Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 29, 2016 | |
Entity Registrant Name | Energy Recovery, Inc. | |
Entity Central Index Key | 1,421,517 | |
Trading Symbol | erii | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 52,334,038 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 96,527 | $ 99,931 |
Restricted cash | 1,232 | 1,490 |
Short-term investments | 255 | 257 |
Accounts receivable, net of allowance for doubtful accounts of $156 and $166 at March 31, 2016 and December 31, 2015, respectively | 7,683 | 11,590 |
Unbilled receivables, current | 1,804 | 1,879 |
Inventories | 6,725 | $ 6,503 |
Income tax receivable | 2 | |
Deferred tax assets, net | 1,145 | $ 938 |
Prepaid expenses and other current assets | 1,299 | 943 |
Total current assets | 116,672 | 123,531 |
Restricted cash, non-current | $ 2,911 | 2,317 |
Unbilled receivables, non-current | 6 | |
Property and equipment, net of accumulated depreciation of $19,113 and $18,338 at March 31, 2016 and December 31, 2015, respectively | $ 9,956 | 10,622 |
Goodwill | 12,790 | 12,790 |
Other intangible assets, net | 2,374 | 2,531 |
Other assets, non-current | 2 | 2 |
Total assets | 144,705 | 151,799 |
Current liabilities: | ||
Accounts payable | 2,592 | 1,865 |
Accrued expenses and other current liabilities | $ 4,984 | 7,808 |
Income taxes payable | 2 | |
Accrued warranty reserve | $ 428 | 461 |
Deferred revenue | 5,619 | 5,878 |
Current portion of long-term debt | 10 | 10 |
Total current liabilities | 13,633 | 16,024 |
Total long-term debt | 36 | 38 |
Deferred tax liabilities, non-current, net | 2,360 | 2,360 |
Deferred revenue, non-current | 67,766 | 69,000 |
Other non-current liabilities | 674 | 718 |
Total liabilities | $ 84,469 | $ 88,140 |
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; 55,368,637 shares issued and 52,215,481 shares outstanding at March 31, 2016, and 54,948,235 shares issued and 52,468,779 shares outstanding at December 31, 2015 | $ 55 | $ 55 |
Additional paid-in capital | 132,469 | 129,809 |
Accumulated other comprehensive loss | (75) | (64) |
Treasury stock at cost, 3,153,156 and 2,479,456 shares repurchased at March 31, 2016 and December 31, 2015, respectively | (10,941) | (6,835) |
Accumulated deficit | (61,272) | (59,306) |
Total stockholders’ equity | 60,236 | 63,659 |
Total liabilities and stockholders’ equity | $ 144,705 | $ 151,799 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Accounts receivable, allowance for doubtful accounts | $ 156 | $ 166 |
Property and equipment, accumulated depreciation | $ 19,113 | $ 18,338 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 55,368,637 | 54,948,235 |
Common stock, shares outstanding (in shares) | 52,215,481 | 52,468,779 |
Treasury stock, at cost, shares (in shares) | 3,153,156 | 2,479,456 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Product revenue | $ 10,051,000 | $ 5,864,000 |
Product cost of revenue | 3,674,000 | 2,531,000 |
Product gross profit | 6,377,000 | 3,333,000 |
License and development revenue | 1,250,000 | 0 |
Operating expenses: | ||
General and administrative | 4,884,000 | 6,278,000 |
Sales and marketing | 2,070,000 | 2,433,000 |
Research and development | 2,665,000 | 2,533,000 |
Amortization of intangible assets | 157,000 | 159,000 |
Total operating expenses | 9,776,000 | 11,403,000 |
Loss from operations | (2,149,000) | (8,070,000) |
Other expense: | ||
Interest expense | (1,000) | (40,000) |
Other non-operating expense | (21,000) | (102,000) |
Loss before income taxes | (2,171,000) | (8,212,000) |
(Benefit) provision for income taxes | (205,000) | 71,000 |
Net loss | $ (1,966,000) | $ (8,283,000) |
Basic and diluted net loss per share (in dollars per share) | $ (0.04) | $ (0.16) |
Shares used in basic and diluted per share calculation (in shares) | 52,207 | 51,948 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net loss | $ (1,966) | $ (8,283) |
Other comprehensive (loss) income, net of tax: | ||
Foreign currency translation adjustments | (12) | 31 |
Unrealized gain on investments | 1 | 3 |
Other comprehensive (loss) income | (11) | 34 |
Comprehensive loss | $ (1,977) | $ (8,249) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Portion of Revenue of Product Sales Agreement for Installation, Startup, and Training [Member] | ||
Changes in operating assets and liabilities: | ||
Deferred revenue | $ (245) | $ 574 |
Software License Arrangement [Member] | ||
Changes in operating assets and liabilities: | ||
Deferred revenue | (1,250) | |
Net loss | (1,966) | $ (8,283) |
Share-based compensation | 1,188 | 1,140 |
Depreciation and amortization | 932 | 979 |
Unrealized loss on foreign currency transactions | 53 | $ 124 |
Change in fair value of put options | 29 | |
Valuation adjustments for excess or obsolete inventory | 12 | $ (10) |
Provision for doubtful accounts | 4 | 2 |
Amortization of premiums on investments | $ 3 | 79 |
Provision for warranty claims | 21 | |
Deferred income taxes | $ (207) | $ 65 |
Reversal of accruals related to expired warranties | (33) | |
Other non-cash adjustments | (44) | $ 428 |
Accounts receivable | 3,904 | 5,524 |
Accounts payable | 727 | 215 |
Unbilled receivables | 81 | 314 |
Income taxes payable | (4) | 2 |
Inventories | (234) | (1,120) |
Prepaid and other assets | (385) | 154 |
Accrued expenses and other liabilities | (2,825) | (1,192) |
Net cash used in operating activities | $ (260) | (984) |
Cash Flows From Investing Activities | ||
Maturities of marketable securities | 4,675 | |
Capital expenditures | $ (152) | (179) |
Restricted cash | (335) | 1,084 |
Net cash (used in) provided by investing activities | (487) | 5,580 |
Cash Flows From Financing Activities | ||
Net proceeds from issuance of common stock | $ 1,515 | 250 |
Proceeds from long-term debt | $ 55 | |
Repayment of long-term debt | $ (2) | |
Repurchase of common stock | (4,106) | |
Net cash (used in) provided by financing activities | (2,593) | $ 305 |
Effect of exchange rate differences on cash and cash equivalents | (64) | (11) |
Net change in cash and cash equivalents | (3,404) | 4,890 |
Cash and cash equivalents, beginning of period | 99,931 | 15,501 |
Cash and cash equivalents, end of period | $ 96,527 | $ 20,391 |
Note 1 - The Company and Summar
Note 1 - The Company and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 1 — The Company and Summary of Significant Accounting Policies The Company Energy Recovery, Inc. (the “Company”, “Energy Recovery”, “our”, “us”, or “we”) is an energy solutions provider. We convert wasted pressure energy into a reusable asset and preserve or eliminate pumping technology in hostile processing environments. Our core competencies are fluid dynamics and advanced material science. Our solutions are marketed and sold in fluid flow markets, such as water and oil & gas. 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. The accounting policies that reflect our more significant estimates and judgments and 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, 2015 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, 2015 included in our Annual Report on Form 10-K filed with the SEC on March 3, 2016. 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”) No. 2014-09, Revenue from Contracts with Customers. In January 2016, the FASB issued ASU No. 2016-01 Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilitie s In February 2016, the FASB issued ASU No. 2016-02 Leases (Topic 842). In March and April 2016, the FASB issued ASU No. 2016-08 and ASU No. 2016-10, respectively, Revenue from Contracts with Customers (Topic 606). In March 2016, the FASB issued ASU No. 2016-09 Compensation – Stock Compensation (Topic 718). |
Note 2 - Goodwill and Other Int
Note 2 - Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 2 — Goodwill and Other Intangible Assets Goodwill as of March 31, 2016 and December 31, 2015 of $12.8 million was the result of our acquisition of Pump Engineering, LLC in December 2009. During the three months ended March 31, 2016, 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): March 31, 2016 Gross Carrying Amount Accumulated Amortization Accumulated Impairment Losses Net Carrying Amount Developed technology $ 6,100 $ (3,863 ) $ — $ 2,237 Non-compete agreements 1,310 (1,310 ) — — Backlog 1,300 (1,300 ) — — Trademarks 1,200 (180 ) (1,020 ) — Customer relationships 990 (990 ) — — Patents 585 (406 ) (42 ) 137 Total $ 11,485 $ (8,049 ) $ (1,062 ) $ 2,374 December 31, 2015 Gross Carrying Amount Accumulated Amortization Accumulated Impairment Losses Net Carrying Amount Developed technology $ 6,100 $ (3,711 ) $ — $ 2,389 Non-compete agreements 1,310 (1,310 ) — — Backlog 1,300 (1,300 ) — — Trademarks 1,200 (180 ) (1,020 ) — Customer relationships 990 (990 ) — — Patents 585 (401 ) (42 ) 142 Total $ 11,485 $ (7,892 ) $ (1,062 ) $ 2,531 Accumulated impairment losses at March 31, 2016 include impairment charges for trademarks in 2012 and impairment charges for patents in 2007 and 2010. |
Note 3 - Loss per Share
Note 3 - Loss per Share | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
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, 2016 2015 Numerator: Net loss $ (1,966 ) $ (8,283 ) Denominator: Basic and diluted weighted average common shares outstanding 52,207 51,948 Basic and diluted net loss per share $ (0.04 ) $ (0.16 ) 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, 2016 2015 Stock options 7,432 7,864 Warrants — 200 Restricted awards 205 — |
Note 4 - Other Financial Inform
Note 4 - Other Financial Information | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
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 a money market account at a financial institution for these items as follows (in thousands): March 31, 2016 December 31, 2015 Current collateral for stand-by letters of credit $ 1,232 $ 1,490 Non-current collateral for stand-by letters of credit 2,911 2,317 Total restricted cash $ 4,143 $ 3,807 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, 2016 December 31, 2015 Raw materials $ 2,380 $ 2,590 Work in process 1,990 1,689 Finished goods 2,355 2,224 Inventories $ 6,725 $ 6,503 Prepaid and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): March 31, 2016 December 31, 2015 Foreign currency put option $ 4 $ 33 Interest receivable 15 4 Supplier advances 106 171 Prepaid rent 142 7 Other prepaid expenses and current assets 1,032 728 Total prepaid and other current assets $ 1,299 $ 943 Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): March 31, 2016 December 31, 2015 Payroll and commissions payable $ 2,194 $ 5,086 Accrued legal expenses 306 217 Other accrued expenses and current liabilities 2,484 2,505 Accrued expenses and other current liabilities $ 4,984 $ 7,808 Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss by component for the quarter ended March 31, 2016, were as follows (in thousands): Foreign Currency Translation Adjustments Net of Tax Benefit Unrealized Gains (Losses) on Investments Total Accumulated Other Comprehensive Loss Balance, December 31, 2015 $ (63 ) $ (1 ) $ (64 ) Net other comprehensive (loss) income (12 ) 1 (11 ) Balance, March 31, 2016 $ (75 ) $ — $ (75 ) 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, 2016 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 5 — Investments Our short-term investments are all classified as available-for-sale. There were no sales of available-for-sale securities during the quarter ended March 31, 2016. Available-for-sale securities as of the dates indicated consisted of the following (in thousands): March 31, 201 6 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value Corporate notes and bonds $ 256 $ — $ (1 ) $ 255 Total short-term investments $ 256 $ — $ (1 ) $ 255 December 31 , 201 5 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value Corporate notes and bonds $ 258 $ — $ (1 ) $ 257 Total short-term investments $ 258 $ — $ (1 ) $ 257 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): March 31, 201 6 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 $ — $ — $ 255 $ (1 ) $ 255 $ (1 ) Total $ — $ — $ 255 $ (1 ) $ 255 $ (1 ) December 31, 201 5 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 $ — $ — $ 257 $ (1 ) $ 257 $ (1 ) Total $ — $ — $ 257 $ (1 ) $ 257 $ (1 ) 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, 2016 are shown below by contractual maturity (in thousands): March 31 , 2016 Amortized Cost Fair Value Due in one year or less $ 256 $ 255 Total available-for-sale securities $ 256 $ 255 |
Note 6 - Long-Term Debt and Lin
Note 6 - Long-Term Debt and Lines of Credit | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 6 — Long-Term Debt and Line 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, 2016 December 31, 2015 Loan payable $ 46 $ 48 Less: current portion (10 ) (10 ) Total long-term debt $ 36 $ 38 Future minimum principal payments due under long-term debt arrangements consist of the following (in thousands): March 31, 2016 2016 (remaining 9 months) $ 8 2017 11 2018 11 2019 12 2020 4 Total debt $ 46 Line of Credit In June 2012, we entered into a loan agreement (the “2012 Agreement”) with a financial institution. The 2012 Agreement matured in and was amended in June 2015. The 2012 Agreement, as amended, 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 or a Eurodollar loan that bears interest equal to the adjusted LIBOR 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, as amended, 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, as amended, matures in June 2018 and is collateralized by substantially all of our assets. As of March 31, 2016 and December 31, 2015, there were no advances drawn under the 2012 Agreement. Stand-by letters of credit collateralized under the 2012 Agreement, as amended, totaled $4.1 million and $3.8 million as of March 31, 2016 and December 31, 2015, respectively. Total cash restricted related to these stand-by letters of credit totaled $4.1 million and $3.8 million as of March 31, 2016 and December 31, 2015, respectively. We are subject to certain financial and administrative covenants under the 2012 Agreement, as amended. As of March 31, 2016, we were in compliance with these covenants. |
Note 7 - Equity
Note 7 - Equity | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 7 — Equity Stock Repurchase Program In January 2016, the Board of Directors authorized a stock repurchase program under which shares, not to exceed $6.0 million in aggregate cost, of our outstanding common stock can be repurchased through June 30, 2016 at the discretion of management. We account for stock repurchases using the cost method. Cost includes fees charged in connection with acquiring the treasury stock. As of March 31, 2016, 673,700 shares, at an aggregate cost of $4.1 million, had been repurchased under this authorization. Share-Based Compensation Expense For the three months ended March 31, 2016 and 2015, we recognized share-based compensation expense related to employees and consultants as follows (in thousands): Three Months Ended March 31, 2016 201 5 Cost of revenue $ 38 $ 35 General and administrative 884 897 Sales and marketing 159 101 Research and development 107 107 Total share-based compensation expense $ 1,188 $ 1,140 As of March 31, 2016, total unrecognized compensation cost related to non-vested share-based awards, net of estimated forfeitures, was $6.2 million, which is expected to be recognized as expense over a weighted average period of approximately 3.35 years. In February 2016, we granted 20,678 options to purchase stock to a new employee. The options vest over a four-year period, have an exercise price of $6.00 per share, and expire 10 years from the grant date. In February 2016, we also granted 32,000 options to purchase stock to another new employee. The options vest over a four-year period, have an exercise price of $7.26 per share, and expire 10 years from the grant date. In March 2016, we granted 650,301 options to purchase stock to officers and other employees. The options vest over a four-year period, have an exercise price of $8.52 per share, and expire 10 years from the grant date. In March 2016, we also granted 204,514 restricted stock units to officers and other employees. The restricted units vest over a four-year period, have a grant price of $8.52 per share, and expire 10 years from the grant date. In connection with the resignation of Mr. Juan Otero, as General Counsel, Chief Compliance Officer, and Secretary, additional stock based compensation of approximately $0.5 million was recorded in the first quarter of 2016 related to the continued vesting of awards granted to Mr. Otero prior to his resignation. |
Note 8 - Income Taxes
Note 8 - Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 8 — Income Taxes The effective tax rate for the three months ended March 31, 2016 and 2015 was 9.4% and (1.0%), respectively. As of December 31, 2015, a valuation allowance of approximately $21.4 million had been established to reduce our deferred income tax assets to the amount expected to be realized. The tax benefit recognized for the three months ended March 31, 2016, was primarily related to losses in our Ireland subsidiary. |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
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, 2016 2016 (remaining nine months) 1,206 2017 1,577 2018 1,600 2019 1,402 Total future minimum lease payments $ 5,785 Product Warranty The following table summarizes the activity related to the product warranty liability during the three months ended March 31, 2016 and 2015 (in thousands): Three Months Ended March 31, 2016 2015 Balance, beginning of period $ 461 $ 755 Warranty costs charged to cost of revenue — 21 Release of accrual for expired warranties (33 ) — Utilization of warranty — (20 ) Balance, end of period $ 428 $ 756 Purchase Obligations We enter into purchase order arrangements with our vendors. As of March 31, 2016, 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, 2016, we had approximately $2.0 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, 2016 and December 31, 2015. In certain cases, we issue warranty and product performance guarantees to our customers for amounts ranging from 5% to 15% 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. The $4.1 million in stand-by letters of credit outstanding at March 31, 2016 were collateralized by restricted cash of $4.1 million. Litigation 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 24, 2014, Mr. Blanco filed a labor claim against ERI Iberia in Madrid, Spain challenging the fairness of his dismissal and seeking compensation (“Case 1”). A hearing was held on November 13, 2015 after which the labor court ruled that it did not have jurisdiction over the matter. Mr. Blanco has appealed. At this time, the Company has not determined that an award to Mr. Blanco is probable. On November 24, 2014, Mr. Blanco filed a second action based on breach of contract theories in the same court as Case 1, but the cases are separate. In Case 2, Mr. Blanco seek s payment of unpaid bonus, stock options, and non-compete compensation. The court ruled that this case is stayed until a final ruling is issued in Case 1. At this time, the Company has not determined that an award to Mr. Blanco is probable. On January 20 and 27, 2015, two stockholder class action complaints were filed against the Company in the United States District Court of the Northern District of California, on behalf of Energy Recovery stockholders under the captions, Joseph Sabatino v. Energy Recovery, Inc. et al . , Thomas C. Mowdy v. Energy Recovery, Inc , et al In Re Energy Recovery Inc. Securities Litigation . On January 27, 2016, a complaint was filed by the Company’s Former Chief Sales Officer, Mr. David Barnes, in the United States District Court for the Northern District of California under the caption, David Barnes v. Energy Recovery, Inc. , On February 18, 2016, a complaint captioned Goldberg v . Rooney, et al |
Note 10 - Business Segment and
Note 10 - Business Segment and Geographic Information | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
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 products and services. Our chief operating decision-maker (“CODM”) is the chief executive officer (“CEO”). Following the appointment of a new CEO in April 2015, new internal reporting was developed for making operating decisions and assessing financial performance. Beginning July 1, 2015, a new internal organizational and reporting structure was implemented and we began reporting segment information on a basis reflecting this new structure. Prior period amounts have been adjusted retrospectively to reflect this new internal reporting structure. Our reportable operating segments consist of the Water Segment and the Oil & Gas Segment. These segments are based on the industries in which the products are sold, the type of energy recovery device sold, and the related products and services. The Water Segment consists of revenue associated with products sold for use in reverse osmosis water desalination, as well as the related identifiable expenses. The Oil & Gas Segment consists of product revenue associated with products sold for use in gas processing, chemical processing, and hydraulic fracturing and license and development revenue associated with hydraulic fracturing, as well as related identifiable expenses. Operating income for each segment excludes other income and expenses and certain expenses managed outside the operating segment. Costs excluded from operating income include various corporate expenses such as certain share-based compensation expenses, income taxes, and other separately managed general and administrative expenses not related to the identified segments. Assets and liabilities are reviewed at the consolidated level by the CODM and are not accounted for by segment. The CODM allocates resources to and assesses the performance of each operating segment using information about its revenue and operating income (loss). The following summarizes financial information by segment for the periods presented (in thousands): Three Months Ended March 31, 2016 Three Months Ended March 31, 2015 Water Oil &Gas Total Water Oil &Gas Total Product revenue $ 10,051 $ — $ 10,051 $ 5,723 $ 141 $ 5,864 Product cost of revenue 3,674 — 3,674 2,503 25 2,531 Product gross profit 6,377 — 6,377 3,220 113 3,333 License and development revenue — 1,250 1,250 — — — Operating expenses: General and administrative 219 188 407 604 332 936 Sales and marketing 1,129 807 1,936 1,170 1,120 2,290 Research and development 359 2,297 2,656 345 2,160 2,505 Amortization of intangibles 157 — 157 159 — 159 Operating expenses 1,864 3,292 5,156 2,278 3,612 5,890 Operating income (loss) $ 4,513 $ (2,042 ) 2,471 $ 942 $ (3,499 ) (2,557 ) Less: Corporate operating expenses 4,620 5,513 Consolidated operating loss (2,149 ) (8,070 ) Non-operating expenses (22 ) (142 ) Loss before income taxes $ (2,171 ) $ (8,212 ) 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, 2016 2015 Domestic product revenue $ 185 $ 264 International product revenue 9,866 5,600 Total product revenue $ 10,051 $ 5,864 Product revenue by country: Qatar 39 % * % Spain 11 % 13 % United States 2 % 5 % Egypt 1 % 22 % Others ** 47 % 60 % Total 100 % 100 % * Less than 1% or none. ** Includes remaining countries not separately disclosed. No country in this line item accounted for more than 10% of our product revenue during the periods presented. All of our long-lived assets were located in the United States at March 31, 2016 and December 31, 2015. |
Note 11 - Concentrations
Note 11 - Concentrations | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
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, 2016 December 31, 2015 Customer A 48 % 18 % Customer B 5 % 26 % Revenue from customers representing 10% or more of product revenue varies from period to period. For the periods indicated, customers representing 10% or more of product revenue were: Three Months Ended March 31, 2016 2015 Customer A 41 % * % Customer C * % 12 % Customer D 3 % 12 % * Less than 1% or none. A single customer, Customer E, represents 100% of our license and development revenue for the three months ended March 31, 2016. There was no license and development revenue recognized for the three months ended March 31, 2015. Vendors accounting for 10% or more of our accounts payable were as follows: March 31, 201 6 December 31, 2015 Vendor A 14 % 0 % |
Note 12 - Fair Value Measuremen
Note 12 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
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 of corporate agency obligations and the premium paid for foreign currency put options. The fair value of financial assets and liabilities measured on a recurring basis for the indicated periods was as follows (in thousands): March 31, 2016 Level 1 Level 2 Inputs Level 3 Inputs Assets: Available-for-sale securities $ 255 $ — $ 255 $ — Foreign currency put option 4 — 4 — Total assets $ 259 $ — $ 259 $ — December 31, 2015 Level 1 Level 2 Inputs Level 3 Inputs Assets: Available-for-sale securities $ 257 $ — $ 257 $ — Foreign currency put options 33 — 33 — Total assets $ 290 $ — $ 290 $ — |
Note 13 - Related Party Transac
Note 13 - Related Party Transactions | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 13 — Related Party Transactions In January 2016, the Company entered into a lease agreement with EMS USA, Inc. for the use of office space. The President and Chief Executive Officer of EMS USA, Inc. is also a member of the Board of Directors of the Company. The lease is for a term of ninety (90) days with continuation on a month-to-month basis thereafter, with each month being an “Additional Term.” Additional Terms are not to exceed a total of three. The Company paid EMS USA, Inc. $1,668 related to this agreement during the three months ended March 31, 2016. In March 2016, the Company extended an employee loan to one of its employees for $21,786. The loan is repayable to the Company monthly over six months and is non-interest bearing. |
Note 14 - Subsequent Events
Note 14 - Subsequent Events | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 14 - S ubsequent Events On April 20, 2016, the Company announced the receipt of a Letter of Award to provide our IsoBoost TM |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
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. The accounting policies that reflect our more significant estimates and judgments and 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, 2015 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, 2015 included in our Annual Report on Form 10-K filed with the SEC on March 3, 2016. 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”) No. 2014-09, Revenue from Contracts with Customers. In January 2016, the FASB issued ASU No. 2016-01 Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilitie s In February 2016, the FASB issued ASU No. 2016-02 Leases (Topic 842). In March and April 2016, the FASB issued ASU No. 2016-08 and ASU No. 2016-10, respectively, Revenue from Contracts with Customers (Topic 606). In March 2016, the FASB issued ASU No. 2016-09 Compensation – Stock Compensation (Topic 718). |
Note 2 - Goodwill and Other I22
Note 2 - Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | March 31, 2016 Gross Carrying Amount Accumulated Amortization Accumulated Impairment Losses Net Carrying Amount Developed technology $ 6,100 $ (3,863 ) $ — $ 2,237 Non-compete agreements 1,310 (1,310 ) — — Backlog 1,300 (1,300 ) — — Trademarks 1,200 (180 ) (1,020 ) — Customer relationships 990 (990 ) — — Patents 585 (406 ) (42 ) 137 Total $ 11,485 $ (8,049 ) $ (1,062 ) $ 2,374 December 31, 2015 Gross Carrying Amount Accumulated Amortization Accumulated Impairment Losses Net Carrying Amount Developed technology $ 6,100 $ (3,711 ) $ — $ 2,389 Non-compete agreements 1,310 (1,310 ) — — Backlog 1,300 (1,300 ) — — Trademarks 1,200 (180 ) (1,020 ) — Customer relationships 990 (990 ) — — Patents 585 (401 ) (42 ) 142 Total $ 11,485 $ (7,892 ) $ (1,062 ) $ 2,531 |
Note 3 - Loss per Share (Tables
Note 3 - Loss per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2016 2015 Numerator: Net loss $ (1,966 ) $ (8,283 ) Denominator: Basic and diluted weighted average common shares outstanding 52,207 51,948 Basic and diluted net loss per share $ (0.04 ) $ (0.16 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three months Ended March 31, 2016 2015 Stock options 7,432 7,864 Warrants — 200 Restricted awards 205 — |
Note 4 - Other Financial Info24
Note 4 - Other Financial Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Restricted Cash and Cash Equivalents [Table Text Block] | March 31, 2016 December 31, 2015 Current collateral for stand-by letters of credit $ 1,232 $ 1,490 Non-current collateral for stand-by letters of credit 2,911 2,317 Total restricted cash $ 4,143 $ 3,807 |
Schedule of Inventory, Current [Table Text Block] | March 31, 2016 December 31, 2015 Raw materials $ 2,380 $ 2,590 Work in process 1,990 1,689 Finished goods 2,355 2,224 Inventories $ 6,725 $ 6,503 |
Schedule of Other Current Assets [Table Text Block] | March 31, 2016 December 31, 2015 Foreign currency put option $ 4 $ 33 Interest receivable 15 4 Supplier advances 106 171 Prepaid rent 142 7 Other prepaid expenses and current assets 1,032 728 Total prepaid and other current assets $ 1,299 $ 943 |
Schedule of Accrued Liabilities [Table Text Block] | March 31, 2016 December 31, 2015 Payroll and commissions payable $ 2,194 $ 5,086 Accrued legal expenses 306 217 Other accrued expenses and current liabilities 2,484 2,505 Accrued expenses and other current liabilities $ 4,984 $ 7,808 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Foreign Currency Translation Adjustments Net of Tax Benefit Unrealized Gains (Losses) on Investments Total Accumulated Other Comprehensive Loss Balance, December 31, 2015 $ (63 ) $ (1 ) $ (64 ) Net other comprehensive (loss) income (12 ) 1 (11 ) Balance, March 31, 2016 $ (75 ) $ — $ (75 ) |
Note 5 - Investments (Tables)
Note 5 - Investments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | March 31, 201 6 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value Corporate notes and bonds $ 256 $ — $ (1 ) $ 255 Total short-term investments $ 256 $ — $ (1 ) $ 255 December 31 , 201 5 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value Corporate notes and bonds $ 258 $ — $ (1 ) $ 257 Total short-term investments $ 258 $ — $ (1 ) $ 257 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | March 31, 201 6 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 $ — $ — $ 255 $ (1 ) $ 255 $ (1 ) Total $ — $ — $ 255 $ (1 ) $ 255 $ (1 ) December 31, 201 5 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 $ — $ — $ 257 $ (1 ) $ 257 $ (1 ) Total $ — $ — $ 257 $ (1 ) $ 257 $ (1 ) |
Investments Classified by Contractual Maturity Date [Table Text Block] | March 31 , 2016 Amortized Cost Fair Value Due in one year or less $ 256 $ 255 Total available-for-sale securities $ 256 $ 255 |
Note 6 - Long-Term Debt and L26
Note 6 - Long-Term Debt and Lines of Credit (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | March 31, 2016 December 31, 2015 Loan payable $ 46 $ 48 Less: current portion (10 ) (10 ) Total long-term debt $ 36 $ 38 |
Schedule of Maturities of Long-term Debt [Table Text Block] | March 31, 2016 2016 (remaining 9 months) $ 8 2017 11 2018 11 2019 12 2020 4 Total debt $ 46 |
Note 7 - Equity (Tables)
Note 7 - Equity (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Months Ended March 31, 2016 201 5 Cost of revenue $ 38 $ 35 General and administrative 884 897 Sales and marketing 159 101 Research and development 107 107 Total share-based compensation expense $ 1,188 $ 1,140 |
Note 9 - Commitments and Cont28
Note 9 - Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Operating Leases of Lessee Disclosure [Table Text Block] | March 31, 2016 2016 (remaining nine months) 1,206 2017 1,577 2018 1,600 2019 1,402 Total future minimum lease payments $ 5,785 |
Schedule of Product Warranty Liability [Table Text Block] | Three Months Ended March 31, 2016 2015 Balance, beginning of period $ 461 $ 755 Warranty costs charged to cost of revenue — 21 Release of accrual for expired warranties (33 ) — Utilization of warranty — (20 ) Balance, end of period $ 428 $ 756 |
Note 10 - Business Segment an29
Note 10 - Business Segment and Geographic Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, 2016 Three Months Ended March 31, 2015 Water Oil &Gas Total Water Oil &Gas Total Product revenue $ 10,051 $ — $ 10,051 $ 5,723 $ 141 $ 5,864 Product cost of revenue 3,674 — 3,674 2,503 25 2,531 Product gross profit 6,377 — 6,377 3,220 113 3,333 License and development revenue — 1,250 1,250 — — — Operating expenses: General and administrative 219 188 407 604 332 936 Sales and marketing 1,129 807 1,936 1,170 1,120 2,290 Research and development 359 2,297 2,656 345 2,160 2,505 Amortization of intangibles 157 — 157 159 — 159 Operating expenses 1,864 3,292 5,156 2,278 3,612 5,890 Operating income (loss) $ 4,513 $ (2,042 ) 2,471 $ 942 $ (3,499 ) (2,557 ) Less: Corporate operating expenses 4,620 5,513 Consolidated operating loss (2,149 ) (8,070 ) Non-operating expenses (22 ) (142 ) Loss before income taxes $ (2,171 ) $ (8,212 ) |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Three Months Ended March 31, 2016 2015 Domestic product revenue $ 185 $ 264 International product revenue 9,866 5,600 Total product revenue $ 10,051 $ 5,864 Product revenue by country: Qatar 39 % * % Spain 11 % 13 % United States 2 % 5 % Egypt 1 % 22 % Others ** 47 % 60 % Total 100 % 100 % |
Note 11 - Concentrations (Table
Note 11 - Concentrations (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Accounts Payable, Major Suppliers [Member] | Supplier Concentration Risk [Member] | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | March 31, 201 6 December 31, 2015 Vendor A 14 % 0 % |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Three Months Ended March 31, 2016 2015 Customer A 41 % * % Customer C * % 12 % Customer D 3 % 12 % |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | March 31, 2016 December 31, 2015 Customer A 48 % 18 % Customer B 5 % 26 % |
Note 12 - Fair Value Measurem31
Note 12 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | March 31, 2016 Level 1 Level 2 Inputs Level 3 Inputs Assets: Available-for-sale securities $ 255 $ — $ 255 $ — Foreign currency put option 4 — 4 — Total assets $ 259 $ — $ 259 $ — December 31, 2015 Level 1 Level 2 Inputs Level 3 Inputs Assets: Available-for-sale securities $ 257 $ — $ 257 $ — Foreign currency put options 33 — 33 — Total assets $ 290 $ — $ 290 $ — |
Note 2 - Goodwill and Other I32
Note 2 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Goodwill | $ 12,790,000 | $ 12,790,000 |
Goodwill, Period Increase (Decrease) | 0 | |
Goodwill, Impaired, Accumulated Impairment Loss | $ 0 |
Note 2 - Identifiable Intangibl
Note 2 - Identifiable Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Developed Technology Rights [Member] | ||
Gross carrying amount | $ 6,100 | $ 6,100 |
Accumulated amortization | $ (3,863) | $ (3,711) |
Accumulated impairment losses | ||
Net carrying amount | $ 2,237 | $ 2,389 |
Noncompete Agreements [Member] | ||
Gross carrying amount | 1,310 | 1,310 |
Accumulated amortization | $ (1,310) | $ (1,310) |
Accumulated impairment losses | ||
Net carrying amount | ||
Order or Production Backlog [Member] | ||
Gross carrying amount | $ 1,300 | $ 1,300 |
Accumulated amortization | $ (1,300) | $ (1,300) |
Accumulated impairment losses | ||
Net carrying amount | ||
Trademarks [Member] | ||
Gross carrying amount | $ 1,200 | $ 1,200 |
Accumulated amortization | (180) | (180) |
Accumulated impairment losses | $ (1,020) | $ (1,020) |
Net carrying amount | ||
Customer Relationships [Member] | ||
Gross carrying amount | $ 990 | $ 990 |
Accumulated amortization | $ (990) | $ (990) |
Accumulated impairment losses | ||
Net carrying amount | ||
Patents [Member] | ||
Gross carrying amount | $ 585 | $ 585 |
Accumulated amortization | (406) | (401) |
Accumulated impairment losses | (42) | (42) |
Net carrying amount | 137 | 142 |
Gross carrying amount | 11,485 | 11,485 |
Accumulated amortization | (8,049) | (7,892) |
Accumulated impairment losses | (1,062) | (1,062) |
Net carrying amount | $ 2,374 | $ 2,531 |
Note 3 - Computation of Basic a
Note 3 - Computation of Basic and Diluted Loss per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Numerator: | ||
Net loss | $ (1,966) | $ (8,283) |
Denominator: | ||
Basic and diluted weighted average common shares outstanding (in shares) | 52,207 | 51,948 |
Basic and diluted net loss per share (in dollars per share) | $ (0.04) | $ (0.16) |
Note 3 - Antidilutive Securitie
Note 3 - Antidilutive Securities Excluded from Computation of Diluted Earnings per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Employee Stock Option [Member] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 7,432 | 7,864 |
Warrant [Member] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 200 | |
Restricted Stock and Restricted Stock Units [Member] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 205 |
Note 4 - Other Financial Info36
Note 4 - Other Financial Information (Details Textual) | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 0 |
Note 4 - Restricted Cash (Detai
Note 4 - Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Collateral for Standby Letters of Credit [Member] | ||
Current collateral for stand-by letters of credit | $ 1,232 | $ 1,490 |
Non-current collateral for stand-by letters of credit | 2,911 | 2,317 |
Current collateral for stand-by letters of credit | 1,232 | 1,490 |
Non-current collateral for stand-by letters of credit | 2,911 | 2,317 |
Restricted Cash and Cash Equivalents | $ 4,143 | $ 3,807 |
Note 4 - Inventories (Details)
Note 4 - Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Raw materials | $ 2,380 | $ 2,590 |
Work in process | 1,990 | 1,689 |
Finished goods | 2,355 | 2,224 |
Inventories | $ 6,725 | $ 6,503 |
Note 4 - Prepaid Expenses and O
Note 4 - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Foreign currency put option | $ 4 | $ 33 |
Interest receivable | 15 | 4 |
Supplier advances | 106 | 171 |
Prepaid rent | 142 | 7 |
Other prepaid expenses and current assets | 1,032 | 728 |
Total prepaid and other current assets | $ 1,299 | $ 943 |
Note 4 - Accrued Expenses and O
Note 4 - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Payroll and commissions payable | $ 2,194 | $ 5,086 |
Accrued legal expenses | 306 | 217 |
Other accrued expenses and current liabilities | 2,484 | 2,505 |
Accrued expenses and other current liabilities | $ 4,984 | $ 7,808 |
Note 4 - Accumulated Other Comp
Note 4 - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Foreign currency translation. balance | $ (63) | |
Unrealized gains (losses) on investments. balance | (1) | |
Total accumulated other comprehensive income. balance | (64) | |
Net other comprehensive income, foreign currency translation | (12) | $ 31 |
Net other comprehensive income, unrealized gains (losses) on investments | 1 | $ 3 |
Net other comprehensive income, total accumulated other comprehensive income | (11) | |
Foreign currency translation. balance | $ (75) | |
Unrealized gains (losses) on investments. balance | ||
Total accumulated other comprehensive income. balance | $ (75) |
Note 5 - Investments (Details T
Note 5 - Investments (Details Textual) | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Proceeds from Sale of Available-for-sale Securities | $ 0 |
Note 5 - Available-for-Sale Sec
Note 5 - Available-for-Sale Securities (Details) - Short-term Investments [Member] - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Corporate Debt Securities [Member] | ||
Amortized cost | $ 256 | $ 258 |
Gross unrealized holding gains | ||
Gross unrealized holding losses | $ (1) | $ (1) |
Available-for-sale securities | 255 | 257 |
Amortized cost | $ 256 | $ 258 |
Gross unrealized holding gains | ||
Gross unrealized holding losses | $ (1) | $ (1) |
Available-for-sale securities | $ 255 | $ 257 |
Note 5 - Gross Unrealized Losse
Note 5 - Gross Unrealized Losses and Fair Values of Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Corporate Debt Securities [Member] | ||
Fair value, less than 12 month | ||
Gross unrealized losses, less than 12 months | ||
Fair value, 12 months or greater | $ 255 | $ 257 |
Gross unrealized losses, 12 months or greater | (1) | (1) |
Fair value, total | 255 | 257 |
Gross unrealized losses, total | $ (1) | $ (1) |
Fair value, less than 12 month | ||
Gross unrealized losses, less than 12 months | ||
Fair value, 12 months or greater | $ 255 | $ 257 |
Gross unrealized losses, 12 months or greater | (1) | (1) |
Fair value, total | 255 | 257 |
Gross unrealized losses, total | $ (1) | $ (1) |
Note 5 - Amortized Cost and Fai
Note 5 - Amortized Cost and Fair Value of Available-for-Sale Securities (Details) $ in Thousands | Mar. 31, 2016USD ($) |
Due in one year or less | $ 256 |
Due in one year or less | 255 |
Total available-for-sale securities | 256 |
Total available-for-sale securities | $ 255 |
Note 6 - Long-Term Debt and L46
Note 6 - Long-Term Debt and Lines of Credit (Details Textual) - USD ($) | 1 Months Ended | |||
Jun. 30, 2012 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
The 2012 Agreement [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||
The 2012 Agreement [Member] | Revolving Credit Facility [Member] | ||||
Long-term Line of Credit | $ 0 | $ 0 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000,000 | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |||
The 2012 Agreement [Member] | Standby Letters of Credit [Member] | ||||
Line of Credit Facility, Capacity Available for Trade Purchases | $ 16,000,000 | |||
The 2012 Agreement [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 16,000,000 | |||
Cash Collateral Balance Required by Credit Agreement | 101.00% | |||
March Two Thousand Fifteen Installment Loan [Member] | ||||
Long-term Debt | 46,000 | 48,000 | $ 55,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.35% | |||
The 2009 Agreement [Member] | Standby Letters of Credit [Member] | ||||
Long-term Line of Credit | 4,100,000 | 3,800,000 | ||
The 2009 Agreement [Member] | Collateral for Standby Letters of Credit [Member] | ||||
Restricted Cash and Cash Equivalents | 4,100,000 | 3,800,000 | ||
Long-term Debt | 46,000 | |||
Restricted Cash and Cash Equivalents | $ 4,143,000 | $ 3,807,000 |
Note 6 - Long-Term Debt (Detail
Note 6 - Long-Term Debt (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
March Two Thousand Fifteen Installment Loan [Member] | |||
Loan payable | $ 46,000 | $ 48,000 | $ 55,000 |
Less: current portion | (10,000) | (10,000) | |
Total long-term debt | 36,000 | 38,000 | |
Loan payable | 46,000 | ||
Less: current portion | (10,000) | (10,000) | |
Total long-term debt | $ 36,000 | $ 38,000 |
Note 6 - Future Minimum Princip
Note 6 - Future Minimum Principal Payments Due Under Long-Term Debt Arrangements (Details) $ in Thousands | Mar. 31, 2016USD ($) |
2016 (remaining 9 months) | $ 8 |
2,017 | 11 |
2,018 | 11 |
2,019 | 12 |
2,020 | 4 |
Total debt | $ 46 |
Note 7 - Equity (Details Textua
Note 7 - Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | ||
Mar. 31, 2016 | Feb. 29, 2016 | Mar. 31, 2016 | Jan. 31, 2016 | |
Employee Stock Option [Member] | New Employee 1 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 20,678 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 6 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
Employee Stock Option [Member] | New Employee 2 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 32,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 7.26 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
Employee Stock Option [Member] | Officers and Other Employees [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 650,301 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 8.52 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
Employee Stock Option [Member] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 6.2 | $ 6.2 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 127 days | |||
Restricted Stock Units (RSUs) [Member] | Officers and Other Employees [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 204,514 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 8.52 | |||
Chief Compliance Officer [Member] | ||||
Allocated Share-based Compensation Expense | $ 0.5 | |||
Stock Repurchase Program, Authorized Amount | $ 6 | |||
Treasury Stock, Shares, Acquired | 673,700 | |||
Treasury Stock, Value, Acquired, Cost Method | $ 4.1 |
Note 7 - Share-based Compensati
Note 7 - Share-based Compensation Expense (Details) - Employees and Consultants [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cost of Sales [Member] | ||
Allocated Share-based Compensation | $ 38 | $ 35 |
General and Administrative Expense [Member] | ||
Allocated Share-based Compensation | 884 | 897 |
Selling and Marketing Expense [Member] | ||
Allocated Share-based Compensation | 159 | 101 |
Research and Development Expense [Member] | ||
Allocated Share-based Compensation | 107 | 107 |
Allocated Share-based Compensation | $ 1,188 | $ 1,140 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Effective Income Tax Rate Reconciliation, Percent | 9.40% | (1.00%) | |
Deferred Tax Assets, Valuation Allowance | $ 21.4 |
Note 9 - Commitments and Cont52
Note 9 - Commitments and Contingencies (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Minimum [Member] | ||
Warranty and Product Performance Guarantees as Percentage of Total Sales Agreement | 5.00% | |
Warranty and Product Performance Guarantees, Period | 2 years | |
Maximum [Member] | ||
Warranty and Product Performance Guarantees as Percentage of Total Sales Agreement | 15.00% | |
Warranty and Product Performance Guarantees, Period | 5 years 240 days | |
Indemnification Agreement [Member] | ||
Guarantor Obligations, Current Carrying Value | $ 0 | $ 0 |
Long-term Purchase Commitment, Amount | 2,000,000 | |
Letters of Credit Outstanding, Amount | 4,100,000 | |
Restricted Cash Used to Collateralize Irrevocable Standby Letters of Credit | $ 4,100,000 |
Note 9 - Operating Lease Obliga
Note 9 - Operating Lease Obligations (Details) $ in Thousands | Mar. 31, 2016USD ($) |
2016 (remaining nine months) | $ 1,206 |
2,017 | 1,577 |
2,018 | 1,600 |
2,019 | 1,402 |
Total future minimum lease payments | $ 5,785 |
Note 9 - Product Warranty Liabi
Note 9 - Product Warranty Liability (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Balance, beginning of period | $ 461 | $ 755 |
Warranty costs charged to cost of revenue | $ 21 | |
Release of accrual for expired warranties | $ (33) | |
Utilization of warranty | $ (20) | |
Balance, end of period | $ 428 | $ 756 |
Note 10 - Summary of Financial
Note 10 - Summary of Financial Information by Segment (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Operating Segments [Member] | Water [Member] | ||
Product revenue | $ 10,051,000 | $ 5,723,000 |
Product cost of revenue | 3,674,000 | 2,503,000 |
Product gross profit | $ 6,377,000 | $ 3,220,000 |
Licenses Revenue | ||
General and administrative | $ 219,000 | $ 604,000 |
Sales and marketing | 1,129,000 | 1,170,000 |
Research and development | 359,000 | 345,000 |
Amortization of intangibles | 157,000 | 159,000 |
Operating expenses | 1,864,000 | 2,278,000 |
Operating income (loss) | $ 4,513,000 | 942,000 |
Operating Segments [Member] | Oil and Gas [Member] | ||
Product revenue | 141,000 | |
Product cost of revenue | 25,000 | |
Product gross profit | $ 113,000 | |
Licenses Revenue | $ 1,250,000 | |
General and administrative | 188,000 | $ 332,000 |
Sales and marketing | 807,000 | 1,120,000 |
Research and development | $ 2,297,000 | $ 2,160,000 |
Amortization of intangibles | ||
Operating expenses | $ 3,292,000 | $ 3,612,000 |
Operating income (loss) | (2,042,000) | (3,499,000) |
Operating Segments [Member] | ||
Product revenue | 10,051,000 | 5,864,000 |
Product cost of revenue | 3,674,000 | 2,531,000 |
Product gross profit | 6,377,000 | $ 3,333,000 |
Licenses Revenue | 1,250,000 | |
General and administrative | 407,000 | $ 936,000 |
Sales and marketing | 1,936,000 | 2,290,000 |
Research and development | 2,656,000 | 2,505,000 |
Amortization of intangibles | 157,000 | 159,000 |
Operating expenses | 5,156,000 | 5,890,000 |
Operating income (loss) | 2,471,000 | (2,557,000) |
Corporate, Non-Segment [Member] | ||
Operating expenses | 4,620,000 | 5,513,000 |
Product revenue | 10,051,000 | 5,864,000 |
Product cost of revenue | 3,674,000 | 2,531,000 |
Product gross profit | 6,377,000 | 3,333,000 |
Licenses Revenue | 1,250,000 | 0 |
General and administrative | 4,884,000 | 6,278,000 |
Sales and marketing | 2,070,000 | 2,433,000 |
Research and development | 2,665,000 | 2,533,000 |
Amortization of intangibles | 157,000 | 159,000 |
Operating expenses | 9,776,000 | 11,403,000 |
Operating income (loss) | (2,149,000) | (8,070,000) |
Non-operating (expenses) income | (22,000) | (142,000) |
Loss before income taxes | $ (2,171,000) | $ (8,212,000) |
Note 10 - Revenues by Geographi
Note 10 - Revenues by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | |||
Domestic [Member] | ||||
Product revenue | $ 185 | $ 264 | ||
International [Member] | ||||
Product revenue | $ 9,866 | $ 5,600 | ||
QATAR | Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | ||||
Concentration Risk, Percentage | 39.00% | [1] | ||
SPAIN | Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | ||||
Concentration Risk, Percentage | 11.00% | 13.00% | ||
UNITED STATES | Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | ||||
Concentration Risk, Percentage | 2.00% | 5.00% | ||
EGYPT | Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | ||||
Concentration Risk, Percentage | 1.00% | 22.00% | ||
Others [Member] | Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | ||||
Concentration Risk, Percentage | [2] | 47.00% | 60.00% | |
Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | ||||
Concentration Risk, Percentage | 100.00% | 100.00% | ||
Product revenue | $ 10,051 | $ 5,864 | ||
[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 (Detai
Note 11 - Concentrations (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
License and Development Revenue [Member] | Customer Concentration Risk [Member] | Customer E [Member] | ||
Concentration Risk, Percentage | 100.00% | |
Licenses Revenue | $ 1,250,000 | $ 0 |
Note 11 - Accounts Receivable C
Note 11 - Accounts Receivable Concentrations (Details) - Accounts Receivable [Member] - Customer Concentration Risk [Member] | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Customer A [Member] | ||
Concentration Risk, Percentage | 48.00% | 18.00% |
Customer B [Member] | ||
Concentration Risk, Percentage | 5.00% | 26.00% |
Note 11 - Revenue Concentration
Note 11 - Revenue Concentrations (Details) - Sales Revenue, Net [Member] - Customer Concentration Risk [Member] | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | |||
Customer A [Member] | ||||
Percentage of revenue | 41.00% | [1] | ||
Customer C [Member] | ||||
Percentage of revenue | [1] | 12.00% | ||
Customer D [Member] | ||||
Percentage of revenue | 3.00% | 12.00% | ||
[1] | Less than 1% or none. |
Note 11 - Supplier Concentratio
Note 11 - Supplier Concentrations (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Accounts Payable, Major Suppliers [Member] | Supplier Concentration Risk [Member] | Vendor A [Member] | ||
Percentage of accounts payable | 14.00% | 0.00% |
Note 12 - Fair Value of Financi
Note 12 - Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Available-for-sale securities | $ 255 | $ 257 |
Foreign currency put option | 4 | 33 |
Total assets | 259 | 290 |
Available-for-sale securities | 255 | 257 |
Foreign currency put option | 4 | 33 |
Total assets | $ 259 | $ 290 |
Note 13 - Related Party Trans62
Note 13 - Related Party Transactions (Details Textual) | Mar. 31, 2016USD ($) | Jan. 31, 2016USD ($) |
Director [Member] | Office Space Lease [Member] | ||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 90 days | |
Lessee Leasing Arrangements, Operating Leases, Maximum Number of Renewal Terms | 3 | |
Related Party Transaction, Expenses from Transactions with Related Party | $ 1,668 | |
Unspecified Employee [Member] | Non-interest Bearing Loan [Member] | ||
Related Party Transaction, Due from (to) Related Party, Current | $ 21,786 | |
Related Party Transaction, Due from Related Parties, Repayment Term | 180 days |
Note 14 - Subsequent Events (De
Note 14 - Subsequent Events (Details Textual) - Subsequent Event [Member] - IsoBoost Supply Commitment [Member] $ in Millions | Apr. 20, 2016USD ($) |
Long-term Contract, Initial Amount | $ 7 |
Long-term Contract, Potential Additional Amount | 4 |
Long-term Contract, Potential Amount | $ 11 |