Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | ||
Sep. 30, 2014 | Oct. 24, 2014 | Oct. 24, 2014 | |
Class A Common Stock [Member] | Class B Common Stock [Member] | ||
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Sep-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Trading Symbol | 'NCIT | ' | ' |
Entity Registrant Name | 'NCI, Inc. | ' | ' |
Entity Central Index Key | '0001334478 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 8,258,773 | 4,700,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenue | $75,660 | $77,918 | $242,588 | $252,430 |
Operating expenses: | ' | ' | ' | ' |
Cost of revenue | 64,102 | 67,832 | 208,033 | 220,300 |
General and administrative expenses | 6,205 | 5,819 | 19,967 | 17,809 |
Depreciation and amortization | 1,401 | 1,679 | 4,302 | 4,824 |
Purchase contingency gain | ' | -864 | ' | -864 |
Total operating expenses | 71,708 | 74,466 | 232,302 | 242,069 |
Operating income | 3,952 | 3,452 | 10,286 | 10,361 |
Interest expense, net | 95 | 157 | 302 | 656 |
Income before income taxes | 3,857 | 3,295 | 9,984 | 9,705 |
Provision for income taxes | 1,495 | 1,344 | 3,956 | 3,967 |
Net income | $2,362 | $1,951 | $6,028 | $5,738 |
Basic: | ' | ' | ' | ' |
Weighted average shares outstanding | 13,639 | 12,837 | 13,457 | 12,825 |
Net income per share | $0.17 | $0.15 | $0.45 | $0.45 |
Diluted: | ' | ' | ' | ' |
Weighted average shares outstanding | 13,816 | 12,837 | 13,805 | 12,832 |
Net income per share | $0.17 | $0.15 | $0.44 | $0.45 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $19,672 | $50 |
Accounts receivable, net | 54,782 | 63,991 |
Deferred tax assets, net | 3,362 | 3,217 |
Prepaid expenses and other current assets | 2,859 | 2,941 |
Total current assets | 80,675 | 70,199 |
Property and equipment, net | 7,959 | 9,752 |
Other assets | 1,720 | 2,113 |
Deferred tax assets, net | 39,917 | 39,990 |
Intangible assets, net | 4,124 | 5,340 |
Total assets | 134,395 | 127,394 |
Current liabilities: | ' | ' |
Accounts payable | 14,027 | 17,371 |
Accrued salaries and benefits | 17,431 | 16,645 |
Deferred revenue | 2,868 | 2,594 |
Other accrued expenses | 6,164 | 4,578 |
Total current liabilities | 40,490 | 41,188 |
Long-term debt | ' | 1,000 |
Other long-term liabilities | 3,129 | 3,399 |
Total liabilities | 43,619 | 45,587 |
Stockholders' equity: | ' | ' |
Additional paid-in capital | 73,846 | 70,905 |
Treasury stock at cost-917 shares of Class A common stock as of September 30, 2014 and December 31, 2013 | -8,331 | -8,331 |
Retained earnings | 24,998 | 18,970 |
Total stockholders' equity | 90,776 | 81,807 |
Total liabilities and stockholders' equity | 134,395 | 127,394 |
Class A Common Stock [Member] | ' | ' |
Stockholders' equity: | ' | ' |
Common stock | 174 | 174 |
Class B Common Stock [Member] | ' | ' |
Stockholders' equity: | ' | ' |
Common stock | $89 | $89 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Class A Common Stock [Member] | ' | ' |
Common stock, par value | $0.02 | $0.02 |
Common stock, shares authorized | 37,500,000 | 37,500,000 |
Common stock, shares issued | 9,175,000 | 9,142,000 |
Common stock, shares outstanding | 8,259,000 | 8,226,000 |
Treasury stock at cost, shares | 917,000 | 917,000 |
Class B Common Stock [Member] | ' | ' |
Common stock, par value | $0.02 | $0.02 |
Common stock, shares authorized | 12,500,000 | 12,500,000 |
Common stock, shares issued | 4,700,000 | 4,700,000 |
Common stock, shares outstanding | 4,700,000 | 4,700,000 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $6,028 | $5,738 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 4,302 | 4,824 |
Share-based compensation | 2,774 | 1,067 |
Deferred income taxes | -72 | 299 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable, net | 9,209 | 6,404 |
Prepaid expenses and other assets | 474 | 7,436 |
Accounts payable | -3,344 | -9,730 |
Accrued expenses and other liabilities | 1,670 | 8 |
Net cash provided by operating activities | 21,041 | 16,046 |
Cash flows from investing activities: | ' | ' |
Purchases of property and equipment | -586 | -734 |
Net cash used in investing activities | -586 | -734 |
Cash flows from financing activities: | ' | ' |
Borrowings under credit facility | 42,496 | 62,300 |
Repayments on credit facility | -43,496 | -78,300 |
Proceeds from exercise of stock options | 253 | ' |
Shares repurchased for tax withholdings on vesting of restricted shares | -86 | -33 |
Net cash used in financing activities | -833 | -16,033 |
Net change in cash and cash equivalents | 19,622 | -721 |
Cash and cash equivalents, beginning of period | 50 | 763 |
Cash and cash equivalents, end of period | 19,672 | 42 |
Supplemental disclosure of cash flow information: | ' | ' |
Interest | 247 | 512 |
Income taxes | 3,460 | 251 |
Non-cash investing and finance activities during the period for: | ' | ' |
Leasehold improvements acquired under tenant improvement funds | $706 | ' |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
1. Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements of NCI, Inc. and its subsidiaries (“NCI” or “the Company”) have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). As a result, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. In the opinion of management, the accompanying unaudited interim consolidated financial statements reflect all adjustments necessary to fairly present the Company’s financial position as of September 30, 2014 and its results of operations and cash flows for the three months and nine months ended September 30, 2014 and 2013, which consists of normal and recurring adjustments. The information disclosed in the notes to the financial statements for these periods is unaudited. The current period’s results of operations are not necessarily indicative of results that may be achieved for any future period. All numbers in tables are presented in thousands except per share numbers. For further information, refer to the financial statements and footnotes included in NCI’s Annual Report on Form 10-K for the year ended December 31, 2013, as filed with the SEC. |
Business_Overview
Business Overview | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Business Overview | ' |
2. Business Overview | |
NCI provides IT and professional services and solutions by leveraging its eight core service offerings: cloud computing and IT infrastructure optimization; enterprise information management and advanced analytics; cybersecurity and information assurance; IT service management; engineering and logistics support; software and systems development/integration; health IT and medical support; and modeling, simulation, and training. The Company provides these services to U.S. Defense, Intelligence, and Federal Civilian agencies. The majority of the Company’s revenue was derived from contracts with the U.S. Federal Government, directly as a prime contractor or as a subcontractor. NCI primarily conducts business throughout the United States. The Company reports operating results and financial data as one reportable segment. | |
For the three months ended September 30, 2014, the Company generated approximately 73% of revenue from the Department of Defense, including agencies within the intelligence community, and approximately 27% of revenue from federal civilian agencies. For the three months ended September 30, 2013, the Company generated approximately 74% of revenue from the Department of Defense, including agencies within the intelligence community, and approximately 26% of revenue from federal civilian agencies. For the nine months ended September 30, 2014 and 2013, the Company generated approximately 75% of revenue from the Department of Defense, including agencies within the intelligence community, and approximately 25% of revenue from federal civilian agencies. | |
On an annualized basis, NCI’s PEO Soldier contract is the Company’s largest revenue-generating contract and accounted for approximately 11% and 14% of revenue for the three months ended September 30, 2014 and 2013, respectively. PEO Soldier accounted for approximately 12% and 14% of revenue for the nine months ended September 30, 2014 and 2013, respectively. The Company’s PEO Soldier contract is a cost-plus fee contract consisting of a base period and two option periods for a total term of three years commencing in September 2012. NCI provides cyber network operations and security support (CNOSS) services to the U.S. Army Network Enterprise Technology Command (NETCOM), which accounted for approximately 12% and 6% of revenue for the three months ended September 30, 2014 and 2013, respectively, and approximately 11% and 8% of revenue for the nine months ended September 30, 2014 and 2013, respectively. This cost-plus-fixed-fee, single-award contract consisted of a base period and two option periods for a total term of three years. It was successfully recompeted and awarded in October 2014, the follow-on contract consists of a 12-month base period with two one-year option periods and one six-month option period. |
Recently_Issued_Accounting_Pro
Recently Issued Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
Recently Issued Accounting Pronouncements | ' |
3. Recently Issued Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09), which will replace most of the current revenue recognition guidance under U.S. GAAP when it becomes effective for annual periods beginning after December 15, 2016, and interim periods therein. While this new accounting standard will not affect the Company until the Company’s 2017 fiscal year, it does require either a full retrospective approach reflecting the application of the standard in each prior reporting period, or a retrospective approach with the cumulative effect of initially adopting the ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). | |
The main principle of ASU 2014-09 is that revenue should be recognized when contracted goods or services are transferred to customers in an amount that reflects the consideration that the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 defines a five step process to achieve this new principle which will require entities to apply significantly more management judgment and may require the use of more estimates than are required under existing U.S. GAAP. NCI is currently evaluating the impact of the pending adoption of ASU 2014-09 on the Company’s consolidated financial statements and has not yet determined the method by which NCI will adopt the standard in 2017. | |
In August 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-15, Presentation of Financial Statements —Going Concern (Subtopic 205-40), which provides U.S. GAAP guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and about the related footnote disclosures. It becomes effective for annual periods beginning after December 15, 2016, and interim periods thereafter. While this new accounting standard will not affect the Company until the Company’s 2017 fiscal year, early application is permitted. | |
Currently there is no guidance in U.S. GAAP surrounding management’s responsibility to evaluate whether substantial doubt exists about an entity’s ability to continue as a going concern or to provide related footnote disclosures. The amendments in this update require management to evaluate an entity’s ability to continue as a going concern by incorporating and building upon principles that already exist in U.S. GAAP. Specifically, the amendments provide a definition of the term substantial doubt, require management to make an evaluation every reporting period including interim periods, provide principles for evaluating the mitigation effect of management’s plans and require certain disclosures when substantial doubt is mitigated as a result of management’s plans. It also requires a short statement and additional disclosures when substantial doubt is not mitigated, and requires as assessment for a period of one year after the date that the financial statements are issued. NCI is currently evaluating the impact of the pending adoption of ASU 2014-15 on the Company’s financial statements and disclosures when NCI adopts the standard in 2017. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
4. Earnings Per Share | |||||||||||||||||
Basic earnings per share exclude dilution and are computed by dividing net income by the weighted average number of common shares outstanding for the period, including contingently issuable shares that could share in NCI’s income if options containing a market condition that was met during the quarter were exercised. Diluted earnings per share reflect potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. Diluted earnings per share include the incremental effect of stock options calculated using the treasury stock method and contingently issuable shares that could share in our income if options containing a market condition that was met during the nine months were exercised. Shares that are anti-dilutive are not included in the computation of diluted earnings per share. For the three months ended September 30, 2014 and 2013, approximately 22,000 and 1,800,000 shares, respectively, were not included in the computation of diluted earnings per share, because to do so would have been anti-dilutive. For the nine months ended September 30, 2014 and 2013, approximately 16,000 and 1,200,000 shares, respectively, were not included in the computation of diluted earnings per share, because to do so would have been anti-dilutive. The following details the computation of basic and diluted earnings per common share (Class A and Class B) for the three months and nine months ended September 30, 2014 and 2013. | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
Net income | $ | 2,362 | $ | 1,951 | $ | 6,028 | $ | 5,738 | |||||||||
Weighted average number of basic shares outstanding during the period | 13,639 | 12,837 | 13,457 | 12,825 | |||||||||||||
Effect of dilutive potential common shares | 177 | — | 348 | 7 | |||||||||||||
Weighted average number of diluted shares outstanding during the period | 13,816 | 12,837 | 13,805 | 12,832 | |||||||||||||
Basic earnings per share | $ | 0.17 | $ | 0.15 | $ | 0.45 | $ | 0.45 | |||||||||
Diluted earnings per share | $ | 0.17 | $ | 0.15 | $ | 0.44 | $ | 0.45 | |||||||||
Accounts_Receivable
Accounts Receivable | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Receivables [Abstract] | ' | ||||||||
Accounts Receivable | ' | ||||||||
5. Accounts Receivable | |||||||||
Accounts receivable consist of billed and unbilled amounts at the end of each period: | |||||||||
As of | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Billed receivables | $ | 21,837 | $ | 31,398 | |||||
Unbilled receivables: | |||||||||
Amounts billable at end of period | 28,618 | 19,215 | |||||||
Other | 5,115 | 14,166 | |||||||
Total unbilled receivables | 33,733 | 33,381 | |||||||
Total accounts receivable | 55,570 | 64,779 | |||||||
Less: Allowance for doubtful accounts | 788 | 788 | |||||||
Total accounts receivable, net | $ | 54,782 | $ | 63,991 | |||||
Other unbilled receivables primarily consist of amounts that will be billed upon milestone completions and other accrued amounts that cannot be billed as of the end of the period. Substantially all unbilled receivables are expected to be billed and collected within the next 12 months. |
Property_and_Equipment
Property and Equipment | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property and Equipment | ' | ||||||||
6. Property and Equipment | |||||||||
The following table details property and equipment at the end of each period: | |||||||||
As of | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Property and equipment | |||||||||
Furniture and equipment | $ | 23,549 | $ | 23,054 | |||||
Leasehold improvements | 9,210 | 8,488 | |||||||
Real property | 549 | 549 | |||||||
33,308 | 32,091 | ||||||||
Less: Accumulated depreciation and amortization | 25,349 | 22,339 | |||||||
Property and equipment, net | $ | 7,959 | $ | 9,752 | |||||
Depreciation expense for the three months ended September 30, 2014 and 2013 was $1.0 million and $1.3 million, respectively. Depreciation expense for the nine months ended September 30, 2014 and 2013 was $3.1 million and $3.5 million, respectively. |
Intangible_Assets
Intangible Assets | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||
Intangible Assets | ' | ||||||||
7. Intangible Assets | |||||||||
The following table details intangible assets at the end of each period: | |||||||||
As of | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Contract and customer relationships | $ | 20,987 | $ | 20,987 | |||||
Less: Accumulated amortization | 16,863 | 15,647 | |||||||
Intangible assets, net | $ | 4,124 | $ | 5,340 | |||||
Amortization expense of intangible assets for the three months ended September 30, 2014 and 2013 was $0.4 million. Amortization expense of intangible assets for the nine months ended September 30, 2014 and 2013 was $1.2 million and $1.3 million, respectively. |
ShareBased_Payments
Share-Based Payments | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Share-Based Payments | ' | ||||||||||||||||
8. Share-Based Payments | |||||||||||||||||
During the three months ended September 30, 2014, the Company granted 30,000 stock options. During the nine months ended September 30, 2014, the Company granted 60,000 stock options. During the three and nine months ended September 30, 2014, 8,500 stock options and 42,500 stock options were exercised, respectively. As of September 30, 2014, there were approximately 1,770,000 stock options outstanding. | |||||||||||||||||
During the three months ended September 30, 2014, 12,500 restricted shares vested, 2,059 of which were cancelled to cover individual tax liabilities. During the nine months ended September 30, 2014, 38,750 restricted shares vested, with 9,328 shares cancelled to cover individual tax liabilities. As of September 30, 2014, there were approximately 43,750 shares of restricted stock outstanding. | |||||||||||||||||
During the nine months ended September 30, 2014, approximately 737,000 of the options granted in September of 2013 vested on an accelerated vesting schedule after the Company’s stock price reached two discrete acceleration milestones of a continuous 30-day average stock price of $8.00 and $10.00 per share, respectively. This accelerated vesting added approximately $1.1 million and $0.4 million in additional stock compensation costs to general and administrative expenses and cost of revenue, respectively. During the quarter ended September 30, 2014, there was no further accelerated vesting of outstanding options. | |||||||||||||||||
The following table summarizes stock compensation expense allocated to cost of revenue and general and administrative costs for the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Cost of revenue | $ | 79 | $ | 94 | $ | 633 | $ | 212 | |||||||||
General and administrative | 282 | 315 | 2,141 | 855 | |||||||||||||
$ | 361 | $ | 409 | $ | 2,774 | $ | 1,067 | ||||||||||
As of September 30, 2014, there was approximately $1.5 million of total unrecognized compensation cost related to unvested stock compensation arrangements. This cost is expected to be fully amortized over the next three years, with approximately $0.3 million, $0.9 million, $0.2 million, and $0.1 million amortized during the remainder of 2014, and the full year of 2015, 2016 and 2017, respectively. The cost of stock compensation is included in the Company’s Consolidated Statements of Income and expensed over the service period of the options. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Debt | ' |
9. Debt | |
The Company’s amended and restated senior credit facility, herein referred to as the “credit facility”, consists of a revolving line of credit with a borrowing capacity of up to an $80.0 million principal amount and a $45.0 million accordion feature allowing us to increase our borrowing capacity to up to a $125.0 million principal amount, subject to obtaining commitments for the incremental capacity from existing or new lenders. The outstanding borrowings are collateralized by a security interest in substantially all of the Company’s assets. The lenders also require a direct assignment of all contracts at the lenders’ discretion. The outstanding balance under the credit facility accrues interest based on one-month LIBOR plus an applicable margin, ranging from 210 to 310 basis points, based on the ratio of the Company’s outstanding senior funded debt to Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA) as defined in the credit facility agreement. The credit facility expires on January 31, 2017. | |
The credit facility contains various restrictive covenants that, among other provisions, restrict the Company’s ability to: incur or guarantee additional debt; make certain distributions, investments and other restricted payments, including limits on cash dividends on the Company’s outstanding common stock or equivalent equity interests; enter into transactions with certain affiliates; create or permit certain liens; and consolidate, merge, or sell assets. In addition, the credit facility contains certain financial covenants that require the Company to: maintain a minimum tangible net worth; maintain a minimum fixed charge coverage ratio and a minimum funded debt to earnings ratio; and limit capital expenditures below certain thresholds. As of September 30, 2014, the Company was in compliance with all of its loan covenants. | |
The credit facility allows the Company to use borrowings thereunder of up to $17.5 million to repurchase shares of Class A common stock. No stock repurchases took place in the nine months ended September 30, 2014. At September 30, 2014, $16.7 million was remaining under the Board of Directors’ authorization for shares repurchases. | |
During the third quarter of 2014, NCI had a weighted average outstanding loan balance of zero. During the third quarter of 2013, NCI had a weighted average outstanding loan balance of $7.2 million which accrued interest at a weighted average borrowing rate of 2.5%. During the nine months ended September 30, 2014, NCI had a weighted average outstanding loan balance of $1.7 million which accrued interest at a weighted average borrowing rate of 2.3%. During the nine months ended September 30, 2013, NCI had a weighted average outstanding loan balance of $17.3 million which accrued interest at a weighted average borrowing rate of 2.5%. | |
As of September 30, 2014, the outstanding balance under the credit facility was zero. Had a balance existed as of September 30, 2014, interest would have accrued at a rate of one-month LIBOR plus 210 basis points, or 2.3%. As of December 31, 2013, the outstanding balance under the credit facility was $1.0 million and interest accrued at a rate of one-month LIBOR plus 210 basis points, or 2.3%. |
Restructuring_Charge
Restructuring Charge | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Restructuring and Related Activities [Abstract] | ' | ||||
Restructuring Charge | ' | ||||
10. Restructuring Charge | |||||
During December 2011, management completed a restructuring plan. The restructuring was undertaken to reduce costs by downsizing NCI’s physical locations. | |||||
The activity and balance of the restructuring liability accounts for the quarter ended September 30, 2014 are as follows: | |||||
Lease and | |||||
Facilities Exit | |||||
Costs | |||||
Balance as of January 1, 2014 | $ | 928 | |||
Cash payments and adjustments | (415 | ) | |||
Balance as of September 30, 2014 | 513 | ||||
Amounts contained in balance sheet as of September 30, 2014 | |||||
Other accrued expenses | 319 | ||||
Other long-term liabilities | 194 | ||||
Total | $ | 513 | |||
The accrued amounts related to the lease and facilities exit costs will be reduced over the respective lease terms, the longest of which extends through 2017. |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
11. Related Party Transactions | |
The Company purchased services under a subcontract from Renegade Technology Systems, Inc. (formerly Net Commerce Corporation), which is a Government contractor wholly-owned by Rajiv Narang, the son of Charles K. Narang, the Chairman and Chief Executive Officer of the Company. For the three months ended September 30, 2014 and 2013, the expense incurred under this agreement was approximately $270,000 and $219,900 respectively. For the nine months ended September 30, 2014 and 2013, the expense incurred under this agreement was approximately $687,000 and $628,500 respectively. As of September 30, 2014 and September 30, 2013, approximate outstanding amounts due to Renegade Technology Systems, Inc. were zero and $149,700, respectively. |
Recently_Issued_Accounting_Pro1
Recently Issued Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
Revenue from Contracts with Customers | ' |
In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09), which will replace most of the current revenue recognition guidance under U.S. GAAP when it becomes effective for annual periods beginning after December 15, 2016, and interim periods therein. While this new accounting standard will not affect the Company until the Company’s 2017 fiscal year, it does require either a full retrospective approach reflecting the application of the standard in each prior reporting period, or a retrospective approach with the cumulative effect of initially adopting the ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). | |
The main principle of ASU 2014-09 is that revenue should be recognized when contracted goods or services are transferred to customers in an amount that reflects the consideration that the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 defines a five step process to achieve this new principle which will require entities to apply significantly more management judgment and may require the use of more estimates than are required under existing U.S. GAAP. NCI is currently evaluating the impact of the pending adoption of ASU 2014-09 on the Company’s consolidated financial statements and has not yet determined the method by which NCI will adopt the standard in 2017. | |
Presentation of Financial Statements - Going Concern | ' |
In August 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-15, Presentation of Financial Statements —Going Concern (Subtopic 205-40), which provides U.S. GAAP guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and about the related footnote disclosures. It becomes effective for annual periods beginning after December 15, 2016, and interim periods thereafter. While this new accounting standard will not affect the Company until the Company’s 2017 fiscal year, early application is permitted. | |
Currently there is no guidance in U.S. GAAP surrounding management’s responsibility to evaluate whether substantial doubt exists about an entity’s ability to continue as a going concern or to provide related footnote disclosures. The amendments in this update require management to evaluate an entity’s ability to continue as a going concern by incorporating and building upon principles that already exist in U.S. GAAP. Specifically, the amendments provide a definition of the term substantial doubt, require management to make an evaluation every reporting period including interim periods, provide principles for evaluating the mitigation effect of management’s plans and require certain disclosures when substantial doubt is mitigated as a result of management’s plans. It also requires a short statement and additional disclosures when substantial doubt is not mitigated, and requires as assessment for a period of one year after the date that the financial statements are issued. NCI is currently evaluating the impact of the pending adoption of ASU 2014-15 on the Company’s financial statements and disclosures when NCI adopts the standard in 2017. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Computation of Basic and Diluted Earnings Per Common Share | ' | ||||||||||||||||
The following details the computation of basic and diluted earnings per common share (Class A and Class B) for the three months and nine months ended September 30, 2014 and 2013. | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
Net income | $ | 2,362 | $ | 1,951 | $ | 6,028 | $ | 5,738 | |||||||||
Weighted average number of basic shares outstanding during the period | 13,639 | 12,837 | 13,457 | 12,825 | |||||||||||||
Effect of dilutive potential common shares | 177 | — | 348 | 7 | |||||||||||||
Weighted average number of diluted shares outstanding during the period | 13,816 | 12,837 | 13,805 | 12,832 | |||||||||||||
Basic earnings per share | $ | 0.17 | $ | 0.15 | $ | 0.45 | $ | 0.45 | |||||||||
Diluted earnings per share | $ | 0.17 | $ | 0.15 | $ | 0.44 | $ | 0.45 | |||||||||
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Receivables [Abstract] | ' | ||||||||
Summary of Accounts Receivable | ' | ||||||||
Accounts receivable consist of billed and unbilled amounts at the end of each period: | |||||||||
As of | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Billed receivables | $ | 21,837 | $ | 31,398 | |||||
Unbilled receivables: | |||||||||
Amounts billable at end of period | 28,618 | 19,215 | |||||||
Other | 5,115 | 14,166 | |||||||
Total unbilled receivables | 33,733 | 33,381 | |||||||
Total accounts receivable | 55,570 | 64,779 | |||||||
Less: Allowance for doubtful accounts | 788 | 788 | |||||||
Total accounts receivable, net | $ | 54,782 | $ | 63,991 | |||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Summary of Property and Equipment | ' | ||||||||
The following table details property and equipment at the end of each period: | |||||||||
As of | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Property and equipment | |||||||||
Furniture and equipment | $ | 23,549 | $ | 23,054 | |||||
Leasehold improvements | 9,210 | 8,488 | |||||||
Real property | 549 | 549 | |||||||
33,308 | 32,091 | ||||||||
Less: Accumulated depreciation and amortization | 25,349 | 22,339 | |||||||
Property and equipment, net | $ | 7,959 | $ | 9,752 | |||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||
Details of Intangible Assets | ' | ||||||||
The following table details intangible assets at the end of each period: | |||||||||
As of | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Contract and customer relationships | $ | 20,987 | $ | 20,987 | |||||
Less: Accumulated amortization | 16,863 | 15,647 | |||||||
Intangible assets, net | $ | 4,124 | $ | 5,340 | |||||
ShareBased_Payments_Tables
Share-Based Payments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Summary of Stock Compensation Expense Allocated to Cost of Revenue and General and Administrative Costs | ' | ||||||||||||||||
The following table summarizes stock compensation expense allocated to cost of revenue and general and administrative costs for the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Cost of revenue | $ | 79 | $ | 94 | $ | 633 | $ | 212 | |||||||||
General and administrative | 282 | 315 | 2,141 | 855 | |||||||||||||
$ | 361 | $ | 409 | $ | 2,774 | $ | 1,067 | ||||||||||
Restructuring_Charge_Tables
Restructuring Charge (Tables) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Restructuring and Related Activities [Abstract] | ' | ||||
Restructuring Liability Accounts | ' | ||||
The activity and balance of the restructuring liability accounts for the quarter ended September 30, 2014 are as follows: | |||||
Lease and | |||||
Facilities Exit | |||||
Costs | |||||
Balance as of January 1, 2014 | $ | 928 | |||
Cash payments and adjustments | (415 | ) | |||
Balance as of September 30, 2014 | 513 | ||||
Amounts contained in balance sheet as of September 30, 2014 | |||||
Other accrued expenses | 319 | ||||
Other long-term liabilities | 194 | ||||
Total | $ | 513 | |||
Business_Overview_Additional_I
Business Overview - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Services | ||||
Segment | ||||
Schedule Of Description Of Business [Line Items] | ' | ' | ' | ' |
Number of core service offerings | ' | ' | 8 | ' |
Number of reportable segment | ' | ' | 1 | ' |
Percentage of revenue from Department of Defense | 73.00% | 74.00% | 75.00% | 75.00% |
Percentage of revenue from federal civilian agencies | 27.00% | 26.00% | 25.00% | 25.00% |
Percentage of revenue from PEO Soldiers contract | 11.00% | 14.00% | 12.00% | 14.00% |
Percentage of revenue from GNEPE contract | 12.00% | 6.00% | 11.00% | 8.00% |
PEO Soldier [Member] | ' | ' | ' | ' |
Schedule Of Description Of Business [Line Items] | ' | ' | ' | ' |
Option contract term | ' | ' | '3 years | ' |
Number of option period contracts | ' | ' | 2 | ' |
Cyber Network Operations and Security Support [Member] | ' | ' | ' | ' |
Schedule Of Description Of Business [Line Items] | ' | ' | ' | ' |
Option contract term | ' | ' | '3 years | ' |
Number of option period contracts | ' | ' | 2 | ' |
Option contract term description | ' | ' | 'This cost-plus-fixed-fee, single-award contract consisted of a base period and two option periods for a total term of three years. It was successfully recompeted and awarded in October 2014, the follow on contract consists of a 12-month base period with two one-year option periods and one six-month option period. | ' |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) (Equity Option [Member]) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Equity Option [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Anti-dilutive securities excluded from computation of diluted earnings per share | 22,000 | 1,800,000 | 16,000 | 1,200,000 |
Earnings_Per_Share_Computation
Earnings Per Share - Computation of Basic and Diluted Earnings Per Common Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income | $2,362 | $1,951 | $6,028 | $5,738 |
Weighted average number of basic shares outstanding during the period | 13,639 | 12,837 | 13,457 | 12,825 |
Effect of dilutive potential common shares | 177 | ' | 348 | 7 |
Weighted average number of diluted shares outstanding during the period | 13,816 | 12,837 | 13,805 | 12,832 |
Basic earnings per share | $0.17 | $0.15 | $0.45 | $0.45 |
Diluted earnings per share | $0.17 | $0.15 | $0.44 | $0.45 |
Accounts_Receivable_Summary_of
Accounts Receivable - Summary of Accounts Receivable (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Billed receivables | $21,837 | $31,398 |
Unbilled receivables: | ' | ' |
Amounts billable at end of period | 28,618 | 19,215 |
Other | 5,115 | 14,166 |
Total unbilled receivables | 33,733 | 33,381 |
Total accounts receivable | 55,570 | 64,779 |
Less: Allowance for doubtful accounts | 788 | 788 |
Total accounts receivable, net | $54,782 | $63,991 |
Accounts_Receivable_Additional
Accounts Receivable - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2014 | |
Receivables [Abstract] | ' |
Maximum period in which unbilled receivables are expected to be billed | '12 months |
Property_and_Equipment_Summary
Property and Equipment - Summary of Property and Equipment (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $33,308 | $32,091 |
Less: Accumulated depreciation and amortization | 25,349 | 22,339 |
Property and equipment, net | 7,959 | 9,752 |
Furniture and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 23,549 | 23,054 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 9,210 | 8,488 |
Real Property [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $549 | $549 |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Property, Plant and Equipment [Abstract] | ' | ' | ' | ' |
Depreciation expense | $1 | $1.30 | $3.10 | $3.50 |
Intangible_Assets_Details_of_I
Intangible Assets - Details of Intangible Assets (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, net | $4,124 | $5,340 |
Contract and Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, gross | 20,987 | 20,987 |
Less: Accumulated amortization | 16,863 | 15,647 |
Intangible assets, net | $4,124 | $5,340 |
Intangible_Assets_Additional_I
Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' |
Amortization expense of intangible assets | $0.40 | $0.40 | $1.20 | $1.30 |
ShareBased_Payments_Additional
Share-Based Payments - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Milestone | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock options granted | 30,000 | ' | 60,000 | ' |
Stock options exercised | 8,500 | ' | 42,500 | ' |
Stock options outstanding | 1,770,000 | ' | 1,770,000 | ' |
Number of shares cancelled in stock | 2,059 | ' | 9,328 | ' |
Restricted stock outstanding | 43,750 | ' | 43,750 | ' |
Option granted | 737,000 | ' | 737,000 | ' |
Stock discrete acceleration milestones | ' | ' | 2 | ' |
Period of accelerated in milestones | ' | ' | '30 days | ' |
Stock compensation costs | $361,000 | $409,000 | $2,774,000 | $1,067,000 |
Stock options vesting, outstanding | 0 | ' | ' | ' |
Total unrecognized compensation cost related to unvested stock compensation | 1,500,000 | ' | 1,500,000 | ' |
Amortized unrecognized compensation cost period | ' | ' | '3 years | ' |
Milestone One [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock Price of Discrete Acceleration Milestones | ' | ' | $8 | ' |
Milestone Two [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock Price of Discrete Acceleration Milestones | ' | ' | $10 | ' |
Remainder of 2014 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Amortization of cost of unvested stock compensation arrangements | ' | ' | 300,000 | ' |
2015 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Amortization of cost of unvested stock compensation arrangements | ' | ' | 900,000 | ' |
2016 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Amortization of cost of unvested stock compensation arrangements | ' | ' | 200,000 | ' |
2017 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Amortization of cost of unvested stock compensation arrangements | ' | ' | 100,000 | ' |
General and Administrative [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock compensation costs | 282,000 | 315,000 | 2,141,000 | 855,000 |
General and Administrative [Member] | Accelerated Vesting [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock compensation costs | ' | ' | 1,100,000 | ' |
Cost of Revenue [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock compensation costs | 79,000 | 94,000 | 633,000 | 212,000 |
Cost of Revenue [Member] | Accelerated Vesting [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock compensation costs | ' | ' | $400,000 | ' |
Restricted Stock [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Restricted stock vested | 12,500 | ' | 38,750 | ' |
ShareBased_Payments_Summary_of
Share-Based Payments - Summary of Stock Compensation Expense Allocated to Cost of Revenue and General and Administrative Costs (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Stock compensation costs | $361 | $409 | $2,774 | $1,067 |
Cost of Revenue [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Stock compensation costs | 79 | 94 | 633 | 212 |
General and Administrative [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Stock compensation costs | $282 | $315 | $2,141 | $855 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | ||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | |
LIBOR [Member] | LIBOR [Member] | Minimum [Member] | Maximum [Member] | |||||
LIBOR [Member] | LIBOR [Member] | |||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | $80,000,000 | ' | $80,000,000 | ' | ' | ' | ' | ' |
Additional borrowing capacity, accordion feature | 45,000,000 | ' | 45,000,000 | ' | ' | ' | ' | ' |
Maximum borrowing capacity including accordion feature | 125,000,000 | ' | 125,000,000 | ' | ' | ' | ' | ' |
Basis points | ' | ' | ' | ' | 2.10% | 2.10% | 2.10% | 3.10% |
Description of variable rate basis | ' | ' | 'One-month LIBOR plus an applicable margin, ranging from 210 to 310 basis points | ' | ' | ' | ' | ' |
Credit facility, expiration date | ' | ' | 31-Jan-17 | ' | ' | ' | ' | ' |
Capacity available to repurchase shares | 17,500,000 | ' | 17,500,000 | ' | ' | ' | ' | ' |
Repurchase of common stock | ' | ' | 0 | ' | ' | ' | ' | ' |
Remaining authorized repurchase amount | 16,700,000 | ' | 16,700,000 | ' | ' | ' | ' | ' |
Weighted average outstanding loan balance | 0 | 7,200,000 | 1,700,000 | 17,300,000 | ' | ' | ' | ' |
Weighted average borrowing rate | 2.30% | 2.50% | 2.30% | 2.50% | ' | ' | ' | ' |
Credit facility, outstanding balance | ' | ' | ' | ' | $0 | $1,000,000 | ' | ' |
Interest rate at period end | ' | ' | ' | ' | 2.30% | 2.30% | ' | ' |
Restructuring_Charge_Restructu
Restructuring Charge - Restructuring Liability Accounts (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | Lease and Facilities Exit Costs [Member] | Lease and Facilities Exit Costs [Member] | ||
Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | $928 | ' |
Cash payments and adjustments | ' | ' | -415 | ' |
Ending Balance | ' | ' | 513 | ' |
Other accrued expenses | 6,164 | 4,578 | ' | 319 |
Other long-term liabilities | 3,129 | 3,399 | ' | 194 |
Total | ' | ' | ' | $513 |
Restructuring_Charge_Additiona
Restructuring Charge - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2014 | |
Restructuring and Related Activities [Abstract] | ' |
Lease extension term description | 'The longest of which extends through 2017. |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (Renegade Technology Systems, Inc. [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Renegade Technology Systems, Inc. [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Purchased services from Net Commerce Corporation | $270,000 | $219,900 | $687,000 | $628,500 |
Amount due to related party | $0 | $149,700 | $0 | $149,700 |