Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 01, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'MECHANICAL TECHNOLOGY INC | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0000064463 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 5,258,883 |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash | $910 | $1,211 |
Accounts receivable | 978 | 824 |
Inventories | 851 | 742 |
Deferred income taxes, net | 26 | 25 |
Prepaid expenses and other current assets | 84 | 111 |
Total Current Assets | 2,849 | 2,913 |
Deferred income taxes, net | 1,474 | 1,475 |
Property, plant and equipment, net | 137 | 146 |
Total Assets | 4,460 | 4,534 |
Current Liabilities: | ' | ' |
Accounts payable | 243 | 149 |
Accrued liabilities | 1,072 | 993 |
Total Current Liabilities | 1,315 | 1,142 |
Stockholders’ Equity: | ' | ' |
Common stock, par value $0.01 per share, authorized 75,000,000; 6,261,975 issued in both 2014 and 2013 | 63 | 63 |
Additional paid-in capital | 135,672 | 135,612 |
Accumulated deficit | -118,836 | -118,529 |
Common stock in treasury, at cost, 1,005,092 shares in both 2014 and 2013 | -13,754 | -13,754 |
Total stockholders’ equity | 3,145 | 3,392 |
Total Liabilities and Stockholders’ Equity | $4,460 | $4,534 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common Stock, shares authorized | 75,000,000 | 75,000,000 |
Common Stock, shares issued | 6,261,975 | 6,261,975 |
Common Stock, treasury at cost | 1,005,092 | 1,005,092 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Product revenue | $1,940 | $2,311 | $5,800 | $6,778 |
Operating costs and expenses: | ' | ' | ' | ' |
Cost of product revenue | 781 | 875 | 2,356 | 2,651 |
Unfunded research and product development expenses | 309 | 301 | 1,041 | 948 |
Selling, general and administrative expenses | 899 | 880 | 2,705 | 2,626 |
Operating income (loss) | -49 | 255 | -302 | 553 |
Other income, net | ' | 4 | ' | 13 |
Income (loss) before income taxes and non-controlling interest | -49 | 259 | -302 | 566 |
Income tax expense | -4 | -113 | -5 | -268 |
Net income (loss) | -53 | 146 | -307 | 298 |
Plus: Net loss attributed to non-controlling interest | ' | 18 | ' | 52 |
Net income (loss) attributed to MTI | ($53) | $164 | ($307) | $350 |
(Loss) income per share attributable to MTI (Basic) | ($0.01) | $0.03 | ($0.06) | $0.07 |
(Loss) income per share attributable to MTI (Diluted) | ($0.01) | $0.03 | ($0.06) | $0.07 |
Weighted average shares outstanding (Basic) (in shares) | 5,256,883 | 5,256,883 | 5,256,883 | 5,256,883 |
Weighted average shares outstanding (Diluted) (in shares) | 5,256,883 | 5,387,660 | 5,256,883 | 5,275,971 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Operating Activities | ' | ' | ' |
Net (loss) income | ($307) | $298 | $3,654 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ' | ' | ' |
Depreciation | 65 | 68 | 91 |
Gain on disposal of equipment | ' | -13 | -13 |
Deferred income taxes | ' | 265 | ' |
Stock based compensation | 60 | 38 | ' |
Provision for excess and obsolete inventories | 43 | -44 | ' |
Changes in operating assets and liabilities: | ' | ' | ' |
Accounts receivable | -154 | 316 | ' |
Inventories | -152 | 421 | ' |
Prepaid expenses and other current assets | 27 | -29 | ' |
Accounts payable | 94 | 2 | ' |
Deferred revenue | ' | -591 | ' |
Accrued liabilities | 79 | 42 | ' |
Net cash (used in) provided by operating activities | -245 | 773 | ' |
Investing Activities | ' | ' | ' |
Purchases of equipment | -56 | -68 | ' |
Proceeds from sale of equipment | ' | 13 | ' |
Net cash used in investing activities | -56 | -55 | ' |
(Decrease) increase in cash | -301 | 718 | ' |
Cash - beginning of period | 1,211 | 289 | 289 |
Cash - end of period | $910 | $1,007 | $1,211 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Changes in Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Treasury Stock [Member] | Total MTI Stockholders Equity (Deficit) | Noncontrolling Interest [Member] | Total |
In Thousands, except Share data | |||||||
Balance at Dec. 31, 2012 | $63 | $135,561 | ($122,183) | ($13,754) | ($313) | $3,311 | $2,998 |
Balance (in shares) at Dec. 31, 2012 | 6,261,975 | ' | ' | 1,005,092 | ' | ' | ' |
Net (loss) income attributed to MTI | ' | ' | 3,654 | ' | 3,654 | ' | 3,654 |
Stock based compensation | ' | 51 | ' | ' | 51 | ' | 51 |
Net loss attributed to NCI | ' | ' | ' | ' | ' | -75 | -75 |
Equity contribution to NCI | ' | ' | ' | ' | ' | 25 | 25 |
Variable interest entity deconsolidation | ' | ' | ' | ' | ' | -3,261 | -3,261 |
Balance at Dec. 31, 2013 | 63 | 135,612 | -118,529 | -13,754 | 3,392 | ' | 3,392 |
Balance (in shares) at Dec. 31, 2013 | 6,261,975 | ' | ' | 1,005,092 | ' | ' | ' |
Net (loss) income attributed to MTI | ' | ' | -307 | ' | -307 | ' | -307 |
Stock based compensation | ' | 60 | ' | ' | 60 | ' | 60 |
Net loss attributed to NCI | ' | ' | ' | ' | ' | ' | ' |
Balance at Sep. 30, 2014 | $63 | $135,672 | ($118,836) | ($13,754) | $3,145 | ' | $3,145 |
Balance (in shares) at Sep. 30, 2014 | 6,261,975 | ' | ' | 1,005,092 | ' | ' | ' |
Nature_of_Operations
Nature of Operations | 9 Months Ended |
Sep. 30, 2014 | |
Nature of Operations | ' |
Nature of Operations | ' |
Description of Business | |
Mechanical Technology, Incorporated (MTI or the Company), a New York corporation, was incorporated in 1961. The Company’s core business is conducted through MTI Instruments, Inc. (MTI Instruments), a wholly-owned subsidiary and the sole component of the Company’s Test and Measurement Instrumentation segment. Through the year ended December 31, 2013, the Company also operated in a New Energy segment with business conducted through MTI MicroFuel Cells, Inc. (MTI Micro). On December 31, 2013, as a result of a stock warrant exercise, the Company transferred management of MTI Micro to Dr. Walter L. Robb (a member of the Company’s and MTI Micro’s board of directors) and his new management team. The Company is consequently no longer reporting MTI Micro as a variable interest entity (VIE) as of the close of business on December 31, 2013 (date of MTI Micro deconsolidation). In August 2014, Dr. Robb changed MTI Micro’s name to MeOH Power, Inc. and MTI continues to retain our ownership in that entity as discussed below. However, to keep prior and future filings consistent, MTI will continue to refer to this entity as MTI Micro in its reports. | |
MTI Instruments was incorporated in New York on March 8, 2000 and is a supplier of: precision linear displacement solutions, vibration measurement and system balancing systems, and wafer inspection tools consisting of electronic gauging instruments for position, displacement and vibration application within the industrial manufacturing/production markets, as well as the research, design and process development market; tensile stage systems for materials testing at academic and industrial research settings; and engine vibration analysis systems for both military and commercial aircraft. These tools, systems and solutions are developed for markets and applications that require the precise measurements and control of products, processes, and the development and implementation of automated manufacturing, assembly, and consistent operation of complex machinery. | |
MTI Micro was incorporated in Delaware on March 26, 2001, and, until its operations were suspended in late 2011, had been developing a handheld energy-generating device to replace current lithium-ion and similar rechargeable battery systems in many handheld electronic devices for the military and consumer markets. | |
Liquidity | |
The Company has incurred significant losses primarily due to its past efforts to fund MTI Micro’s direct methanol fuel cell product development and commercialization programs, and has an accumulated deficit of approximately $118.8 million and working capital of approximately $1.5 million at September 30, 2014. | |
Based on the Company’s projected cash requirements for operations and capital expenditures for 2014, its current available cash of approximately $910 thousand, the $1.0 million available from its existing line of credit at MTI Instruments, current cash flow requirements and revenue and expense projections, management believes it will have adequate resources to fund operations and capital expenditures for at least the next twelve months. | |
However, the Company may need to do one or more of the following to raise additional resources, or reduce its cash requirements: | |
1) Reduce its current expenditure run rate; | |
2) Defer its capital expenditures; | |
3) Defer its hiring plans; and/or | |
4) Secure additional debt or equity financing. | |
There is no guarantee that such resources will be available to the Company on terms acceptable to it, or at all, or that such resources will be received in a timely manner, if at all, or that the Company will be able to reduce its expenditure run-rate, defer its capital expenditures or hiring plans without materially and adversely effecting its business. |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||
Basis of Presentation | ' | |||
In the opinion of management, the Company’s condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair statement of the results for the periods presented in accordance with United States of America Generally Accepted Accounting Principles (U.S. GAAP) and with the instructions to Form 10-Q in Article 10 of the Securities and Exchange Commissions (SEC) Regulation S-X. The results of operations for the interim periods presented are not necessarily indicative of results for the full year. | ||||
Certain information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | ||||
The information presented in the accompanying condensed consolidated balance sheet as of December 31, 2013 has been derived from the Company’s audited consolidated financial statements. All other information has been derived from the Company’s unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2014 and September 30, 2013. | ||||
Principles of Consolidation | ||||
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, MTI Instruments. The consolidated financial statements also include the accounts of a former VIE, MTI Micro, through December 31, 2013. The Company was considered the primary beneficiary of the VIE until December 31, 2013, when the Company transferred management of MTI Micro to Dr. Robb and his new management team. For purposes of these consolidated financial statements, the deconsolidation of MTI Micro was effective as of the close of business on December 31, 2013. All intercompany balances and transactions are eliminated in consolidation. The Company reflected the impact of the equity securities issuances in its investment in a VIE and additional paid-in-capital accounts for the dilution or anti-dilution of its ownership interest in the VIE. | ||||
The Company determined that the effect of the deconsolidation of the VIE was to remove MTI Micro in the consolidated balance sheet as of December 31, 2013 but include MTI Micro’s activity in the consolidated statement of operations for the year ended December 31, 2013. The following assets and liabilities of MTI Micro were not included in the consolidated balance sheet as of December 31, 2013 as a result of the VIE deconsolidation: | ||||
(dollars in thousands) | 2013 | |||
Cash | $ | 25 | ||
Prepaid expenses and other current assets | 1 | |||
Accounts payable | 3 | |||
Related party note payable (see Note 12 for more detail) | 380 | |||
The fair value of the Company’s current non-controlling interest (NCI) in MTI Micro has been determined to be $0 as of December 31, 2013 (date of MTI Micro deconsolidation), based on MTI Micro’s net position and expected cash flows. The Company records its investment in MTI Micro using the equity method of accounting. As of September 30, 2014, the Company retained its ownership of approximately 47.5% of MTI Micro’s outstanding common stock, or 75,049,937 shares, and 54.0% of the common stock and warrants issued, which includes 31,904,136 warrants outstanding. | ||||
As of December 31, 2013, NCI is classified as equity in the consolidated financial statements. The consolidated statement of operations presents net income (loss) for both the Company and the non-controlling interests. The calculation of earnings per share is based on net income (loss) attributable to the Company. |
Accounts_Receivable
Accounts Receivable | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Receivables [Abstract] | ' | |||||||
Accounts Receivable | ' | |||||||
Accounts receivables consist of the following at: | ||||||||
30-Sep-14 | 31-Dec-13 | |||||||
(Dollars in thousands) | ||||||||
U.S. and State Government | $ | 199 | $ | 37 | ||||
Commercial | 779 | 787 | ||||||
Total | $ | 978 | $ | 824 | ||||
For the nine months ended September 30, 2014 and 2013, the largest commercial customer represented 12.6% and 6.8%, respectively, and the largest governmental agency represented 22.1% and 31.5%, respectively, of the Company’s Test and Measurement Instrumentation segment product revenue. As of September 30, 2014 and December 31, 2013, the largest commercial receivable represented 17.5% and 12.8%, respectively, and the largest governmental receivable represented 14.2% and 3.9%, respectively, of the Company’s Test and Measurement Instrumentation segment accounts receivable. | ||||||||
As of September 30, 2014 and December 31, 2013, the Company had no allowance for doubtful trade accounts receivable. |
Inventories
Inventories | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Inventory Disclosure [Abstract] | ' | ||||||
Inventories | ' | ||||||
Inventories consist of the following at: | |||||||
30-Sep-14 | 31-Dec-13 | ||||||
(Dollars in thousands) | |||||||
Finished goods | $ | 284 | $ | 287 | |||
Work in process | 231 | 188 | |||||
Raw materials | 336 | 267 | |||||
Total | $ | 851 | $ | 742 |
Property_Plant_and_Equipment
Property, Plant, and Equipment | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Property, Plant and Equipment [Abstract] | ' | ||||||
Property, Plant and Equipment | ' | ||||||
Property, plant and equipment consist of the following at: | |||||||
(Dollars in thousands) | 30-Sep-14 | 31-Dec-13 | |||||
Leasehold improvements | $ | 33 | $ | 32 | |||
Computers and related software | 1,278 | 1,281 | |||||
Machinery and equipment | 852 | 810 | |||||
Office furniture and fixtures | 119 | 125 | |||||
2,282 | 2,248 | ||||||
Less: Accumulated depreciation | 2,145 | 2,102 | |||||
$ | 137 | $ | 146 | ||||
Depreciation expense was $65 thousand and $91 thousand for the nine months ended September 30, 2014 and the year ended December 31, 2013, respectively. In conjunction with the suspension of MTI Micro operations in late 2011, sales of certain surplus equipment on hand were made during 2013. This resulted in a net gain on sale of $13 thousand for the year ended December 31, 2013. As of December 31, 2013, all $13 thousand in sales proceeds have been received. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
During the three months ended September 30, 2014, the Company’s effective income tax rate was 8.2%. The projected annual effective tax rate is less than the Federal statutory rate of 34%, primarily due to permanent differences, the change in the valuation allowance and changes to estimated taxable income for 2014. For the three months ended September 30, 2013, the Company’s effective income tax rate was 43.6%. | |
During the nine months ended September 30, 2014, the Company’s effective income tax rate was 1.7%. The projected annual effective tax rate is less than the Federal statutory rate of 34%, primarily due to permanent differences, the change in the valuation allowance and changes to estimated taxable income for 2014. For the nine months ended September 30, 2013, the Company’s effective income tax rate was 47.4%. | |
The Company provides for recognition of deferred tax assets if the realization of such assets is more likely than not to occur in accordance with accounting standards that address income taxes. Significant management judgment is required in determining the period in which the reversal of a valuation allowance should occur. The Company has considered all available evidence, both positive and negative, such as historical levels of income and future forecasts of taxable income amongst other items, in determining its valuation allowance. In addition, the Company’s assessment requires us to schedule future taxable income in accordance with accounting standards that address income taxes to assess the appropriateness of a valuation allowance which further requires the exercise of significant management judgment. | |
The Company has determined that it expects to generate sufficient levels of pre-tax earnings in the future to realize the net deferred tax assets recorded on the balance sheet at September 30, 2014. The Company has projected such pre-tax earnings utilizing a combination of historical and projected results, taking into consideration existing levels of permanent differences, non-deductible expense and the reversal of significant temporary differences. We project that our taxable income for the next three years is adequate to ensure the realizability of the $1.5 million of deferred tax assets recorded on our balance sheet at September 30, 2014. In the event that actual results differ from these estimates or we adjust these estimates in future periods, we may need to adjust the recorded valuation allowance, which could materially impact our financial position and results of operations. We will continue to evaluate the ability to realize our deferred tax assets and related valuation allowance on a quarterly basis. | |
The Company believes that the accounting estimate for the valuation of deferred tax assets is a critical accounting estimate, because judgment is required in assessing the likely future tax consequences of events that have been recognized in our financial statements or tax returns. The Company based the estimate of deferred tax assets and liabilities on current tax laws and rates and, in certain cases, business plans and other expectations about future outcomes. In the event that actual results differ from these estimates or the Company adjusts these estimates in future periods, the Company may need to adjust the recorded valuation allowance, which could materially impact our financial position and results of operations. The valuation allowance was $16.9 million at September 30, 2014 and $16.8 million at December 31, 2013. The Company will continue to evaluate the ability to realize its deferred tax assets and related valuation allowances on a quarterly basis. |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Equity [Abstract] | ' | |||
Stockholders' Equity | ' | |||
Common Stock | ||||
The Company has one class of common stock, par value $.01. Each share of the Company’s common stock is entitled to one vote on all matters submitted to stockholders. As of September 30, 2014 and December 31, 2013, there were 5,256,883 shares of common stock issued and outstanding. | ||||
Reservation of Shares | ||||
The Company had reserved common shares for future issuance as follows as of September 30, 2014: | ||||
Stock options outstanding | 709,721 | |||
Common stock available for future equity awards or issuance of options | 504,250 | |||
Number of common shares reserved | 1,213,971 | |||
Earnings (Loss) per Share | ||||
The Company computes basic income (loss) per common share by dividing net income (loss) by the weighted average number of common shares outstanding during the reporting period. Diluted income (loss) per share reflects the potential dilution, if any, computed by dividing income (loss) by the combination of dilutive common share equivalents, comprised of shares issuable under outstanding investment rights, warrants and the Company’s share-based compensation plans, and the weighted average number of common shares outstanding during the reporting period. Dilutive common share equivalents include the dilutive effect of in-the-money stock options, which are calculated based on the average share price for each period using the treasury stock method. Under the treasury stock method, the exercise price of a stock option, the amount of compensation cost, if any, for future service that the Company has not yet recognized, and the amount of windfall tax benefits that would be recorded in additional paid-in capital, if any, when the stock option is exercised are assumed to be used to repurchase shares in the current period. | ||||
Not included in the computation of earnings per share, assuming dilution, for the three and nine months ended September 30, 2014, were options to purchase 709,721 shares of the Company’s common stock. These potentially dilutive items were excluded because the Company incurred a loss during the periods and their inclusion would be anti-dilutive. | ||||
Not included in the computation of earnings per share, assuming dilution, for the three and nine months ended September 30, 2013, were options to purchase 232,506 and 424,756 shares, respectively of the Company’s common stock. These potentially dilutive items were excluded even though the average market price of the common stock exceeded the exercise prices for a portion of the options because the calculation of incremental shares resulted in an anti-dilutive effect. | ||||
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Segment Information | ' | ||||||||||||||||
Segment Information | ' | ||||||||||||||||
During 2013, the Company operated in two business segments, Test and Measurement Instrumentation and New Energy. As a result of the deconsolidation of MTI Micro operations on December 31, 2013 (see Note 1), the New Energy segment will no longer remain in our consolidated operations. The Test and Measurement Instrumentation segment designs, manufactures, markets and services high performance test and measurement instruments and systems, wafer characterization tools for the semiconductor and solar industries, tensile stage systems for materials testing at academic and industrial settings, and computer-based balancing systems for aircraft engines. The New Energy segment was focused on commercializing direct methanol fuel cells. The Company’s principal operations are located in North America. | |||||||||||||||||
The accounting policies of the Test and Measurement Instrumentation and New Energy segments are similar to those described in the summary of significant accounting policies in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 (Note 2). The Company evaluates performance based on profit or loss from operations before income taxes. Inter-segment sales and expenses are not significant. | |||||||||||||||||
Summarized financial information concerning the Company’s reportable segments is shown in the following tables. The “Other” column includes corporate related items and items such as income taxes or unusual items, which are not allocated to reportable segments. The “Reconciling Items” column includes non-controlling interests in a consolidated entity. In addition, segments’ non-cash items include any depreciation in reported profit or loss. The New Energy segment figures include the Company’s direct micro fuel cell operations. As a result of the deconsolidation of MTI Micro operations on December 31, 2013 (see Note 2), the New Energy segment will no longer remain in our consolidated operations. | |||||||||||||||||
As of January 1, 2014, the Company operates in one segment and therefore segment information is not presented. | |||||||||||||||||
(Dollars in thousands) | Test and | New | Other | Reconciling | Condensed | ||||||||||||
Measurement | Energy | Items | Consolidated | ||||||||||||||
Instrumentation | Totals | ||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||
Product revenue | $ | 2,311 | $ | — | $ | — | $ | — | $ | 2,311 | |||||||
Unfunded research and product development expenses | 301 | — | — | — | 301 | ||||||||||||
Selling, general and administrative expenses | 572 | 25 | 283 | — | 880 | ||||||||||||
Segment profit (loss) from operations before non-controlling interest | 438 | (33 | ) | (146 | ) | — | 259 | ||||||||||
Segment profit (loss) | 438 | (34 | ) | (258 | ) | 18 | 164 | ||||||||||
Total assets | 2,191 | 38 | 2,405 | — | 4,634 | ||||||||||||
Capital expenditures | 2 | — | 24 | — | 26 | ||||||||||||
Depreciation | 21 | — | 1 | — | 22 | ||||||||||||
(Dollars in thousands) | Test and | New | Other | Reconciling | Condensed | ||||||||||||
Measurement | Energy | Items | Consolidated | ||||||||||||||
Instrumentation | Totals | ||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||
Product revenue | $ | 6,778 | $ | — | $ | — | $ | — | $ | 6,778 | |||||||
Unfunded research and product development expenses | 948 | — | — | — | 948 | ||||||||||||
Selling, general and administrative expenses | 1,582 | 67 | 977 | — | 2,626 | ||||||||||||
Segment profit (loss) from operations before non-controlling interest | 1,191 | (99 | ) | (526 | ) | — | 566 | ||||||||||
Segment profit (loss) | 1,191 | (99 | ) | (794 | ) | 52 | 350 | ||||||||||
Total assets | 2,191 | 38 | 2,405 | — | 4,634 | ||||||||||||
Capital expenditures | 44 | — | 24 | — | 68 | ||||||||||||
Depreciation | 62 | 4 | 2 | — | 68 | ||||||||||||
The following table presents the details of “Other” segment loss: | |||||||||||||||||
(Dollars in thousands) | Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
Corporate and other (expenses) income: | |||||||||||||||||
Salaries and benefits | $ | (175 | ) | $ | (442 | ) | |||||||||||
Depreciation | (1 | ) | (2 | ) | |||||||||||||
Income tax expense | (113 | ) | (268 | ) | |||||||||||||
Other income (expense), net | 31 | (82 | ) | ||||||||||||||
Total “Other” segment loss | $ | (258 | ) | $ | (794 | ) |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Commitments and Contingencies | ' | |||||||
Commitments: | ||||||||
Leases | ||||||||
The Company and its subsidiary lease certain manufacturing, laboratory and office facilities. The lease provides for the Company to pay its allocated share of insurance, taxes, maintenance and other costs of the leased property. Under the May 2, 2014 agreement, MTI Instruments has an option to terminate the lease as of December 1, 2016. If MTI Instruments terminates the lease prior to November 2019, MTI Instruments is required to reimburse the landlord for all unamortized costs that the landlord is incurring for renovations to the leased space in conjunction with the lease renewal. | ||||||||
Future minimum rental payments required under non-cancelable operating leases (with initial or remaining lease terms in excess of one year) as of September 30, 2014 are (dollars in thousands): $67 remaining in 2014, $221 in 2015, $222 in 2016, $224 in 2017, $218 in 2018 and $204 thereafter. | ||||||||
Warranties | ||||||||
Product warranty liabilities are included in “Accrued liabilities” in the Condensed Consolidated Balance Sheets. Below is a reconciliation of changes in product warranty liabilities: | ||||||||
(Dollars in thousands) | Nine Months Ended | |||||||
September 30, | ||||||||
2014 | 2013 | |||||||
Balance, January 1 | $ | 17 | $ | 20 | ||||
Accruals for warranties issued | 14 | 22 | ||||||
Settlements made (in cash or in kind) | (7 | ) | (12 | ) | ||||
Balance, end of period | $ | 24 | $ | 30 | ||||
Employment Agreement | ||||||||
The Company has an employment agreement with one employee that provides certain payments upon termination of employment under certain circumstances, as defined in the agreement. As of September 30, 2014, the Company’s potential minimum obligation to this employee was approximately $68 thousand. | ||||||||
Contingencies: | ||||||||
Legal | ||||||||
We are subject to legal proceedings, claims and liabilities which arise in the ordinary course of business. We accrue for losses associated with legal claims when such losses are probable and can be reasonably estimated. These accruals are adjusted as additional information becomes available or circumstances change. Legal fees are charged to expense as they are incurred. |
Line_of_Credit
Line of Credit | 9 Months Ended |
Sep. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Line of Credit | ' |
On May 5, 2014, the Company entered into a new revolving line of credit with Bank of America, N.A. (the Bank) to replace MTI Instruments’ line of credit as discussed below. The Company may borrow under the line of credit from time to time up to $1 million to support its working capital needs. The line of credit is available until July 31, 2015 and may be renewed subject to all the terms and conditions as set forth in the Loan Agreement (the Loan). The Loan is payable no later than the expiration date of the Loan and interest is payable on the last day of each month beginning on May 30, 2014 and until payment has been made in full. The interest rate on funds borrowed under the line of credit is equal to the LIBOR Daily Floating Rate plus 2.75%. The Loan is secured by equipment and fixtures, inventory and receivables owned by the Company and guaranteed by MTI Instruments. The Company is required to hold a balance of $0 for 30 consecutive days during the period from May 5, 2014 through July 31, 2015, and each subsequent one-year period of the Loan, if any. Upon the occurrence of an event of default, the Bank may set off against our repayment obligations any amounts we maintain at the Bank. The Company is also subject to other restrictions as set forth in the Loan. As of September 30, 2014, there were no amounts outstanding under the line of credit. | |
On September 20, 2011, MTI Instruments entered into a working capital line of credit with First Niagara Bank, N.A. Under this agreement, MTI Instruments could borrow from time to time up to $400 thousand to support its working capital needs. The note was payable upon demand, and the interest rate on the note was equal to the prime rate with a floor of 4.0% per annum. The note was secured by a lien on all of the assets of MTI Instruments and was guaranteed by the Company. The line of credit was renewed on September 23, 2013 and expired on June 30, 2014. Under this line of credit, MTI Instruments was required to maintain a line balance of $0 for 30 consecutive days during each calendar year. As of December 31, 2013, there were no amounts outstanding under the line of credit. |
Stock_Based_Compensation
Stock Based Compensation | 9 Months Ended |
Sep. 30, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Stock Based Compensation | ' |
The Mechanical Technology, Incorporated 2014 Equity Incentive Plan (the 2014 Plan) was adopted by the Company’s Board of Directors on March 12, 2014 and approved by its stockholders on June 11, 2014. The 2014 Plan provides an initial aggregate number of 500,000 shares of common stock that may be awarded or issued. The number of shares that may be awarded under the 2014 Plan and awards outstanding may be subject to adjustment on account of any stock dividend, spin-off, stock split, reverse stock split, split-up, recapitalization, reclassification, reorganization, combination or exchange of shares, merger, consolidation, liquidation, business combination, exchange of shares or the like. Under the 2014 Plan, the Board appointed administrator of the 2014 Plan is authorized to issue stock options (incentive and nonqualified), stock appreciation rights, restricted stock, restricted stock units, phantom stock, performance awards and other stock-based awards to employees, officers and directors of, and other individuals providing bona fide services to or for, the Company or any affiliate of the Company. Incentive stock options may only be granted to employees of the Company and its subsidiaries. As of September 30, 2014, no awards have been issued under the 2014 Plan. | |
The Mechanical Technology Incorporated 2012 Equity Incentive Plan (the 2012 Plan) was adopted by the Company’s Board of Directors on April 14, 2012 and approved by stockholders on June 14, 2012. The 2012 Plan provides an initial aggregate number of 600,000 shares of common stock which may be awarded or issued. The number of shares which may be awarded under the 2012 Plan and awards outstanding can be subject to adjustment on account of any recapitalization, reclassification, stock split, reverse stock split and other dilutive changes in Common Stock. Under the 2012 Plan, the Board of Directors is authorized to issue stock options (incentive and nonqualified), stock appreciation rights, restricted stock, restricted stock units and other stock-based awards to employees, officers, directors, consultants and advisors of the Company and its subsidiaries. Incentive stock options may only be granted to employees of the Company and its subsidiaries. | |
During 2014, the Company granted 140,000 options to purchase the Company’s common stock from the 2012 Plan, which generally vest 25% on each of the first four anniversaries of the date of the award. The exercise price of these grants was $1.08 per share and was based on the closing market price of the Company’s common stock on the dates of grant. Using a Black-Scholes Option Pricing Model, the weighted average fair value of these options was $1.07 per share and was estimated at the date of grant. | |
During 2013, the Company granted 298,000 options to purchase the Company’s common stock from the 2012 Plan, which generally vest 25% on each of the first four anniversaries of the date of the award. The exercise price of these grants was from $0.46 to $0.90 per share and was based on the closing market price of the Company’s common stock on the dates of grant. Using a Black-Scholes Option Pricing Model, the weighted average fair value of these options was $0.58 per share and was estimated at the date of grant. |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
MTI Micro | |
On December 18, 2013, MTI Micro and the Company executed a Senior Demand Promissory Note (the Note) in the amount of $380 thousand to secure the intercompany amounts due to the Company from MTI Micro upon the deconsolidation of MTI Micro. Interest accrues on the Note at the Prime Rate in effect on the first business day of the month, as published in the Wall Street Journal. Interest began accruing on January 1, 2014. At the Company’s option, all or part of the principal and interest due on this Note may be converted to shares of common stock of MTI Micro at a rate of $0.07 per share. As of September 30, 2014 and December 31, 2013, the Company has recorded a full allowance against the Note. As a result of this allowance, any interest earned on this Note will be recorded when received on a cash basis. As of September 30, 2014 and December 31, 2013, $389 thousand and $380 thousand, respectively of principal and interest are available to convert into shares of common stock of MTI Micro. | |
On December 31, 2013, Dr. Robb exercised a portion of his outstanding MTI Micro warrants to purchase 357,143 shares of MTI Micro Common Stock at an exercise price of $0.07 per share. | |
As of September 30, 2014, the Company retained its ownership of approximately 47.5% of MTI Micro’s outstanding common stock, or 75,049,937 shares, and 54.0% of the common stock and warrants issued, which includes 31,904,136 warrants outstanding. | |
Consulting Services | |
During the year ended December 31, 2013, the Company paid $80 thousand to Loudon Advisors for Kevin Lynch’s services as the Acting Chief Executive Officer of the Company, through April 30, 2013. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Pronouncements | ' |
In August 2014, the Financial Accounting Standards Board issued Accounting Standards Update 2014-15 (Presentation of Financial Statements – Going Concern) which requires management to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and provide related footnote disclosures. This standard is effective for annual and interim reporting periods beginning on or after December 15, 2016. Early adoption is permitted for financial statements that have not been previously issued. This standard allows for either a full retrospective or modified retrospective transition method. The Company does not expect this standard to have a material impact on its consolidated financial statements upon adoption. |
Basis_of_Presentation_Tables
Basis of Presentation (Tables) | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||
Schedule of assets and liabilities of MTI Micro were not included in the consolidated balance sheet as a result of the VIE deconsolidation | ' | |||
The following assets and liabilities of MTI Micro were not included in the consolidated balance sheet as of December 31, 2013 as a result of the VIE deconsolidation: | ||||
(dollars in thousands) | 2013 | |||
Cash | $ | 25 | ||
Prepaid expenses and other current assets | 1 | |||
Accounts payable | 3 | |||
Related party note payable (see Note 12 for more detail) | 380 |
Accounts_Receivables_Tables
Accounts Receivables (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Receivables [Abstract] | ' | |||||||
Schedule of accounts receivables | ' | |||||||
Accounts receivables consist of the following at: | ||||||||
30-Sep-14 | 31-Dec-13 | |||||||
(Dollars in thousands) | ||||||||
U.S. and State Government | $ | 199 | $ | 37 | ||||
Commercial | 779 | 787 | ||||||
Total | $ | 978 | $ | 824 |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Inventory Disclosure [Abstract] | ' | ||||||
Schedule of inventory | ' | ||||||
Inventories consist of the following at: | |||||||
30-Sep-14 | 31-Dec-13 | ||||||
(Dollars in thousands) | |||||||
Finished goods | $ | 284 | $ | 287 | |||
Work in process | 231 | 188 | |||||
Raw materials | 336 | 267 | |||||
Total | $ | 851 | $ | 742 |
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Property, Plant and Equipment [Abstract] | ' | ||||||
Schedule of Property, Plant and Equipment | ' | ||||||
Property, plant and equipment consist of the following at: | |||||||
(Dollars in thousands) | 30-Sep-14 | 31-Dec-13 | |||||
Leasehold improvements | $ | 33 | $ | 32 | |||
Computers and related software | 1,278 | 1,281 | |||||
Machinery and equipment | 852 | 810 | |||||
Office furniture and fixtures | 119 | 125 | |||||
2,282 | 2,248 | ||||||
Less: Accumulated depreciation | 2,145 | 2,102 | |||||
$ | 137 | $ | 146 |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Equity [Abstract] | ' | |||
Schedule of reserved common shares | ' | |||
The Company had reserved common shares for future issuance as follows as of September 30, 2014: | ||||
Stock options outstanding | 709,721 | |||
Common stock available for future equity awards or issuance of options | 504,250 | |||
Number of common shares reserved | 1,213,971 |
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Summarized financial information concerning the Company's reportable segments | ' | ||||||||||||||||
As of January 1, 2014, the Company operates in one segment and therefore segment information is not presented. | |||||||||||||||||
(Dollars in thousands) | Test and | New | Other | Reconciling | Condensed | ||||||||||||
Measurement | Energy | Items | Consolidated | ||||||||||||||
Instrumentation | Totals | ||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||
Product revenue | $ | 2,311 | $ | — | $ | — | $ | — | $ | 2,311 | |||||||
Unfunded research and product development expenses | 301 | — | — | — | 301 | ||||||||||||
Selling, general and administrative expenses | 572 | 25 | 283 | — | 880 | ||||||||||||
Segment profit (loss) from operations before non-controlling interest | 438 | (33 | ) | (146 | ) | — | 259 | ||||||||||
Segment profit (loss) | 438 | (34 | ) | (258 | ) | 18 | 164 | ||||||||||
Total assets | 2,191 | 38 | 2,405 | — | 4,634 | ||||||||||||
Capital expenditures | 2 | — | 24 | — | 26 | ||||||||||||
Depreciation | 21 | — | 1 | — | 22 | ||||||||||||
(Dollars in thousands) | Test and | New | Other | Reconciling | Condensed | ||||||||||||
Measurement | Energy | Items | Consolidated | ||||||||||||||
Instrumentation | Totals | ||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||
Product revenue | $ | 6,778 | $ | — | $ | — | $ | — | $ | 6,778 | |||||||
Unfunded research and product development expenses | 948 | — | — | — | 948 | ||||||||||||
Selling, general and administrative expenses | 1,582 | 67 | 977 | — | 2,626 | ||||||||||||
Segment profit (loss) from operations before non-controlling interest | 1,191 | (99 | ) | (526 | ) | — | 566 | ||||||||||
Segment profit (loss) | 1,191 | (99 | ) | (794 | ) | 52 | 350 | ||||||||||
Total assets | 2,191 | 38 | 2,405 | — | 4,634 | ||||||||||||
Capital expenditures | 44 | — | 24 | — | 68 | ||||||||||||
Depreciation | 62 | 4 | 2 | — | 68 | ||||||||||||
Schedule of other segment loss | ' | ||||||||||||||||
The following table presents the details of “Other” segment loss: | |||||||||||||||||
(Dollars in thousands) | Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
Corporate and other (expenses) income: | |||||||||||||||||
Salaries and benefits | $ | (175 | ) | $ | (442 | ) | |||||||||||
Depreciation | (1 | ) | (2 | ) | |||||||||||||
Income tax expense | (113 | ) | (268 | ) | |||||||||||||
Other income (expense), net | 31 | (82 | ) | ||||||||||||||
Total “Other” segment loss | $ | (258 | ) | $ | (794 | ) |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Schedule of reconciliation of changes in product warranty liabilities | ' | |||||||
Product warranty liabilities are included in “Accrued liabilities” in the Condensed Consolidated Balance Sheets. Below is a reconciliation of changes in product warranty liabilities: | ||||||||
(Dollars in thousands) | Nine Months Ended | |||||||
September 30, | ||||||||
2014 | 2013 | |||||||
Balance, January 1 | $ | 17 | $ | 20 | ||||
Accruals for warranties issued | 14 | 22 | ||||||
Settlements made (in cash or in kind) | (7 | ) | (12 | ) | ||||
Balance, end of period | $ | 24 | $ | 30 |
Nature_of_Operations_Details_N
Nature of Operations (Details Narrative) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Nature of Operations | ' | ' |
Accumulated deficit | $118,800 | ' |
Working capital | 1,500 | ' |
Cash available for the Company's projected cash requirements for operations and capital expenditures for 2014 | 910 | 1,211 |
Amount available from existing line of credit at the Company | $1,000 | ' |
Minimum period for which management believes it will have adequate resources to fund operations and capital expenditures | '12 months | ' |
Basis_of_Presentation_Details_
Basis of Presentation (Details Narrative) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | MTI Micro Fuel Cells Incorporated [Member] | |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Fair value of the current non-controlling interest (NCI) | ' | $0 |
Percentage of outstanding common stock owned | 47.50% | ' |
Number of outstanding common stock owned | 75,049,937 | ' |
Percentage of issued common stock and warrants owned | 54.00% | ' |
Warrants outstanding | 31,904,136 | ' |
Basis_of_Presentation_Details
Basis of Presentation (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Assets and liabilities of MTI Micro were not included in the consolidated balance sheet as a result of the VIE deconsolidation | ' |
Cash | $25 |
Prepaid expenses and other current assets | 1 |
Accounts payable | 3 |
Related party note payable | $380 |
Accounts_Receivable_Details
Accounts Receivable (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Concentration Risk [Line Items] | ' | ' |
Total Accounts receivables | $978 | $824 |
United States and State Government [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Total Accounts receivables | 199 | 37 |
Commercial [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Total Accounts receivables | $779 | $787 |
Accounts_Receivable_Details_Na
Accounts Receivable (Details Narrative) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Credit Concentration Risk [Member] | Credit Concentration Risk [Member] | Credit Concentration Risk [Member] | Credit Concentration Risk [Member] | ||
Accounts Receivable [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | Sales Revenue, Segment [Member] | Sales Revenue, Segment [Member] | Sales Revenue, Segment [Member] | Sales Revenue, Segment [Member] | |||
Commercial [Member] | Commercial [Member] | United States and State Government [Member] | United States and State Government [Member] | Commercial [Member] | Commercial [Member] | United States and State Government [Member] | United States and State Government [Member] | |||
Test and Measurement Instrumentation [Member] | Test and Measurement Instrumentation [Member] | Test and Measurement Instrumentation [Member] | Test and Measurement Instrumentation [Member] | Test and Measurement Instrumentation [Member] | Test and Measurement Instrumentation [Member] | Test and Measurement Instrumentation [Member] | Test and Measurement Instrumentation [Member] | |||
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration risk (as a percent) | ' | ' | 17.50% | 12.80% | 14.20% | 3.90% | 12.60% | 6.80% | 22.10% | 31.50% |
Allowance for doubtful trade accounts receivable | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Finished goods | $284 | $287 |
Work in process | 231 | 188 |
Raw materials | 336 | 267 |
Total Inventories | $851 | $742 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $2,282 | $2,248 |
Less: Accumulated depreciation | 2,145 | 2,102 |
Property, plant and equipment, net | 137 | 146 |
Machinery and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 852 | 810 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 33 | 32 |
Computers and related software [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 1,278 | 1,281 |
Office furniture and fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $119 | $125 |
Property_Plant_and_Equipment_D1
Property, Plant and Equipment (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Property, Plant and Equipment [Abstract] | ' | ' | ' | ' |
Depreciation expense | $22 | $65 | $68 | $91 |
Net gain on sale of equipment | ' | ' | 13 | 13 |
Proceeds from sale of equipment | ' | ' | ' | $13 |
Income_Taxes_Details_Narrative
Income Taxes (Details Narrative) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' |
Effective income tax rate (as a percent) | 8.20% | 43.60% | 1.70% | 47.40% | ' |
Statutory rate (as a percent) | 34.00% | ' | 34.00% | ' | ' |
Deferred tax assets | $1,500 | ' | $1,500 | ' | ' |
Valuation allowance | $16,900 | ' | $16,900 | ' | $16,800 |
Stockholders_Equity_Details
Stockholders' Equity (Details) | Sep. 30, 2014 |
Equity [Abstract] | ' |
Stock options outstanding | 709,721 |
Common stock available for future equity awards or issuance of options | 504,250 |
Number of common shares reserved | 1,213,971 |
Stockholders_Equity_Details_Na
Stockholders' Equity (Details Narrative) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
item | Equity Option [Member] | Equity Option [Member] | Equity Option [Member] | Equity Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' |
Par value (Per share) | $0.01 | $0.01 | ' | ' | ' | ' |
Number of votes to common stockholders | 1 | ' | ' | ' | ' | ' |
Common stock, share outstanding | 5,256,883 | 5,256,883 | ' | ' | ' | ' |
Potentially dilutive items excluded from computation of earnings per share (in shares) | ' | ' | 709,721 | 232,506 | 709,721 | 424,756 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Product revenue | $1,940 | $2,311 | $5,800 | $6,778 | ' |
Unfunded research and product development expenses | 309 | 301 | 1,041 | 948 | ' |
Selling, general and administrative expenses | 899 | 880 | 2,705 | 2,626 | ' |
Segment profit (loss) from operations before non-controlling interest | -49 | 259 | -302 | 566 | ' |
Segment profit (loss) | -53 | 164 | -307 | 350 | ' |
Total assets | ' | 4,634 | ' | 4,634 | ' |
Capital expenditures | ' | 26 | ' | 68 | ' |
Depreciation | ' | 22 | 65 | 68 | 91 |
Test and Measurement Instrumentation [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Product revenue | ' | 2,311 | ' | 6,778 | ' |
Unfunded research and product development expenses | ' | 301 | ' | 948 | ' |
Selling, general and administrative expenses | ' | 572 | ' | 1,582 | ' |
Segment profit (loss) from operations before non-controlling interest | ' | 438 | ' | 1,191 | ' |
Segment profit (loss) | ' | 438 | ' | 1,191 | ' |
Total assets | ' | 2,191 | ' | 2,191 | ' |
Capital expenditures | ' | 2 | ' | 44 | ' |
Depreciation | ' | 21 | ' | 62 | ' |
New Energy [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Product revenue | ' | ' | ' | ' | ' |
Unfunded research and product development expenses | ' | ' | ' | ' | ' |
Selling, general and administrative expenses | ' | 25 | ' | 67 | ' |
Segment profit (loss) from operations before non-controlling interest | ' | -33 | ' | -99 | ' |
Segment profit (loss) | ' | -34 | ' | -99 | ' |
Total assets | ' | 38 | ' | 38 | ' |
Capital expenditures | ' | ' | ' | ' | ' |
Depreciation | ' | ' | ' | 4 | ' |
Other [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Product revenue | ' | ' | ' | ' | ' |
Unfunded research and product development expenses | ' | ' | ' | ' | ' |
Selling, general and administrative expenses | ' | 283 | ' | 977 | ' |
Segment profit (loss) from operations before non-controlling interest | ' | -146 | ' | -526 | ' |
Segment profit (loss) | ' | -258 | ' | -794 | ' |
Total assets | ' | 2,405 | ' | 2,405 | ' |
Capital expenditures | ' | 24 | ' | 24 | ' |
Depreciation | ' | 1 | ' | 2 | ' |
Reconciling Items [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Product revenue | ' | ' | ' | ' | ' |
Unfunded research and product development expenses | ' | ' | ' | ' | ' |
Selling, general and administrative expenses | ' | ' | ' | ' | ' |
Segment profit (loss) from operations before non-controlling interest | ' | ' | ' | ' | ' |
Segment profit (loss) | ' | 18 | ' | 52 | ' |
Total assets | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | ' | ' | ' |
Depreciation | ' | ' | ' | ' | ' |
Segment_Information_Details_1
Segment Information (Details 1) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Segment Reporting [Abstract] | ' | ' |
Salaries and benefits | ($175) | ($442) |
Depreciation | -1 | -2 |
Income tax expense | -113 | -268 |
Other (expense) income, net | 31 | -82 |
Total “Other†segment loss | ($258) | ($794) |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Balance, January 1 | $17 | $20 |
Accruals for warranties issued | 14 | 22 |
Settlements made (in cash or in kind) | -7 | -12 |
Balance, end of period | $24 | $30 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details Narrative) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
item | |
Future minimum rental payments required under non-cancelable operating leases | ' |
Remaining in 2014 | $67 |
2015 | 221 |
2016 | 222 |
2017 | 224 |
2018 | 218 |
Thereafter | 204 |
Employment Agreement | ' |
Number of employees to whom termination payments is to be made under employment termination | 1 |
Potential minimum cash obligation due to employees under agreement | $68 |
Line_of_Credit_Details_Narrati
Line of Credit (Details Narrative) (USD $) | 0 Months Ended | |||
In Thousands, unless otherwise specified | 5-May-14 | Sep. 20, 2011 | Sep. 30, 2014 | Dec. 31, 2013 |
Revolving Credit Facility [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | |
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Maximum borrowing capacity | $1,000 | $400 | ' | ' |
Description of variable rate basis | 'LIBOR Daily Floating Rate | ' | ' | ' |
Basis spread on variable rate (as a percent) | 2.75% | ' | ' | ' |
Balance required to be hold by Company for 30 consecutive days | 0 | ' | ' | ' |
Period of consecutive days over which Company is required to hold a balance | '30 days | '30 days | ' | ' |
Period subsequent to July 31, 2015, the Company is required to hold a balance | '1 year | ' | ' | ' |
Amount outstanding | ' | ' | $0 | $0 |
Floor interest rate per annum (as a percent) | ' | 4.00% | ' | ' |
Stock_Based_Compensation_Detai
Stock Based Compensation (Details Narrative) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of shares of common stock which may be awarded or issued | 1,213,971 | ' |
Employee Stock Option [Member] | Equity Incentive Plan 2012 [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of shares of common stock which may be awarded or issued | 600,000 | ' |
Number of awards granted (in shares) | 140,000 | 298,000 |
Awards vesting percentage | 25.00% | 25.00% |
Exercise price of awards (in dollars per share) | $1.08 | ' |
Weighted average fair value of awards (in dollars per share) | $1.07 | $0.58 |
Employee Stock Option [Member] | Equity Incentive Plan 2012 [Member] | Minimum [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Exercise price of awards (in dollars per share) | ' | $0.46 |
Employee Stock Option [Member] | Equity Incentive Plan 2012 [Member] | Maximum [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Exercise price of awards (in dollars per share) | ' | $0.90 |
Employee Stock Option [Member] | Equity Incentive Plan 2014 [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of shares of common stock which may be awarded or issued | 500,000 | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details Narrative) (USD $) | 0 Months Ended | 9 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 18, 2013 | Sep. 30, 2014 | Dec. 31, 2013 |
Related Party Transaction [Line Items] | ' | ' | ' |
Percentage of outstanding common stock owned | ' | 47.50% | ' |
Number of outstanding common stock owned | ' | 75,049,937 | ' |
Percentage of issued common stock and warrants owned | ' | 54.00% | ' |
Warrants outstanding | ' | 31,904,136 | ' |
MTI Micro Fuel Cells Incorporated [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Face amount | $380 | ' | ' |
Conversion ratio | 0.07 | ' | ' |
Principal and interest are available to convert into shares of common stock | ' | 389 | 380 |
Warrants to purchase shares of Common Stock | ' | ' | 357,143 |
Exercise price | ' | ' | $0.07 |
Percentage of outstanding common stock owned | ' | 47.50% | ' |
Number of outstanding common stock owned | ' | 75,049,937 | ' |
Percentage of issued common stock and warrants owned | ' | 54.00% | ' |
Warrants outstanding | ' | 31,904,136 | ' |
Loudon Advisor [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Amount paid | ' | ' | $80 |