Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 1-May-15 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Energy Recovery, Inc. | |
Document Type | 10-Q | |
Current Fiscal Year End Date | -19 | |
Entity Common Stock, Shares Outstanding | 52,030,357 | |
Amendment Flag | FALSE | |
Entity Central Index Key | 1421517 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Accelerated Filer | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $20,391 | $15,501 |
Restricted cash | 2,263 | 2,623 |
Short-term investments | 8,323 | 13,072 |
Accounts receivable, net of allowance for doubtful accounts of $110 and $155 at March 31, 2015 and December 31, 2014, respectively | 5,333 | 10,941 |
Unbilled receivables, current | 1,023 | 1,343 |
Inventories | 9,334 | 8,204 |
Deferred tax assets, net | 240 | 240 |
Prepaid expenses and other current assets | 1,163 | 1,317 |
Total current assets | 48,070 | 53,241 |
Restricted cash, non-current | 2,126 | 2,850 |
Unbilled receivables, non-current | 420 | 414 |
Long-term investments | 265 | 267 |
Property and equipment, net of accumulated depreciation of $15,961 and $15,143 at March 31, 2015 and December 31, 2014, respectively | 12,574 | 13,211 |
Goodwill | 12,790 | 12,790 |
Other intangible assets, net | 3,007 | 3,166 |
Other assets, non-current | 2 | 2 |
Total assets | 79,254 | 85,941 |
Current liabilities: | ||
Accounts payable | 2,032 | 1,817 |
Accrued expenses and other current liabilities | 7,242 | 8,427 |
Income taxes payable | 6 | 4 |
Accrued warranty reserve | 756 | 755 |
Deferred revenue | 1,134 | 519 |
Current portion of long-term debt | 11 | |
Total current liabilities | 11,181 | 11,522 |
Long-term debt, net of current portion | 44 | |
Deferred tax liabilities, non-current, net | 2,054 | 1,989 |
Deferred revenue, non-current | 18 | 59 |
Other non-current liabilities | 2,881 | 2,453 |
Total liabilities | 16,178 | 16,023 |
Commitments and Contingencies (Note 9) | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued or outstanding | ||
Common stock, $0.001 par value; 200,000,000 shares authorized; 54,494,813 shares issued and 52,015,357 shares outstanding at March 31, 2015, and 54,398,421 shares issued and 51,918,965 shares outstanding at December 31, 2014 | 54 | 54 |
Additional paid-in capital | 125,847 | 124,440 |
Accumulated other comprehensive loss | -39 | -73 |
Treasury stock, at cost 2,479,456 shares repurchased at both March 31, 2015 and December 31, 2014 | -6,835 | -6,835 |
Accumulated deficit | -55,951 | -47,668 |
Total stockholders’ equity | 63,076 | 69,918 |
Total liabilities and stockholders’ equity | $79,254 | $85,941 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts (in Dollars) | $110 | $155 |
Property and equipment, accumulated depreciation (in Dollars) | $15,961 | $15,143 |
Preferred stock, par value (in Dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in Dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 54,494,813 | 54,398,421 |
Common stock, shares outstanding | 52,015,357 | 51,918,965 |
Treasury stock, at cost, shares | 2,479,456 | 2,479,456 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net revenue | $5,864 | $3,897 |
Cost of revenue | 2,531 | 1,652 |
Gross profit | 3,333 | 2,245 |
Operating expenses: | ||
General and administrative | 6,278 | 2,039 |
Sales and marketing | 2,433 | 2,495 |
Research and development | 2,533 | 1,234 |
Amortization of intangible assets | 159 | 215 |
Total operating expenses | 11,403 | 5,983 |
Loss from operations | -8,070 | -3,738 |
Interest expense | -40 | |
Other non-operating (expense) income | -102 | 121 |
Loss before income taxes | -8,212 | -3,617 |
Provision for income taxes | 71 | 66 |
Net loss | ($8,283) | ($3,683) |
Basic and diluted net loss per share (in Dollars per share) | ($0.16) | ($0.07) |
Shares used in basic and diluted per share calculation (in Shares) | 51,948 | 51,446 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net loss | ($8,283) | ($3,683) |
Other comprehensive income, net of tax: | ||
Foreign currency translation adjustments | 31 | 43 |
Unrealized gain on investments | 3 | 2 |
Other comprehensive income | 34 | 45 |
Comprehensive loss | ($8,249) | ($3,638) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash Flows From Operating Activities | ||
Net loss | ($8,283) | ($3,683) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Share-based compensation | 1,140 | 581 |
Depreciation and amortization | 979 | 983 |
Unrealized loss on foreign currency transactions | 124 | 10 |
Amortization of premiums/discounts on investments | 79 | 125 |
Deferred income taxes | 65 | 56 |
Provision for warranty claims | 21 | 3 |
Provision for doubtful accounts | 2 | 72 |
Valuation adjustments for excess or obsolete inventory | -10 | 40 |
Other non-cash adjustments | 428 | -125 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 5,524 | -2,052 |
Deferred revenue | 574 | 15 |
Unbilled receivables | 314 | 4,696 |
Accounts payable | 215 | 448 |
Prepaid and other assets | 154 | -1,112 |
Income taxes payable | 2 | 7 |
Accrued expenses and other liabilities | -1,192 | -2,638 |
Inventories | -1,120 | -3,361 |
Net cash used in operating activities | -984 | -5,935 |
Cash Flows From Investing Activities | ||
Maturities of marketable securities | 4,675 | 2,600 |
Restricted cash | 1,084 | 412 |
Capital expenditures | -179 | -38 |
Net cash provided by investing activities | 5,580 | 2,974 |
Cash Flows From Financing Activities | ||
Net proceeds from issuance of common stock | 250 | 604 |
Proceeds from borrowings | 55 | |
Repurchase of common stock for treasury | -633 | |
Net cash provided by (used in) financing activities | 305 | -29 |
Effect of exchange rate differences on cash and cash equivalents | -11 | 56 |
Net change in cash and cash equivalents | 4,890 | -2,934 |
Cash and cash equivalents, beginning of period | 15,501 | 14,371 |
Cash and cash equivalents, end of period | $20,391 | $11,437 |
Note_1_The_Company_and_Summary
Note 1 - The Company and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Note 1 — The Company and Summary of Significant Accounting Policies |
The Company | |
Energy Recovery, Inc. (the “Company”, “Energy Recovery”, “we”, “our”, or “us”) designs, develops, and manufactures, energy recovery devices that transform untapped energy into reusable energy from industrial fluid flows and pressure cycles. Our products are marketed and sold in fluid flow markets, such as desalination and oil & gas, under the trademarks ERI®, PX®, Pressure Exchanger®, PX Pressure Exchanger®, IsoBoost™, IsoGen™ , and VorTeq TM. Our products are developed and manufactured in the United States of America (“U.S.”) at our headquarters in San Leandro, California, and we have four wholly-owned subsidiaries: Energy Recovery Iberia, S.L., Energy Recovery Canada Corp., ERI Energy Recovery Ireland Ltd., and ERI Energy Recovery Holdings Ireland Limited. We also have sales offices in Dubai, United Arab Emirates and Shanghai, Peoples Republic of China. | |
Use of Estimates | |
The preparation of condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires our management to make judgments, assumptions, and estimates that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Our more significant estimates and judgments that we believe are the most critical to aid in fully understanding and evaluating our reported financial results are revenue recognition; allowance for doubtful accounts; allowance for product warranty; valuation of stock options; valuation and impairment of goodwill, long-lived assets, and acquired intangible assets; useful lives for depreciation and amortization; valuation adjustments for excess and obsolete inventory; and deferred taxes and valuation allowances on deferred tax assets. Actual results could differ materially from those estimates. | |
Basis of Presentation | |
The condensed consolidated financial statements include the accounts of Energy Recovery, Inc. and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. | |
The accompanying condensed consolidated financial statements have been prepared by us, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The December 31, 2014 condensed consolidated balance sheet was derived from audited financial statements, and may not include all disclosures required by U.S. GAAP; however, we believe that the disclosures are adequate to make the information presented not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto for the fiscal year ended December 31, 2014 included in our Annual Report on Form 10-K filed with the SEC on March 6, 2015. | |
In the opinion of management, all adjustments, consisting of only normal recurring adjustments that are necessary to present fairly the financial position, results of operations, and cash flows for the interim periods, have been made. The results of operations for the interim periods are not necessarily indicative of the operating results for the full fiscal year or any future periods. | |
Recent Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers. The amendment requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. We expect to adopt this guidance as of January 1, 2017. Early application is not permitted. ASU 2014-09 permits the use of either the retrospective or cumulative effect transition method. We are currently evaluating the effect that ASU 2014-09 will have on our financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting. | |
On April 1, 2015, the FASB voted to propose to defer the effective date of ASU 2014-09 by one year. Based on the FASB’s proposed decision, ASU 2014-09 will apply to annual reporting periods beginning after December 15, 2017, including interim reporting periods within annual reporting periods beginning after December 15, 2017. Additionally, the FASB decided to permit early adoption, but not before the original effective date (that is, annual periods beginning after December 15, 2016). The FASB plans to expose its decisions for a thirty day public comment period in a proposed ASU which is expected to be issued sometime during the second quarter of 2015. | |
In January 2015, the FASB issued ASU 2015-01, Income Statement – Extraordinary and Unusual Items. ASU 2015-01 eliminates from GAAP the concept of extraordinary items. As a result, an entity will no longer be required to separately present an extraordinary item on its statement of operations, net of tax, after income from continuing operations, or disclose income taxes and net income per share data applicable to an extraordinary item. However, ASU 2015-01 will still retain the presentation and disclosure guidance for items that are unusual in nature and occur infrequently. ASU 2015-01 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted provided the guidance is applied from the beginning of the fiscal year of adoption. We do not expect the adoption of this standard to have a material impact on our financial statements, absent any material transactions in future periods that would qualify for extraordinary item presentation under the prior guidance. | |
In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest. ASU 2015-03 require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. For public entities, ASU 2015-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. We do not expect the adoption of this standard to have a material impact on our financial statements. | |
Also in April 2015, the FASB issued ASU 2015-05, Intangibles – Goodwill and Other- Internal-Use Software. ASU 2015-05 provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. ASU 2015-05 does not change GAAP for customer’s accounting for service contracts. For public entities, ASU 2015-05 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. We do not expect the adoption of this standard to have a material impact on our financial statements. |
Note_2_Goodwill_and_Other_Inta
Note 2 - Goodwill and Other Intangible Assets | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | Note 2 — Goodwill and Other Intangible Assets | ||||||||||||||||
Goodwill as of March 31, 2015 and December 31, 2014 of $12.8 million was the result of our acquisition of Pump Engineering, LLC in December 2009. During the three months ended March 31, 2015, there were no changes in the recognized amount of goodwill, and there has been no impairment of goodwill to date. | |||||||||||||||||
The components of identifiable other intangible assets, all of which are finite-lived, as of the dates indicated were as follows (in thousands): | |||||||||||||||||
31-Mar-15 | |||||||||||||||||
Gross | Accumulated | Accumulated | Net | ||||||||||||||
Carrying | Amortization | Impairment | Carrying | ||||||||||||||
Amount | Losses | Amount | |||||||||||||||
Developed technology | $ | 6,100 | $ | (3,253 | ) | $ | — | $ | 2,847 | ||||||||
Non-compete agreements | 1,310 | (1,310 | ) | — | — | ||||||||||||
Backlog | 1,300 | (1,300 | ) | — | — | ||||||||||||
Trademarks | 1,200 | (180 | ) | (1,020 | ) | — | |||||||||||
Customer relationships | 990 | (990 | ) | — | — | ||||||||||||
Patents | 585 | (383 | ) | (42 | ) | 160 | |||||||||||
Total | $ | 11,485 | $ | (7,416 | ) | $ | (1,062 | ) | $ | 3,007 | |||||||
31-Dec-14 | |||||||||||||||||
Gross | Accumulated | Accumulated | Net | ||||||||||||||
Carrying | Amortization | Impairment | Carrying | ||||||||||||||
Amount | Losses | Amount | |||||||||||||||
Developed technology | $ | 6,100 | $ | (3,101 | ) | $ | — | $ | 2,999 | ||||||||
Non-compete agreements | 1,310 | (1,310 | ) | — | — | ||||||||||||
Backlog | 1,300 | (1,300 | ) | — | — | ||||||||||||
Trademarks | 1,200 | (180 | ) | (1,020 | ) | — | |||||||||||
Customer relationships | 990 | (990 | ) | — | — | ||||||||||||
Patents | 585 | (376 | ) | (42 | ) | 167 | |||||||||||
Total | $ | 11,485 | $ | (7,257 | ) | $ | (1,062 | ) | $ | 3,166 | |||||||
Accumulated impairment losses at March 31, 2015 include a $1.0 million impairment loss from 2012 for trademarks, a $31,000 loss for patents from 2007, and an $11,000 loss for patents from 2010. |
Note_3_Loss_per_Share
Note 3 - Loss per Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings Per Share [Text Block] | Note 3 — Loss per Share | ||||||||
Basic and diluted net loss per share is based on the weighted average number of common shares outstanding during the period. Potential dilutive securities are excluded from the calculation of loss per share, as their inclusion would be anti-dilutive. | |||||||||
The following table shows the computation of basic and diluted loss per share (in thousands, except per share data): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Numerator: | |||||||||
Net loss | $ | (8,283 | ) | $ | (3,683 | ) | |||
Denominator: | |||||||||
Basic and diluted weighted average common shares outstanding | 51,948 | 51,446 | |||||||
Basic and diluted net loss per share | $ | (0.16 | ) | $ | (0.07 | ) | |||
The following potential common shares were excluded from the computation of diluted loss per share because their effect would have been anti-dilutive (in thousands): | |||||||||
Three months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Stock options | 7,864 | 7,297 | |||||||
Warrants | 200 | 600 | |||||||
Note_4_Other_Financial_Informa
Note 4 - Other Financial Information | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||||||
Additional Financial Information Disclosure [Text Block] | Note 4 — Other Financial Information | ||||||||||||
Restricted Cash | |||||||||||||
We have pledged cash in connection with stand-by letters of credit. We have deposited corresponding amounts into money market and non-interest bearing accounts at two financial institutions for these items as follows (in thousands): | |||||||||||||
March 31, | December 31, | ||||||||||||
2015 | 2014 | ||||||||||||
Collateral for stand-by letters of credit | $ | 2,263 | $ | 2,623 | |||||||||
Current restricted cash | $ | 2,263 | $ | 2,623 | |||||||||
Collateral for stand-by letters of credit | $ | 2,126 | $ | 2,850 | |||||||||
Non-current restricted cash | $ | 2,126 | $ | 2,850 | |||||||||
Total restricted cash | $ | 4,389 | $ | 5,473 | |||||||||
Inventories | |||||||||||||
Our inventories are stated at the lower of cost (using the first-in, first out “FIFO” method) or market and consisted of the following (in thousands): | |||||||||||||
March 31, | December 31, | ||||||||||||
2015 | 2014 | ||||||||||||
Raw materials | $ | 2,927 | $ | 2,903 | |||||||||
Work in process | 2,430 | 1,915 | |||||||||||
Finished goods | 3,977 | 3,386 | |||||||||||
Inventories | $ | 9,334 | $ | 8,204 | |||||||||
Prepaid and Other Current Assets | |||||||||||||
Prepaid expenses and other current assets consisted of the following (in thousands): | |||||||||||||
March 31, | December 31, | ||||||||||||
2015 | 2014 | ||||||||||||
Interest receivable | $ | 64 | $ | 112 | |||||||||
Supplier advances | 211 | 107 | |||||||||||
Other prepaid expenses and current assets | 888 | 1,098 | |||||||||||
Total prepaid and other current assets | $ | 1,163 | $ | 1,317 | |||||||||
Accrued Expenses and Other Current Liabilities | |||||||||||||
Accrued expenses and other current liabilities consisted of the following (in thousands): | |||||||||||||
March 31, | December 31, | ||||||||||||
2015 | 2014 | ||||||||||||
Payroll and commissions payable | $ | 3,085 | $ | 3,116 | |||||||||
Accrued legal expenses | 2,225 | 1,734 | |||||||||||
Other accrued expenses and current liabilities | 1,779 | 2,254 | |||||||||||
Accrued R&D expenses | 153 | 1,323 | |||||||||||
Accrued expenses and other current liabilities | $ | 7,242 | $ | 8,427 | |||||||||
Accumulated Other Comprehensive Loss | |||||||||||||
Changes in accumulated other comprehensive loss by component for the quarter ended March 31, 2015 were as follows (in thousands): | |||||||||||||
Foreign | Unrealized | Total Accumulated | |||||||||||
Currency | Gains (Losses) | Other | |||||||||||
Translation | on | Comprehensive | |||||||||||
Adjustments Net of Tax Benefit | Investments | Loss | |||||||||||
Balance, December 31, 2014 | $ | (67 | ) | $ | (6 | ) | $ | (73 | ) | ||||
Net other comprehensive income | 31 | 3 | 34 | ||||||||||
Balance, March 31, 2015 | $ | (36 | ) | $ | (3 | ) | $ | (39 | ) | ||||
There were no reclassifications of amounts out of accumulated other comprehensive loss, as there have been no sales of securities or translation adjustments that impacted other comprehensive loss during the quarter. The tax impact of the changes in accumulated other comprehensive loss were not material. |
Note_5_Investments
Note 5 - Investments | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 5 — Investments | ||||||||||||||||||||||||
Our short-term and long-term investments are all classified as available-for-sale. There were no sales of available-for-sale securities during the quarter ended March 31, 2015. | |||||||||||||||||||||||||
Available-for-sale securities as of the dates indicated consisted of the following (in thousands): | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Holding Gains | Gross Unrealized Holding Losses | Fair Value | ||||||||||||||||||||||
Short-term investments: | |||||||||||||||||||||||||
Corporate notes and bonds | $ | 8,325 | $ | 2 | $ | (4 | ) | $ | 8,323 | ||||||||||||||||
Total short-term investments | $ | 8,325 | $ | 2 | $ | (4 | ) | $ | 8,323 | ||||||||||||||||
Long-term investments: | |||||||||||||||||||||||||
Corporate notes and bonds | $ | 266 | $ | — | $ | (1 | ) | $ | 265 | ||||||||||||||||
Total long-term investments | $ | 266 | $ | — | $ | (1 | ) | $ | 265 | ||||||||||||||||
Total available-for-sale securities | $ | 8,591 | $ | 2 | $ | (5 | ) | $ | 8,588 | ||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Amortized | Gross Unrealized Holding Gains | Gross Unrealized Holding Losses | Fair Value | ||||||||||||||||||||||
Cost | |||||||||||||||||||||||||
Short-term investments | |||||||||||||||||||||||||
State and local government obligations | $ | 225 | $ | — | $ | — | $ | 225 | |||||||||||||||||
Corporate notes and bonds | 12,851 | 4 | (8 | ) | 12,847 | ||||||||||||||||||||
Total short-term investments | $ | 13,076 | $ | 4 | $ | (8 | ) | $ | 13,072 | ||||||||||||||||
Long-term investments | |||||||||||||||||||||||||
Corporate notes and bonds | 268 | — | (1 | ) | 267 | ||||||||||||||||||||
Total long-term investments | $ | 268 | $ | — | $ | (1 | ) | $ | 267 | ||||||||||||||||
Total investments | $ | 13,344 | $ | 4 | $ | (9 | ) | $ | 13,339 | ||||||||||||||||
Gross unrealized losses and fair values of our investments in an unrealized loss position as of the dates indicated, aggregated by investment category and length of time that the security has been in a continuous loss position, were as follows (in thousands): | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Less than 12 months | 12 months or greater | Total | |||||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||||
Corporate notes and bonds | $ | 3,847 | $ | (3 | ) | $ | 1,197 | $ | (2 | ) | $ | 5,044 | $ | (5 | ) | ||||||||||
Total | $ | 3,847 | $ | (3 | ) | $ | 1,197 | $ | (2 | ) | $ | 5,044 | $ | (5 | ) | ||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Less than 12 months | 12 months or greater | Total | |||||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||||
Corporate notes and bonds | $ | 5,085 | $ | (6 | ) | $ | 1,205 | $ | (3 | ) | $ | 6,290 | $ | (9 | ) | ||||||||||
Total | $ | 5,085 | $ | (6 | ) | $ | 1,205 | $ | (3 | ) | $ | 6,290 | $ | (9 | ) | ||||||||||
Expected maturities can differ from contractual maturities because borrowers may have the right to prepay obligations without prepayment penalties. The amortized cost and fair value of available-for-sale securities that had stated maturities as of March 31, 2015 are shown below by contractual maturity (in thousands): | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Amortized Cost | Fair Value | ||||||||||||||||||||||||
Due after one year through three years | $ | 8,591 | $ | 8,588 | |||||||||||||||||||||
Total available-for-sale securities | $ | 8,591 | $ | 8,588 | |||||||||||||||||||||
Note_6_LongTerm_Debt_and_Lines
Note 6 - Long-Term Debt and Lines of Credit | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt Disclosure [Text Block] | Note 6 — Long-Term Debt and Lines of Credit | ||||||||
Debt | |||||||||
In March 2015, we entered into a loan agreement with a financial institution for a $55,000 fixed-rate installment loan carrying an annual interest rate of 6.35%. The loan is payable in equal monthly installments and matures on April 2, 2020. The note is secured by the asset purchased. | |||||||||
Long-term debt consisted of the following (in thousands) | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Loan payable | $ | 55 | $ | — | |||||
Less: current portion | (11 | ) | — | ||||||
Total long-term debt | $ | 44 | $ | — | |||||
Future minimum principal payments due under long-term debt arrangements consist of the following (in thousands): | |||||||||
March 31, | |||||||||
2015 | |||||||||
2015 (remaining 9 months) | $ | 7 | |||||||
2016 | 11 | ||||||||
2017 | 11 | ||||||||
2018 | 11 | ||||||||
2019 | 11 | ||||||||
Thereafter | 4 | ||||||||
Total debt | $ | 55 | |||||||
Lines of Credit | |||||||||
In June 2012, we entered into a loan agreement (the “2012 Agreement”) with a financial institution. The 2012 Agreement provides for a total available credit line of $16.0 million. Under the 2012 Agreement, we are allowed to draw advances not to exceed, at any time, $10.0 million as revolving loans. The total stand-by letters of credit issued under the 2012 Agreement may not exceed the lesser of the $16.0 million credit line or the credit line minus all outstanding revolving loans. At no time may the aggregate of the revolving loans and stand-by letters of credit exceed the total available credit line of $16.0 million. Revolving loans may be in the form of a base rate loan that bears interest equal to the prime rate plus 0% or a Eurodollar loan that bears interest equal to the adjusted LIBO rate plus 1.25%. Stand-by letters of credit are subject to customary fees and expenses for issuance or renewal. The unused portion of the credit facility is subject to a facility fee in an amount equal to 0.25% per annum of the average unused portion of the revolving line. The 2012 Agreement also requires us to maintain a cash collateral balance equal to 101% of all outstanding advances and all outstanding stand-by letters of credit collateralized by the line of credit. The 2012 Agreement matures in June 2015 and is collateralized by substantially all of our assets. As of March 31, 2015 and December 31, 2014, there were no advances drawn under the 2012 Agreement. Stand-by letters of credit collateralized under the 2012 Agreement totaled $3.1 million as of March 31, 2015 and December 31, 2014. Total cash restricted related to these stand-by letters of credit totaled $3.2 million and $3.1 million as of March 31, 2015 and December 31, 2014, respectively. | |||||||||
We are subject to certain financial and administrative covenants under the 2012 Agreement. As of March 31, 2015, we were in compliance with these covenants. | |||||||||
In 2009, we entered into a loan and security agreement (the “2009 Agreement”) with another financial institution. The 2009 Agreement, as amended, provided a total available credit line of $16.0 million. Under the 2009 Agreement, we were allowed to draw advances of up to $10.0 million on a revolving line of credit or utilize up to $15.9 million as collateral for stand-by letters of credit, provided that the aggregate of the outstanding advances and collateral did not exceed the total available credit line of $16.0 million. Advances under the revolving line of credit incurred interest based on a prime rate index or LIBOR plus 1.375%. The 2009 Agreement, as amended, also required us to maintain cash collateral balances equal to at least 101% of the face amount of all outstanding stand-by letters of credit collateralized by the line of credit and 100% of the amount of all outstanding advances. The amended 2009 Agreement expired in May 2012, at which time we became required to maintain a cash collateral balance equal to at least 105% of the face amount of all outstanding stand-by letters of credit collateralized by the line of credit. There were no advances drawn under the 2009 Agreement’s credit line at the time it expired. Remaining stand-by letters of credit issued under the 2009 Agreement totaled $1.2 million and $2.3 million as of March 31, 2015 and December 31, 2014, respectively. Total cash restricted related to these stand-by letters of credit totaled $1.2 million and $2.4 million as of March 31, 2015 and December 31, 2014, respectively. |
Note_7_Equity
Note 7 - Equity | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 7 — Equity | ||||||||
Share-Based Compensation Expense | |||||||||
For the three months ended March 31, 2015 and 2014, we recognized share-based compensation expense related to employees and consultants as follows (in thousands): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Cost of revenue | $ | 35 | $ | 22 | |||||
General and administrative | 897 | 329 | |||||||
Sales and marketing | 101 | 153 | |||||||
Research and development | 107 | 77 | |||||||
Total share-based compensation expense | $ | 1,140 | $ | 581 | |||||
As of March 31, 2015, total unrecognized compensation cost related to non-vested share-based awards, net of estimated forfeitures, was $4.8 million, which is expected to be recognized as expense over a weighted average period of approximately 3.01 years. | |||||||||
In February 2015, we granted 344,090 stock options to our non-employee directors. The vesting start date for options granted to incumbent non-employee directors was June 20, 2014, the date of our last annual meeting. The vesting start date for options granted to newly appointed non-employee directors was the date of grant. The options become fully vested on June 19, 2015, the date of our next annual meeting; have an exercise price of $3.53 per share, as determined on the date of grant; and expire 10 years from the grant date. The total compensation cost associated with these option grants will be recognized over the period from the grant date in February 2015 (which was determined to be the service inception date) to the vesting end date in June 2015. Accordingly, the first quarter of 2015 includes compensation expense from the service inception date through March 31, 2015. | |||||||||
In March 2015, we granted 1,415,739 stock options to certain officers and other employees. The options vest over a four-year period, have an exercise price of $2.75 per share, and expire 10 years from the grant date. | |||||||||
In connection with the resignation of Mr. Thomas S. Rooney, Jr. as President and Chief Executive Officer, additional stock based compensation of approximately $170,000 was recorded in the first quarter of 2015 related to the accelerated vesting of options previously granted to Mr. Rooney. |
Note_8_Income_Taxes
Note 8 - Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Note 8 — Income Taxes |
The effective tax rate for the three months ended March 31, 2015 and 2014 was (1.0%) and (1.8%), respectively. As of December 31, 2014, a full valuation allowance of approximately $20.4 million had been established to reduce our deferred income tax assets to the amount expected to be realized. As such, no tax benefit related to our pre-tax loss was recognized for the three months ended March 31, 2015, as there was no change in our assessment of the amount of deferred income tax assets expected to be realized. |
Note_9_Commitments_and_Conting
Note 9 - Commitments and Contingencies | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Commitments and Contingencies Disclosure [Text Block] | Note 9 — Commitments and Contingencies | ||||||||
Operating Lease Obligations | |||||||||
We lease facilities under fixed non-cancellable operating leases that expire on various dates through November 2019. Future minimum lease payments consist of the following (in thousands): | |||||||||
March 31, | |||||||||
2015 | |||||||||
2015 (remaining nine months) | $ | 1,172 | |||||||
2016 | 1,576 | ||||||||
2017 | 1,567 | ||||||||
2018 | 1,591 | ||||||||
2019 | 1,398 | ||||||||
Total future minimum lease payments | $ | 7,304 | |||||||
Product Warranty | |||||||||
The following table summarizes the activity related to the product warranty liability during the three months ended March 31, 2015 and 2014 (in thousands): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Balance, beginning of period | $ | 755 | $ | 709 | |||||
Warranty costs charged to cost of revenue | 21 | 3 | |||||||
Utilization of warranty | (20 | ) | (7 | ) | |||||
Balance, end of period | $ | 756 | $ | 705 | |||||
Purchase Obligations | |||||||||
We enter into purchase order arrangements with our vendors. As of March 31, 2015, there were open purchase orders for which we had not yet received the related goods or services. These arrangements are subject to change based on our sales demand forecasts, and we have the right to cancel the arrangements prior to the date of delivery. As of March 31, 2015, we had approximately $2.3 million of cancellable open purchase order arrangements related primarily to materials and parts. | |||||||||
Guarantees | |||||||||
We enter into indemnification provisions under our agreements with other companies in the ordinary course of business, typically with customers. Under these provisions, we generally indemnify and hold harmless the indemnified party for losses suffered or incurred by the indemnified party as a result of our activities, generally limited to personal injury and property damage caused by our employees at a customer’s desalination plant in proportion to the employee’s percentage of fault for the accident. Damages incurred for these indemnifications would be covered by our general liability insurance to the extent provided by the policy limitations. We have not incurred material costs to defend lawsuits or settle claims related to these indemnification agreements. As a result, the estimated fair value of these agreements is not material. Accordingly, we have no liabilities recorded for these agreements as of March 31, 2015 and December 31, 2014. | |||||||||
In certain cases, we issue warranty and product performance guarantees to our customers for amounts ranging from 5% to 10% of the total sales agreement to endorse the execution of product delivery and the warranty of design work, fabrication, and operating performance. These guarantees, generally in the form of stand-by letters of credit or bank guarantees secured by stand-by letters of credit, typically remain in place for periods ranging up to 24 months and in some cases up to 68 months, and relate to the underlying product warranty period. The stand-by letters of credit are collateralized by restricted cash and our credit facility. Of the $4.3 million in outstanding stand-by letters of credit at March 31, 2015, $1.2 million was issued under the 2009 Agreement and $3.1 million was issued under the 2012 Agreement. The stand-by letters of credit outstanding at March 31, 2015 were collateralized by restricted cash of $4.4 million. | |||||||||
Litigation | |||||||||
We are a defendant in a claim made by a vendor related to a supply agreement. This lawsuit was filed on December 14, 2011, entitled “Morgan Technical Ceramics Auburn, Inc. v. Energy Recovery, Inc.” in the Alameda County Superior Court of California. In 2008, we entered into a supply agreement with the vendor to manage the cost and availability of key raw materials and components. The agreement was amended in 2010. Under the terms of the amended agreement, we committed to future minimum annual purchases of raw materials and components through 2013. If annual purchase commitments were not met, a penalty of approximately 35% of the remaining open annual minimum purchase requirement could be assessed by the vendor. In June 2011, due to ongoing quality issues, we terminated the agreement on the basis of a material breach by the vendor. On February 19, 2014, the court determined that the plaintiffs had indeed provided the Company with defective materials and components, but that such breach did not reach a level of materiality warranting the termination of the supply agreement. On December 15, 2014, the court held partial evidentiary hearings on the parties’ respective damages. After the hearing was rescheduled, the parties agreed upon the methodology of the calculation for the respective claims for damages. On March 13, 2015, the Court issued a statement of decision wherein it awarded the plaintiff liquidated damages and prejudgment interest and unpaid accounts receivables and prejudgment interest. The total award of $1.9 million has been accrued in the accompanying condensed consolidated financial statements. | |||||||||
In April 2011, we filed a lawsuit entitled Energy Recovery Inc. v. Leif J. Hauge; Isobaric Strategies, Inc.; Tristan Nillo; and James Coyle in Alameda County Superior Court of California alleging, among other things, misappropriation of the Company's trade secrets. On December 5, 2013, a jury determined that the Company had not proven the alleged misappropriation of trade secrets. The Company has filed an appeal challenging certain rulings during the trial proceedings. | |||||||||
On September 10, 2014, the Company terminated the employment of its Senior Vice President, Sales, Borja Blanco, on the basis of breach of duty of trust and conduct leading to conflict of interest. On October 3, 2014, Mr. Blanco filed a labor claim against ERI Iberia in Madrid, Spain alleging breach of contract and termination without cause. The claim seeks wages (salary and bonus) of €567,000 and alleged stock option gains of €630,000. At this time, the Company has not determined that an award to Mr. Blanco is probable. The matter has been delayed until November 2015. | |||||||||
In January 2015, two stockholder class action complaints were filed against the Company in the Northern District of California, on behalf of Energy Recovery stockholders under the captions, Joseph Sabatino v. Energy Recovery, Inc. et al. and Thomas C. Mowdy v. Energy Recovery, Inc. et al. The complaints allege violations of Section 10(b), Rule 10b-5, and Section 20(a) of the Securities Exchange Act of 1934 and seek the recovery of unspecified monetary damages. We are not able to estimate the possible loss, if any, due to the early state of this matter and the Company has not been served as of yet with these complaints. |
Note_10_Business_Segment_and_G
Note 10 - Business Segment and Geographic Information | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Segment Reporting [Abstract] | ||||||||||
Segment Reporting Disclosure [Text Block] | Note 10 — Business Segment and Geographic Information | |||||||||
We manufacture and sell high-efficiency energy recovery devices and pumps as well as related services under one reportable segment. Our chief operating decision-maker is the chief executive officer (“CEO”). The CEO reviews financial information presented on a consolidated basis for purposes of making operating decisions and assessing financial performance. Accordingly, we have concluded that we have one reportable segment. | ||||||||||
The following geographic information includes net revenue to our domestic and international customers based on the customers’ requested delivery locations, except for certain cases in which the customer directed us to deliver our products to a location that differs from the known ultimate location of use. In such cases, the ultimate location of use, rather than the delivery location, is reflected in the table below (in thousands, except percentages): | ||||||||||
Three Months Ended | ||||||||||
March 31, | ||||||||||
2015 | 2014 | |||||||||
Domestic revenue | $ | 264 | $ | 349 | ||||||
International revenue | 5,600 | 3,548 | ||||||||
Total revenue | $ | 5,864 | $ | 3,897 | ||||||
Revenue by country: | ||||||||||
Egypt | 22 | % | 3 | % | ||||||
Spain | 13 | 9 | ||||||||
Israel | * | 13 | ||||||||
United States | 5 | 9 | ||||||||
Others ** | 60 | 66 | ||||||||
Total | 100 | % | 100 | % | ||||||
* | Less than 1%. | |||||||||
** | Includes remaining countries not separately disclosed. No country in this line item accounted for more than 10% of our net revenue during the periods presented. | |||||||||
All of our long-lived assets were located in the United States at March 31, 2015 and December 31, 2014. |
Note_11_Concentrations
Note 11 - Concentrations | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Risks and Uncertainties [Abstract] | ||||||||||
Concentration Risk Disclosure [Text Block] | Note 11 — Concentrations | |||||||||
Customers accounting for 10% or more of our accounts receivable and unbilled receivables were as follows: | ||||||||||
March 31, | December 31, | |||||||||
2015 | 2014 | |||||||||
Customer A | 21 | % | 11 | % | ||||||
Customer B | 13 | % | 5 | % | ||||||
Customer C | 13 | % | 32 | % | ||||||
Revenue from customers representing 10% or more of net revenue varies from period to period. For the periods indicated, customers representing 10% or more of net revenue were: | ||||||||||
Three Months Ended | ||||||||||
March 31, | ||||||||||
2015 | 2014 | |||||||||
Customer D | 12 | % | * | |||||||
Customer E | 12 | % | 2 | % | ||||||
Customer F | 2 | % | 16 | % | ||||||
Customer G | * | 10 | % | |||||||
* | Less than 1% or none.. | |||||||||
Note_12_Fair_Value_Measurement
Note 12 - Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Disclosures [Text Block] | Note 12 — Fair Value Measurements | ||||||||||||||||
The authoritative guidance for measuring fair value provides a hierarchy that prioritizes the inputs to valuation techniques used in measuring fair value as follows: | |||||||||||||||||
Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities; | |||||||||||||||||
Level 2 — Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable; and | |||||||||||||||||
Level 3 — Unobservable inputs in which little or no market activity exists, therefore requiring an entity to develop its own assumptions that market participants would use in pricing. | |||||||||||||||||
The carrying values of cash and cash equivalents, restricted cash, accounts receivable, unbilled receivables, accounts payable, and other accrued expenses approximate fair value due to the short-term maturity of those instruments. For our investments in available-for-sale securities, if quoted prices in active markets for identical investments are not available to determine fair value (Level 1), then we use quoted prices for similar assets or inputs other than quoted prices that are observable either directly or indirectly (Level 2). The investments included in Level 2 consist primarily of corporate, and agency obligations. | |||||||||||||||||
The fair value of financial assets and liabilities measured on a recurring basis for the indicated periods was as follows (in thousands): | |||||||||||||||||
March 31, | Level 1 | Level 2 | Level 3 | ||||||||||||||
2015 | Inputs | Inputs | Inputs | ||||||||||||||
Assets: | |||||||||||||||||
Short-term available-for-sale securities | $ | 8,323 | $ | — | $ | 8,323 | $ | — | |||||||||
Long-term available-for-sale securities | 265 | — | 265 | — | |||||||||||||
Total assets | $ | 8,588 | $ | — | $ | 8,588 | $ | — | |||||||||
December 31, | Level 1 | Level 2 | Level 3 | ||||||||||||||
2014 | Inputs | Inputs | Inputs | ||||||||||||||
Assets: | |||||||||||||||||
Short-term available-for-sale securities | $ | 13,072 | $ | — | $ | 13,072 | $ | — | |||||||||
Long-term available-for-sale securities | 267 | — | 267 | — | |||||||||||||
Total assets | $ | 13,339 | $ | — | $ | 13,339 | $ | — | |||||||||
Note_13_Subsequent_Events
Note 13 - Subsequent Events | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 13 — Subsequent Events |
On April 9, 2015, Ms. Audrey Bold resigned as Energy Recovery’s Chief Marketing Officer. If Ms. Bold provides a general release, the Company has agreed to provide her with the following benefits: (1) salary continuation and health benefits for a period of six months; and (2) continued vesting of granted options during the six month period, which will be exercisable consistent with the Company’s Amended and Restated 2008 Equity Incentive Plan. | |
On April 24, 2015, the Board of Directors appointed Mr. Joel Gay as President and Chief Executive Officer and as a member of the Board of Directors effective immediately. Mr. Gay has served as the Company’s Chief Financial Officer since June 2014. | |
On April 24, 2015, Mr. Paul Cook, Mr. Fred Olav Johannessen, and Dr. Marie Elisabeth Patẻ-Cornell, informed the Board of Directors of the Company of their intent not to stand for re-election at the Company’s next annual meeting of stockholders. Their decision not to stand for re-election is not the result of a disagreement with the Company known to an executive officer of the Company, or any matter relating to the Company’s operations, policies, or practices. | |
On April 30, 2015, the Board of Directors appointed Ms. Sharon Smith-Lenox as Corporate Controller and Chief Accounting Officer. Ms. Smith-Lenox joined the Company in February 2013 as Controller. Ms. Smith-Lenox holds a M.A. in International Relations from the University of California, Berkeley, a B.A. in International Relations from Long Island University, and a B.S. in Accounting from the California State University, East Bay. Ms. Smith-Lenox is a certified public accountant (Inactive). |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
The preparation of condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires our management to make judgments, assumptions, and estimates that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Our more significant estimates and judgments that we believe are the most critical to aid in fully understanding and evaluating our reported financial results are revenue recognition; allowance for doubtful accounts; allowance for product warranty; valuation of stock options; valuation and impairment of goodwill, long-lived assets, and acquired intangible assets; useful lives for depreciation and amortization; valuation adjustments for excess and obsolete inventory; and deferred taxes and valuation allowances on deferred tax assets. Actual results could differ materially from those estimates. | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation |
The condensed consolidated financial statements include the accounts of Energy Recovery, Inc. and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. | |
The accompanying condensed consolidated financial statements have been prepared by us, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The December 31, 2014 condensed consolidated balance sheet was derived from audited financial statements, and may not include all disclosures required by U.S. GAAP; however, we believe that the disclosures are adequate to make the information presented not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto for the fiscal year ended December 31, 2014 included in our Annual Report on Form 10-K filed with the SEC on March 6, 2015. | |
In the opinion of management, all adjustments, consisting of only normal recurring adjustments that are necessary to present fairly the financial position, results of operations, and cash flows for the interim periods, have been made. The results of operations for the interim periods are not necessarily indicative of the operating results for the full fiscal year or any future periods. | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers. The amendment requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. We expect to adopt this guidance as of January 1, 2017. Early application is not permitted. ASU 2014-09 permits the use of either the retrospective or cumulative effect transition method. We are currently evaluating the effect that ASU 2014-09 will have on our financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting. | |
On April 1, 2015, the FASB voted to propose to defer the effective date of ASU 2014-09 by one year. Based on the FASB’s proposed decision, ASU 2014-09 will apply to annual reporting periods beginning after December 15, 2017, including interim reporting periods within annual reporting periods beginning after December 15, 2017. Additionally, the FASB decided to permit early adoption, but not before the original effective date (that is, annual periods beginning after December 15, 2016). The FASB plans to expose its decisions for a thirty day public comment period in a proposed ASU which is expected to be issued sometime during the second quarter of 2015. | |
In January 2015, the FASB issued ASU 2015-01, Income Statement – Extraordinary and Unusual Items. ASU 2015-01 eliminates from GAAP the concept of extraordinary items. As a result, an entity will no longer be required to separately present an extraordinary item on its statement of operations, net of tax, after income from continuing operations, or disclose income taxes and net income per share data applicable to an extraordinary item. However, ASU 2015-01 will still retain the presentation and disclosure guidance for items that are unusual in nature and occur infrequently. ASU 2015-01 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted provided the guidance is applied from the beginning of the fiscal year of adoption. We do not expect the adoption of this standard to have a material impact on our financial statements, absent any material transactions in future periods that would qualify for extraordinary item presentation under the prior guidance. | |
In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest. ASU 2015-03 require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. For public entities, ASU 2015-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. We do not expect the adoption of this standard to have a material impact on our financial statements. | |
Also in April 2015, the FASB issued ASU 2015-05, Intangibles – Goodwill and Other- Internal-Use Software. ASU 2015-05 provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. ASU 2015-05 does not change GAAP for customer’s accounting for service contracts. For public entities, ASU 2015-05 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. We do not expect the adoption of this standard to have a material impact on our financial statements. |
Note_2_Goodwill_and_Other_Inta1
Note 2 - Goodwill and Other Intangible Assets (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | 31-Mar-15 | ||||||||||||||||
Gross | Accumulated | Accumulated | Net | ||||||||||||||
Carrying | Amortization | Impairment | Carrying | ||||||||||||||
Amount | Losses | Amount | |||||||||||||||
Developed technology | $ | 6,100 | $ | (3,253 | ) | $ | — | $ | 2,847 | ||||||||
Non-compete agreements | 1,310 | (1,310 | ) | — | — | ||||||||||||
Backlog | 1,300 | (1,300 | ) | — | — | ||||||||||||
Trademarks | 1,200 | (180 | ) | (1,020 | ) | — | |||||||||||
Customer relationships | 990 | (990 | ) | — | — | ||||||||||||
Patents | 585 | (383 | ) | (42 | ) | 160 | |||||||||||
Total | $ | 11,485 | $ | (7,416 | ) | $ | (1,062 | ) | $ | 3,007 | |||||||
31-Dec-14 | |||||||||||||||||
Gross | Accumulated | Accumulated | Net | ||||||||||||||
Carrying | Amortization | Impairment | Carrying | ||||||||||||||
Amount | Losses | Amount | |||||||||||||||
Developed technology | $ | 6,100 | $ | (3,101 | ) | $ | — | $ | 2,999 | ||||||||
Non-compete agreements | 1,310 | (1,310 | ) | — | — | ||||||||||||
Backlog | 1,300 | (1,300 | ) | — | — | ||||||||||||
Trademarks | 1,200 | (180 | ) | (1,020 | ) | — | |||||||||||
Customer relationships | 990 | (990 | ) | — | — | ||||||||||||
Patents | 585 | (376 | ) | (42 | ) | 167 | |||||||||||
Total | $ | 11,485 | $ | (7,257 | ) | $ | (1,062 | ) | $ | 3,166 |
Note_3_Loss_per_Share_Tables
Note 3 - Loss per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended | ||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Numerator: | |||||||||
Net loss | $ | (8,283 | ) | $ | (3,683 | ) | |||
Denominator: | |||||||||
Basic and diluted weighted average common shares outstanding | 51,948 | 51,446 | |||||||
Basic and diluted net loss per share | $ | (0.16 | ) | $ | (0.07 | ) | |||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three months Ended | ||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Stock options | 7,864 | 7,297 | |||||||
Warrants | 200 | 600 |
Note_4_Other_Financial_Informa1
Note 4 - Other Financial Information (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||||||
Schedule of Restricted Cash and Cash Equivalents [Table Text Block] | March 31, | December 31, | |||||||||||
2015 | 2014 | ||||||||||||
Collateral for stand-by letters of credit | $ | 2,263 | $ | 2,623 | |||||||||
Current restricted cash | $ | 2,263 | $ | 2,623 | |||||||||
Collateral for stand-by letters of credit | $ | 2,126 | $ | 2,850 | |||||||||
Non-current restricted cash | $ | 2,126 | $ | 2,850 | |||||||||
Total restricted cash | $ | 4,389 | $ | 5,473 | |||||||||
Schedule of Inventory, Current [Table Text Block] | March 31, | December 31, | |||||||||||
2015 | 2014 | ||||||||||||
Raw materials | $ | 2,927 | $ | 2,903 | |||||||||
Work in process | 2,430 | 1,915 | |||||||||||
Finished goods | 3,977 | 3,386 | |||||||||||
Inventories | $ | 9,334 | $ | 8,204 | |||||||||
Schedule of Other Current Assets [Table Text Block] | March 31, | December 31, | |||||||||||
2015 | 2014 | ||||||||||||
Interest receivable | $ | 64 | $ | 112 | |||||||||
Supplier advances | 211 | 107 | |||||||||||
Other prepaid expenses and current assets | 888 | 1,098 | |||||||||||
Total prepaid and other current assets | $ | 1,163 | $ | 1,317 | |||||||||
Schedule of Accrued Liabilities [Table Text Block] | March 31, | December 31, | |||||||||||
2015 | 2014 | ||||||||||||
Payroll and commissions payable | $ | 3,085 | $ | 3,116 | |||||||||
Accrued legal expenses | 2,225 | 1,734 | |||||||||||
Other accrued expenses and current liabilities | 1,779 | 2,254 | |||||||||||
Accrued R&D expenses | 153 | 1,323 | |||||||||||
Accrued expenses and other current liabilities | $ | 7,242 | $ | 8,427 | |||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Foreign | Unrealized | Total Accumulated | ||||||||||
Currency | Gains (Losses) | Other | |||||||||||
Translation | on | Comprehensive | |||||||||||
Adjustments Net of Tax Benefit | Investments | Loss | |||||||||||
Balance, December 31, 2014 | $ | (67 | ) | $ | (6 | ) | $ | (73 | ) | ||||
Net other comprehensive income | 31 | 3 | 34 | ||||||||||
Balance, March 31, 2015 | $ | (36 | ) | $ | (3 | ) | $ | (39 | ) |
Note_5_Investments_Tables
Note 5 - Investments (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||
Available-for-sale Securities [Table Text Block] | 31-Mar-15 | ||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Holding Gains | Gross Unrealized Holding Losses | Fair Value | ||||||||||||||||||||||
Short-term investments: | |||||||||||||||||||||||||
Corporate notes and bonds | $ | 8,325 | $ | 2 | $ | (4 | ) | $ | 8,323 | ||||||||||||||||
Total short-term investments | $ | 8,325 | $ | 2 | $ | (4 | ) | $ | 8,323 | ||||||||||||||||
Long-term investments: | |||||||||||||||||||||||||
Corporate notes and bonds | $ | 266 | $ | — | $ | (1 | ) | $ | 265 | ||||||||||||||||
Total long-term investments | $ | 266 | $ | — | $ | (1 | ) | $ | 265 | ||||||||||||||||
Total available-for-sale securities | $ | 8,591 | $ | 2 | $ | (5 | ) | $ | 8,588 | ||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Amortized | Gross Unrealized Holding Gains | Gross Unrealized Holding Losses | Fair Value | ||||||||||||||||||||||
Cost | |||||||||||||||||||||||||
Short-term investments | |||||||||||||||||||||||||
State and local government obligations | $ | 225 | $ | — | $ | — | $ | 225 | |||||||||||||||||
Corporate notes and bonds | 12,851 | 4 | (8 | ) | 12,847 | ||||||||||||||||||||
Total short-term investments | $ | 13,076 | $ | 4 | $ | (8 | ) | $ | 13,072 | ||||||||||||||||
Long-term investments | |||||||||||||||||||||||||
Corporate notes and bonds | 268 | — | (1 | ) | 267 | ||||||||||||||||||||
Total long-term investments | $ | 268 | $ | — | $ | (1 | ) | $ | 267 | ||||||||||||||||
Total investments | $ | 13,344 | $ | 4 | $ | (9 | ) | $ | 13,339 | ||||||||||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | 31-Mar-15 | ||||||||||||||||||||||||
Less than 12 months | 12 months or greater | Total | |||||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||||
Corporate notes and bonds | $ | 3,847 | $ | (3 | ) | $ | 1,197 | $ | (2 | ) | $ | 5,044 | $ | (5 | ) | ||||||||||
Total | $ | 3,847 | $ | (3 | ) | $ | 1,197 | $ | (2 | ) | $ | 5,044 | $ | (5 | ) | ||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Less than 12 months | 12 months or greater | Total | |||||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||||
Corporate notes and bonds | $ | 5,085 | $ | (6 | ) | $ | 1,205 | $ | (3 | ) | $ | 6,290 | $ | (9 | ) | ||||||||||
Total | $ | 5,085 | $ | (6 | ) | $ | 1,205 | $ | (3 | ) | $ | 6,290 | $ | (9 | ) | ||||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | 31-Mar-15 | ||||||||||||||||||||||||
Amortized Cost | Fair Value | ||||||||||||||||||||||||
Due after one year through three years | $ | 8,591 | $ | 8,588 | |||||||||||||||||||||
Total available-for-sale securities | $ | 8,591 | $ | 8,588 |
Note_6_LongTerm_Debt_and_Lines1
Note 6 - Long-Term Debt and Lines of Credit (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | March 31, | December 31, | |||||||
2015 | 2014 | ||||||||
Loan payable | $ | 55 | $ | — | |||||
Less: current portion | (11 | ) | — | ||||||
Total long-term debt | $ | 44 | $ | — | |||||
Schedule of Maturities of Long-term Debt [Table Text Block] | March 31, | ||||||||
2015 | |||||||||
2015 (remaining 9 months) | $ | 7 | |||||||
2016 | 11 | ||||||||
2017 | 11 | ||||||||
2018 | 11 | ||||||||
2019 | 11 | ||||||||
Thereafter | 4 | ||||||||
Total debt | $ | 55 |
Note_7_Equity_Tables
Note 7 - Equity (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Months Ended | ||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Cost of revenue | $ | 35 | $ | 22 | |||||
General and administrative | 897 | 329 | |||||||
Sales and marketing | 101 | 153 | |||||||
Research and development | 107 | 77 | |||||||
Total share-based compensation expense | $ | 1,140 | $ | 581 |
Note_9_Commitments_and_Conting1
Note 9 - Commitments and Contingencies (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Operating Leases of Lessee Disclosure [Table Text Block] | March 31, | ||||||||
2015 | |||||||||
2015 (remaining nine months) | $ | 1,172 | |||||||
2016 | 1,576 | ||||||||
2017 | 1,567 | ||||||||
2018 | 1,591 | ||||||||
2019 | 1,398 | ||||||||
Total future minimum lease payments | $ | 7,304 | |||||||
Schedule of Product Warranty Liability [Table Text Block] | Three Months Ended | ||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Balance, beginning of period | $ | 755 | $ | 709 | |||||
Warranty costs charged to cost of revenue | 21 | 3 | |||||||
Utilization of warranty | (20 | ) | (7 | ) | |||||
Balance, end of period | $ | 756 | $ | 705 |
Note_10_Business_Segment_and_G1
Note 10 - Business Segment and Geographic Information (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Three Months Ended | ||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Domestic revenue | $ | 264 | $ | 349 | |||||
International revenue | 5,600 | 3,548 | |||||||
Total revenue | $ | 5,864 | $ | 3,897 | |||||
Revenue by country: | |||||||||
Egypt | 22 | % | 3 | % | |||||
Spain | 13 | 9 | |||||||
Israel | * | 13 | |||||||
United States | 5 | 9 | |||||||
Others ** | 60 | 66 | |||||||
Total | 100 | % | 100 | % |
Note_11_Concentrations_Tables
Note 11 - Concentrations (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Accounts Receivable [Member] | |||||||||
Note 11 - Concentrations (Tables) [Line Items] | |||||||||
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | March 31, | December 31, | |||||||
2015 | 2014 | ||||||||
Customer A | 21 | % | 11 | % | |||||
Customer B | 13 | % | 5 | % | |||||
Customer C | 13 | % | 32 | % | |||||
Sales Revenue, Net [Member] | |||||||||
Note 11 - Concentrations (Tables) [Line Items] | |||||||||
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Three Months Ended | ||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Customer D | 12 | % | * | ||||||
Customer E | 12 | % | 2 | % | |||||
Customer F | 2 | % | 16 | % | |||||
Customer G | * | 10 | % |
Note_12_Fair_Value_Measurement1
Note 12 - Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | March 31, | Level 1 | Level 2 | Level 3 | |||||||||||||
2015 | Inputs | Inputs | Inputs | ||||||||||||||
Assets: | |||||||||||||||||
Short-term available-for-sale securities | $ | 8,323 | $ | — | $ | 8,323 | $ | — | |||||||||
Long-term available-for-sale securities | 265 | — | 265 | — | |||||||||||||
Total assets | $ | 8,588 | $ | — | $ | 8,588 | $ | — | |||||||||
December 31, | Level 1 | Level 2 | Level 3 | ||||||||||||||
2014 | Inputs | Inputs | Inputs | ||||||||||||||
Assets: | |||||||||||||||||
Short-term available-for-sale securities | $ | 13,072 | $ | — | $ | 13,072 | $ | — | |||||||||
Long-term available-for-sale securities | 267 | — | 267 | — | |||||||||||||
Total assets | $ | 13,339 | $ | — | $ | 13,339 | $ | — |
Note_1_The_Company_and_Summary1
Note 1 - The Company and Summary of Significant Accounting Policies (Details) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Number of Subsidiaries | 4 |
Note_2_Goodwill_and_Other_Inta2
Note 2 - Goodwill and Other Intangible Assets (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Note 2 - Goodwill and Other Intangible Assets (Details) [Line Items] | ||
Goodwill | $12,790,000 | $12,790,000 |
Goodwill, Period Increase (Decrease) | 0 | |
Goodwill, Impaired, Accumulated Impairment Loss | 0 | |
Finite-Lived Intangible Assets, Accumulated Impairment Losses | 1,062,000 | 1,062,000 |
Trademarks from 2012 [Member] | ||
Note 2 - Goodwill and Other Intangible Assets (Details) [Line Items] | ||
Finite-Lived Intangible Assets, Accumulated Impairment Losses | 1,000,000 | |
Patents from 2007 [Member] | ||
Note 2 - Goodwill and Other Intangible Assets (Details) [Line Items] | ||
Finite-Lived Intangible Assets, Accumulated Impairment Losses | 31,000 | |
Patents from 2010 [Member] | ||
Note 2 - Goodwill and Other Intangible Assets (Details) [Line Items] | ||
Finite-Lived Intangible Assets, Accumulated Impairment Losses | $11,000 |
Note_2_Goodwill_and_Other_Inta3
Note 2 - Goodwill and Other Intangible Assets (Details) - Identifiable Intangible Assets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $11,485,000 | $11,485,000 |
Accumulated Amortization | -7,416,000 | -7,257,000 |
Accumulated Impairment Losses | -1,062,000 | -1,062,000 |
Net Carrying Amount | 3,007,000 | 3,166,000 |
Developed Technology Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 6,100,000 | 6,100,000 |
Accumulated Amortization | -3,253,000 | -3,101,000 |
Net Carrying Amount | 2,847,000 | 2,999,000 |
Noncompete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,310,000 | 1,310,000 |
Accumulated Amortization | -1,310,000 | -1,310,000 |
Order or Production Backlog [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,300,000 | 1,300,000 |
Accumulated Amortization | -1,300,000 | -1,300,000 |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,200,000 | 1,200,000 |
Accumulated Amortization | -180,000 | -180,000 |
Accumulated Impairment Losses | -1,020,000 | -1,020,000 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 990,000 | 990,000 |
Accumulated Amortization | -990,000 | -990,000 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 585,000 | 585,000 |
Accumulated Amortization | -383,000 | -376,000 |
Accumulated Impairment Losses | -42,000 | -42,000 |
Net Carrying Amount | $160,000 | $167,000 |
Note_3_Loss_per_Share_Details_
Note 3 - Loss per Share (Details) - Computation of Basic and Diluted Loss per Share (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Numerator: | ||
Net loss | ($8,283) | ($3,683) |
Denominator: | ||
Basic and diluted weighted average common shares outstanding | 51,948 | 51,446 |
Basic and diluted net loss per share | ($0.16) | ($0.07) |
Note_3_Loss_per_Share_Details_1
Note 3 - Loss per Share (Details) - Antidilutive Securities Excluded from Computation of Diluted Earnings per Share | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Equity Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 7,864 | 7,297 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 200 | 600 |
Note_4_Other_Financial_Informa2
Note 4 - Other Financial Information (Details) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Note 4 - Other Financial Information (Details) [Line Items] | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $0 |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |
Note 4 - Other Financial Information (Details) [Line Items] | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |
Note 4 - Other Financial Information (Details) [Line Items] | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $0 |
Note_4_Other_Financial_Informa3
Note 4 - Other Financial Information (Details) - Restricted Cash (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Current restricted cash | $2,263 | $2,623 |
Non-current restricted cash | 2,126 | 2,850 |
Total restricted cash | 4,389 | 5,473 |
Collateral for Stand-by Letters of Credit [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Current restricted cash | 2,263 | 2,623 |
Non-current restricted cash | $2,126 | $2,850 |
Note_4_Other_Financial_Informa4
Note 4 - Other Financial Information (Details) - Inventories (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ||
Raw materials | $2,927 | $2,903 |
Work in process | 2,430 | 1,915 |
Finished goods | 3,977 | 3,386 |
Inventories | $9,334 | $8,204 |
Note_4_Other_Financial_Informa5
Note 4 - Other Financial Information (Details) - Prepaid Expenses and Other Current Assets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Prepaid Expenses and Other Current Assets [Abstract] | ||
Interest receivable | $64 | $112 |
Supplier advances | 211 | 107 |
Other prepaid expenses and current assets | 888 | 1,098 |
Total prepaid and other current assets | $1,163 | $1,317 |
Note_4_Other_Financial_Informa6
Note 4 - Other Financial Information (Details) - Accrued Expenses and Other Current Liabilities (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accrued Expenses and Other Current Liabilities [Abstract] | ||
Payroll and commissions payable | $3,085 | $3,116 |
Accrued legal expenses | 2,225 | 1,734 |
Other accrued expenses and current liabilities | 1,779 | 2,254 |
Accrued R&D expenses | 153 | 1,323 |
Accrued expenses and other current liabilities | $7,242 | $8,427 |
Note_4_Other_Financial_Informa7
Note 4 - Other Financial Information (Details) - Accumulated Other Comprehensive Loss (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated Other Comprehensive Loss [Abstract] | ||
Balance - Foreign Currency Translation Adjustments Net of Tax Benefit | ($67) | |
Balance - Unrealized Gains (Losses) on Investments | -6 | |
Balance - Total Accumulated Other Comprehensive Loss | -73 | |
Net other comprehensive income | 31 | 43 |
Net other comprehensive income | 3 | 2 |
Net other comprehensive income | 34 | |
Balance - Foreign Currency Translation Adjustments Net of Tax Benefit | -36 | |
Balance - Unrealized Gains (Losses) on Investments | -3 | |
Balance - Total Accumulated Other Comprehensive Loss | ($39) |
Note_5_Investments_Details
Note 5 - Investments (Details) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Proceeds from Sale of Available-for-sale Securities | $0 |
Note_5_Investments_Details_Ava
Note 5 - Investments (Details) - Available-for-Sale Securities (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $8,591 | $13,344 |
Gross Unrealized Holding Gains | 2 | 4 |
Gross Unrealized Holding Losses | -5 | -9 |
Fair Value | 8,588 | 13,339 |
Short-term Investments [Member] | Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 8,325 | 12,851 |
Gross Unrealized Holding Gains | 2 | 4 |
Gross Unrealized Holding Losses | -4 | -8 |
Fair Value | 8,323 | 12,847 |
Short-term Investments [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 225 | |
Fair Value | 225 | |
Short-term Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 8,325 | 13,076 |
Gross Unrealized Holding Gains | 2 | 4 |
Gross Unrealized Holding Losses | -4 | -8 |
Fair Value | 8,323 | 13,072 |
Other Long-term Investments [Member] | Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 266 | 268 |
Gross Unrealized Holding Losses | -1 | -1 |
Fair Value | 265 | 267 |
Other Long-term Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 266 | 268 |
Gross Unrealized Holding Losses | -1 | -1 |
Fair Value | $265 | $267 |
Note_5_Investments_Details_Gro
Note 5 - Investments (Details) - Gross Unrealized Losses and Fair Values of Investments (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Note 5 - Investments (Details) - Gross Unrealized Losses and Fair Values of Investments [Line Items] | ||
Fair Value, Less than 12 months | $3,847 | $5,085 |
Gross Unrealized Losses , Less than 12 months | -3 | -6 |
Fair Value, 12 months or greater | 1,197 | 1,205 |
Gross Unrealized Losses , 12 months or greater | -2 | -3 |
Fair value, Total | 5,044 | 6,290 |
Gross Unrealized Losses , Total | -5 | -9 |
Corporate Debt Securities [Member] | ||
Note 5 - Investments (Details) - Gross Unrealized Losses and Fair Values of Investments [Line Items] | ||
Fair Value, Less than 12 months | 3,847 | 5,085 |
Gross Unrealized Losses , Less than 12 months | -3 | -6 |
Fair Value, 12 months or greater | 1,197 | 1,205 |
Gross Unrealized Losses , 12 months or greater | -2 | -3 |
Fair value, Total | 5,044 | 6,290 |
Gross Unrealized Losses , Total | ($5) | ($9) |
Note_5_Investments_Details_Amo
Note 5 - Investments (Details) - Amortized Cost and Fair Value of Available-for-Sale Securities (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Amortized Cost and Fair Value of Available-for-Sale Securities [Abstract] | |
Due after one year through three years | $8,591 |
Due after one year through three years | 8,588 |
Total available-for-sale securities | 8,591 |
Total available-for-sale securities | $8,588 |
Note_6_LongTerm_Debt_and_Lines2
Note 6 - Long-Term Debt and Lines of Credit (Details) (USD $) | 0 Months Ended | 1 Months Ended | |||
Jun. 05, 2012 | Dec. 31, 2009 | Mar. 31, 2015 | Dec. 31, 2014 | 31-May-12 | |
Note 6 - Long-Term Debt and Lines of Credit (Details) [Line Items] | |||||
Long-term Debt | $55,000 | ||||
Letters of Credit Outstanding, Amount | 4,300,000 | ||||
Restricted Cash and Cash Equivalents | 4,389,000 | 5,473,000 | |||
Collateral for Stand-by Letters of Credit [Member] | The 2012 Agreement [Member] | |||||
Note 6 - Long-Term Debt and Lines of Credit (Details) [Line Items] | |||||
Restricted Cash and Cash Equivalents | 3,200,000 | 3,100,000 | |||
Collateral for Stand-by Letters of Credit [Member] | The 2009 Agreement [Member] | |||||
Note 6 - Long-Term Debt and Lines of Credit (Details) [Line Items] | |||||
Restricted Cash and Cash Equivalents | 1,200,000 | 2,400,000 | |||
Prime Rate [Member] | The 2012 Agreement [Member] | Revolving Credit Facility [Member] | |||||
Note 6 - Long-Term Debt and Lines of Credit (Details) [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.00% | ||||
London Interbank Offered Rate (LIBOR) [Member] | The 2012 Agreement [Member] | Revolving Credit Facility [Member] | |||||
Note 6 - Long-Term Debt and Lines of Credit (Details) [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||
March 2015 Installment Loan [Member] | |||||
Note 6 - Long-Term Debt and Lines of Credit (Details) [Line Items] | |||||
Long-term Debt | 55,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.35% | ||||
The 2012 Agreement [Member] | Revolving Credit Facility [Member] | |||||
Note 6 - Long-Term Debt and Lines of Credit (Details) [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 10,000,000 | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | ||||
Long-term Line of Credit | 0 | 0 | |||
The 2012 Agreement [Member] | Standby Letters of Credit [Member] | |||||
Note 6 - Long-Term Debt and Lines of Credit (Details) [Line Items] | |||||
Line of Credit Facility, Capacity Available for Trade Purchases | 16,000,000 | ||||
The 2012 Agreement [Member] | |||||
Note 6 - Long-Term Debt and Lines of Credit (Details) [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 16,000,000 | ||||
Cash Collateral Balance Required by Credit Agreement | 101.00% | ||||
Letters of Credit Outstanding, Amount | 3,100,000 | 3,100,000 | |||
The 2009 Agreement [Member] | Revolving Credit Facility [Member] | |||||
Note 6 - Long-Term Debt and Lines of Credit (Details) [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 10,000,000 | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.38% | ||||
Long-term Line of Credit | 0 | ||||
The 2009 Agreement [Member] | Standby Letters of Credit [Member] | |||||
Note 6 - Long-Term Debt and Lines of Credit (Details) [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 15,900,000 | ||||
The 2009 Agreement [Member] | |||||
Note 6 - Long-Term Debt and Lines of Credit (Details) [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 16,000,000 | ||||
Cash Collateral Balance Required by Credit Agreement | 105.00% | ||||
Letters of Credit Outstanding, Amount | $1,200,000 | $2,300,000 | |||
Cash Collateral Balance, Percentage of Outstanding Standby Letters of Credit | 101.00% | ||||
Cash Collateral Balance, Percentage of Outstanding Advances | 100.00% |
Note_6_LongTerm_Debt_and_Lines3
Note 6 - Long-Term Debt and Lines of Credit (Details) - Long-Term Debt (USD $) | Mar. 31, 2015 |
Debt Instrument [Line Items] | |
Loan payable | $55,000 |
Less: current portion | -11,000 |
Total long-term debt | 44,000 |
March 2015 Installment Loan [Member] | |
Debt Instrument [Line Items] | |
Loan payable | 55,000 |
Less: current portion | -11,000 |
Total long-term debt | $44,000 |
Note_6_LongTerm_Debt_and_Lines4
Note 6 - Long-Term Debt and Lines of Credit (Details) - Future Minimum Principal Payments Due Under Long-Term Debt Arrangements (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Future Minimum Principal Payments Due Under Long-Term Debt Arrangements [Abstract] | |
2015 (remaining 9 months) | $7 |
2016 | 11 |
2017 | 11 |
2018 | 11 |
2019 | 11 |
Thereafter | 4 |
Total debt | $55 |
Note_7_Equity_Details
Note 7 - Equity (Details) (USD $) | 3 Months Ended | 0 Months Ended | 1 Months Ended |
Mar. 31, 2015 | Feb. 06, 2015 | Mar. 31, 2015 | |
Note 7 - Equity (Details) [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | $4,800,000 | 4,800,000 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 3 days | ||
Employee Stock Option [Member] | Non-Employee Directors [Member] | |||
Note 7 - Equity (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Employee Stock Option [Member] | Certain Officers and Other Employees [Member] | |||
Note 7 - Equity (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||
Non-Employee Directors [Member] | |||
Note 7 - Equity (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 344,090 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | 3.53 | ||
Certain Officers and Other Employees [Member] | |||
Note 7 - Equity (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 1,415,739 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | 2.75 | ||
Chief Executive Officer [Member] | |||
Note 7 - Equity (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost (in Dollars) | $170,000 |
Note_7_Equity_Details_Sharebas
Note 7 - Equity (Details) - Share-based Compensation Expense (Employees and Consultants [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated Share-based Compensation | $1,140 | $581 |
Cost of Sales [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated Share-based Compensation | 35 | 22 |
General and Administrative Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated Share-based Compensation | 897 | 329 |
Selling and Marketing Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated Share-based Compensation | 101 | 153 |
Research and Development Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated Share-based Compensation | $107 | $77 |
Note_8_Income_Taxes_Details
Note 8 - Income Taxes (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate Reconciliation, Percent | -1.00% | -1.80% |
Deferred Tax Assets, Valuation Allowance | $20.40 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $0 |
Note_9_Commitments_and_Conting2
Note 9 - Commitments and Contingencies (Details) | 3 Months Ended | 0 Months Ended | 3 Months Ended | |||||||
Mar. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Oct. 03, 2014 | Oct. 03, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | |
USD ($) | Indemnification Agreement [Member] | Indemnification Agreement [Member] | Salary and Bonus [Member] | Alleged Stock Option [Member] | Minimum [Member] | Maximum [Member] | December 2011 Case [Member] | The 2009 Agreement [Member] | The 2012 Agreement [Member] | |
USD ($) | USD ($) | Mr. Borja Sanchez-Blanco [Member] | Mr. Borja Sanchez-Blanco [Member] | USD ($) | USD ($) | USD ($) | ||||
EUR (€) | EUR (€) | |||||||||
Note 9 - Commitments and Contingencies (Details) [Line Items] | ||||||||||
Unrecorded Unconditional Purchase Obligation | $2,300,000 | |||||||||
Guarantor Obligations, Current Carrying Value | 0 | 0 | ||||||||
Warranty and Product Performance Guarantees as Percentage of Total Sales Agreement | 5.00% | 10.00% | ||||||||
Warranty and Product Performance Guarantees Period | 24 months | 68 months | ||||||||
Letters of Credit Outstanding, Amount | 4,300,000 | 1,200,000 | 3,100,000 | |||||||
Restricted Cash Used to Collateralize Irrevocable Standby Letters of Credit | 4,400,000 | |||||||||
Penalty for Failure to Meet Annual Purchase Commitments | 35.00% | |||||||||
Litigation Settlement, Amount | -1,900,000 | |||||||||
Loss Contingency, Damages Sought, Value (in Euro) | € 567,000 | € 630,000 |
Note_9_Commitments_and_Conting3
Note 9 - Commitments and Contingencies (Details) - Operating Lease Obligations (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Operating Lease Obligations [Abstract] | |
2015 (remaining nine months) | $1,172 |
2016 | 1,576 |
2017 | 1,567 |
2018 | 1,591 |
2019 | 1,398 |
Total future minimum lease payments | $7,304 |
Note_9_Commitments_and_Conting4
Note 9 - Commitments and Contingencies (Details) - Product Warranty Liability (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Product Warranty Liability [Abstract] | ||
Balance, beginning of period | $755 | $709 |
Warranty costs charged to cost of revenue | 21 | 3 |
Utilization of warranty | -20 | -7 |
Balance, end of period | $756 | $705 |
Note_10_Business_Segment_and_G2
Note 10 - Business Segment and Geographic Information (Details) | 3 Months Ended |
Mar. 31, 2015 | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 1 |
Note_10_Business_Segment_and_G3
Note 10 - Business Segment and Geographic Information (Details) - Revenues by Geographic Area (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Note 10 - Business Segment and Geographic Information (Details) - Revenues by Geographic Area [Line Items] | ||||
Revenue (in Dollars) | $5,864 | $3,897 | ||
Geographic Concentration Risk [Member] | EGYPT | Sales Revenue, Net [Member] | ||||
Note 10 - Business Segment and Geographic Information (Details) - Revenues by Geographic Area [Line Items] | ||||
Revenue by country | 22.00% | 3.00% | ||
Geographic Concentration Risk [Member] | SPAIN | Sales Revenue, Net [Member] | ||||
Note 10 - Business Segment and Geographic Information (Details) - Revenues by Geographic Area [Line Items] | ||||
Revenue by country | 13.00% | 9.00% | ||
Geographic Concentration Risk [Member] | ISRAEL | Sales Revenue, Net [Member] | ||||
Note 10 - Business Segment and Geographic Information (Details) - Revenues by Geographic Area [Line Items] | ||||
Revenue by country | [1] | 13.00% | ||
Geographic Concentration Risk [Member] | UNITED STATES | Sales Revenue, Net [Member] | ||||
Note 10 - Business Segment and Geographic Information (Details) - Revenues by Geographic Area [Line Items] | ||||
Revenue by country | 5.00% | 9.00% | ||
Geographic Concentration Risk [Member] | Others [Member] | Sales Revenue, Net [Member] | ||||
Note 10 - Business Segment and Geographic Information (Details) - Revenues by Geographic Area [Line Items] | ||||
Revenue by country | 60.00% | [2] | 66.00% | [2] |
Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | ||||
Note 10 - Business Segment and Geographic Information (Details) - Revenues by Geographic Area [Line Items] | ||||
Revenue by country | 100.00% | 100.00% | ||
Domestic [Member] | ||||
Note 10 - Business Segment and Geographic Information (Details) - Revenues by Geographic Area [Line Items] | ||||
Revenue (in Dollars) | 264 | 349 | ||
International [Member] | ||||
Note 10 - Business Segment and Geographic Information (Details) - Revenues by Geographic Area [Line Items] | ||||
Revenue (in Dollars) | $5,600 | $3,548 | ||
[1] | Less than 1%. | |||
[2] | Includes remaining countries not separately disclosed. No country in this line item accounted for more than 10% of our net revenue during the periods presented. |
Note_11_Concentrations_Details
Note 11 - Concentrations (Details) - Accounts Receivable Concentrations (Customer Concentration Risk [Member], Accounts Receivable [Member]) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Customer A [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of accounts receivable | 21.00% | 11.00% |
Customer B [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of accounts receivable | 13.00% | 5.00% |
Customer C [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of accounts receivable | 13.00% | 32.00% |
Note_11_Concentrations_Details1
Note 11 - Concentrations (Details) - Revenue Concentrations (Customer Concentration Risk [Member], Sales Revenue, Net [Member]) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | |||
Customer D [Member] | ||||
Concentration Risk [Line Items] | ||||
Percentage of revenue | 12.00% | [1] | ||
Customer E [Member] | ||||
Concentration Risk [Line Items] | ||||
Percentage of revenue | 12.00% | 2.00% | ||
Customer F [Member] | ||||
Concentration Risk [Line Items] | ||||
Percentage of revenue | 2.00% | [1] | 16.00% | |
Customer G [Member] | ||||
Concentration Risk [Line Items] | ||||
Percentage of revenue | [1] | 10.00% | ||
[1] | Less than 1% or none.. |
Note_12_Fair_Value_Measurement2
Note 12 - Fair Value Measurements (Details) - Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Note 12 - Fair Value Measurements (Details) - Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis [Line Items] | ||
Available-for-sale securities | $8,588 | $13,339 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Short-term Investments [Member] | ||
Note 12 - Fair Value Measurements (Details) - Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis [Line Items] | ||
Available-for-sale securities | 8,323 | 13,072 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Other Long-term Investments [Member] | ||
Note 12 - Fair Value Measurements (Details) - Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis [Line Items] | ||
Available-for-sale securities | 265 | 267 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Note 12 - Fair Value Measurements (Details) - Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis [Line Items] | ||
Available-for-sale securities | 8,588 | 13,339 |
Fair Value, Measurements, Recurring [Member] | Short-term Investments [Member] | ||
Note 12 - Fair Value Measurements (Details) - Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis [Line Items] | ||
Available-for-sale securities | 8,323 | 13,072 |
Fair Value, Measurements, Recurring [Member] | Other Long-term Investments [Member] | ||
Note 12 - Fair Value Measurements (Details) - Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis [Line Items] | ||
Available-for-sale securities | 265 | 267 |
Fair Value, Measurements, Recurring [Member] | ||
Note 12 - Fair Value Measurements (Details) - Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis [Line Items] | ||
Available-for-sale securities | $8,588 | $13,339 |
Note_13_Subsequent_Events_Deta
Note 13 - Subsequent Events (Details) (Subsequent Event [Member], Chief Marketing Officer [Member]) | 0 Months Ended |
Apr. 09, 2015 | |
Subsequent Event [Member] | Chief Marketing Officer [Member] | |
Note 13 - Subsequent Events (Details) [Line Items] | |
Resignation Agreement and General Release, Term | 6 months |
Resignation Agreement and General Release, Options, Continued Vesting | 6 months |