
Balance at end of year | $ 7,000 | $ 8,000 |
Note 2 - Supplemental Balance_3
Note 2 - Supplemental Balance-sheet Information (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Amortization of Intangible Assets, Total | $ 91,000 | $ 91,000 |
Depreciation, Depletion and Amortization, Nonproduction, Total | 400,000 | $ 300,000 |
Customer-Related Intangible Assets [Member] | ||
Finite-Lived Intangible Asset, Expected Amortization, Year One | 91,000 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 34,000 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Two | $ 91,000 |
Note 2 - Supplemental Balance_4
Note 2 - Supplemental Balance-sheet Information - Contract and Other Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Contract and other receivables | $ 922 | $ 3,873 |
Allowance for doubtful accounts | (7) | (8) |
Receivables, Net, Current, Total | $ 915 | $ 3,865 |
Note 2 - Supplemental Balance_5
Note 2 - Supplemental Balance-sheet Information - Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Raw materials | $ 149 | $ 99 |
Reseller inventories | 52 | 1,258 |
Reserve | (4) | (4) |
Inventories, net | $ 197 | $ 1,353 |
Note 2 - Supplemental Balance_6
Note 2 - Supplemental Balance-sheet Information - Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill | $ 780 | $ 780 |
Customer Relationships [Member] | ||
Gross carrying amount | 906 | 906 |
Accumulated amortization | (690) | (599) |
Computer Software, Intangible Asset [Member] | ||
Gross carrying amount | 234 | 234 |
Accumulated amortization | $ (234) | $ (234) |
Note 2 - Supplemental Balance_7
Note 2 - Supplemental Balance-sheet Information - Goodwill Attributable to Reporting Units (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill | $ 780 | $ 780 |
Facilities Segment [Member] | ||
Goodwill | 643 | 643 |
System Integration Services Segment [Member] | ||
Goodwill | $ 137 | $ 137 |
Note 2 - Supplemental Balance_8
Note 2 - Supplemental Balance-sheet Information - Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property and equipment, gross | $ 2,956 | $ 2,561 |
Less accumulated depreciation | (2,294) | (1,856) |
Property and equipment, net | $ 662 | 705 |
Equipment [Member] | ||
Estimated useful life (Year) | 5 years | |
Property and equipment, gross | $ 144 | 105 |
Leasehold Improvements [Member] | ||
Property and equipment, gross | $ 725 | 638 |
Leasehold Improvements [Member] | Minimum [Member] | ||
Estimated useful life (Year) | 2 years | |
Leasehold Improvements [Member] | Maximum [Member] | ||
Estimated useful life (Year) | 5 years | |
Furniture and Fixtures [Member] | ||
Estimated useful life (Year) | 7 years | |
Property and equipment, gross | $ 16 | 16 |
Software and Software Development Costs [Member] | ||
Estimated useful life (Year) | 3 years | |
Property and equipment, gross | $ 2,071 | $ 1,802 |
Note 2 - Supplemental Balance_9
Note 2 - Supplemental Balance-sheet Information - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts payable | $ 12,550 | $ 7,890 |
Accrued expenses | 453 | 473 |
Compensation, benefits and related taxes | 358 | 464 |
Other accrued expenses | 13 | 24 |
Total accounts payable and accrued expenses | $ 13,374 | $ 8,851 |
Note 3 - Bank Note Payable (Det
Note 3 - Bank Note Payable (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Apr. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Proceeds from Issuance of Long-term Debt, Total | $ 890,000 | |||
Gain (Loss) on Extinguishment of Debt, Total | $ 896,000 | |||
Paycheck Protection Program CARES Act [Member] | ||||
Proceeds from Issuance of Long-term Debt, Total | $ 889,858 | |||
Paycheck Protection Program CARES Act [Member] | Other Income [Member] | ||||
Gain (Loss) on Extinguishment of Debt, Total | $ 896,000 |
Note 4 - Long-term Borrowings_2
Note 4 - Long-term Borrowings (Details Textual) - USD ($) | Oct. 06, 2017 | Jul. 19, 2017 | Feb. 03, 2015 | Jul. 31, 2017 | Dec. 31, 2020 | Dec. 31, 2019 |
Long-term Debt, Gross | $ 1,995,000 | |||||
Amortization of Debt Discount (Premium) | 91,000 | $ 82,000 | ||||
Warrants Issued to MHW SPV II, LLC in Connection with Promissory Note, First Issuance [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1,115,827 | |||||
Class of Warrant or Right, Term (Year) | 5 years | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.10 | |||||
Warrants and Rights Outstanding | $ 167,000 | |||||
Warrants and Rights Outstanding, Incremental Value | $ 6,000 | |||||
Warrants Issued to MHW SPV II, LLC in Connection with Promissory Note, First Issuance, Tranche 1 [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 390,539 | |||||
Warrants Issued to MHW SPV II, LLC in Connection with Promissory Note, First Issuance, Tranche 2 [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 390,539 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.20 | |||||
Warrants Issued to MHW SPV II, LLC in Connection with Promissory Note, First Issuance, Tranche 3 [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 334,749 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.30 | |||||
Warrants Issued to MHW SPV II, LLC in Connection with Promissory Note, Second Issuance [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 767,500 | |||||
Class of Warrant or Right, Term (Year) | 5 years | |||||
Warrants Issued to MHW SPV II, LLC in Connection with Promissory Note, Second Issuance, Tranche 1 [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 268,625 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.10 | |||||
Warrants Issued to MHW SPV II, LLC in Connection with Promissory Note, Second Issuance, Tranche 2 [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 268,625 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.20 | |||||
Warrants Issued to MHW SPV II, LLC in Connection with Promissory Note, Second Issuance, Tranche 3 [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 230,250 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.30 | |||||
Warrants Issued to Mr Ikeda in Connection With Notes Payable Mr Ikeda [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 954,231 | |||||
Warrants Issued to Mr Ikeda in Connection With Notes Payable Mr Ikeda Tranche 1 [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 498,981 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.10 | |||||
Warrants Issued to Mr Ikeda in Connection With Notes Payable Mr Ikeda Tanche 2 [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 273,981 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.20 | |||||
Warrants Issued to Mr Ikeda in Connection With Notes Payable Mr Ikeda Tranche 3 [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 181,269 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.30 | |||||
Warrants Issued to Mr Berg in Connection with Notes Payable [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 318,077 | |||||
Warrants Issued to Mr Berg in Connection with Notes Payable, Tranche 1 [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 166,327 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.10 | |||||
Warrants Issued to Mr Berg in Connection with Notes Payable, Tranche 2 [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 91,327 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.20 | |||||
Warrants Issued to Mr Berg in Connection with Notes Payable, Tanche 3 [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 60,423 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.30 | |||||
Warrants Issued in Connection with New Loans [Member] | ||||||
Warrants and Rights Outstanding | $ 367,000 | |||||
Notes Payable, Mr Ikeda [Member] | ||||||
Debt Instrument, Face Amount | 300,000 | |||||
Notes Payable, Mr Berg [Member] | ||||||
Debt Instrument, Face Amount | $ 100,000 | |||||
Debt Instrument, Prepayment Penalty, Threshold Percentage | 95.00% | |||||
Notes Payable to Mr Berg and Mr Ikeda [Member] | ||||||
Debt Instrument, Unamortized Discount, Total | $ 191,000 | |||||
Amortization of Debt Discount (Premium) | 40,000 | 40,000 | ||||
MHW SPV II, LLC [Member] | ||||||
Debt Agreement, Maximum Borrowing Capacity | $ 2,000,000 | $ 2,000,000 | ||||
Proceeds from Issuance of Debt | $ 650,000 | |||||
Debt Agreement, Maximum Borrowing Capacity During Post Amendment Period | $ 2,500,000 | |||||
Debt Agreement, Post Amendment Period (Day) | 60 days | |||||
MHW SPV II, LLC [Member] | Notes Payable, First Issuance [Member] | ||||||
Proceeds from Issuance of Debt | $ 945,000 | |||||
Debt Instrument, Term (Year) | 5 years | |||||
Long-term Debt, Gross | $ 945,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | |||||
Debt Instrument, Interest Rate, Stated Percentage, Paid in Cash | 6.00% | |||||
Debt Instrument, Interest Rate, Stated Percentage, Paid in Kind | 6.00% | |||||
Debt Instrument, Unamortized Discount, Total | $ 93,000 | |||||
Amortization of Debt Discount (Premium) | 19,000 | 19,000 | ||||
MHW SPV II, LLC [Member] | Notes Payable, Second Issuance [Member] | ||||||
Warrants and Rights Outstanding | 115,000 | |||||
Debt Instrument, Unamortized Discount, Total | $ 98,000 | |||||
Amortization of Debt Discount (Premium) | $ 20,000 | $ 20,000 |
Note 4 - Long-term Borrowings -
Note 4 - Long-term Borrowings - Long-term Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Long-term Debt, Gross | $ 1,995 | |
Total | 2,234 | $ 2,028 |
Current portion of long-term borrowing | ||
Non-current portion of long-term borrowing | 2,234 | 2,028 |
Notes Payable, Other Payables [Member] | ||
Long-term Debt, Gross | 1,995 | 1,995 |
Interest Payable | 370 | 255 |
Debt instrument, unamortized discount | $ (131) | $ (222) |
Note 4 - Long-term Borrowings_3
Note 4 - Long-term Borrowings - Fiscal Year Maturity Schedule (Details) $ in Thousands | Dec. 31, 2020USD ($) |
2021 | |
2022 | 1,995 |
Total | $ 1,995 |
Note 5 - Revolving Line of Cr_2
Note 5 - Revolving Line of Credit (Details Textual) - Revolving Credit Facility [Member] - Texas Capital Bank, National Association [Member] | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500,000 | ||
Line of Credit Facility, Borrowing Base, Percent of Receivables | 80.00% | ||
Line of Credit Facility, Interest Rate at Period End | 3.18% | 4.80% | |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | ||
Line of Credit Facility, Minimum Liquidity Threshold | $ 500,000 | ||
Total Leverage Ratio, Maximum Threshold | 3 | ||
Total Interest Coverage Ratio, Minimum Threshold | 2.5 | ||
Total Fixed Charge Coverage Ratio, Minimum Threshold | 1.25 | ||
Line of Credit Facility, Annual Draw Limit | $ 250,000 | ||
Long-term Line of Credit, Total | 0 | $ 0 | |
Line of Credit Facility, Current Borrowing Capacity | $ 161,000 | $ 135,000 | |
Additional Funding Agreement Terms [Member] | |||
Line of Credit Facility, Minimum Liquidity Threshold | $ 2,000,000 | ||
Total Interest Coverage Ratio, Minimum Threshold | 1.25 | ||
Total Outstanding Balance Ratio, Minimum Threshold | 2 | ||
London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 3.00% |
Note 6 - Leasing Arrangements_2
Note 6 - Leasing Arrangements (Details Textual) | Dec. 31, 2020 |
Minimum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Year) | 1 year |
Maximum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Year) | 3 years |
Note 6 - Leasing Arrangements -
Note 6 - Leasing Arrangements - Lease Expense (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Operating lease cost | $ 804 |
Variable lease cost | |
Sublease income | (45) |
Total operating lease cost | 759 |
Operating Lease – operating cash flows | (645) |
New right-of-use assets – operating leases | |
Weighted average remaining lease term – Operating leases (in months) (Month) | 1 year 60 days |
Weighted average discount rate – Operating leases | 12.00% |
Note 6 - Leasing Arrangements_3
Note 6 - Leasing Arrangements - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
2021 | $ 823 | |
2022 | 209 | |
2023 | 5 | |
Thereafter | ||
Total minimum future lease payments | 1,037 | |
Less imputed interest | (81) | |
Total | 956 | |
Current lease liability | 748 | $ 645 |
Lease liability – non-current | 208 | $ 956 |
Operating Lease, Liability, Total | $ 956 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Loss Carryforwards, Total | $ 39,600 | $ 37,100 |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (37) |
Note 7 - Income Taxes - Compone
Note 7 - Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Current: | ||
Federal | ||
State | 50 | 41 |
Deferred: | ||
Federal | ||
State | ||
Total provision for income taxes before valuation allowance | 50 | 41 |
Change in valuation allowance | ||
Total provision for income taxes | $ 50 | $ 41 |
Note 7 - Income Taxes - Schedul
Note 7 - Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accrued expenses | $ 32 | $ 34 |
Net operating loss carryover | 8,760 | 8,407 |
Goodwill and other intangibles | 439 | 817 |
Deferred compensation | 122 | 96 |
Depreciation | 64 | 17 |
Deferred revenue | 25 | 24 |
Lease liability | 205 | 349 |
Other carryovers and credits | 2 | 2 |
Total deferred tax assets | 9,649 | 9,746 |
Prepaid expenses | (7) | (7) |
Depreciation | ||
Right-of-use asset | (189) | (323) |
Total deferred tax liabilities | (196) | (330) |
Valuation Allowance | (9,453) | (9,416) |
Net deferred tax asset (liability) |
Note 7 - Income Taxes - Effecti
Note 7 - Income Taxes - Effective Income Tax Reconciliation (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Federal statutory rate | 21.00% | 21.00% |
State tax, net of income tax benefit | 26.70% | 24.90% |
Effect of permanent differences | (130.90%) | (6.50%) |
Stock compensation | (48.90%) | (21.00%) |
Change in valuation allowance | 170.70% | 12.90% |
Total | 38.60% | 31.30% |
Note 8 - Commitments and Cont_2
Note 8 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Purchase Obligation, Total | $ 2.1 | |
Selling, General and Administrative Expenses [Member] | ||
Operating Lease, Expense | 0.2 | $ 0.2 |
Cost of Sales [Member] | ||
Operating Lease, Expense | $ 0.6 | $ 0.8 |
Note 9 - Fair Value Measureme_2
Note 9 - Fair Value Measurements (Details Textual) $ in Thousands | Dec. 31, 2020USD ($) |
Fair Value, Recurring [Member] | |
Assets, Fair Value Disclosure | $ 0 |
Note 10 - Share Based Payment_2
Note 10 - Share Based Payments (Details Textual) - USD ($) $ / shares in Units, xbrli-pure in Thousands | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 31, 2007 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,100,000 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 346 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 250,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures, Total (in shares) | 250,000 | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 0.80 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 0.80 | |||
Fair Value of Restricted Stock | $ 1,225,000 | $ 489,000 | ||
Plain Vanilla Approach [Member] | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 10 years | |||
Selling, General and Administrative Expenses [Member] | ||||
Share-based Payment Arrangement, Expense | $ 392,000 | $ 358,000 | ||
The 2006 Omnibus Incentive Compensation Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 5,100,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 2,500,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 388,375 | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Estimated Forfeiture Rate | 0.00% | 0.00% | ||
Restricted Stock [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years | |||
Restricted Stock [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years |
Note 10 - Share Based Payment_3
Note 10 - Share Based Payments - Weighted-average Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Dividend yield | 0.00% | |
Black-Scholes-Merton [Member] | Share-based Payment Arrangement, Option [Member] | ||
Volatility | 171.00% | |
Expected life of options (in years) (Year) | 5 years | |
Risk-free interest rate | 1.74% | |
Dividend yield | 0.00% |
Note 10 - Share Based Payment_4
Note 10 - Share Based Payments - Stock Option Activity (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Shares under option (in shares) | 2,174,000 | 2,572,000 | |
Shares under option, Weighted average exercise price (in dollars per share) | $ 0.27 | $ 0.18 | |
Options granted, shares (in shares) | 0 | 250,000 | |
Options granted, Weighted average exercise price (in dollars per share) | $ 0.80 | ||
Options exercised, shares (in shares) | (24,000) | (604,000) | |
Options exercised, Weighted average exercise price (in dollars per share) | $ 0.10 | $ 0.10 | |
Options cancelled and expired, shares (in shares) | (250,000) | (44,000) | |
Options cancelled and expired, Weighted average exercise price (in dollars per share) | $ (0.80) | $ (0.10) | |
Shares under option, Weighted average remaining contractual life (Year) | 5 years 229 days | 7 years 7 days | |
Shares under option, shares (in shares) | 1,900,000 | 2,174,000 | |
Shares under option, Weighted average exercise price (in dollars per share) | $ 0.21 | $ 0.27 | |
Shares under option, Aggregate intrinsic value | [1] | $ 955 | |
[1] | Aggregate intrinsic value includes only those options with intrinsic value (options where the exercise price is below the market price). |
Note 10 - Share Based Payment_5
Note 10 - Share Based Payments - Non-vested Stock Options (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Non-vested stock options, shares (in shares) | 416,667 | 1,138,500 |
Non-vested stock options, Weighted average fair value (in dollars per share) | $ 0.67 | $ 0.20 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 250,000 |
Options granted, Weighted average fair value (in dollars per share) | $ 0.80 | |
Vested during period, shares (in shares) | (83,333) | (971,833) |
Vested during period, Weighted average fair value (in dollars per share) | $ (0.47) | $ (0.16) |
Options cancelled, shares (in shares) | (250,000) | |
Options cancelled, Weighted average fair value (in dollars per share) | $ (0.80) | |
Non-vested shares under option, shares (in shares) | 83,334 | 416,667 |
Non-vested shares under option, Weighted average fair value (in dollars per share) | $ 0.47 | $ 0.67 |
Note 10 - Share Based Payment_6
Note 10 - Share Based Payments - Stock Options Exercisable and Expected to Vest (Details) | 12 Months Ended |
Dec. 31, 2020USD ($)$ / sharesshares | |
Stock options exercisable, Options (in shares) | 1,816,666 |
Stock options exercisable, Weighted average remaining contractual life (Year) | 5 years 302 days |
Stock options exercisable, Weighted average exercise price (in dollars per share) | $ / shares | $ 0.19 |
Stock options exercisable, Aggregate intrinsic value | $ | $ 937 |
Stock options expected to vest, Options (in shares) | 83,334 |
Stock options expected to vest, Weighted average remaining contractual life (Year) | 7 years 21 days |
Stock options expected to vest, Weighted average exercise price (in dollars per share) | $ / shares | $ 0.49 |
Stock options expected to vest, Aggregate intrinsic value | $ | $ 18 |
Options exercisable and expected to vest, Options (in shares) | 1,900,000 |
Note 10 - Share Based Payment_7
Note 10 - Share Based Payments - Restricted Stock Activity (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Unvested, Shares (in shares) | 956,500 | 827,000 |
Unvested, Weighted average grant date fair value (in dollars per share) | $ 0.72 | $ 0.49 |
Granted restricted stock, Shares (in shares) | 1,396,000 | 554,000 |
Granted restricted stock, Weighted average grant date fair value (in dollars per share) | $ 0.88 | $ 0.88 |
Cancelled restricted stock, Shares (in shares) | (225,000) | (49,500) |
Cancelled restricted stock, Weighted average grant date fair value (in dollars per share) | $ (0.81) | $ (0.76) |
Vested restricted stock, Shares (in shares) | (407,167) | (390,000) |
Vested restricted stock, Weighted average grant date fair value (in dollars per share) | $ (0.50) | $ (0.47) |
Unvested, Shares (in shares) | 1,720,333 | 956,500 |
Unvested, Weighted average grant date fair value (in dollars per share) | $ 0.89 | $ 0.72 |
Note 11 - Common Stock Repurc_2
Note 11 - Common Stock Repurchases (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Treasury Stock, Shares, Acquired (in shares) | 135,154 | 185,112 |
Treasury Stock, Value, Acquired, Cost Method | $ 174,000 | $ 158,000 |
Note 12 - Related Party Trans_2
Note 12 - Related Party Transactions (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Interest Paid, Excluding Capitalized Interest, Operating Activities | $ 154,000 | $ 231,000 |
Notes Payable, Other Payables [Member] | ||
Debt Instrument, Unamortized Discount, Total | 131,000 | 222,000 |
Interest Payable | 370,000 | 255,000 |
MHW SPV II, LLC [Member] | Notes Payable, Other Payables [Member] | ||
Notes Payable, Related Parties | 945,000 | 945,000 |
Debt Instrument, Unamortized Discount, Total | 32,000 | 53,000 |
Interest Paid, Excluding Capitalized Interest, Operating Activities | 136,000 | 128,000 |
Interest Payable | 231,000 | |
MHW Partners [Member] | Notes Payable, Other Payables [Member] | ||
Notes Payable, Related Parties | 650,000 | 650,000 |
Debt Instrument, Unamortized Discount, Total | 33,000 | 55,000 |
Interest Paid, Excluding Capitalized Interest, Operating Activities | 93,000 | $ 87,000 |
Interest Payable | $ 149,000 |
Note 13 - Net Income Per-Shar_2
Note 13 - Net Income Per-Share - Reconciliation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Net income | $ 79 | $ 126 |
Weighted-average shares of common stock outstanding (in shares) | 17,820 | 17,358 |
Basic net income per share (in dollars per share) | $ 0 | $ 0.01 |
Total | $ 79 | $ 126 |
Dilutive options and warrants outstanding (in shares) | 3,168 | 3,576 |
Number of shares used in diluted per-share computation (in shares) | 20,988 | 20,934 |
Diluted net income per share (in dollars per share) | $ 0 | $ 0.01 |
Note 14 - Segment Reporting (De
Note 14 - Segment Reporting (Details Textual) | 12 Months Ended |
Dec. 31, 2020 | |
Number of Operating Segments | 2 |
Note 14 - Segment Reporting - S
Note 14 - Segment Reporting - Segment Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue | $ 45,062 | $ 32,779 |
Income (loss) from operations | (400) | 480 |
Depreciation expense | 435 | 279 |
Interest expense, net | 367 | 313 |
Total assets | 23,808 | 17,567 |
Facilities Segment [Member] | ||
Revenue | 9,003 | 9,257 |
Facilities Segment [Member] | Operating Segments [Member] | ||
Revenue | 9,003 | 9,257 |
Income (loss) from operations | 1,207 | 1,852 |
Depreciation expense | 181 | 68 |
Interest expense, net | 196 | 173 |
Total assets | 1,366 | 939 |
System Integration Services Segment [Member] | ||
Revenue | 36,059 | 23,522 |
System Integration Services Segment [Member] | Operating Segments [Member] | ||
Revenue | 36,059 | 23,522 |
Income (loss) from operations | (1,607) | 372 |
Depreciation expense | 254 | 211 |
Interest expense, net | 171 | 140 |
Total assets | 2,072 | 6,120 |
Other Segments [Member] | Operating Segments [Member] | ||
Total assets | $ 20,370 | $ 10,508 |
Note 15 - Subsequent Events (De
Note 15 - Subsequent Events (Details Textual) - Revolving Credit Facility [Member] - Texas Capital Bank, National Association [Member] | Feb. 11, 2021USD ($) | Dec. 31, 2020USD ($) |
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500,000 | |
Debt Instrument, Interest Rate, Effective Percentage | 3.147% | |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |
London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |
Subsequent Event [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500,000 | |
Debt Instrument, Covenant, Maximum Borrowing Base, Amount | $ 1,500,000 | |
Debt Instrument, Covenant, Borrowing Limit as Percent of Accounts Receivable | 80.00% | |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |
Debt Instrument, Covenant, Minimum Liquidity | $ 1,500,000 | |
Debt Instrument, Covenant, Maximum Senior Leverage Ratio | 3 | |
Debt Instrument, Covenant, Fixed Charge Coverage Ratio | 1.5 | |
Debt Instrument, Covenant, Maximum New Indebtedness Per Year | $ 250,000 | |
Subsequent Event [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 3.00% |