Vicon Industries (VCON) 10-Q 14 May 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information Document	6 Months Ended
	Mar. 31, 2014	9-May-14
Entity Information [Line Items]	'	'
Entity Registrant Name	'VICON INDUSTRIES INC /NY/	'
Entity Central Index Key	'0000310056	'
Current Fiscal Year End Date	'--09-30	'
Entity Filer Category	'Smaller Reporting Company	'
Document Type	'10-Q	'
Document Period End Date	31-Mar-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'
Amendment Flag	'false	'
Entity Common Stock, Shares Outstanding	'	4,503,885

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Mar. 31, 2014	Sep. 30, 2013
CURRENT ASSETS	'	'
Cash and cash equivalents	$6,654,377	$8,281,714
Marketable securities	117,077	115,433
Accounts receivable, net	4,138,875	7,024,023
Inventories:	'	'
Parts, components, and materials	2,651,932	2,761,353
Work-in-process	1,323,900	1,102,007
Finished products	3,517,572	4,370,261
Inventory net	7,493,404	8,233,621
Prepaid expenses and other current assets	867,666	687,881
TOTAL CURRENT ASSETS	19,271,399	24,342,672
Property, plant and equipment	10,940,096	10,829,042
Less accumulated depreciation and amortization	-6,092,005	-5,839,369
Property, Plant and Equipment Net	4,848,091	4,989,673
Other assets	941,915	973,410
TOTAL ASSETS	25,061,405	30,305,755
CURRENT LIABILITIES	'	'
Accounts payable	1,679,982	2,732,228
Accrued compensation and employee benefits	1,903,035	2,563,932
Accrued expenses	1,119,286	1,194,105
Unearned revenue	240,258	408,391
TOTAL CURRENT LIABILITIES	4,942,561	6,898,656
Unearned revenue	150,395	138,027
Other long-term liabilities	1,754,739	1,744,416
TOTAL LIABILITIES	6,847,695	8,781,099
SHAREHOLDERS’ EQUITY	'	'
Common stock, par value $.01	53,601	53,601
Capital in excess of par value	25,619,145	25,552,138
Retained earnings	-3,192,892	280,023
Less treasury stock, at cost	-4,226,852	-4,226,852
Accumulated other comprehensive loss	-39,292	-134,254
TOTAL SHAREHOLDERS’ EQUITY	18,213,710	21,524,656
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$25,061,405	$30,305,755

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (USD $)	3 Months Ended		6 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
Net sales	$7,036,675	$8,686,284	$15,145,869	$19,785,390
Cost of sales	4,428,855	5,310,338	9,528,912	12,334,312
Gross profit	2,607,820	3,375,946	5,616,957	7,451,078
Operating expenses:	'	'	'	'
Selling, general and administrative expense	3,181,057	3,724,704	6,448,354	7,338,157
Engineering & development expense	1,104,302	1,059,244	2,209,901	2,026,507
Business Combination, Acquisition Related Costs	264,419	0	424,317	0
Operating Expenses	4,549,778	4,783,948	9,082,572	9,364,664
Operating loss	-1,941,958	-1,408,002	-3,465,615	-1,913,586
Interest income	4,570	18,955	8,700	49,991
Other expense (income)	0	0	0	5,691
Loss before income taxes	-1,937,388	-1,389,047	-3,456,915	-1,857,904
Income tax expense	8,000	8,000	16,000	16,000
Net loss	($1,945,388)	($1,397,047)	($3,472,915)	($1,873,904)
Loss per share:	'	'	'	'
Earnings Per Share, Basic	($0.43)	($0.31)	($0.77)	($0.42)
Earnings Per Share, Diluted	($0.43)	($0.31)	($0.77)	($0.42)
Weighted average shares outstanding:	'	'	'	'
Basic	4,503,885	4,494,735	4,503,885	4,489,460
Diluted	4,503,885	4,494,735	4,503,885	4,489,460

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $)	3 Months Ended		6 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
Net loss	($1,945,388)	($1,397,047)	($3,472,915)	($1,873,904)
Unrealized loss on securities, net of tax	1,539	-13,107	110	-35,702
Unrealized gain (loss) on derivatives, net of tax	'	-5,933	0	-139,602
Foreign currency translation adjustment	9,082	157,666	-94,852	140,606
Other comprehensive loss	10,621	-176,706	94,962	-36,706
Comprehensive loss	($1,934,767)	($1,573,753)	($3,377,953)	($1,910,610)

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Cash Flows (USD $)	6 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Net loss	($3,472,915)	($1,873,904)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:	'	'
Depreciation and amortization	201,445	286,925
Amortization of deferred compensation	2,377	2,377
Stock compensation expense	64,630	115,081
Change in assets and liabilities:	'	'
Accounts receivable, net	2,938,897	3,774,094
Inventories	782,478	-285,756
Prepaid expenses and other current assets	-174,044	-179,316
Other assets	31,495	177,221
Accounts payable	-1,098,439	-565,063
Accrued compensation and employee benefits	-666,428	-531,334
Accrued expenses	-80,140	-128,366
Unearned revenue	-155,764	-94,340
Other liabilities	3,328	-161,087
Net cash provided by (used in)	-1,623,080	536,532
Cash flows from investing activities:	'	'
Increase (Decrease) in Trading Securities	-1,534	-2,016,999
Payments to Acquire Property, Plant, and Equipment	-31,960	-254,892
Net Cash Provided by (Used in) Investing Activities	-33,494	-2,271,891
Net Cash Provided by (Used in) Financing Activities [Abstract]	'	'
Effect of Exchange Rate on Cash and Cash Equivalents	29,237	14,029
Cash and Cash Equivalents, Period Increase (Decrease)	-1,627,337	-1,721,330
Cash at beginning of year	8,281,714	6,234,268
Cash at end of period	$6,654,377	$4,512,938

Basis_of_Presentation

Basis of Presentation	6 Months Ended
	Mar. 31, 2014
Basis of Presentation [Abstract]	'
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	'
	Basis of Presentation
	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the instructions to Form 10-Q and Rule 8-03 of Regulation S-X.  Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.  In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.  Operating results for the six months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the fiscal year ended September 30, 2014.  For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the fiscal year ended September 30, 2013.  Certain prior year amounts have been reclassified to conform to the current period presentation.

Marketable_Securities

Marketable Securities	6 Months Ended
	Mar. 31, 2014
Marketable Securitie [Abstract]	'
Cash, Cash Equivalents, and Marketable Securities [Text Block]	'
	Marketable Securities
	Marketable securities consist of mutual fund investments principally in federal, state and local government debt securities of $117,077 as of March 31, 2014.  Such mutual fund investments are stated at market value based on quoted market prices (Level 1 inputs) and are classified as available-for-sale under the provisions of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 320, with unrealized gains and losses reported in accumulated other comprehensive income (loss) as a component of shareholders’ equity. The cost of such securities at March 31, 2014 was $121,837, with $4,760 of cumulative unrealized losses reported at March 31, 2014.

Accounts_Receivable

Accounts Receivable	6 Months Ended
	Mar. 31, 2014
Accounts Receivable [Abstract]	'
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]	'
	Accounts Receivable
	Accounts receivable is stated net of an allowance for uncollectible accounts of $934,000 and $977,000 as of March 31, 2014 and September 30, 2013, respectively.

Loss_per_Share

Loss per Share	6 Months Ended
	Mar. 31, 2014
Loss per Share [Abstract]	'
Earnings Per Share [Text Block]	'
	Loss per Share
	Basic loss per share (EPS) is computed based on the weighted average number of common shares outstanding for the period.  Diluted EPS reflects the maximum dilution that would have resulted from incremental common shares issuable upon the exercise of stock options and under deferred compensation agreements.
	The following tables provide the components of the basic and diluted EPS computations for the three and six month periods ended March 31, 2014 and 2013:
		Three Months Ended						Six Months Ended
		March 31,						March 31,
		2014			2013			2014			2013
	Basic EPS Computation
	Net loss	$	(1,945,388	)	$	(1,397,047	)	$	(3,472,915	)	$	(1,873,904	)
	Weighted average shares outstanding	4,503,885			4,494,735			4,503,885			4,489,460
	Basic loss per share	$	(.43	)	$	(.31	)	$	(.77	)	$	(.42	)
		Three Months Ended						Six Months Ended
		March 31,						March 31,
		2014			2013			2014			2013
	Diluted EPS Computation
	Net loss	$	(1,945,388	)	$	(1,397,047	)	$	(3,472,915	)	$	(1,873,904	)
	Weighted average shares outstanding	4,503,885			4,494,735			4,503,885			4,489,460
	Stock options	—			—			—			—
	Stock compensation arrangements	—			—			—			—
	Diluted shares outstanding	4,503,885			4,494,735			4,503,885			4,489,460
	Diluted loss per share	$	(.43	)	$	(.31	)	$	(.77	)	$	(.42	)
	For the three months ended March 31, 2014 and 2013, all outstanding stock options and shares issuable under stock compensation arrangements totaling 425,320 and 462,820 shares, respectively, have been omitted from the calculation of diluted EPS as their effect would have been antidilutive. For the six months ended March 31, 2014 and 2013, all outstanding stock options and shares issuable under stock compensation arrangements totaling 435,570 and 464,320 shares, respectively, have been omitted from the calculation of diluted EPS as their effect would have been antidilutive. The actual effect of these stock options and shares, if any, on the diluted earnings per share calculation will vary significantly depending on fluctuations in the market price of the Company's stock.

Accumulated_Other_Comprehensiv

Accumulated Other Comprehensive Loss	6 Months Ended
	Mar. 31, 2014
Comprehensive Loss [Abstract]	'
Comprehensive Income (Loss) Note [Text Block]	'
	Accumulated Other Comprehensive Loss
	The Company's accumulated other comprehensive loss balances at March 31, 2014 and September 30, 2013 consisted of the following:
		March 31, 2014			September 30, 2013
	Foreign currency translation adjustment	$	(34,532	)	$	(129,384	)
	Unrealized loss on marketable securities	(4,760		)	(4,870		)
	Accumulated other comprehensive loss	$	(39,292	)	$	(134,254	)

Derivative_Instruments

Derivative Instruments	6 Months Ended
	Mar. 31, 2014
Derivative Instruments [Abstract]	'
Derivative Instruments and Hedging Activities Disclosure [Text Block]	'
	Derivative Instruments
	The Company enters into forward exchange contracts to hedge certain foreign currency exposures and minimize the effect of such fluctuations on reported earnings and cash flow.  The Company’s ongoing foreign currency exchange risks include intercompany sales of product and services between subsidiary companies operating in differing functional currencies. At March 31, 2014 and September 30, 2013, the Company had no forward exchange contracts outstanding.

Stock_Based_Compensation

Stock Based Compensation	6 Months Ended
	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	'
	Stock-Based Compensation
	The Company maintains stock option plans that include both incentive and non-qualified options reserved for issuance to key employees, including officers and directors.  All options are issued at fair market value at the grant date and are exercisable in varying installments according to the plans.  The plans allow for the payment of option exercises through the surrender of previously owned mature shares based on the fair market value of such shares at the date of surrender.
	The Company follows ASC 718 (SFAS No. 123(R), “Share-Based Payment”), which requires that all share based payments to employees, including stock options, be recognized as compensation expense in the consolidated financial statements based on their grant date fair values and over the requisite service period.  For the three month periods ended March 31, 2014 and 2013, the Company recorded non-cash compensation expense of $29,535 and $57,199, respectively ($.01 and $.01 per basic and diluted share, respectively), relating to stock compensation.

Recent_Accounting_Pronouncemen

Recent Accounting Pronouncements	6 Months Ended
	Mar. 31, 2014
Recent Accounting Pronouncements [Abstract]	'
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	'
	Recent Accounting Pronouncements
	The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on its consolidated financial statements.

Income_Taxes

Income Taxes	6 Months Ended
	Mar. 31, 2014
Income Tax [Abstract]	'
Income Tax Disclosure [Text Block]	'
	Income Taxes
	Deferred tax assets and liabilities are recognized based on the differences between the financial statement carrying amounts and the tax basis of assets and liabilities. Deferred tax assets represent items to be used as a tax deduction or credit in future tax returns for which a tax benefit has been recorded in the income statement. The Company has a valuation allowance against its deferred tax assets due to the uncertainty of future realization. The full valuation allowance is determined to be appropriate due to the Company's operating losses since fiscal year 2010 and the inherent uncertainties of predicting future operating results in periods over which such net tax differences become deductible. At September 30, 2013, the Company had $5.9 million of unrecognized net deferred tax assets available, which includes approximately $3.1 million of tax effected U.S. and foreign net operating loss carryforwards.
	The Company recognizes potential accrued interest and penalties related to unrecognized tax benefits in income tax expense.  The Company files U.S. Federal and State income tax returns and foreign tax returns in the United Kingdom, Germany and Israel.  The Company is generally no longer subject to tax examinations in such jurisdictions for fiscal years prior to 2010 in the U.S. and 2008 in the U.K., Germany and Israel.

Fair_Value

Fair Value	6 Months Ended
	Mar. 31, 2014
Fair Value [Abstract]	'
Fair Value Disclosures [Text Block]	'
	Fair Value
	The majority of the Company’s non-financial assets and liabilities are not required to be carried at fair value on a recurring basis, but the Company is required on a non-recurring basis to use fair value measurements when analyzing asset impairment as it relates to long-lived assets.  The carrying amounts for trade accounts and other receivables and accounts payable approximate fair value due to the short-term maturity of these instruments.  The fair value of the Company’s foreign currency forward exchange contracts is estimated by obtaining quoted market exchange rates for similar contracts (Level 2 inputs).  At March 31, 2014 and September 30, 2013, the Company had no forward exchange contracts outstanding.
	Fair value estimates are made at a specific point in time based on relevant market information about the financial instrument.  These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision.  Changes in assumptions could significantly affect the estimates.

Merger_Agreement_Notes

Merger Agreement (Notes)	6 Months Ended
	Mar. 31, 2014
Merger Agreement [Line Items]	'
Business Combination Disclosure [Text Block]	'
	Merger Agreement
	On March 28, 2014, the Company entered into an agreement and plan of merger and reorganization (the “Merger Agreement”), pursuant to which its wholly owned subsidiary, VI Merger Sub, Inc., a California corporation (“Merger Sub”), will be merged with and into IQinVision, Inc., a California corporation (“IQinVision”), with IQinVision surviving as a wholly owned subsidiary of the Company (the “Merger”).
	Pursuant to the terms of the Merger Agreement, at the effective time of the Merger (the “Effective Time”), the issued and outstanding shares of capital stock of IQinVision will, in the aggregate, be converted into the right to receive an aggregate number of shares of the Company’s common stock equal to the Outstanding Equity (as defined below) of the Company immediately prior to the Effective Time (the “Merger Consideration”). The Merger Agreement defines “Outstanding Equity” to mean, with respect to the Company, the total number of shares outstanding of the Company’s common stock then issued and outstanding, excluding outstanding options to purchase the Company’s common stock and any other securities convertible into the Company’s common stock. In addition, all outstanding IQinVision options and stock appreciation rights, as well as IQinVision’s 2011 Stock Incentive Plan and 2001 Stock Incentive Plan, will be assumed by the Company. Each option and stock appreciation right IQinVision assumed in the Merger will be converted into an option to purchase or stock appreciation right with respect to, as applicable, a number of shares of the Company’s common stock representing the number of IQinVision shares subject to such option or stock appreciation right multiplied by the Common Stock Per Share Merger Consideration, as such term is defined in the Merger Agreement. The exercise price of each option and the base value per share of the Company’s common stock for each stock appreciation right will be proportionately adjusted.
	Following the consummation of the transactions contemplated by the Merger Agreement, the shareholders of the Company immediately prior to the Effective Time and the shareholders of IQinVision immediately prior to the Effective Time will each own approximately 50% of the outstanding shares of common stock of the Company after the Merger.
	Completion of the Merger is subject to a number of conditions, including, but not limited to (i) approval of the issuance of shares of the Company’s common stock in connection with the Merger by the Company’s shareholders and the adoption and approval of the Merger Agreement and the transactions contemplated thereby by IQinVision’s shareholders; (ii) the effectiveness of a registration statement on Form S-4 to be filed by the Company with the Securities and Exchange Commission to register the issuance of the shares of the Company’s common stock in connection with the Merger, which will contain a proxy statement/prospectus/consent solicitation; (iii) approval for listing on the NYSE MKT LLC of such shares of the Company’s common stock; (iv) exercise of dissenters’ rights by no more than 10% of IQinVision’s shareholders; and (v) other customary closing conditions. The Company cannot predict whether and when these other conditions will be satisfied.
	As permitted by the Merger Agreement, the Company may declare a special cash dividend of $0.55 per share payable with respect to shares of the Company’s common stock held by shareholders of the Company as of a record date prior to the Effective Time and payable within 15 days after the Effective Time.
	The Merger Agreement contains termination rights in favor of each of the Company and IQinVision in certain circumstances and further provides that, upon termination of the Merger Agreement under specified circumstances, either the Company or IQinVision may be required to pay the other party a termination fee of $750,000. In addition, either party may terminate the Merger Agreement if the Merger has not been completed by September 28, 2014 (the “Outside Termination Date”), provided that if the registration statement on Form S-4 is not declared effective by September 28, 2014, then either party is generally entitled to extend the Outside Termination Date by 60 days.

Loss_per_Share_Tables

Loss per Share (Tables)	6 Months Ended
	Mar. 31, 2014
Loss per Share [Abstract]	'
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	'
	The following tables provide the components of the basic and diluted EPS computations for the three and six month periods ended March 31, 2014 and 2013:
		Three Months Ended						Six Months Ended
		March 31,						March 31,
		2014			2013			2014			2013
	Basic EPS Computation
	Net loss	$	(1,945,388	)	$	(1,397,047	)	$	(3,472,915	)	$	(1,873,904	)
	Weighted average shares outstanding	4,503,885			4,494,735			4,503,885			4,489,460
	Basic loss per share	$	(.43	)	$	(.31	)	$	(.77	)	$	(.42	)
		Three Months Ended						Six Months Ended
		March 31,						March 31,
		2014			2013			2014			2013
	Diluted EPS Computation
	Net loss	$	(1,945,388	)	$	(1,397,047	)	$	(3,472,915	)	$	(1,873,904	)
	Weighted average shares outstanding	4,503,885			4,494,735			4,503,885			4,489,460
	Stock options	—			—			—			—
	Stock compensation arrangements	—			—			—			—
	Diluted shares outstanding	4,503,885			4,494,735			4,503,885			4,489,460
	Diluted loss per share	$	(.43	)	$	(.31	)	$	(.77	)	$	(.42	)

Accumulated_Other_Comprehensiv1

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Mar. 31, 2014
Comprehensive Loss [Abstract]	'
Schedule of Comprehensive Income (Loss) [Table Text Block]	'
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	'
	The Company's accumulated other comprehensive loss balances at March 31, 2014 and September 30, 2013 consisted of the following:
		March 31, 2014			September 30, 2013
	Foreign currency translation adjustment	$	(34,532	)	$	(129,384	)
	Unrealized loss on marketable securities	(4,760		)	(4,870		)
	Accumulated other comprehensive loss	$	(39,292	)	$	(134,254	)

Marketable_Securities_Details

Marketable Securities (Details) (USD $)	Mar. 31, 2014
Marketable Securities [Abstract]	'
Available-for-sale Securities, Amortized Cost Basis	$121,837
Available-for-sale Securities, Gross Unrealized Gains	-4,760
Available-for-sale Securities, Debt Securities	$117,077

Accounts_Receivable_Details

Accounts Receivable (Details) (USD $)	Mar. 31, 2014	Sep. 30, 2013
Accounts Receivable [Abstract]	'	'
Allowance for Doubtful Accounts Receivable, Current	$934,000	$977,000

Loss_per_Share_Details

Loss per Share (Details) (USD $)	3 Months Ended		6 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]	'	'	'	'
Net Income (Loss) Attributable to Parent	($1,945,388)	($1,397,047)	($3,472,915)	($1,873,904)
Weighted Average Number of Shares Outstanding, Basic	4,503,885	4,494,735	4,503,885	4,489,460
Earnings Per Share, Basic	($0.43)	($0.31)	($0.77)	($0.42)

Loss_per_Share_schedule_of_ear

Loss per Share schedule of earnings per share diluted (Details) (USD $)	3 Months Ended		6 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	425,320	462,820	435,570	464,320
Net Income (Loss) Attributable to Parent	($1,945,388)	($1,397,047)	($3,472,915)	($1,873,904)
Weighted Average Number of Shares Outstanding, Basic	4,503,885	4,494,735	4,503,885	4,489,460
Incremental Common Shares Attributable to Call Options and Warrants	0	0	0	0
Incremental Common Shares Attributable to Share-based Payment Arrangements	0	0	0	0
Weighted Average Number of Shares Outstanding, Diluted	4,503,885	4,494,735	4,503,885	4,489,460
Earnings Per Share, Diluted	($0.43)	($0.31)	($0.77)	($0.42)

Accumulated_Other_Comprehensiv2

Accumulated Other Comprehensive Loss (Details) (USD $)	Mar. 31, 2014	Sep. 30, 2013
Comprehensive Loss [Abstract]	'	'
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax	($34,532)	($129,384)
Available-for-sale Securities, Gross Unrealized Gains	-4,760	-4,870
Accumulated Other Comprehensive Income (Loss), Net of Tax	($39,292)	($134,254)

Stock_Based_Compensation_Detai

Stock Based Compensation (Details) (USD $)	3 Months Ended		6 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Share-based Compensation	$29,535	$57,199	$64,630	$115,081
Share Based Compensation per share	$0.01	$0.01	$0.01	$0.03

Income_Taxes_Details

Income Taxes (Details) (USD $)	Sep. 30, 2013
In Millions, unless otherwise specified
Valuation Allowance [Line Items]	'
Deferred tax assets net of liabilities before valuation allowance	$5.90
Deferred Tax Assets, Operating Loss Carryforwards	$3.10