Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 07, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'CHYRONHEGO CORPORATION | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 40,252,967 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0000020232 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Consolidated_Balance_Sheets_Cu
Consolidated Balance Sheets (Current Period Unaudited) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $5,874 | $5,266 |
Accounts receivable, net | 12,227 | 7,781 |
Inventories, net | 2,216 | 2,816 |
Prepaid expenses and other current assets | 2,683 | 2,525 |
Total current assets | 23,000 | 18,388 |
Property and equipment, net | 3,906 | 4,145 |
Intangible assets, net | 11,390 | 8,968 |
Goodwill | 23,799 | 18,948 |
Deferred tax asset | 42 | 56 |
Other assets | 132 | 147 |
TOTAL ASSETS | 62,269 | 50,652 |
Current liabilities: | ' | ' |
Accounts payable and accrued expenses | 8,091 | 9,240 |
Deferred revenue | 5,398 | 4,660 |
Short-term debt | 1,113 | 1,532 |
Due to related parties | 587 | 716 |
Current portion of pension liability | 327 | 518 |
Deferred tax liability | 301 | 271 |
Capital lease obligations | 137 | 215 |
Total current liabilities | 15,954 | 17,152 |
Pension liability | 2,431 | 2,197 |
Deferred revenue | 764 | 923 |
Long-term debt | 733 | 772 |
Deferred tax liability | 1,806 | 1,195 |
Other liabilities | 552 | 686 |
Total liabilities | 33,746 | 35,185 |
Commitments and contingencies | ' | ' |
Shareholders' equity: | ' | ' |
Preferred stock, par value $1.00, without designation | 0 | 0 |
Issued and outstanding - 36,901,406 at September 30, 2014 and 30,788,251 at December 31, 2013 | 369 | 308 |
Additional paid-in capital | 119,156 | 103,642 |
Accumulated deficit | -91,098 | -88,243 |
Accumulated other comprehensive loss | -924 | -421 |
Total ChyronHego Corporation shareholders' equity | 27,503 | 15,286 |
Non-controlling interests | 1,020 | 181 |
Total shareholders' equity | 28,523 | 15,467 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 62,269 | 50,652 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Current liabilities: | ' | ' |
Contingent consideration | $11,506 | $12,260 |
Consolidated_Balance_Sheets_Cu1
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Preferred stock, par value (in Dollars per share) | $1 | $1 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 36,901,406 | 30,788,251 |
Common stock, shares outstanding | 36,901,406 | 30,788,251 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Product revenues | $7,105 | $7,697 | $20,540 | $20,415 |
Service revenues | 8,906 | 6,262 | 22,796 | 12,277 |
Total revenues | 16,011 | 13,959 | 43,336 | 32,692 |
Cost of sales | 5,912 | 5,210 | 16,425 | 10,890 |
Gross profit | 10,099 | 8,749 | 26,911 | 21,802 |
Operating expenses: | ' | ' | ' | ' |
Selling, general and administrative | 6,441 | 6,487 | 18,691 | 18,074 |
Research and development | 2,247 | 2,399 | 6,553 | 6,524 |
Change in fair value of contingent consideration | 3,776 | 878 | 4,176 | 933 |
Total operating expenses | 12,464 | 9,764 | 29,420 | 25,531 |
Operating loss | -2,365 | -1,015 | -2,509 | -3,729 |
Interest expense, net | -31 | -94 | -275 | -203 |
Other income (loss), net | -22 | 30 | -23 | -37 |
Loss before taxes | -2,418 | -1,079 | -2,807 | -3,969 |
Income tax benefit (expense), net | -137 | 32 | -12 | -72 |
Net loss | -2,555 | -1,047 | -2,819 | -4,041 |
Less: Net income attributable to Non-controlling interests | 5 | 30 | 36 | 38 |
Net loss attributable to ChyronHego Shareholders | ($2,560) | ($1,077) | ($2,855) | ($4,079) |
Net loss per share attributable to ChyronHego shareholders - basic (in Dollars per share) | ($0.07) | ($0.04) | ($0.08) | ($0.17) |
Net loss per share attributable to ChyronHego shareholders - diluted (in Dollars per share) | ($0.07) | ($0.04) | ($0.08) | ($0.17) |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic (in Shares) | 36,754 | 30,236 | 34,341 | 23,576 |
Diluted (in Shares) | 36,754 | 30,236 | 34,341 | 23,576 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net loss | ($2,555) | ($1,047) | ($2,819) | ($4,041) |
Other comprehensive income (loss): | ' | ' | ' | ' |
Cumulative translation adjustment | -475 | 92 | -503 | 162 |
Comprehensive loss | -3,030 | -955 | -3,322 | -3,879 |
Less: Comprehensive income attributable to Non-controlling interests | 5 | 30 | 36 | 38 |
Comprehensive loss attributable to ChyronHego Corporation | ($3,035) | ($985) | ($3,358) | ($3,917) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net loss | ($2,819) | ($4,041) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 2,178 | 1,755 |
Deferred income taxes | -317 | 27 |
Inventory provisions | 125 | 50 |
Share-based payment arrangements | 982 | 2,641 |
Shares issued for 401(k) match | 162 | 179 |
Change in fair value of contingent consideration | 4,176 | 933 |
Other | 131 | 427 |
Changes in operating assets and liabilities, net of acquisitions: | ' | ' |
Accounts receivable | -4,349 | -1,649 |
Inventories | 626 | -784 |
Prepaid expenses and other assets | 162 | -472 |
Accounts payable and accrued expenses | -174 | 1,828 |
Deferred revenue | 348 | 432 |
Other liabilities | -105 | 410 |
Net cash provided by operating activities | 1,126 | 1,736 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Acquisitions of property and equipment, net | -1,349 | -1,648 |
Acquisition of business, net of cash acquired | 866 | 14 |
Net cash used in investing activities | -483 | -1,634 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Repayments on revolving credit facilities, net | 1 | 315 |
Repayments on debt | -357 | -399 |
Proceeds from borrowings | 55 | 280 |
Payments on capital lease obligations | -195 | -134 |
Proceeds from exercise of stock options | 499 | 6 |
Net cash provided by financing activities | 3 | 68 |
Effect of exchange rates on cash and cash equivalents | -38 | 48 |
Change in cash and cash equivalents | 608 | 218 |
Cash and cash equivalents at beginning of period | 5,266 | 2,483 |
Cash and cash equivalents at end of period | 5,874 | 2,701 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ' | ' |
Common stock and warrants issued for acquisitions | 6,586 | 16,591 |
Common stock issued in settlement of contingent consideration (in Shares) | 6,488 | ' |
Common stock issued in settlement of awards under the | ' | ' |
Management Incentive Compensation Plan and Severance Agreements | 846 | ' |
Debt incurred for acquisition | ' | 1,044 |
At Acquisition Date [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
SUPPLEMENTAL CASH FLOW INFORMATION: | ' | ' |
Contingent consideration for acquisition | $1,557 | $7,500 |
Note_1_Basis_of_Presentation
Note 1 - Basis of Presentation | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' | ||||||||||||||||
1. BASIS OF PRESENTATION | |||||||||||||||||
Nature of Business | |||||||||||||||||
On May 22, 2013 Chyron Corporation ("Chyron") acquired the outstanding stock of Hego Aktiebolag ("Hego" or "Hego AB"), and changed its name to ChyronHego Corporation (the "Company" or "ChyronHego"). Hego is a global graphics services company based in Stockholm, Sweden that develops real-time graphics products for the broadcast and sports industries. The companies combined in a cash and stock-for-stock transaction and the Company has continued to trade on the NASDAQ under the symbol "CHYR." The combination of these two companies, which is referred to in these consolidated financial statements as the "Business Combination," forms a leading global provider of broadcast graphics creation, playout and real-time data visualization. | |||||||||||||||||
General | |||||||||||||||||
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany amounts have been eliminated. The results of operations include the operating results of Hego since the completion of the Business Combination on May 22, 2013. See Note 8 of these consolidated financial statements. | |||||||||||||||||
In the opinion of management of the Company, the unaudited consolidated interim financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary to present fairly the financial position of the Company as of September 30, 2014 and the consolidated results of its operations, its comprehensive income (loss) and its cash flows for the periods ended September 30, 2014 and 2013. The results of operations for such interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the year ending December 31, 2014. In addition, management is required to make estimates and assumptions that affect the amounts reported and related disclosures. Estimates made by management include inventory valuations, stock and bonus compensation, allowances for doubtful accounts, income taxes, pension assumptions, allocations of purchase price, contingent consideration, valuation of intangible assets and reserves for warranty and incurred but not reported health insurance claims. Estimates, by their nature, are based on judgment and available information. Also, during interim periods, certain costs and expenses are allocated among periods based on an estimate of time expired, benefit received, or other activity associated with the periods. Accordingly, actual results could differ from those estimates. The Company has not segregated its cost of sales between costs of products and costs of services as it is not practicable to segregate such costs. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted pursuant to the rules and regulations of the Securities and Exchange Commission. For further information, refer to the audited consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2013. The December 31, 2013 figures included herein were derived from such audited consolidated financial statements. | |||||||||||||||||
Earnings (Loss) Per Share | |||||||||||||||||
Basic earnings (loss) per share are computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding. Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period, increased to include the number of shares of common stock that would have been outstanding had potential dilutive shares of common stock been issued. The dilutive effect of stock options and restricted stock units are reflected in diluted net income (loss) per share by applying the treasury stock method. | |||||||||||||||||
The Company recorded net losses for the three and nine months ended September 30, 2014 and 2013. Potential common shares are anti-dilutive in periods in which the Company records a net loss because they would reduce the respective period's net loss per share. Anti-dilutive potential common shares are excluded from the calculation of diluted earnings per share. | |||||||||||||||||
Shares used to calculate net income (loss) per share are as follows (in thousands): | |||||||||||||||||
Three Months | Nine Months | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Basic weighted average shares outstanding | 36,754 | 30,236 | 34,341 | 23,576 | |||||||||||||
Effect of dilutive stock options | - | - | - | - | |||||||||||||
Effect of dilutive restricted stock units | - | - | - | - | |||||||||||||
Diluted weighted average shares outstanding | 36,754 | 30,236 | 34,341 | 23,576 | |||||||||||||
Weighted average shares which are not included in the calculation of diluted earnings (loss) per share because their impact is anti-dilutive: | |||||||||||||||||
Stock options | 1,679 | 2,409 | 2,136 | 2,918 | |||||||||||||
Restricted stock units | - | - | - | 40 | |||||||||||||
1,679 | 2,409 | 2,136 | 2,958 | ||||||||||||||
Note_2_LongTerm_Incentive_Plan
Note 2 - Long-Term Incentive Plans | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||
2. LONG-TERM INCENTIVE PLANS | |||||||||||||||||
Pursuant to the 2008 Long-term Incentive Plan, as amended (the "Plan"), the Company may grant stock options (non-qualified or incentive), stock appreciation rights, restricted stock, restricted stock units and other share-based awards to employees, directors and other persons who serve the Company. The Plan is overseen by the Compensation Committee of the Board of Directors, which approves the timing and circumstances under which share-based awards may be granted. At September 30, 2014 there were 3.1 million shares available to be granted under the Plan. The Company issues new shares to satisfy the exercise or release of share-based awards. Under the provision of FASB Accounting Standards Codification ("ASC") Topic 718, Stock Compensation , all share-based payments are required to be recognized in the statement of operations based on their fair values at the date of grant. | |||||||||||||||||
The fair value of each option award is estimated using a Black-Scholes option valuation model. Expected volatility is based on the historical volatility of the price of the Company's stock. The risk-free interest rate is based on U.S. Treasury issues with a term equal to the expected life of the option. The Company uses historical data to estimate expected dividend yield, expected life and forfeiture rates. Options generally have a life of 10 years and have either time-based or performance-based vesting features. Time-based awards generally vest over a three year period, while the performance-based awards vest upon the achievement of specific performance targets. There were no options granted during the three months ended September 30, 2014 and 2013. The fair values of the options granted during the nine months ended September 30, 2014 and 2013 were estimated based on the following weighted average assumptions: | |||||||||||||||||
Nine Months | |||||||||||||||||
Ended September 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Expected volatility | 78.78 | % | 76.23 | % | |||||||||||||
Risk-free interest rate | 1.91 | % | 1.06 | % | |||||||||||||
Expected dividend yield | 0 | % | 0 | % | |||||||||||||
Expected life (in years) | 6 | 6 | |||||||||||||||
Estimated fair value per option granted | $ | 1.7 | $ | 0.87 | |||||||||||||
The following table presents a summary of the Company's stock option activity for the nine months ended September 30, 2014: | |||||||||||||||||
Number of Options | |||||||||||||||||
Outstanding at January 1, 2014 | 5,994,788 | ||||||||||||||||
Granted | 866,250 | ||||||||||||||||
Exercised | (665,597 | ) | |||||||||||||||
Forfeited and cancelled | (73,438 | ) | |||||||||||||||
Outstanding at September 30, 2014 | 6,122,003 | ||||||||||||||||
The Company also grants restricted stock units, or RSUs, each of which entitles the holder to a share of Company common stock. The fair value of an RSU is equal to the market value of a share of common stock on the date of grant. The following table presents a summary of the Company's RSU activity for the nine months ended September 30, 2014: | |||||||||||||||||
Shares | |||||||||||||||||
Non-vested at January 1, 2014 | - | ||||||||||||||||
Granted | 139,839 | ||||||||||||||||
Forfeited and cancelled | (27,956 | ) | |||||||||||||||
Vested | (14,036 | ) | |||||||||||||||
Non-vested at September 30, 2014 | 97,847 | ||||||||||||||||
The Company amortizes share-based compensation expense over the vesting period on a straight line basis. The impact on the Company's results of operations of recording share-based compensation expense is as follows (in thousands): | |||||||||||||||||
Three Months | Nine Months | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Cost of sales | $ | 31 | $ | 2 | $ | 80 | $ | 30 | |||||||||
Research and development | 128 | 35 | 331 | 189 | |||||||||||||
Selling, general and administrative | 221 | 220 | 571 | 2,422 | |||||||||||||
$ | 380 | $ | 257 | $ | 982 | $ | 2,641 | ||||||||||
Note_3_Inventories
Note 3 - Inventories | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
3. INVENTORIES | |||||||||
Inventories, net are comprised of the following (in thousands): | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Finished goods | $ | 249 | $ | 539 | |||||
Work-in-progress | 266 | 310 | |||||||
Raw material | 1,701 | 1,967 | |||||||
$ | 2,216 | $ | 2,816 | ||||||
Note_4_Longterm_Debt
Note 4 - Long-term Debt | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt Disclosure [Text Block] | ' | ||||||||
4. LONG-TERM DEBT | |||||||||
Long-term debt consists of the following (in thousands): | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Revolving credit facilities - Europe | $ | 829 | $ | 933 | |||||
Note payable - Europe | 867 | 921 | |||||||
Terms loans - Europe | 32 | 355 | |||||||
Other | 118 | 95 | |||||||
1,846 | 2,304 | ||||||||
Less: portion due within one year | 1,113 | 1,532 | |||||||
Other | $ | 733 | $ | 772 | |||||
Revolving credit facilities - Europe | |||||||||
We have revolving credit facilities associated with our European operations that total $1.2 million of which $0.8 million is outstanding at September 30, 2014. The revolving credit facilities have expiration dates of December 31, 2014 and automatically renew for twelve month periods, unless notified by the lender ninety days prior to expiration. The interest rate on these revolving credit facilities is 5.95%. The revolving credit agreements are collateralized by the assets of certain European subsidiaries of the Company. | |||||||||
Note payable - Europe | |||||||||
In connection with the acquisition of Granvideo AB in 2013, the Company issued a note to the previous shareholder of Granvideo in the principal amount of $1.2 million with a maturity date of December 31, 2017. The note does not bear interest and accordingly was recorded at an original discounted amount of $1.04 million. The Company made principal payments of $0.06 million on September 1, 2013 and $0.1 million on November 15, 2013, and is required to make four equal annual payments of $0.26 million on December 31 of each year from 2014 to 2017. The principal balance at September 30, 2014 was $0.9 million. | |||||||||
Term loans - Europe | |||||||||
In addition, we have two term loans with European lenders that total $0.03 million. These term loans require principal payments totaling $8 thousand per month and bear interest at rates that range between 7.45% and 7.75% and will mature in 2014 and 2015. | |||||||||
Revolving line of credit - US | |||||||||
In November 2013, the Company entered into a two-year $4.0 million revolving line of credit (the "Revolver") with Silicon Valley Bank ("SVB"). Borrowings on the Revolver will be based on 80% of eligible accounts receivable. At September 30, 2014, available borrowings under the Revolver were $4.0 million but no borrowings were outstanding. The Company is also required to maintain an adjusted quick ratio ("AQR") of at least 1.25 to 1.0, measured at each calendar month-end. Additionally, if the Company's AQR falls below 1.5x at any month-end, then any borrowings will be repaid by SVB applying collections to reduce the revolving loan balance on a daily basis, until such time as the month-end AQR is again 1.5x or greater. If the AQR at month-end is 1.5x or greater, the Company will maintain a static loan balance and all collections will be deposited into the Company's operating account. | |||||||||
The Revolver will bear interest at a floating annual rate equal to SVB's prime rate ("Prime") +1.25%. If the Company's AQR falls below 1.5x at any month-end, the interest rate will be Prime +1.75%. In connection with the Revolver, the Company was required to pay the outstanding balance on its previously outstanding term loan which was $0.4 million on the closing date. The original term loan was being repaid over 30 months and was subject to interest at Prime + 2.25%. | |||||||||
As is usual and customary in such lending agreements, the Revolver also contains certain non-financial requirements, such as required periodic reporting to the bank and various representations and warranties. The Revolver also restricts the Company's ability to pay dividends without the bank's consent. | |||||||||
The Revolver is collateralized by the assets of the U.S. subsidiaries of the Company, except for (i) its intellectual property rights which are subject to a negative pledge arrangement with the bank, and (ii) any equipment whose purchase is financed by any other lender or lessor, solely to the extent the security agreement with such lender or lessor prohibits junior liens on such equipment, and only until the lien held by such lender or lessor is terminated or released with respect to such equipment. |
Note_5_Benefit_Plans
Note 5 - Benefit Plans | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | ||||||||||||||||
5. BENEFIT PLANS | |||||||||||||||||
The net periodic benefit cost relating to the Company's U.S. Pension Plan is as follows (in thousands): | |||||||||||||||||
Three Months | Nine Months | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 82 | $ | 140 | $ | 246 | $ | 421 | |||||||||
Interest cost | 101 | 94 | 303 | 282 | |||||||||||||
Expected return on plan assets | (107 | ) | (99 | ) | (321 | ) | (297 | ) | |||||||||
Amortization of net loss | 14 | 62 | 42 | 185 | |||||||||||||
Amortization of prior service cost | (2 | ) | (2 | ) | (6 | ) | (6 | ) | |||||||||
$ | 88 | $ | 195 | $ | 264 | $ | 585 | ||||||||||
The Company's policy is to fund the minimum contributions required under the Employee Retirement Income Security Act ("ERISA") and, subject to cash flow levels, the Company may choose to make a discretionary contribution to its pension plan to reduce the unfunded liability. In the third quarter of 2014, the Company made a required contribution of $0.1 million. Based on current assumptions, the Company expects to make required contributions of $0.3 million in the next twelve months. | |||||||||||||||||
The Company has adopted a 401(k) Plan exclusively for the benefit of participants and their beneficiaries. All U.S. employees of the Company are eligible to participate in the 401(k) Plan. The Company may make discretionary matching contributions of the compensation contributed by the participant. The Company has the option of making the matching contributions in cash or through shares of Company common stock. During the nine months ended September 30, 2014 and 2013, the Company issued 70 thousand and 174 thousand shares of common stock in connection with the Company match for the 401(k) Plan in lieu of an aggregate cash match of $162 thousand and $179 thousand, respectively. | |||||||||||||||||
Substantially all employees of the Company's foreign subsidiaries receive retirement benefits, at least to the extent required by law, through funds that are governed by local statutory requirements. Contributions are typically based on specified percentages of the employees' salaries. |
Note_6_Product_Warranty
Note 6 - Product Warranty | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Product Warranties Disclosures [Abstract] | ' | ||||||||||||||||
Product Warranty Disclosure [Text Block] | ' | ||||||||||||||||
6. PRODUCT WARRANTY | |||||||||||||||||
The Company provides product warranties for its various products, typically for one year. Liabilities for the estimated future costs of repair or replacement are established and charged to cost of sales at the time the sale is recognized. The Company established its reserve based on historical data, taking into consideration specific product information. The following table sets forth the changes in the warranty reserve (in thousands): | |||||||||||||||||
Three Months | Nine Months | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Balance at beginning of period | $ | 126 | $ | 65 | $ | 118 | $ | 50 | |||||||||
Provisions | - | 55 | 194 | 125 | |||||||||||||
Warranty services provided, net | (87 | ) | (25 | ) | (273 | ) | (80 | ) | |||||||||
$ | 39 | $ | 95 | $ | 39 | $ | 95 | ||||||||||
Note_7_Income_Taxes
Note 7 - Income Taxes | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||||||||||
7. INCOME TAXES | |||||||||||||||||
The components of deferred income taxes are as follows (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Deferred tax assets: | |||||||||||||||||
Net operating loss carryforwards | $ | 10,895 | $ | 12,074 | |||||||||||||
Inventory | 1,903 | 1,856 | |||||||||||||||
Other liabilities | 3,209 | 3,051 | |||||||||||||||
Fixed assets | 2,385 | 2,069 | |||||||||||||||
Other temporary differences | 942 | 751 | |||||||||||||||
19,334 | 19,801 | ||||||||||||||||
Less: valuation allowance | (19,292 | ) | (19,745 | ) | |||||||||||||
Total deferred tax assets | 42 | 56 | |||||||||||||||
Deferred tax liability: | |||||||||||||||||
Intangibles | (2,172 | ) | (1,453 | ) | |||||||||||||
Other temporary differences | 65 | (13 | ) | ||||||||||||||
Net deferred tax liability | $ | (2,065 | ) | $ | (1,410 | ) | |||||||||||
As reported: | |||||||||||||||||
Non-current deferred tax assets | $ | 42 | $ | 56 | |||||||||||||
Current deferred tax liability | $ | (301 | ) | $ | (271 | ) | |||||||||||
Non-current deferred tax liability | $ | (1,806 | ) | $ | (1,195 | ) | |||||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. At September 30, 2014, the gross deferred tax balance was $19.3 million and includes the $11 million tax effect of $30 million in U.S. Federal net operating loss carryforwards ("NOLs") expiring between 2019 and 2032. The Company has not recorded a deferred tax asset of approximately $1.3 million related to the NOLs resulting from the exercise of disqualifying stock options and restricted stock units which will be accounted for as a credit to additional paid in capital when realized as a reduction to income taxes payable. | |||||||||||||||||
Sections 382 and 383 of the Internal Revenue Code, and similar state regulations, contain provisions that may limit the net operating loss and tax credit carryforwards available to be used to offset income in any given year upon the occurrence of certain events, including changes in the ownership interests of significant stockholders. In the event of a cumulative change in ownership in excess of 50% over a three-year period, the amount of the net operating loss carryforwards that the Company may utilize in any one year may be limited. | |||||||||||||||||
There are no undistributed net earnings for the Company's foreign subsidiaries, and accordingly no related deferred taxes. | |||||||||||||||||
Accounting standards require that the Company continually assess the likelihood that its deferred taxes will be realizable. All available evidence, both positive and negative, must be considered in determining whether it is more likely than not that the deferred tax assets will be realized. In making such assessments, significant weight is given to evidence that can be objectively verified. A company's current or previous losses are given more weight than its future outlook. As of September 30, 2014 and December 31, 2013, using that standard, the Company concluded that a full valuation allowance was required for its U.S. and state deferred tax assets. As of September 30, 2014 the unreserved balance of $42 thousand relates to certain foreign deferred tax assets. The Company will continue to assess the likelihood that its deferred tax assets will be realizable, and its valuation allowance will be adjusted accordingly, which could materially impact its financial position and results of operations in future periods. | |||||||||||||||||
The components of the provision for income tax benefit (expense), net are as follows for the periods ended (in thousands): | |||||||||||||||||
Three Months | Nine Months | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Current: | $ | (178 | ) | $ | 3 | $ | (329 | ) | $ | (45 | ) | ||||||
State and Foreign | |||||||||||||||||
Deferred: | |||||||||||||||||
Federal | (12 | ) | (16 | ) | (35 | ) | (39 | ) | |||||||||
Foreign | 53 | 45 | 352 | 12 | |||||||||||||
41 | 29 | 317 | (27 | ) | |||||||||||||
Income tax (expense) benefit, net | $ | (137 | ) | $ | 32 | $ | (12 | ) | $ | (72 | ) | ||||||
The difference between the Company's effective income tax rate and the federal statutory rate is primarily due to the mark to market adjustment for our contingent liability relating to the Business Combination that will not be deductible for tax purposes, the amount of expense associated with the Company's share-based payment arrangements which is also not deductible and international tax rate differences. |
Note_8_Business_Combination
Note 8 - Business Combination | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Business Combination Disclosure [Text Block] | ' | ||||||||
8. BUSINESS COMBINATION AND OTHER ACQUISITIONS | |||||||||
On May 22, 2013, Chyron and Hego completed the Business Combination whereby a wholly-owned subsidiary of Chyron acquired all of the issued and outstanding shares of Hego for a total purchase price of $24.6 million. The Company and Hego entered into the Business Combination to create a market leading company in the fields of TV graphics, data visualization and production services for 'Live' and on line news and sports production. | |||||||||
The total purchase price of $24.6 million is comprised of 12.2 million shares of the Company's common stock valued at $16.6 million, contingent consideration of shares of the Company's common stock (the "Earn-Out Shares") valued at an estimated $7.5 million and $0.5 million in cash and other consideration. The $7.5 million represents the value of the Earn-Out Shares based on a probability-based model measuring the likelihood of achieving certain revenue milestones as detailed below, and has been recorded as a liability in the balance sheet. In connection with FASB ASC 805, Business Combinations, the fair value of the contingent consideration was established at the date of the Business Combination and included in the total purchase price at fair value. The contingent consideration is then adjusted to the then current fair value as an increase or decrease to earnings in each reporting period. This adjustment has had a material impact on the Company's financial position and results of operations and will continue to impact the Company until all contingencies have been settled. In the three and nine months ended September 30, 2014 charges of $3.8 million and $4.2 million, respectively, have been recorded in order to adjust the contingent consideration to $9.9 million, its current fair value at September 30, 2014, in the level 3 category. Based on the revenue milestones, additional shares are likely to be issued as follows: | |||||||||
Revenue milestones | Additional shares | ||||||||
$15.5 million in 2013 | 2,772,599 | ||||||||
$16.0 million in 2014 | 1,584,339 | ||||||||
$16.5 million in 2015 | 1,742,775 | ||||||||
Total | 6,099,713 | ||||||||
Or, alternatively, if $33.0 million for 2013 and 2014 combined | 6,099,713 | ||||||||
At December 31, 2013, the 2013 revenue milestone was achieved and 2,772,599 additional shares were issued in March 2014 at a stock price of $2.34 per share. At September 30, 2014, the 2013 and 2014 combined revenue milestone of $33.0 million was achieved and 3,327,114 additional shares were issued in November 2014 at a stock price of $2.88. | |||||||||
On April 30, 2014 the Company completed its acquisition of Norway-based Zxy Sport Tracking AS (“Zxy”). Pursuant to the terms of the Share Purchase Agreement with Zxy (the “SPA”), the Company acquired 67% of the issued and outstanding shares of Zxy for a total purchase price of $5.5 million. Pursuant to the terms of the SPA, the Company issued 1,374,545 shares of ChyronHego Common Stock (“Common Stock”) at a value of $3.3 million and issued 549,818 warrants at a value of $0.7 million, based on a Black-Scholes valuation model. The warrants give the holders the right to purchase one share of Common Stock at a price of $2.75 for a three year period from closing. | |||||||||
In addition, stockholders of Zxy will be entitled to an earn-out, payable in cash, in an amount equal to 15% of the net revenues from all sales of Zxy products and services from the closing date through December 31, 2018, up to $3.0 million. If and when $3.0 million in such revenues has been achieved, the earn-out rate shall be reduced to 7.5% for the remainder of the earn-out period. The stockholders are entitled to a guaranteed minimum earn-out amount of $110,000 in each of 2014, 2015 and 2016. The earn-out was valued at $1.5 million based on a discounted model measuring the likelihood of achieving certain revenue levels. | |||||||||
The following table summarizes the estimated allocation of the purchase price which is preliminary and subject to adjustment following the completion of the valuation process (in thousands): | |||||||||
Net fair value of assets acquired | $ | 628 | |||||||
Intangible assets | 2,600 | ||||||||
Goodwill | 3,783 | ||||||||
7,011 | |||||||||
Deferred tax liability | (702 | ) | |||||||
Amounts attributable to minority shareholders | (836 | ) | |||||||
$ | 5,473 | ||||||||
The goodwill resulting from the Zxy acquisition reflects a transponder-based sports tracking technology that the Company believes will strengthen its position in the sports analysis market across both the sports broadcast and professional sports markets. The Company believes that this preliminary estimate of goodwill will not be deductible for tax purposes. | |||||||||
The components and estimated useful lives of intangible assets acquired are stated below. Amortization is provided on a straight line method over the following estimated useful lives (dollar amounts in thousands): | |||||||||
Definite-lived intangibles: | Estimated Useful Life (in years) | ||||||||
Proprietary technology | $ | 2,300 | 15 | ||||||
Tradename | 300 | 15 | |||||||
$ | 2,600 | ||||||||
On July 1, 2014, the Company completed its acquisition of Norway based Metaphor AS ("Metaphor") and its wholly owned subsidiaries WeatherOne AS and WeatherOne Limited (collectively referred to as "WeatherOne"). The acquisition of Metaphor and WeatherOne is referred to as the WeatherOne Transaction. | |||||||||
In accordance with the share purchase agreement for the acquisition of Metaphor and WeatherOne, the Company issued 1,126,228 shares of Common Stock at a value of $2.4 million, 337,870 warrants at a value of $0.3 million, based on a Black-Scholes valuation model, and $0.6 million in cash. The warrants give the holders the right to purchase one share of Common Stock at a price of $2.78 per share for a three-year period. | |||||||||
The following table summarizes the estimated allocation of the purchase price which is preliminary and subject to adjustment following the completion of the valuation process (in thousands): | |||||||||
Net fair value of assets acquired | $ | 1,245 | |||||||
Intangible assets | 900 | ||||||||
Goodwill | 1,440 | ||||||||
3,585 | |||||||||
Deferred tax liability | (244 | ) | |||||||
$ | 3,341 | ||||||||
The goodwill resulting from the WeatherOne Transaction reflects a weather forecast solution for broadcast and digital media that the Company believes will strengthen its product offering. The Company believes that this preliminary estimate of goodwill will not be deductible for tax purposes. | |||||||||
The components and estimated useful lives of intangible assets acquired are stated below. Amortization is provided on a straight line method over the following estimated useful lives (dollar amounts in thousands): | |||||||||
Definite-lived intangibles: | Estimated Useful Life (in years) | ||||||||
Proprietary technology | $ | 400 | 15 | ||||||
Supplier relationships | 400 | 15 | |||||||
Tradename | 100 | 15 | |||||||
$ | 900 | ||||||||
Below are the unaudited proforma results of operations for the nine months ended September 30, 2014 and 2013 as if the Company had acquired Zxy and WeatherOne on January 1, 2013. Such proforma results are not necessarily indicative of the annual results of operations that would have been achieved if the acquisitions occurred on the date assumed, nor are they necessarily indicative of future consolidated results of operations (in thousands except per share data): | |||||||||
2014 | 2013 | ||||||||
Net revenues | $ | 44,495 | $ | 34,106 | |||||
Net loss | (2,892 | ) | (4,430 | ) | |||||
Net loss per share - basic and diluted | $ | (0.08 | ) | $ | (0.17 | ) | |||
Note_9_Other_Comprehensive_Inc
Note 9 - Other Comprehensive Income | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | ||||||||||||
9. OTHER COMPREHENSIVE INCOME | |||||||||||||
Components and activity related to accumulated other comprehensive income (loss) is as follows (in thousands): | |||||||||||||
Foreign | Accumulated | ||||||||||||
Currency | Pension | Other | |||||||||||
Translation | Benefit | Comprehensive | |||||||||||
Adjustment | Costs | Income (Loss) | |||||||||||
1-Jan-14 | $ | 131 | $ | (552 | ) | $ | (421 | ) | |||||
Change for period | (503 | ) | - | (503 | ) | ||||||||
Amounts re-classed from accumulated other comprehensive income (loss) | - | - | - | ||||||||||
30-Sep-14 | $ | (372 | ) | $ | (552 | ) | $ | (924 | ) | ||||
Note_10_Due_to_Related_Parties
Note 10 - Due to Related Parties | 9 Months Ended |
Sep. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
10. DUE TO RELATED PARTIES | |
The balance due to related parties represents amounts that are due to certain former shareholders or employees of Hego AB that are now shareholders or employees of the Company. The balance resulted from loans to Hego AB, and dividends declared but not paid by Hego AB, prior to its merger with Chyron. Interest is accrued on the outstanding balance at the annual rate of 5.95%. |
Note_11_Segment_and_Geographic
Note 11 - Segment and Geographic Information | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||
11. SEGMENT AND GEOGRAPHIC INFORMATION | |||||||||
Prior to the Business Combination, the Company operated as one reporting segment. As a result of the Business Combination, the Company manages its business primarily on a geographic basis. The Company's two reportable operating segments consist of the Americas and EMEA (Europe, Middle East and Africa). The Americas segment includes both North and Latin America, as well as Asia. The Company's chief operating decision maker evaluates performance of the segments based on revenues and operating income (loss). Unallocated corporate amounts are deemed by the Company as administrative, oversight costs, not managed by the segment managers. The Company does not allocate assets by segment because the chief operating decision maker does not review the assets by segment to assess the segments' performance, as the assets are managed on an entity-wide basis. | |||||||||
Operating segment data is as follows (in thousands): | |||||||||
Three Months Ended | Nine Months Ended | ||||||||
30-Sep-14 | 30-Sep-14 | ||||||||
Revenues: | |||||||||
Americas | $ | 10,094 | $ | 26,909 | |||||
EMEA | 5,917 | 16,427 | |||||||
$ | 16,011 | $ | 43,336 | ||||||
Operating income (loss): | |||||||||
Americas | $ | 2,229 | $ | 4,741 | |||||
EMEA | 650 | 279 | |||||||
Unallocated corporate expense | (5,244 | ) | (7,529 | ) | |||||
$ | (2,365 | ) | $ | (2,509 | ) | ||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | ||||||||||||||||
Earnings (Loss) Per Share | |||||||||||||||||
Basic earnings (loss) per share are computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding. Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period, increased to include the number of shares of common stock that would have been outstanding had potential dilutive shares of common stock been issued. The dilutive effect of stock options and restricted stock units are reflected in diluted net income (loss) per share by applying the treasury stock method. | |||||||||||||||||
The Company recorded net losses for the three and nine months ended September 30, 2014 and 2013. Potential common shares are anti-dilutive in periods in which the Company records a net loss because they would reduce the respective period's net loss per share. Anti-dilutive potential common shares are excluded from the calculation of diluted earnings per share. | |||||||||||||||||
Shares used to calculate net income (loss) per share are as follows (in thousands): | |||||||||||||||||
Three Months | Nine Months | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Basic weighted average shares outstanding | 36,754 | 30,236 | 34,341 | 23,576 | |||||||||||||
Effect of dilutive stock options | - | - | - | - | |||||||||||||
Effect of dilutive restricted stock units | - | - | - | - | |||||||||||||
Diluted weighted average shares outstanding | 36,754 | 30,236 | 34,341 | 23,576 | |||||||||||||
Weighted average shares which are not included in the calculation of diluted earnings (loss) per share because their impact is anti-dilutive: | |||||||||||||||||
Stock options | 1,679 | 2,409 | 2,136 | 2,918 | |||||||||||||
Restricted stock units | - | - | - | 40 | |||||||||||||
1,679 | 2,409 | 2,136 | 2,958 | ||||||||||||||
Basis of Accounting, Policy [Policy Text Block] | ' | ||||||||||||||||
General | |||||||||||||||||
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany amounts have been eliminated. The results of operations include the operating results of Hego since the completion of the Business Combination on May 22, 2013. See Note 8 of these consolidated financial statements. | |||||||||||||||||
In the opinion of management of the Company, the unaudited consolidated interim financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary to present fairly the financial position of the Company as of September 30, 2014 and the consolidated results of its operations, its comprehensive income (loss) and its cash flows for the periods ended September 30, 2014 and 2013. The results of operations for such interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the year ending December 31, 2014. In addition, management is required to make estimates and assumptions that affect the amounts reported and related disclosures. Estimates made by management include inventory valuations, stock and bonus compensation, allowances for doubtful accounts, income taxes, pension assumptions, allocations of purchase price, contingent consideration, valuation of intangible assets and reserves for warranty and incurred but not reported health insurance claims. Estimates, by their nature, are based on judgment and available information. Also, during interim periods, certain costs and expenses are allocated among periods based on an estimate of time expired, benefit received, or other activity associated with the periods. Accordingly, actual results could differ from those estimates. The Company has not segregated its cost of sales between costs of products and costs of services as it is not practicable to segregate such costs. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted pursuant to the rules and regulations of the Securities and Exchange Commission. For further information, refer to the audited consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2013. The December 31, 2013 figures included herein were derived from such audited consolidated financial statements. |
Note_1_Basis_of_Presentation_T
Note 1 - Basis of Presentation (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||||||
Three Months | Nine Months | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Basic weighted average shares outstanding | 36,754 | 30,236 | 34,341 | 23,576 | |||||||||||||
Effect of dilutive stock options | - | - | - | - | |||||||||||||
Effect of dilutive restricted stock units | - | - | - | - | |||||||||||||
Diluted weighted average shares outstanding | 36,754 | 30,236 | 34,341 | 23,576 | |||||||||||||
Weighted average shares which are not included in the calculation of diluted earnings (loss) per share because their impact is anti-dilutive: | |||||||||||||||||
Stock options | 1,679 | 2,409 | 2,136 | 2,918 | |||||||||||||
Restricted stock units | - | - | - | 40 | |||||||||||||
1,679 | 2,409 | 2,136 | 2,958 |
Note_2_LongTerm_Incentive_Plan1
Note 2 - Long-Term Incentive Plans (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||||
Nine Months | |||||||||||||||||
Ended September 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Expected volatility | 78.78 | % | 76.23 | % | |||||||||||||
Risk-free interest rate | 1.91 | % | 1.06 | % | |||||||||||||
Expected dividend yield | 0 | % | 0 | % | |||||||||||||
Expected life (in years) | 6 | 6 | |||||||||||||||
Estimated fair value per option granted | $ | 1.7 | $ | 0.87 | |||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||
Number of Options | |||||||||||||||||
Outstanding at January 1, 2014 | 5,994,788 | ||||||||||||||||
Granted | 866,250 | ||||||||||||||||
Exercised | (665,597 | ) | |||||||||||||||
Forfeited and cancelled | (73,438 | ) | |||||||||||||||
Outstanding at September 30, 2014 | 6,122,003 | ||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | ' | ||||||||||||||||
Shares | |||||||||||||||||
Non-vested at January 1, 2014 | - | ||||||||||||||||
Granted | 139,839 | ||||||||||||||||
Forfeited and cancelled | (27,956 | ) | |||||||||||||||
Vested | (14,036 | ) | |||||||||||||||
Non-vested at September 30, 2014 | 97,847 | ||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | ' | ||||||||||||||||
Three Months | Nine Months | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Cost of sales | $ | 31 | $ | 2 | $ | 80 | $ | 30 | |||||||||
Research and development | 128 | 35 | 331 | 189 | |||||||||||||
Selling, general and administrative | 221 | 220 | 571 | 2,422 | |||||||||||||
$ | 380 | $ | 257 | $ | 982 | $ | 2,641 |
Note_3_Inventories_Tables
Note 3 - Inventories (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Finished goods | $ | 249 | $ | 539 | |||||
Work-in-progress | 266 | 310 | |||||||
Raw material | 1,701 | 1,967 | |||||||
$ | 2,216 | $ | 2,816 |
Note_4_Longterm_Debt_Tables
Note 4 - Long-term Debt (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | ||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Revolving credit facilities - Europe | $ | 829 | $ | 933 | |||||
Note payable - Europe | 867 | 921 | |||||||
Terms loans - Europe | 32 | 355 | |||||||
Other | 118 | 95 | |||||||
1,846 | 2,304 | ||||||||
Less: portion due within one year | 1,113 | 1,532 | |||||||
Other | $ | 733 | $ | 772 |
Note_5_Benefit_Plans_Tables
Note 5 - Benefit Plans (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | ||||||||||||||||
Three Months | Nine Months | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 82 | $ | 140 | $ | 246 | $ | 421 | |||||||||
Interest cost | 101 | 94 | 303 | 282 | |||||||||||||
Expected return on plan assets | (107 | ) | (99 | ) | (321 | ) | (297 | ) | |||||||||
Amortization of net loss | 14 | 62 | 42 | 185 | |||||||||||||
Amortization of prior service cost | (2 | ) | (2 | ) | (6 | ) | (6 | ) | |||||||||
$ | 88 | $ | 195 | $ | 264 | $ | 585 |
Note_6_Product_Warranty_Tables
Note 6 - Product Warranty (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Product Warranties Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of Product Warranty Liability [Table Text Block] | ' | ||||||||||||||||
Three Months | Nine Months | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Balance at beginning of period | $ | 126 | $ | 65 | $ | 118 | $ | 50 | |||||||||
Provisions | - | 55 | 194 | 125 | |||||||||||||
Warranty services provided, net | (87 | ) | (25 | ) | (273 | ) | (80 | ) | |||||||||
$ | 39 | $ | 95 | $ | 39 | $ | 95 |
Note_7_Income_Taxes_Tables
Note 7 - Income Taxes (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Deferred tax assets: | |||||||||||||||||
Net operating loss carryforwards | $ | 10,895 | $ | 12,074 | |||||||||||||
Inventory | 1,903 | 1,856 | |||||||||||||||
Other liabilities | 3,209 | 3,051 | |||||||||||||||
Fixed assets | 2,385 | 2,069 | |||||||||||||||
Other temporary differences | 942 | 751 | |||||||||||||||
19,334 | 19,801 | ||||||||||||||||
Less: valuation allowance | (19,292 | ) | (19,745 | ) | |||||||||||||
Total deferred tax assets | 42 | 56 | |||||||||||||||
Deferred tax liability: | |||||||||||||||||
Intangibles | (2,172 | ) | (1,453 | ) | |||||||||||||
Other temporary differences | 65 | (13 | ) | ||||||||||||||
Net deferred tax liability | $ | (2,065 | ) | $ | (1,410 | ) | |||||||||||
As reported: | |||||||||||||||||
Non-current deferred tax assets | $ | 42 | $ | 56 | |||||||||||||
Current deferred tax liability | $ | (301 | ) | $ | (271 | ) | |||||||||||
Non-current deferred tax liability | $ | (1,806 | ) | $ | (1,195 | ) | |||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||||||||
Three Months | Nine Months | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Current: | $ | (178 | ) | $ | 3 | $ | (329 | ) | $ | (45 | ) | ||||||
State and Foreign | |||||||||||||||||
Deferred: | |||||||||||||||||
Federal | (12 | ) | (16 | ) | (35 | ) | (39 | ) | |||||||||
Foreign | 53 | 45 | 352 | 12 | |||||||||||||
41 | 29 | 317 | (27 | ) | |||||||||||||
Income tax (expense) benefit, net | $ | (137 | ) | $ | 32 | $ | (12 | ) | $ | (72 | ) |
Note_8_Business_Combination_Ta
Note 8 - Business Combination (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Revenue Recognition, Milestone Method [Table Text Block] | ' | ||||||||
Revenue milestones | Additional shares | ||||||||
$15.5 million in 2013 | 2,772,599 | ||||||||
$16.0 million in 2014 | 1,584,339 | ||||||||
$16.5 million in 2015 | 1,742,775 | ||||||||
Total | 6,099,713 | ||||||||
Or, alternatively, if $33.0 million for 2013 and 2014 combined | 6,099,713 | ||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | ||||||||
Net fair value of assets acquired | $ | 628 | |||||||
Intangible assets | 2,600 | ||||||||
Goodwill | 3,783 | ||||||||
7,011 | |||||||||
Deferred tax liability | (702 | ) | |||||||
Amounts attributable to minority shareholders | (836 | ) | |||||||
$ | 5,473 | ||||||||
Net fair value of assets acquired | $ | 1,245 | |||||||
Intangible assets | 900 | ||||||||
Goodwill | 1,440 | ||||||||
3,585 | |||||||||
Deferred tax liability | (244 | ) | |||||||
$ | 3,341 | ||||||||
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | ' | ||||||||
Definite-lived intangibles: | Estimated Useful Life (in years) | ||||||||
Proprietary technology | $ | 2,300 | 15 | ||||||
Tradename | 300 | 15 | |||||||
$ | 2,600 | ||||||||
Definite-lived intangibles: | Estimated Useful Life (in years) | ||||||||
Proprietary technology | $ | 400 | 15 | ||||||
Supplier relationships | 400 | 15 | |||||||
Tradename | 100 | 15 | |||||||
$ | 900 | ||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | ||||||||
2014 | 2013 | ||||||||
Net revenues | $ | 44,495 | $ | 34,106 | |||||
Net loss | (2,892 | ) | (4,430 | ) | |||||
Net loss per share - basic and diluted | $ | (0.08 | ) | $ | (0.17 | ) |
Note_9_Other_Comprehensive_Inc1
Note 9 - Other Comprehensive Income (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||
Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||
Foreign | Accumulated | ||||||||||||
Currency | Pension | Other | |||||||||||
Translation | Benefit | Comprehensive | |||||||||||
Adjustment | Costs | Income (Loss) | |||||||||||
1-Jan-14 | $ | 131 | $ | (552 | ) | $ | (421 | ) | |||||
Change for period | (503 | ) | - | (503 | ) | ||||||||
Amounts re-classed from accumulated other comprehensive income (loss) | - | - | - | ||||||||||
30-Sep-14 | $ | (372 | ) | $ | (552 | ) | $ | (924 | ) |
Note_11_Segment_and_Geographic1
Note 11 - Segment and Geographic Information (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||
Three Months Ended | Nine Months Ended | ||||||||
30-Sep-14 | 30-Sep-14 | ||||||||
Revenues: | |||||||||
Americas | $ | 10,094 | $ | 26,909 | |||||
EMEA | 5,917 | 16,427 | |||||||
$ | 16,011 | $ | 43,336 | ||||||
Operating income (loss): | |||||||||
Americas | $ | 2,229 | $ | 4,741 | |||||
EMEA | 650 | 279 | |||||||
Unallocated corporate expense | (5,244 | ) | (7,529 | ) | |||||
$ | (2,365 | ) | $ | (2,509 | ) |
Note_1_Basis_of_Presentation_D
Note 1 - Basis of Presentation (Details) - Shares Used to Calculate Earnings Per Share | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Note 1 - Basis of Presentation (Details) - Shares Used to Calculate Earnings Per Share [Line Items] | ' | ' | ' | ' |
Basic weighted average shares outstanding | 36,754 | 30,236 | 34,341 | 23,576 |
Diluted weighted average shares outstanding | 36,754 | 30,236 | 34,341 | 23,576 |
Weighted average shares which are not included in the calculation of diluted earnings (loss) per share because their impact is anti-dilutive: | ' | ' | ' | ' |
Antidilutive Shares | 1,679 | 2,409 | 2,136 | 2,958 |
Equity Option [Member] | ' | ' | ' | ' |
Weighted average shares which are not included in the calculation of diluted earnings (loss) per share because their impact is anti-dilutive: | ' | ' | ' | ' |
Antidilutive Shares | 1,679 | 2,409 | 2,136 | 2,918 |
Restricted Stock [Member] | ' | ' | ' | ' |
Weighted average shares which are not included in the calculation of diluted earnings (loss) per share because their impact is anti-dilutive: | ' | ' | ' | ' |
Antidilutive Shares | 0 | 0 | 0 | 40 |
Employee Stock Option [Member] | ' | ' | ' | ' |
Note 1 - Basis of Presentation (Details) - Shares Used to Calculate Earnings Per Share [Line Items] | ' | ' | ' | ' |
Effect of dilutive stock options/units | 0 | 0 | 0 | 0 |
Restricted Stock [Member] | ' | ' | ' | ' |
Note 1 - Basis of Presentation (Details) - Shares Used to Calculate Earnings Per Share [Line Items] | ' | ' | ' | ' |
Effect of dilutive stock options/units | 0 | 0 | 0 | 0 |
Note_2_LongTerm_Incentive_Plan2
Note 2 - Long-Term Incentive Plans (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Note 2 - Long-Term Incentive Plans (Details) [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 3,100,000 | ' | 3,100,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | ' | ' | '6 years | '6 years |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | 866,250 | ' |
Employee Stock Option [Member] | ' | ' | ' | ' |
Note 2 - Long-Term Incentive Plans (Details) [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | ' | ' | '10 years | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | '3 years | ' |
Note_2_LongTerm_Incentive_Plan3
Note 2 - Long-Term Incentive Plans (Details) - Weighted Average Assumptions for Options Granted (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Weighted Average Assumptions for Options Granted [Abstract] | ' | ' |
Expected volatility | 78.78% | 76.23% |
Risk-free interest rate | 1.91% | 1.06% |
Expected dividend yield | 0.00% | 0.00% |
Expected life (in years) | '6 years | '6 years |
Estimated fair value per option granted (in Dollars per share) | $1.70 | $0.87 |
Note_2_LongTerm_Incentive_Plan4
Note 2 - Long-Term Incentive Plans (Details) - Summary of the Companybs Stock Options | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | |
Summary of the Companybs Stock Options [Abstract] | ' | ' | ' |
Outstanding at January 1, 2014 | ' | ' | 5,994,788 |
Granted | 0 | 0 | 866,250 |
Exercised | ' | ' | -665,597 |
Forfeited and cancelled | ' | ' | -73,438 |
Outstanding at September 30, 2014 | 6,122,003 | ' | 6,122,003 |
Note_2_LongTerm_Incentive_Plan5
Note 2 - Long-Term Incentive Plans (Details) - Summary of the Companybs RSUs (Restricted Stock Units (RSUs) [Member]) | 9 Months Ended |
Sep. 30, 2014 | |
Restricted Stock Units (RSUs) [Member] | ' |
Note 2 - Long-Term Incentive Plans (Details) - Summary of the Companybs RSUs [Line Items] | ' |
Non-vested at January 1, 2014 | 0 |
Non-vested at September 30, 2014 | 97,847 |
Granted | 139,839 |
Forfeited and cancelled | -27,956 |
Vested | -14,036 |
Note_2_LongTerm_Incentive_Plan6
Note 2 - Long-Term Incentive Plans (Details) - Impact on our Results of Operations of Recording Share-based Compensation Expense (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Share-based Compensation Expense | $380 | $257 | $982 | $2,641 |
Cost of Sales [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Share-based Compensation Expense | 31 | 2 | 80 | 30 |
Research and Development Expense [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Share-based Compensation Expense | 128 | 35 | 331 | 189 |
Selling, General and Administrative Expenses [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Share-based Compensation Expense | $221 | $220 | $571 | $2,422 |
Note_3_Inventories_Details_Inv
Note 3 - Inventories (Details) - Inventory (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory [Abstract] | ' | ' |
Finished goods | $249 | $539 |
Work-in-progress | 266 | 310 |
Raw material | 1,701 | 1,967 |
$2,216 | $2,816 |
Note_4_Longterm_Debt_Details
Note 4 - Long-term Debt (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2017 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Nov. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Nov. 15, 2013 | Sep. 02, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 |
Scenario, Forecast [Member] | When AQR Falls Below 1.5x [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Granvideo AB [Member] | Granvideo AB [Member] | Granvideo AB [Member] | Granvideo AB [Member] | Europe [Member] | Europe [Member] | ||
Granvideo AB [Member] | Revolving Credit Facility [Member] | When AQR Falls Below 1.5x [Member] | Europe [Member] | UNITED STATES | UNITED STATES | Prime Rate [Member] | Minimum [Member] | Maximum [Member] | Europe [Member] | UNITED STATES | Europe [Member] | Europe [Member] | Europe [Member] | Europe [Member] | ||||
Europe [Member] | Prime Rate [Member] | UNITED STATES | Europe [Member] | Europe [Member] | ||||||||||||||
UNITED STATES | ||||||||||||||||||
Note 4 - Long-term Debt (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | $1,200,000 | ' | $4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Line of Credit | ' | ' | ' | ' | 800,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 829,000 | 933,000 |
Line of Credit Facility, Interest Rate During Period | ' | ' | ' | ' | 5.95% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes Payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | 867,000 | 921,000 |
Debt Instrument, Fair Value Disclosure | 1,044,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,040,000 | ' | ' |
Debt Instrument, Periodic Payment, Principal | ' | 260,000 | ' | ' | ' | ' | ' | ' | ' | ' | 8,000 | ' | 100,000 | 60,000 | ' | ' | ' | ' |
Long-term Debt, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000 | ' | ' | ' | 900,000 | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 7.45% | 7.75% | ' | ' | ' | ' | ' | ' | ' | ' |
Line Of Credit Facility Advance Rate Percentage Of Elligible Accounts Receivable | ' | ' | ' | ' | ' | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Covenant Terms Adjusted Quick Ratio | ' | ' | ' | ' | ' | 1.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum Adjusted Quick Ratio | ' | ' | ' | ' | ' | 1.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | 1.75% | 1.25% | ' | ' | ' | 2.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments Of Term Loan | ' | ' | ' | ' | ' | $400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term Loan Duration of Payment Periods | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 months | ' | ' | ' | ' | ' | ' |
Note_4_Longterm_Debt_Details_L
Note 4 - Long-term Debt (Details) - Long-Term Debt (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Other | $118 | $95 |
1,846 | 2,304 | |
Less: portion due within one year | 1,113 | 1,532 |
Other | 733 | 772 |
Europe [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Revolving credit facilities - Europe | 829 | 933 |
Note payable - Europe | 867 | 921 |
Terms loans - Europe | $32 | $355 |
Note_5_Benefit_Plans_Details
Note 5 - Benefit Plans (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
Share data in Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Defined Benefit Plan, Contributions by Employer | $100,000 | ' | ' |
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year | 300,000 | ' | ' |
Stock Issued During Period, Shares, Employee Benefit Plan (in Shares) | ' | 70 | 174 |
Stock Issued During Period, Value, Employee Benefit Plan | ' | $162,000 | $179,000 |
Note_5_Benefit_Plans_Details_B
Note 5 - Benefit Plans (Details) - Benefit Plan Information for the U.S. Pension Plan (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Benefit Plan Information for the U.S. Pension Plan [Abstract] | ' | ' | ' | ' |
Service cost | $82 | $140 | $246 | $421 |
Interest cost | 101 | 94 | 303 | 282 |
Expected return on plan assets | -107 | -99 | -321 | -297 |
Amortization of net loss | 14 | 62 | 42 | 185 |
Amortization of prior service cost | -2 | -2 | -6 | -6 |
$88 | $195 | $264 | $585 |
Note_6_Product_Warranty_Detail
Note 6 - Product Warranty (Details) | 9 Months Ended |
Sep. 30, 2014 | |
Product Warranties Disclosures [Abstract] | ' |
Product Warranty Term | '1 year |
Note_6_Product_Warranty_Detail1
Note 6 - Product Warranty (Details) - Movement in the Warranty Reserve (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Movement in the Warranty Reserve [Abstract] | ' | ' | ' | ' |
Balance at beginning of period | $126 | $65 | $118 | $50 |
Provisions | ' | 55 | 194 | 125 |
Warranty services provided, net | -87 | -25 | -273 | -80 |
$39 | $95 | $39 | $95 |
Note_7_Income_Taxes_Details
Note 7 - Income Taxes (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 |
Exercise of Disqualifying Stock Options [Member] | |||
Note 7 - Income Taxes (Details) [Line Items] | ' | ' | ' |
Deferred Tax Assets, Gross | $19,334,000 | $19,801,000 | ' |
Deferred Tax Assets, Operating Loss Carryforwards | 10,895,000 | 12,074,000 | ' |
Operating Loss Carryforwards | 30,000,000 | ' | ' |
Deferred Tax Expense from Stock Options Exercised | ' | ' | 1,300,000 |
Undistributed Earnings of Foreign Subsidiaries | 0 | ' | ' |
Deferred Tax Liabilities, Undistributed Foreign Earnings | 0 | ' | ' |
Deferred Tax Assets, Net of Valuation Allowance | $42,000 | $56,000 | ' |
Note_7_Income_Taxes_Details_De
Note 7 - Income Taxes (Details) - Deferred Income Taxes (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Net operating loss carryforwards | $10,895 | $12,074 |
Inventory | 1,903 | 1,856 |
Other liabilities | 3,209 | 3,051 |
Fixed assets | 2,385 | 2,069 |
Other temporary differences | 942 | 751 |
19,334 | 19,801 | |
Less: valuation allowance | -19,292 | -19,745 |
Total deferred tax assets | 42 | 56 |
Deferred tax liability: | ' | ' |
Intangibles | -2,172 | -1,453 |
Other temporary differences | 65 | -13 |
Net deferred tax liability | -2,065 | -1,410 |
As reported: | ' | ' |
Non-current deferred tax assets | 42 | 56 |
Current deferred tax liability | -301 | -271 |
Non-current deferred tax liability | ($1,806) | ($1,195) |
Note_7_Income_Taxes_Details_In
Note 7 - Income Taxes (Details) - Income Tax Benefit (Provision) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Tax Benefit (Provision) [Abstract] | ' | ' | ' | ' |
Current: | ($178) | $3 | ($329) | ($45) |
Deferred: | ' | ' | ' | ' |
Federal | -12 | -16 | -35 | -39 |
Foreign | 53 | 45 | 352 | 12 |
41 | 29 | 317 | -27 | |
Income tax (expense) benefit, net | ($137) | $32 | ($12) | ($72) |
Note_8_Business_Combination_De
Note 8 - Business Combination (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 21 Months Ended | 1 Months Ended | ||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | 22-May-13 | Apr. 30, 2014 | Jul. 31, 2014 | Nov. 30, 2014 | Apr. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | 22-May-13 | Mar. 31, 2014 | 22-May-13 | Sep. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Jul. 31, 2014 | |
Earn-Out Shares [Member] | Common Stock [Member] | Common Stock [Member] | Subsequent Event [Member] | After Maximum Earn-Out Acheived [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Cash [Member] | Hego [Member] | Hego [Member] | Hego [Member] | Zxy Sport Tracking AS [Member] | Zxy Sport Tracking AS [Member] | Zxy Sport Tracking AS [Member] | WeatherOne Transaction [Member] | |||||
Hego [Member] | Zxy Sport Tracking AS [Member] | WeatherOne Transaction [Member] | Hego [Member] | Zxy Sport Tracking AS [Member] | Hego [Member] | Hego [Member] | Hego [Member] | Maximum [Member] | Minimum [Member] | ||||||||||||
Note 8 - Business Combination (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $500,000 | ' | $24,600,000 | ' | ' | ' | $5,500,000 | ' |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | ' | ' | ' | ' | ' | 1,374,545 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,200,000 | ' | ' | ' | ' | ' |
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | ' | ' | ' | ' | 7,500,000 | 3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,600,000 | ' | ' | ' | ' | ' |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 3,776,000 | 878,000 | 4,176,000 | 933,000 | ' | ' | ' | ' | ' | 3,800,000 | 4,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Contingent Consideration, Liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,900,000 | 9,900,000 | 11,506,000 | 12,260,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Other (in Shares) | ' | ' | ' | ' | ' | ' | ' | 3,327,114 | ' | ' | ' | ' | ' | ' | 2,772,599 | ' | ' | ' | ' | ' | ' |
Share Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | $2.88 | ' | ' | ' | ' | ' | ' | $2.34 | ' | ' | ' | ' | ' | ' |
Revenue Recognition, Milestone Method, Revenue Recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,000,000 | ' | ' | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 67.00% | ' |
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Warrants Issued (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 549,818 | 337,870 |
Class of Warrant or Right, Value, Warrants Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | 300,000 |
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in Shares) | ' | ' | ' | ' | ' | 1 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | ' | ' | ' | ' | ' | $2.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.78 |
Class of Warrant or Right, Expiration Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '3 years |
Business Combination Earn-out Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 7.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' |
Earn Out Payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | 110,000 | ' | ' |
Business Combination, Contingent Consideration Arrangement, Earn-out Payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' |
Stock Issued During Period, Shares, New Issues (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,126,228 |
Stock Issued During Period, Value, New Issues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,400,000 |
Payments to Acquire Businesses, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $600,000 |
Note_8_Business_Combination_De1
Note 8 - Business Combination (Details) - Additional Shares Issued through Revenue Milestones | 12 Months Ended | 24 Months Ended | 36 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2015 | |
Revenue Recognition, Milestone Method [Line Items] | ' | ' | ' | ' | ' |
Shares Issuable Upon Milestone Completion | 1,742,775 | 1,584,339 | 2,772,599 | 6,099,713 | 6,099,713 |
Note_8_Business_Combination_De2
Note 8 - Business Combination (Details) - Additional Shares Issued through Revenue Milestones (Parentheticals) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 24 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Revenue Milestone Requirement [Member] | |||||
Revenue Milestone Requirement [Member] | Revenue Milestone Requirement [Member] | Revenue Milestone Requirement [Member] | ||||||
Revenue Recognition, Milestone Method [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue Milestone | $16,011 | $13,959 | $43,336 | $32,692 | $16,500 | $16,000 | $33,000 | $15,500 |
Note_8_Business_Combination_De3
Note 8 - Business Combination (Details) - Acquisition Purchase Price Allocation (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Apr. 30, 2014 | Jul. 31, 2014 |
In Thousands, unless otherwise specified | Zxy Sport Tracking AS [Member] | WeatherOne Transaction [Member] | ||
Note 8 - Business Combination (Details) - Acquisition Purchase Price Allocation [Line Items] | ' | ' | ' | ' |
Net fair value of assets acquired | ' | ' | $628 | $1,245 |
Intangible assets | ' | ' | 2,600 | 900 |
Goodwill | 23,799 | 18,948 | 3,783 | 1,440 |
Purchase price allocation before deferred tax liability | ' | ' | 7,011 | 3,585 |
Deferred tax liability | ' | ' | -702 | -244 |
Amounts attributable to minority shareholders | ' | ' | -836 | ' |
Purchase price allocation after deferred tax liability | ' | ' | $5,473 | $3,341 |
Note_8_Business_Combination_De4
Note 8 - Business Combination (Details) - Components and Estimated Useful Lives of Acquired Intangible Assets (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Patented Technology [Member] | Zxy Sport Tracking AS [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Finite-lived intangible assets | $2,300 |
Estimated useful life | '15 years |
Patented Technology [Member] | WeatherOne Transaction [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Finite-lived intangible assets | 400 |
Estimated useful life | '15 years |
Trade Names [Member] | Zxy Sport Tracking AS [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Finite-lived intangible assets | 300 |
Estimated useful life | '15 years |
Trade Names [Member] | WeatherOne Transaction [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Finite-lived intangible assets | 100 |
Estimated useful life | '15 years |
Supplier Relationships [Member] | WeatherOne Transaction [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Finite-lived intangible assets | 400 |
Estimated useful life | '15 years |
Zxy Sport Tracking AS [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Finite-lived intangible assets | 2,600 |
WeatherOne Transaction [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Finite-lived intangible assets | $900 |
Note_8_Business_Combination_De5
Note 8 - Business Combination (Details) - Unaudited Pro Forma Results (Zxy and Weather One [Member], USD $) | 9 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Zxy and Weather One [Member] | ' | ' |
Note 8 - Business Combination (Details) - Unaudited Pro Forma Results [Line Items] | ' | ' |
Net revenues | $44,495 | $34,106 |
Net loss | ($2,892) | ($4,430) |
Net loss per share - basic and diluted (in Dollars per share) | ($0.08) | ($0.17) |
Note_9_Other_Comprehensive_Inc2
Note 9 - Other Comprehensive Income (Details) - Components and Activity Related to Accumulated Other Comprehensive Income (Loss) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Note 9 - Other Comprehensive Income (Details) - Components and Activity Related to Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
1-Jan-14 | ($421) |
Change for period | -503 |
30-Sep-14 | -924 |
Accumulated Translation Adjustment [Member] | ' |
Note 9 - Other Comprehensive Income (Details) - Components and Activity Related to Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
1-Jan-14 | 131 |
Change for period | -503 |
30-Sep-14 | -372 |
Accumulated Defined Benefit Plans Adjustment [Member] | ' |
Note 9 - Other Comprehensive Income (Details) - Components and Activity Related to Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
1-Jan-14 | -552 |
Change for period | 0 |
30-Sep-14 | ($552) |
Note_10_Due_to_Related_Parties1
Note 10 - Due to Related Parties (Details) (Hego [Member]) | 9 Months Ended |
Sep. 30, 2014 | |
Hego [Member] | ' |
Note 10 - Due to Related Parties (Details) [Line Items] | ' |
Related Party Transaction, Rate | 5.95% |
Note_11_Segment_and_Geographic2
Note 11 - Segment and Geographic Information (Details) | 5 Months Ended | 9 Months Ended |
22-May-13 | Sep. 30, 2014 | |
Segment Reporting [Abstract] | ' | ' |
Number of Reportable Segments | 1 | 2 |
Note_11_Segment_and_Geographic3
Note 11 - Segment and Geographic Information (Details) - Operating Segment Data (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Revenues | $16,011 | $13,959 | $43,336 | $32,692 |
Operating income (loss): | ' | ' | ' | ' |
Operating income (loss) | -2,365 | -1,015 | -2,509 | -3,729 |
Unallocated corporate expense | -5,244 | ' | -7,529 | ' |
Americas [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Revenues | 10,094 | ' | 26,909 | ' |
Operating income (loss): | ' | ' | ' | ' |
Operating income (loss) | 2,229 | ' | 4,741 | ' |
EMEA [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Revenues | 5,917 | ' | 16,427 | ' |
Operating income (loss): | ' | ' | ' | ' |
Operating income (loss) | $650 | ' | $279 | ' |