Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 28, 2014 | Jun. 30, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'Inrad Optics, Inc. | ' | ' |
Entity Central Index Key | '0000719494 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Trading Symbol | 'INRD | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 12,051,003 | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $1,659,539 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Current Assets: | ' | ' |
Cash and cash equivalents | $2,451,263 | $3,089,013 |
Accounts receivable (net of allowance for doubtful accounts of $15,000 in 2013 and 2012) | 1,236,958 | 1,557,930 |
Inventories, net | 3,129,855 | 3,596,646 |
Other current assets | 144,581 | 158,742 |
Total Current Assets | 6,962,657 | 8,402,331 |
Plant and Equipment: | ' | ' |
Plant and equipment at cost | 15,638,759 | 15,446,826 |
Less: Accumulated depreciation and amortization | -13,931,775 | -14,182,712 |
Total plant and equipment | 1,706,984 | 1,264,114 |
Precious Metals | 474,960 | 474,960 |
Deferred Income Taxes | 0 | 0 |
Goodwill | 311,572 | 311,572 |
Intangible Assets, net of accumulated amortization | 358,760 | 437,324 |
Other Assets | 33,122 | 534,838 |
Total Assets | 9,848,055 | 11,425,139 |
Current Liabilities: | ' | ' |
Current portion of long-term notes payable -other | 156,600 | 150,200 |
Accounts payable and accrued liabilities | 967,963 | 813,705 |
Customer advances | 146,784 | 297,251 |
Total Current Liabilities | 1,271,347 | 1,261,156 |
Related Party Convertible Notes Payable | 2,500,000 | 2,500,000 |
Long Term Notes Payable, net of current portion | 712,868 | 869,135 |
Total Liabilities | 4,484,215 | 4,630,291 |
Commitments | ' | ' |
Shareholders' Equity: | ' | ' |
Common stock: $.01 par value; 60,000,000 authorized shares 12,050,603 issued at December 31, 2013 and 11,881,724 issued at December 31, 2012 | 120,508 | 118,819 |
Capital in excess of par value | 18,293,782 | 18,076,518 |
Accumulated deficit | -13,035,500 | -11,385,539 |
Stockholders' Equity before Treasury Stock | 5,378,790 | 6,809,798 |
Less - Common stock in treasury, at cost (4,600 shares) | -14,950 | -14,950 |
Total Shareholders' Equity | 5,363,840 | 6,794,848 |
Total Liabilities and Shareholders' Equity | $9,848,055 | $11,425,139 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for doubtful accounts ( in dollars) | $15,000 | $15,000 |
Common stock, par value ( in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares issued | 12,050,603 | 11,881,724 |
Treasury stock, shares | 4,600 | 4,600 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Revenues | ' | ' | ' |
Net sales | $11,235,654 | $11,403,827 | $13,177,194 |
Cost and expenses | ' | ' | ' |
Cost of goods sold | 9,247,515 | 8,913,178 | 9,614,875 |
Restructuring costs | 312,778 | 0 | 0 |
Selling, general and administrative expense | 3,172,512 | 3,339,365 | 3,255,073 |
Costs and Expenses, Total | 12,732,805 | 12,252,543 | 12,869,948 |
Operating (loss) income | -1,497,151 | -848,716 | 307,246 |
Other income (expense), net | ' | ' | ' |
Interest expense, net | -185,770 | -164,117 | -130,497 |
Gain (loss) on sale or disposal of plant and equipment | 32,960 | 0 | -1,003 |
Nonoperating Income (Expense) | -152,810 | -164,117 | -131,500 |
(Loss) income before income taxes | -1,649,961 | -1,012,833 | 175,746 |
Income tax provision | 0 | 408,000 | 11,000 |
Net (loss) income | ($1,649,961) | ($1,420,833) | $164,746 |
Net (loss) income per share - basic (in dollars per share) | ($0.14) | ($0.12) | $0.01 |
Net (loss) income per share - diluted (in dollars per share) | ($0.14) | ($0.12) | $0.01 |
Weighted average shares outstanding - basic (in shares) | 11,975,900 | 11,825,583 | 11,658,891 |
Weighted average shares outstanding - diluted (in shares) | 11,975,900 | 11,825,583 | 11,753,669 |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) | Total | Common Stock [Member] | Capital in excess of par value [Member] | Accumulated Deficit [Member] | Treasury Stock [Member] |
Balance at Dec. 31, 2010 | $7,373,752 | $115,626 | $17,402,528 | ($10,129,452) | ($14,950) |
Balance (in shares) at Dec. 31, 2010 | ' | 11,562,656 | ' | ' | ' |
401K contribution | 129,998 | 1,249 | 128,749 | 0 | 0 |
401K contribution (in shares) | ' | 124,669 | ' | ' | ' |
Common stock issued on exercise of options | 19,000 | 200 | 18,800 | 0 | 0 |
Common stock issued on exercise of options (in shares) | 20,000 | 20,000 | ' | ' | ' |
Common stock issued on vesting of stock grants | -740 | 62 | -802 | 0 | 0 |
Common stock issued on vesting of stock grants (in shares) | ' | 6,239 | ' | ' | ' |
Stock-based compensation expense | 171,239 | 0 | 171,239 | 0 | 0 |
Net income(loss) for the year | 164,746 | 0 | 0 | 164,746 | 0 |
Balance at Dec. 31, 2011 | 7,857,995 | 117,137 | 17,720,514 | -9,964,706 | -14,950 |
Balance (in shares) at Dec. 31, 2011 | ' | 11,713,564 | ' | ' | ' |
401K contribution | 151,775 | 1,525 | 150,250 | 0 | 0 |
401K contribution (in shares) | ' | 152,460 | ' | ' | ' |
Common stock issued on exercise of options | 5,349 | 107 | 5,242 | 0 | 0 |
Common stock issued on exercise of options (in shares) | 10,700 | 10,700 | ' | ' | ' |
Common stock issued on vesting of stock grants | 0 | 50 | -50 | 0 | 0 |
Common stock issued on vesting of stock grants (in shares) | ' | 5,000 | ' | ' | ' |
Stock-based compensation expense | 200,562 | 0 | 200,562 | 0 | 0 |
Net income(loss) for the year | -1,420,833 | 0 | 0 | -1,420,833 | 0 |
Balance at Dec. 31, 2012 | 6,794,848 | 118,819 | 18,076,518 | -11,385,539 | -14,950 |
Balance (in shares) at Dec. 31, 2012 | ' | 11,881,724 | ' | ' | ' |
401K contribution | 80,922 | 1,639 | 79,283 | 0 | 0 |
401K contribution (in shares) | ' | 163,879 | ' | ' | ' |
Common stock issued on exercise of options (in shares) | 0 | ' | ' | ' | ' |
Common stock issued on vesting of stock grants | 0 | 50 | -50 | 0 | 0 |
Common stock issued on vesting of stock grants (in shares) | ' | 5,000 | ' | ' | ' |
Stock-based compensation expense | 138,031 | 0 | 138,031 | 0 | 0 |
Net income(loss) for the year | -1,649,961 | 0 | 0 | -1,649,961 | 0 |
Balance at Dec. 31, 2013 | $5,363,840 | $120,508 | $18,293,782 | ($13,035,500) | ($14,950) |
Balance (in shares) at Dec. 31, 2013 | ' | 12,050,603 | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Cash flows from operating activities: | ' | ' | ' |
Net (loss) income | ($1,649,961) | ($1,420,833) | $164,746 |
Adjustments to reconcile net (loss) income to net cash (used in) operating activities: | ' | ' | ' |
Depreciation and amortization | 586,636 | 650,170 | 835,788 |
401K common stock contribution | 80,922 | 151,775 | 129,998 |
Deferred income taxes | 0 | 408,000 | 0 |
(Gain) loss on sale or disposal of plant and equipment | -32,960 | 0 | 1,003 |
Stock-based compensation expense | 138,031 | 200,562 | 171,239 |
Change in inventory reserve | 161,311 | 194,695 | 55,174 |
Changes in operating assets and liabilities: | ' | ' | ' |
Accounts receivable | 320,972 | 494,957 | 171,705 |
Inventories | 305,480 | -881,821 | -573,818 |
Other current assets | 14,161 | 26,556 | -66,055 |
Other assets | 1,716 | 1,718 | 10,679 |
Accounts payable and accrued liabilities | 154,258 | -64,052 | 41,567 |
Customer advances | -150,467 | 30,433 | -175,169 |
Accrued interest on Related Party Convertible Note Payable | 0 | 0 | -1,125,000 |
Total adjustments | 1,580,060 | 1,212,993 | -522,889 |
Net cash (used in) operating activities | -69,901 | -207,840 | -358,143 |
Cash flows from investing activities: | ' | ' | ' |
Purchase of plant and equipment | -455,982 | -292,603 | -303,999 |
Down payment on purchase of equipment | 0 | -500,000 | 0 |
Purchase of precious metals | 0 | 0 | -317,517 |
Proceeds from disposal of plant and equipment | 38,000 | 0 | 6,000 |
Net cash (used in) investing activities | -417,982 | -792,603 | -615,516 |
Cash flows from financing activities: | ' | ' | ' |
Net proceeds from issuance of common stock | 0 | 5,349 | 18,260 |
Proceeds from term note payable | 0 | 750,000 | 0 |
Principal payments of notes payable-other | -149,867 | -66,098 | -9,441 |
Net cash (used in) provided by financing activities | -149,867 | 689,251 | 8,819 |
Net (decrease) in cash and cash equivalents | -637,750 | -311,192 | -964,840 |
Cash and cash equivalents at beginning of the year | 3,089,013 | 3,400,205 | 4,365,045 |
Cash and cash equivalents at end of the year | 2,451,263 | 3,089,013 | 3,400,205 |
Supplemental Disclosure of Cash Flow Information: | ' | ' | ' |
Interest paid | 191,000 | 181,000 | 1,289,000 |
Income taxes paid | $2,000 | $12,000 | $18,000 |
Nature_of_Business_and_Operati
Nature of Business and Operations and Summary of Significant Accounting Policies and Estimates | 12 Months Ended | ||
Dec. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Significant Accounting Policies [Text Block] | ' | ||
1 | Nature of Business and Operations and Summary of Significant Accounting Policies and Estimates | ||
a. | Nature of Business and Operations | ||
Inrad Optics, Inc. and Subsidiaries (the “Company”), formerly known as Photonic Products Group, Inc., was incorporated in the state of New Jersey and is a manufacturer of crystals, crystal devices, electro-optic and optical components, and sophisticated laser devices and instruments. The Company has manufacturing operations in Northvale, New Jersey and Sarasota, Florida. The Company announced plans to relocate the Sarasota operation to Northvale, New Jersey and expects to vacate the facility by March 31, 2014 when the operations have been fully consolidated within the Northvale facility. | |||
The Company’s principal customers include commercial instrumentation companies and OEM laser systems manufacturers, research laboratories, government agencies, and defense contractors. The Company’s products are sold domestically using its own sales staff, and in major overseas markets, principally Europe, Israel, Japan, and Asia, using independent sales agents. | |||
b. | Principles of consolidation | ||
The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Upon consolidation, all inter-company accounts and transactions are eliminated. | |||
c. | Use of estimates | ||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from these estimates. | |||
d. | Cash and cash equivalents | ||
The Company considers cash-on-hand and highly liquid investments with original maturity dates of three months or less at the date of purchase to be cash and cash equivalents. Investments with original maturity dates exceeding three months are separately disclosed on the Consolidated Balance Sheets and as cash flows from investing activities on the Consolidated Statements of Cash Flows. | |||
e. | Accounts receivable | ||
Accounts receivable are carried at net realizable value, net of write-offs and allowances. The Company establishes an allowance for doubtful accounts based on estimates as to the collectability of accounts receivable. Management specifically analyzes past-due accounts receivable balances and, additionally, considers bad debt history, customer credit-worthiness, current economic trends and changes in customer payment terms when evaluating the adequacy of the allowance for doubtful accounts. Uncollectible accounts receivable are written-off when it is determined that the balance will not be collected. | |||
f. | Inventories | ||
Inventories are stated at the lower of cost (first-in, first-out method) or market. Cost of manufactured goods includes material, labor and overhead. | |||
The Company records a reserve for slow moving inventory as a charge against earnings for all products identified as surplus, slow moving or discontinued. Excess work-in-process costs are charged against earnings whenever estimated costs-of-completion exceed unbilled revenues. | |||
g. | Plant and Equipment | ||
Plant and equipment are depreciated using the straight-line method over the estimated useful lives of the related assets which range between five and seven years. Amortization of leasehold improvements is computed using the straight-line method over the lesser of 10 years or the remaining term of the lease including optional renewal periods, as appropriate, when failure to renew the lease imposes an economic penalty on the Company in such an amount that renewal appears to be probable. In determining the amount of the economic penalty, management considers such factors as (i) the costs associated with the physical relocation of the offices, manufacturing facility and equipment, (ii) the economic risks associated with business interruption and potential customer loss during relocation and transition to new premises (iii) the significant costs of leasehold improvements required at any new location to custom fit our specific manufacturing requirements, and (iv) the economic loss associated with abandonment of existing leasehold improvements or other assets whose value would be impaired by vacating the facility. | |||
Maintenance and repairs of property and equipment are charged to operations and major improvements are capitalized. Upon retirement, sale or other disposition of property and equipment, the cost and accumulated depreciation are eliminated from the accounts and a gain or loss is recorded. | |||
h. | Income taxes | ||
Deferred taxes are provided on the asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the amounts of assets and liabilities recorded for income tax and financial reporting purposes. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. | |||
The Company recognizes the financial statement benefit of an uncertain tax position only after determining that the relevant tax authority would more likely than not sustain the position. For tax positions meeting the more likely than not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 % likelihood of being realized upon ultimate settlement with the relevant tax authority. | |||
The Company classifies interest and penalties related to income taxes as income tax expense in its Consolidated Financial Statements. | |||
The Company had no unrecognized tax benefits or liabilities, and no adjustment to its financial position, results of operations, or cash flows relating to uncertain tax positions taken on all open tax years. The Company is no longer subject to federal, state or local income tax examinations by tax authorities for the years before 2010. | |||
i. | Impairment of long-lived assets | ||
Long-lived assets, such as plant and equipment and purchased intangibles with finite lives, which are subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the assets. Long-lived assets held for sale would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell and would no longer be depreciated. | |||
j. | Goodwill and intangible assets with indefinite lives | ||
Goodwill represents the excess of purchase price and related costs over the fair value assigned to the net tangible and identifiable assets of business acquisitions. Goodwill and intangible assets with indefinite lives are not amortized. The Company tests for impairment of goodwill and intangible assets with indefinite lives on an annual basis in December of each year, or more frequently whenever events occur or circumstances exist that indicates that impairment may exist. | |||
k. | Stock-based compensation | ||
Stock based compensation expense is estimated at the grant date based on the fair value of the award. The Company estimates the fair value of stock options granted using the Black-Scholes option pricing model. The fair value of restricted stock units granted is estimated based on the closing market price of the Company’s common stock on the date of the grant. The fair value of these awards, adjusted for estimated forfeitures, is amortized over the requisite service period of the award, which is generally the vesting period. | |||
l. | Revenue recognition | ||
The Company records revenue from the sale of products and services used in the photonics industry when all four of the following criteria are met: | |||
· | persuasive evidence of an arrangement exists; | ||
· | delivery has occurred or services have been rendered; | ||
· | the sales price is fixed or determinable; and | ||
· | collectability is reasonably assured. | ||
Losses on contracts in progress are recorded when identified. | |||
m. | Internal research and development costs | ||
Internal research and development costs are charged to expense as incurred. | |||
n. | Precious metals | ||
Precious metals consist of various fixtures used in the high temperature crystal growth manufacturing process. They are valued at the lower of cost or net realizable value. | |||
o. | Advertising costs | ||
Advertising costs included in selling, general and administrative expenses were $8,900, $8,500 and $16,000 for the years ended December 31, 2013, 2012 and 2011, respectively. Advertising costs are charged to expense when the related services are incurred or related events take place. | |||
p. | Concentrations and credit risk | ||
The Company may invest its excess cash in certificates of deposits with major financial institutions. Generally, the investments range over a variety of maturity dates usually, within three to nine months, and therefore, are subject to little risk. The Company has not experienced losses related to these investments. | |||
The concentration of credit risk in the Company’s accounts receivable is mitigated by the Company’s credit evaluation process, familiarity with its small base of recurring customers and reasonably short collection terms and the geographical dispersion of revenue. The Company generally does not require collateral but, in some cases, the Company negotiates cash advances prior to the undertaking of the work. These cash advances are recorded as current liabilities on the balance sheet until corresponding revenues are realized. | |||
The Company utilizes many relatively uncommon materials and compounds to manufacture its products and relies on outside vendors for certain manufacturing services. Therefore, any failure by its suppliers to deliver materials of an adequate quality and quantity could have an adverse effect on the Company’s ability to meet the commitments of its customers. | |||
For the year ended December 31, 2013, the Company’s top five customer accounts in the aggregate represented approximately 37.7% of total revenues, and the top three customers accounted for 24.9% of revenues. These three customers each represented approximately 9.4%, 8.2% and 7.3% of sales, respectively. Since the Company is a supplier of custom manufactured components to OEM customers, the relative size and identity of the largest customer accounts changes somewhat from year to year. In the short term, the loss of any one of these large customer accounts could have a material adverse effect on business, results of operations, and financial condition. | |||
q. | Fair value measurements | ||
The Company follows U.S. GAAP accounting guidance which establishes a framework for measuring fair value and expanded related disclosures. The framework requires fair value to be determined based on the exchange price that would be received for an asset, or paid to transfer a liability (an exit price), in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. | |||
The valuation techniques required are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. The accounting guidance requires the following fair value hierarchy: | |||
· | Level 1 - Quoted prices (unadjusted) for identical assets and liabilities in active markets that the Company has the ability to access at the measurement date. | ||
· | Level 2 - Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; and inputs other than quoted prices that are observable for the asset or liability, including interest rates, yield curves and credit risks, or inputs that are derived principally from or corroborated by observable market data through correlation. | ||
· | Level 3 - Values determined by models, significant inputs to which are unobservable and are primarily based on internally derived assumptions regarding the timing and amount of expected cash flows. | ||
Long-lived assets, including goodwill and other intangible assets, may be measured at fair value if such assets are held for sale or if there is a determination that the asset is impaired. Managements’ determination of fair value, although highly subjective, is based on the best information available, including internal projections of future earnings and cash flows discounted at an appropriate interest rate, quoted market prices when available, market prices for similar assets, broker quotes and independent appraisals, as appropriate. | |||
r. | New Accounting Guidance | ||
In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” ASU 2013-11 clarifies the financial statement presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. ASU 2013-11 is effective for interim and annual reporting periods beginning after December 15, 2013 and should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Management does not expect the adoption of ASU 2013-11 to have a material impact on the Company’s financial position, results of operations or cash flows. | |||
No other recently issued accounting guidance was determined to be significant to the Company. | |||
Inventories_net
Inventories, net | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Inventory Disclosure [Abstract] | ' | ||||||
Inventory Disclosure [Text Block] | ' | ||||||
2 | Inventories, net | ||||||
Inventories are comprised of the following and are shown net of inventory reserves of approximately $1,666,000 for 2013 and $1,505,000 for 2012: | |||||||
December 31, | |||||||
2013 | 2012 | ||||||
(In thousands) | |||||||
Raw materials | $ | 1,012 | $ | 1,267 | |||
Work in process, including manufactured parts and components | 1,155 | 1,291 | |||||
Finished goods | 963 | 1,039 | |||||
$ | 3,130 | $ | 3,597 | ||||
Plant_and_Equipment
Plant and Equipment | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | |||||||
3 | Plant and Equipment | |||||||
Plant and equipment are comprised of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Office and computer equipment | $ | 1,292 | $ | 1,508 | ||||
Machinery and equipment | 12,045 | 11,700 | ||||||
Leasehold improvements | 2,302 | 2,239 | ||||||
15,639 | 15,447 | |||||||
Less accumulated depreciation and amortization | -13,932 | -14,183 | ||||||
$ | 1,707 | $ | 1,264 | |||||
Depreciation expense recorded by the Company totaled approximately $508,000, $571,000 and $757,000 for 2013, 2012 and 2011, respectively. Plant and equipment with a net book value of $5,040 and $7,003 was disposed of in 2012 and 2011, respectively. | ||||||||
At December 31, 2012, the Company had an outstanding commitment to purchase new equipment for $825,000. In 2012, the Company made a down-payment of $500,000 on the equipment. This amount was included with Other Assets as of December 31, 2012. In March of 2013, an additional installment payment of $242,500 was made upon delivery of the equipment to the Company’s Northvale location. The balance of the purchase price of $82,500 was paid in the second quarter of 2013 when the equipment was placed in service. The full amount of the asset is included in Machinery and Equipment at December 31, 2013. | ||||||||
The Company evaluates its property and equipment and intangible assets with finite lives for impairment when events or circumstances indicate and impairment may exist. Based on this evaluation, the Company concluded that, at December 31, 2013, its long-lived assets were not impaired. | ||||||||
Goodwill
Goodwill | 12 Months Ended | ||
Dec. 31, 2013 | |||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||
Goodwill Disclosure [Text Block] | ' | ||
4 | Goodwill | ||
The carrying value of goodwill was approximately $312,000 at December 31, 2013 and 2012. | |||
The Company tests for impairment of goodwill in December of each year. The testing for goodwill impairment initially involves an assessment of qualitative factors. This assessment serves as the basis for determining whether it is more likely than not, which is defined as greater than 50%, that the fair value of the reporting unit is less than its carrying amount, including goodwill. In assessing the qualitative factors, the Company considers factors such as economic conditions, industry and market considerations, cost factors, overall financial performance and other relevant events that may affect the reporting unit. If after assessing the totality of events and circumstances involving the reporting unit it is determined that it is not more likely than not that the fair value of the reporting unit is less than its carrying amount, then it is not necessary to perform the more detailed two-step process. If the assessment determines that it is more likely than not that the fair value of the reporting unit is less that its carrying amount an additional two-step process is followed for testing impairment of the goodwill. The first step compares the fair value of each reporting unit to its carrying value. If the fair value of the reporting unit exceeds its carrying amount, goodwill is not considered to be impaired as of the measurement date. Otherwise, if the carrying value exceeds the fair value, a second step must be followed to determine the level of impairment. In establishing the fair value of the reporting unit, the Company uses both a market based approach and an income based approach as part of its valuation methodology. Since quoted market prices in an active market are not separately available for the Company’s reporting units, the market based method estimates the fair value of the reporting unit utilizing an industry multiple of projected earnings before interest taxes, depreciation and amortization (“EBITDA”). Due to the small capitalization value of the Company, the low trading volume of its stock and the niche market served by its products, the application of available industry comparables in establishing fair value requires a high degree of management judgment, and the actual fair value that could be realized could differ from those used to evaluate the impairment of goodwill. The income approach determines fair value based on the estimated discounted cash flows that each reporting unit is expected to generate in the future. For each method, the sensitivity of key assumptions are tested by using a range of estimates and the results of each method are corroborated as part of management’s determination of fair value. | |||
The second step of the testing process, if necessary, involves calculating the fair value of the individual assets and liabilities of the reporting unit and measuring the implied fair value of the goodwill against its carrying value to determine whether an adjustment to the carrying value of goodwill is required. This process also has inherent risks and uncertainties and requires significant management judgment. | |||
Based on the results of the tests performed, management concluded that there is no impairment of goodwill at December 31, 2013. | |||
Intangible_Assets
Intangible Assets | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||
Intangible Assets Disclosure [Text Block] | ' | ||||||||||
5 | Intangible Assets | ||||||||||
Intangible assets include acquired intangible assets with finite lives, consisting principally of non-contractual customer relationships, completed technology and trademarks. Intangible assets with finite lives are amortized on a straight-line basis over the assets’ estimated useful life up to 14 years. The Company evaluates whether events or circumstances have occurred indicating the carrying amount of intangible assets may not be recoverable. When factors indicate that intangible assets should be evaluated for possible impairment, the Company uses an estimate of the associated undiscounted future cash flows compared to the related carrying amount of assets to determine if an impairment loss should be recognized. An impairment loss is recognized to the extent that the carrying amount exceeds the asset’s fair value. | |||||||||||
Amortization expense was approximately $79,000 for each of the years ended December 31, 2013 and 2012. Aggregate amortization for the next five years is expected to be approximately $359,000, accumulating at the rate of $79,000 per year. The weighted average remaining life of the Company’s intangible assets is approximately 4.5 years. | |||||||||||
The following schedule details the Company’s intangible asset balance by major asset class. | |||||||||||
At December 31, 2013 | |||||||||||
Gross Carrying | Accumulated | Net Carrying | |||||||||
Amount | Amortization | Amount | |||||||||
(In thousands) | |||||||||||
Customer-related | $ | 550 | $ | -373 | $ | 177 | |||||
Completed technology | 363 | -245 | 118 | ||||||||
Trademarks | 187 | -123 | 64 | ||||||||
Total | $ | 1,100 | $ | -741 | $ | 359 | |||||
At December 31, 2012 | |||||||||||
Gross Carrying | Accumulated | Net Carrying | |||||||||
Amount | Amortization | Amount | |||||||||
(In thousands) | |||||||||||
Customer-related | $ | 550 | $ | -333 | $ | 217 | |||||
Completed technology | 363 | -219 | 144 | ||||||||
Trademarks | 187 | -111 | 76 | ||||||||
Total | $ | 1,100 | $ | -663 | $ | 437 | |||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | ||
Dec. 31, 2013 | |||
Related Party Transactions [Abstract] | ' | ||
Related Party Transactions Disclosure [Text Block] | ' | ||
6 | Related Party Transactions | ||
In July 2012, the maturity dates of a $1,500,000 Subordinated Convertible Promissory Note to Clarex Limited (“Clarex”) and a $1,000,000 Subordinated Convertible Promissory Note to an affiliate of Clarex were extended to April 1, 2015 from April 1, 2013. The remaining terms and conditions of the notes were unchanged. The notes were previously issued on April 1, 2009 and had a maturity date of April 1, 2011 which was extended to April 1, 2013. The notes bear simple interest at 6% per annum. Interest accrues yearly, is payable on maturity and unpaid interest along with principal may be converted into securities of the Company as follows: The notes are convertible in the aggregate into 1,500,000 Units and 1,000,000 Units, respectively, with each unit consisting of one share of common stock and one warrant. Each warrant allows the holder to acquire 0.75 shares of common stock at a price of $1.35 per share and have an expiration date of April 1, 2016. Clarex is a significant shareholder of the Company. | |||
The Company paid $150,000 for the current interest on the notes in 2013, 2012 and 2011, respectively. During 2011, the Company also paid the accrued interest of $645,000 and $480,000 on the $1,500,000 note and the $1,000,000 note, respectively, that was outstanding as of December 31, 2010. The Company expects to continue to make quarterly interest payments of $37,500 through the maturity dates of the notes. | |||
Other_Long_Term_Notes
Other Long Term Notes | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Liabilities Disclosure [Abstract] | ' | |||||||
Other Liabilities Disclosure [Text Block] | ' | |||||||
7 | Other Long Term Notes | |||||||
On July 26, 2012, the Company entered into a term loan agreement in the amount of $750,000 with Valley National Bank, Wayne, NJ. The loan is payable in equal month installments over five years beginning in August 2012 and bears an interest rate of 4.35% annually. The loan is secured with a Note and a security interest in new equipment, which the Company placed in service in 2013. In 2012, the Company made a down-payment of $500,000 on the equipment which is included in Other Assets in the accompanying consolidated balance sheet. The balance of the purchase price of $325,000 was paid in 2013 when the equipment was placed in service. The full amount of the asset is included in Machinery and Equipment at December 31, 2013. | ||||||||
The Company also has a note payable to the U.S. Small Business Administration which bears interest at the rate of 4.0% and is due in 2032. | ||||||||
Other Long Term Notes consist of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Term Note Payable, payable in equal monthly installments of $13,953 and bearing an interest rate of 4.35% and expiring in July 2017 | $ | 554 | $ | 694 | ||||
U.S. Small Business Administration term note payable in monthly installments of $1,922 and bearing an interest rate of 4.0% and expiring in April 2032. | $ | 315 | $ | 325 | ||||
869 | 1,019 | |||||||
Less current portion | -156 | -150 | ||||||
Other Long Term Notes, excluding current portion | $ | 713 | $ | 869 | ||||
Other Long Term Notes mature as follows: | ||||||||
Year ending December 31: | (In thousands) | |||||||
2014 | $ | 156 | ||||||
2015 | 164 | |||||||
2016 | 171 | |||||||
2017 | 108 | |||||||
2018 | 12 | |||||||
Thereafter | 258 | |||||||
$ | 869 | |||||||
Accounts_Payable_and_Accrued_L
Accounts Payable and Accrued Liabilities | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ' | |||||||
8 | Accounts Payable and Accrued Liabilities | |||||||
Accounts payable and accrued expenses are comprised of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Trade accounts payable and accrued purchases | $ | 339 | $ | 457 | ||||
Accrued payroll | 127 | 131 | ||||||
Accrued 401K company matching contribution | 141 | 162 | ||||||
Accrued Restructuring costs | 297 | — | ||||||
Accrued expenses – other | 64 | 64 | ||||||
$ | 968 | $ | 814 | |||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||||
9 | Income Taxes | ||||||||||
The Company’s income tax provision consists of the following: | |||||||||||
Years Ended December 31, | |||||||||||
(In thousands) | |||||||||||
2013 | 2012 | 2011 | |||||||||
Current: | |||||||||||
Federal provision for AMT | $ | — | $ | — | $ | 6 | |||||
State provision | — | — | 5 | ||||||||
— | — | 11 | |||||||||
Deferred: | |||||||||||
Federal tax provision | — | 408 | — | ||||||||
State | — | — | — | ||||||||
— | 408 | — | |||||||||
Total | $ | — | $ | 408 | $ | 11 | |||||
A reconciliation of the income tax provision computed at the statutory Federal income tax rate to our effective income tax rate follows (in percent): | |||||||||||
Years Ended | |||||||||||
December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Federal statutory rate | -34 | % | -34 | % | 34 | % | |||||
State statutory rate | -7.8 | -8 | 8 | ||||||||
Change in Valuation Allowance | 34.2 | 59.5 | -41.5 | ||||||||
Permanent Differences | -0.5 | 8.6 | 6.7 | ||||||||
Prior year adjustments | 12.5 | 13.4 | — | ||||||||
Other | -4.4 | 0.8 | -0.9 | ||||||||
Effective income tax rate | — | % | 40.3 | % | 6.3 | % | |||||
At December 31, 2013, the Company had estimated Federal and State net operating loss carry forwards of approximately $7,124,000 and $2,463,000, respectively. These tax loss carry forwards expire at various dates through 2032. | |||||||||||
Internal Revenue Code Section 382 places a limitation on the utilization of Federal net operating loss and other credit carry forwards when an ownership change, as defined by the tax law, occurs. Generally, this occurs when a greater than 50 percentage point change in ownership occurs. Accordingly, the actual utilization of the net operating loss and carryforwards for tax purposes may be limited annually to a percentage (based on the risk free interest rate) of the fair market value of the Company at the time of any such ownership change. The Company has not prepared an analysis of ownership changes but does not believe that a greater than 50% change of ownership has occurred and such limitations would not apply to the Company. | |||||||||||
Deferred tax assets (liabilities) are comprised of the following: | |||||||||||
December 31, | |||||||||||
2013 | 2012 | ||||||||||
(In thousands) | |||||||||||
Account receivable reserves | $ | 7 | $ | 7 | |||||||
Inventory reserves | 700 | 633 | |||||||||
Inventory capitalization | 131 | 137 | |||||||||
Depreciation | 192 | 45 | |||||||||
Loss carry forwards | 2,590 | 2,233 | |||||||||
Gross deferred tax assets | 3,620 | 3,055 | |||||||||
Valuation allowance | -3,620 | -3,055 | |||||||||
Net deferred tax asset | $ | — | $ | — | |||||||
In evaluating the Company’s ability to recover deferred tax assets in future periods, management considers the available positive and negative factors, including the Company’s recent operating results, the existence of cumulative losses and near term forecasts of future taxable income that is consistent with the plans and estimates management is using to manage the underlying business. A significant piece of objective negative evidence evaluated was the cumulative loss incurred by the Company over the three-year period ended December 31, 2012. Such objective evidence limits the ability to consider other subjective evidence such as our projections for future growth. | |||||||||||
On the basis of this evaluation, as of December 31, 2013 and 2012, the Company concluded it was more likely than not that it would not be able to realize any portion of the benefit on the deferred tax assets and the valuation allowance was increased by $565,000 and $603,000, respectively, to provide a full valuation against the deferred tax assets. | |||||||||||
The Company files income tax returns in the United States, which typically provides for a three-year statute of limitations on assessments. The Company is no longer subject to federal, state or local income tax examinations by tax authorities for the years before 2010. | |||||||||||
The guidance for accounting for uncertainties in income taxes requires that we recognize the financial statement effects of a tax position when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. There were no unrecognized tax benefits that impacted our effective tax rate and accordingly, there was no material effect to our financial position, results of operations or cash flows. | |||||||||||
Our policy is to recognize interest and penalties related to the underpayment of income taxes as a component of income tax expense. To date, there have been no interest or penalties charged to us in relation to the underpayment of income taxes. | |||||||||||
We do not anticipate that our unrecognized tax benefits will significantly increase in the next 12 months. | |||||||||||
Equity_Compensation_Program_an
Equity Compensation Program and Stock-based Compensation | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ' | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||
10 | Equity Compensation Program and Stock-based Compensation | ||||||||||||||
a. | 2010 Equity Compensation Program | ||||||||||||||
The Company’s 2010 Equity Compensation Program was approved by the shareholders of the Company at the Annual Meeting which was held on June 2, 2010. The Company’s 2010 Equity Compensation Program provides for grants of options, stock appreciation rights and restricted stock awards to employees, officers, directors, and others who render services to the Company. The Program is comprised of four parts including: (i) the Incentive Stock Option Plan which provides for grants of “incentive stock options”, (ii) the Supplemental Stock Option Plan which provides for grants of stock options that shall not be “incentive stock options”, (iii) the Stock Appreciation Rights Plan which allows the granting of stock appreciation rights and, (iv) the Restricted Stock Award Plan which provides for the granting of restrictive shares of Common Stock and restricted stock units. The plan is administered by the Compensation Committee of the Board of Directors. Under this plan, an aggregate of up to 4,000,000 shares of common stock may be granted. | |||||||||||||||
b. | 2000 Equity Compensation Program | ||||||||||||||
The Company’s 2000 Equity Compensation Program expired on June 2, 2010. All outstanding grants of options, stock appreciation rights and performance shares issued under the Program will remain outstanding and shall expire on the date determined by the terms of the original grant. The latest date of expiration for outstanding grants under the plan is March 28, 2020. | |||||||||||||||
c. | Stock Option Expense | ||||||||||||||
The Company's results for the years ended December 31, 2013, 2012 and 2011 include stock-based compensation expense for stock option grants totaling $133,000, $196,000 and $165,000, respectively. Such amounts have been included in the Consolidated Statements of Operations within cost of goods sold ($71,000 for 2013, $100,000 for 2012 and $68,000 for 2011), and selling, general and administrative expenses ($62,000 for 2013, $96,000 for 2012 and $97,000 for 2011). | |||||||||||||||
As of December 31, 2013, 2012 and 2011, there were $92,000, $199,000 and $382,000 of unrecognized compensation costs, net of estimated forfeitures, related to non-vested stock options, which are expected to be recognized over a weighted average period of approximately .7 years, 2 years and 2.3 years, respectively. | |||||||||||||||
The weighted average estimated fair value of stock options granted in the three years ended December 31, 2013, 2012 and 2011 was $0.27, $0.43 and $0.86, respectively. The Company uses the Black-Scholes option pricing model to calculate the grant-date fair value of an option award. The Company assumes a dividend yield of zero, as the Company has not paid dividends in the past and does not expect to in the foreseeable future. The expected volatility is based upon the historical volatility of our common stock which the Company believes results in the best estimate of the grant-date fair value of employee stock options because it reflects the market’s current expectations of future volatility. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of the grant with maturity dates approximately equal to the expected life at the grant date. The expected life is based upon the period of expected benefit based on the Company’s evaluation of historical and expected future employee exercise behavior. | |||||||||||||||
The following range of weighted-average assumptions were used for to determine the fair value of stock option grants during the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||
Years Ended | |||||||||||||||
December 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Dividend yield | — | % | — | % | — | % | |||||||||
Volatility | 98 – 114 | % | 91 | % | 94 – 100 | % | |||||||||
Risk-free interest rate | 1.9 – 2.7 | % | 1.6 | % | 2.0 - 3.4 | % | |||||||||
Expected life | 10 years | 10 years | 10 years | ||||||||||||
d. | Stock Option Activity | ||||||||||||||
A summary of the Company’s outstanding stock options as of and for the years ended December 31, 2013, 2012 and 2011 is presented below: | |||||||||||||||
Options | Weighted | Weighted | Aggregate | ||||||||||||
Average | Average | Intrinsic | |||||||||||||
Exercise | Remaining | Value(a) | |||||||||||||
Price | Contractual | ||||||||||||||
Term | |||||||||||||||
(In Years) | |||||||||||||||
Outstanding as of January 1, 2011 | 798,476 | $ | 1.13 | ||||||||||||
Granted | 409,600 | 0.97 | |||||||||||||
Exercised | -20,000 | 0.95 | |||||||||||||
Forfeited/Expired | -108,400 | 1.66 | |||||||||||||
Outstanding as of December 31, 2011 | 1,079,676 | 1.02 | |||||||||||||
Granted | 30,000 | 0.5 | |||||||||||||
Exercised | -10,700 | 0.5 | |||||||||||||
Forfeited/Expired | -137,153 | 1.06 | |||||||||||||
Outstanding as of December 31, 2012 | 961,823 | 1 | |||||||||||||
Granted | 95,000 | 0.3 | |||||||||||||
Exercised | — | — | |||||||||||||
Forfeited /Expired | -77,802 | 0.67 | |||||||||||||
Outstanding as of December 31, 2013(b) | 979,021 | $ | 0.96 | 5.7 | — | ||||||||||
Exercisable as of December 31, 2013 | 772,113 | $ | 0.61 | 5.3 | — | ||||||||||
(a) Intrinsic value for purposes of this table represents the amount by which the fair value of the underlying stock, based on the respective market prices as of December 31, 2013 exceeds the exercise prices of the respective options. All of the options used in the calculation of the aggregate intrinsic value for outstanding options are exercisable as of December 31, 2013. | |||||||||||||||
(b) Based on the Company’s historical forfeiture rate, the number of options expected to vest is the same as the total outstanding at December 31, 2013. | |||||||||||||||
The following table represents non-vested stock options granted, vested, and forfeited for the year ended December 31, 2013. | |||||||||||||||
Non-vested Options | Options | Weighted-Average Grant-Date | |||||||||||||
Fair Value - $ | |||||||||||||||
Non-vested - January 1, 2013 | 298,678 | 0.82 | |||||||||||||
Granted | 95,000 | 0.27 | |||||||||||||
Vested | -158,279 | 0.84 | |||||||||||||
Forfeited | -28,502 | 0.86 | |||||||||||||
Non-vested – December 31, 2013 | 206,897 | 0.55 | |||||||||||||
The total weighted average grant date fair value of options vested during the years ended December 31, 2013, 2012 and 2011, was $132,000, $230,000 and $175,000, respectively. | |||||||||||||||
The following table summarizes information about stock options outstanding at December 31, 2013: | |||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||
Weighted | |||||||||||||||
Average | Weighted | Weighted | |||||||||||||
Remaining | Average | Average | |||||||||||||
Range of | Number | Contractual | Exercise | Number | Exercise | ||||||||||
Exercise Price | Outstanding | Life in Years | Price | Outstanding | Price | ||||||||||
$0.23 - $0.35 | 95,000 | 2.8 | $ | 0.3 | 5,000 | $ | 0.35 | ||||||||
$0.50 - $1.03 | 738,398 | 5.6 | $ | 0.92 | 621,490 | $ | 0.92 | ||||||||
$1.20 - $1.75 | 145,623 | 6.5 | $ | 1.61 | 145,623 | $ | 1.61 | ||||||||
e. | Restricted Stock Unit Awards | ||||||||||||||
The Company did not grant any restricted stock unit awards in 2013 and 2012, respectively. | |||||||||||||||
During 2011, the Company granted 15,000 restricted stock units under the 2010 Performance Share Program with an estimated fair value of $14,550 based on the closing market price of the Company’s stock on the grant date. These grants vest over a three year period contingent on continued employment over the vesting period. | |||||||||||||||
The Company recognized related stock compensation expense of $5,000 in Selling, General and Administrative expenses in 2013 and 2012, respectively, and $7,000 in Selling, General and Administrative expenses in 2011, related to these and previously issued grants. | |||||||||||||||
A summary of the Company’s non-vested restricted stock unit awards shares is as follows: | |||||||||||||||
# of Units | Weighted Average | ||||||||||||||
Grant Date | |||||||||||||||
Fair Value | |||||||||||||||
$ | |||||||||||||||
Outstanding as of January 1, 2011 | 6,998 | 3.59 | |||||||||||||
Granted | 15,000 | 0.97 | |||||||||||||
Vested | -6,998 | 3.59 | |||||||||||||
Forfeited/Expired | — | — | |||||||||||||
Outstanding as of December 31, 2011 | 15,000 | 0.97 | |||||||||||||
Granted | — | — | |||||||||||||
Vested | -5,000 | 0.97 | |||||||||||||
Forfeited/Expired | — | — | |||||||||||||
Outstanding as of December 31, 2012 | 10,000 | 0.97 | |||||||||||||
Granted | — | — | |||||||||||||
Vested | -5,000 | 0.97 | |||||||||||||
Forfeited/Expired | — | — | |||||||||||||
Outstanding as of December 31, 2013 | 5,000 | 0.97 | |||||||||||||
The total fair value of restricted stock units which vested during 2013, 2012 and 2011 was approximately $5,000, $5,000 and $7,000, respectively, as of the vesting date. | |||||||||||||||
Net_Income_Loss_per_Share
Net Income (Loss) per Share | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||
11 | Net Income (Loss) per Share | ||||||||||
Basic income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding. Diluted income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares and common stock equivalents outstanding, calculated on the treasury stock method for options, stock grants and warrants using the average market prices during the period, including potential common shares issuable upon conversion of outstanding convertible notes, except if the effect on the per share amounts is anti-dilutive. | |||||||||||
For the year ended December 31, 2013, all common stock equivalents were excluded from the computation of diluted net loss per share because their effect is anti-dilutive. This included 984,021 common stock equivalents related to outstanding options and grants. In addition, there were 2,500,000 common shares and 1,875,000 warrants issuable upon conversion of outstanding related party convertible notes which were anti-dilutive. | |||||||||||
For the year ended December 31, 2012, all common equivalent shares outstanding have been excluded from the diluted computation because their effect is anti-dilutive. This included 971,823 common stock equivalents related to outstanding options and grants, in addition to 2,500,000 common shares and 1,875,000 warrants issuable upon conversion of outstanding related party convertible notes which were anti-dilutive. | |||||||||||
For the year ended December 31, 2011, a total of 94,778 common share equivalents were assumed to be outstanding at the end of the year. A total of 2,500,000 anti-dilutive common shares issuable upon conversion of outstanding convertible notes and 1,875,000 warrants issuable upon conversion of outstanding related party convertible notes have been excluded from the diluted computation because their effect is anti-dilutive. | |||||||||||
A reconciliation of the shares used in the calculation of basic and diluted earnings per common share is as follows: | |||||||||||
Years ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Numerators | |||||||||||
Net income (loss) applicable to common shareholders - basic | $ | -1,649,961 | $ | -1,420,833 | $ | 164,746) | |||||
Interest on Convertible Debt | — | — | — | ||||||||
Net income (loss) applicable to common shareholders - diluted | $ | -1,649,961 | $ | -1,420,833 | $ | 164,746) | |||||
Denominators | |||||||||||
Weighted average shares outstanding-basic | 11,975,195 | 11,825,583 | 11,658,891 | ||||||||
Stock options | — | — | 83,843 | ||||||||
Restricted stock units | — | — | 10,935 | ||||||||
Weighted average shares outstanding – diluted | 11,975,195 | 11,825,583 | 11,753,669 | ||||||||
Commitments
Commitments | 12 Months Ended | ||
Dec. 31, 2013 | |||
Commitments and Contingencies Disclosure [Abstract] | ' | ||
Commitments Disclosure [Text Block] | ' | ||
12 | Commitments | ||
a. | Lease commitments | ||
The Company occupies approximately 42,000 square feet of space located at 181 Legrand Avenue, Northvale, New Jersey pursuant to a net lease. The lease for the Northvale facility expired on October 31, 2013 and the Company is currently in negotiations for a new lease for this facility on more favorable terms. The Company continues to occupy the facility under the terms of the expired lease but on a month to month basis paying a reduced amount of rent that includes all real estate taxes, maintenance and operating costs. | |||
The Company’s wholly-owned subsidiary, MRC Precision Metal Optics Inc., (DBA Inrad Optics) has its manufacturing operations in a leased facility located in the Sarasota, Florida pursuant to a net lease that expired on August 31, 2013. The Company announced plans in 2013 to relocate this operation into the Northvale, New Jersey facility and continues to occupy the facility under the terms of the expired lease, on a month to month basis, at the same amount of rent which includes real estate taxes, maintenance and operating costs. The Company expects to vacate the facility by March 31, 2014 when the operations in Sarasota have been fully consolidated within the Northvale facility. | |||
The total rent for these leases was approximately $491,000, $485,000 and $519,000 in 2013, 2012 and 2011, respectively. The Company also paid real estate taxes and insurance premiums that totaled approximately $168,000 in 2013, $160,000 in 2012 and $162,000 in 20111, respectively. | |||
b. | Retirement plans | ||
The Company maintains a 401(k) savings plan (the “Plan”) for all eligible employees (as defined in the plan). The 401(k) plan allows employees to contribute up to 70% of their compensation on a salary reduction, pre-tax basis up to the statutory limitation. The 401(k) plan also provides that the Company, at the discretion of the Board of Directors, may match employee contributions based on a pre-determined formula. | |||
In 2013, the Company’s 401(k) matching contribution for employees was $142,505. This was funded by way of a cash contribution of $71,252 in March 2014 and a contribution of 298,490 shares of the Company’s common stock, which were issued to the Plan in April 2014. In 2012, the Company’s 401(k) matching contribution for employees was $161,845. This was funded by way of a cash contribution of $80,922 and a contribution of 163,879 shares of the Company’s common stock. The cash contribution was issued to the Plan in March 2013 and the Company’s common shares were issued to the Plan in April 2013. In 2011, the Company matched employee contributions of $151,775 in the form of 152,460 shares of the Company’s common stock, which were issued to the Plan in March 2012. The Company records the distribution of the common shares in the Consolidated Statement of Shareholders’ Equity as of the date of distribution to the 401(k) plan administrator. | |||
Product_Sales_Foreign_Sales_an
Product Sales, Foreign Sales and Sales to Major Customers | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||
13 | Product Sales, Foreign Sales and Sales to Major Customers | ||||||||||||||||
The following table summarizes the Company’s net sales by product categories during the past three years: | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Category (In thousands) | Net Sales | % | Net Sales | % | Net Sales | % | |||||||||||
Optical Components | $ | 8,628 | 76.8 | $ | 8,758 | 76.7 | $ | 11,812 | 89.6 | ||||||||
Laser Systems Devices and Instrumentation | 2,608 | 23.2 | 2,646 | 23.3 | 1,365 | 10.4 | |||||||||||
Total | $ | 11,236 | 100 | $ | 11,404 | 100 | $ | 13,177 | 100 | ||||||||
The Company’s export sales, which are primarily to customers in countries within Europe, Asia and Japan, amounted to approximately 14.5%, 14.3% and 22.8% of product sales in 2013, 2012 and 2011, respectively | |||||||||||||||||
The Company had sales to three major customers which accounted for 9.4%, 8.2% and 7.3% of sales in 2013. One customer is a domestic manufacturer of medical laser systems. Both of the other major customers are electro-optical systems divisions of major U.S. defense industry corporations who manufacture systems for U.S. and foreign governments. In 2012, the same three customers represented 8.6%, 10.7% and 4.9% of sales, respectively. In 2011, the same three customers represented 15.4%, 4.0% and 1.6% of sales, respectively. | |||||||||||||||||
During the past three years, sales to the Company’s top five customers represented approximately 37.7%, 43.1% and 58.1% of sales, respectively. Given the concentration of sales within a small number of customers, the loss of any of these customers would have a significant negative impact on the Company and its business units. | |||||||||||||||||
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Stockholders' Equity Note [Abstract] | ' | |||
Stockholders' Equity Note Disclosure [Text Block] | ' | |||
14 | Shareholders’ Equity | |||
a. | Common shares reserved at December 31, 2013, are as follows: | |||
2010 Equity compensation plan | 4,000,000 | |||
2000 Equity compensation plan | 474,923 | |||
Subordinated convertible notes | 2,500,000 | |||
Warrants issuable on conversion of Subordinated convertible notes | 1,875,000 | |||
8,849,923 | ||||
b. | Warrants | |||
The Company had no outstanding warrants as of December 31, 2013 and 2012. | ||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | ||
Dec. 31, 2013 | |||
Investments, All Other Investments [Abstract] | ' | ||
Financial Instruments Disclosure [Text Block] | ' | ||
15 | Fair Value of Financial Instruments | ||
The methods and assumptions used to estimate the fair value of the following classes of financial instruments were: | |||
Current Assets and Current Liabilities: The carrying amount of cash, certificates of deposits, current receivables and payables and certain other short-term financial instruments approximate their fair value as of December 31, 2013 due to their short-term maturities. | |||
Long-Term Debt: The fair value of the Company’s long-term debt, including the current portion, for notes payable and subordinated convertible debentures, was estimated using a discounted cash flow analysis, based on the Company’s assumed incremental borrowing rates for similar types of borrowing arrangements. The carrying amount of debt at December 31, 2013 in the amount of $3,369,000 approximates fair value. | |||
Restructuring_Costs
Restructuring Costs | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||
Restructuring and Related Activities Disclosure [Text Block] | ' | |||||||||||||
16 | Restructuring Costs | |||||||||||||
In November 2013, the Company announced plans to move the operations of its Sarasota, FL metal optics facility to its Northvale, NJ optical production center and corporate headquarters. The consolidation is part of a larger strategic effort to improve the Company's value proposition to its customers as well as improve its financial results. The physical integration of all development and production in one location is intended to enhance operating efficiencies and reduce overhead costs. The move will centralize the Company's optical problem solving skills, allowing for beneficial cross-pollination of expertise, including leveraging the Florida metal optics facility's single point diamond turning capability over a broader range of optical materials. | ||||||||||||||
The decision also reflects the continued uncertainty in US defense funding. Much of the Company's metal optics business serves US government installations and defense prime contractors. The Company has seen a falloff in bookings from these two customer groups in 2013. | ||||||||||||||
The Company expects to incur one-time cash charges of approximately $750,000 to $900,000, primarily associated with employee termination and relocation, moving of equipment, preparation of the Northvale facility and other general costs associated with consolidation. Overall annual reductions in operational costs are expected to be in the range of $800,000 to $1,000,000 per year starting in the second quarter of 2014. The Company expects operations in Sarasota will be fully transferred by approximately March 31, 2014 and all restructuring payments are expected to be made by the end of 2014. | ||||||||||||||
The following table summarizes restructuring information by type of cost: | ||||||||||||||
(In Thousands) | Termination | Northvale | Moving and | Total | ||||||||||
and | Facility | Other Costs | ||||||||||||
Relocation | Expenditures | |||||||||||||
Restructuring costs expected to be incurred | $ | 227 | $ | 342 | $ | 181 | $ | 750 | ||||||
Accrued balance December 31, 2012 | $ | — | $ | — | $ | — | $ | — | ||||||
Provisions | 227 | — | 86 | 313 | ||||||||||
Cash expenditures | — | — | -16 | -16 | ||||||||||
Accrued balance December 31, 2013 | $ | 227 | $ | — | $ | 70 | $ | 297 | ||||||
Accrued restructuring costs of $297,000 are included in Accounts Payable and Accrued Liabilities in the Company’s Consolidated Balance Sheets at December 31, 2013. | ||||||||||||||
Workforce_Reduction
Workforce Reduction | 12 Months Ended | ||
Dec. 31, 2013 | |||
Workforce Reduction [Abstract] | ' | ||
Workforce Reduction Disclosure [Text Block] | ' | ||
17 | Workforce Reduction | ||
In the first quarter of 2013, the Company instituted a plan to reduce its combined headcount by approximately 11%, in order to reduce costs and align its workforce with current business requirements while ensuring the Company would continue to meet its customers’ needs. The reductions affected both the Company’s Northvale, NJ and the Sarasota, FL operations. Annualized savings from the reductions are expected to be approximately $700,000. Severance and other separation costs of $141,000 were expensed in the first and second quarters of 2013 and offset payroll savings of approximately $220,000. Accrued severance payments of $141,000 were made in 2013. | |||
Quarterly_Data
Quarterly Data | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||
Quarterly Financial Information [Text Block] | ' | |||||||||||||
18 | Quarterly Data (Unaudited) | |||||||||||||
Summary quarterly results were as follows: | ||||||||||||||
Year 2013 | First | Second | Third | Fourth | ||||||||||
Net sales | $ | 3,077,126 | $ | 2,694,598 | $ | 2,756,488 | $ | 2,707,442 | ||||||
Gross profit | 699,098 | 307,732 | 549,959 | 118,572 | ||||||||||
Net loss | -169,354 | -647,764 | -238,793 | -549,050 | ||||||||||
Net loss per share - Basic | -0.01 | -0.06 | -0.02 | -0.05 | ||||||||||
Net loss per share – Diluted | -0.01 | -0.06 | -0.02 | -0.05 | ||||||||||
Year 2012 | First | Second | Third | Fourth | ||||||||||
Net sales | $ | 2,840,681 | $ | 2,880,448 | $ | 2,903,740 | $ | 2,778,958 | ||||||
Gross profit | 739,956 | 567,834 | 616,247 | 566,612 | ||||||||||
Net income (loss) | -148,959 | -333,083 | -279,589 | -659,202 | ||||||||||
Net income (loss) per share - Basic | -0.01 | -0.03 | -0.02 | -0.06 | ||||||||||
Net income (loss) per share - Diluted | -0.01 | -0.03 | -0.02 | -0.06 | ||||||||||
Year 2011 | First | Second | Third | Fourth | ||||||||||
Net sales | $ | 3,241,434 | $ | 3,221,234 | $ | 3,328,761 | $ | 3,385,765 | ||||||
Gross profit | 872,537 | 784,060 | 907,905 | 997,817 | ||||||||||
Net income (loss) | 34,729 | -95,750 | 83,731 | 142,036 | ||||||||||
Net income (loss) per share - Basic | 0 | -0.01 | 0.01 | 0.01 | ||||||||||
Net income (loss) per share - Diluted | 0 | -0.01 | 0.01 | 0.01 | ||||||||||
Schedule_II_Valuation_and_Qual
Schedule II Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | ' | |||||||||||||
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||
Balance at | Charged | Additions | Deductions | Balance | ||||||||||
Beginning | (Credited) | (Deductions) | at End of | |||||||||||
of Period | to Expenses | to Other | Period | |||||||||||
Accounts | ||||||||||||||
Allowance for Doubtful Accounts | ||||||||||||||
Year ended December 31, 2013 | $ | 15,000 | 1,000 | — | 1,000 | $ | 15,000 | |||||||
Year ended December 31, 2012 | $ | 15,000 | — | — | — | $ | 15,000 | |||||||
Year ended December 31, 2011 | $ | 15,000 | — | — | — | $ | 15,000 | |||||||
Valuation Allowance for Deferred Tax Assets | ||||||||||||||
Year ended December 31, 2013 | $ | 3,055,000 | — | 565,000 | — | $ | 3,620,000 | |||||||
Year ended December 31, 2012 | $ | 2,452,000 | 408,000 | 195,000 | — | $ | 3,055,000 | |||||||
Year ended December 31, 2011 | $ | 2,379,000 | — | 73,000 | — | $ | 2,452,000 | |||||||
Nature_of_Business_and_Operati1
Nature of Business and Operations and Summary of Significant Accounting Policies and Estimates (Policies) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Consolidation, Policy [Policy Text Block] | ' | ||
b. | Principles of consolidation | ||
The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Upon consolidation, all inter-company accounts and transactions are eliminated. | |||
Use of Estimates, Policy [Policy Text Block] | ' | ||
c. | Use of estimates | ||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from these estimates. | |||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ||
d. | Cash and cash equivalents | ||
The Company considers cash-on-hand and highly liquid investments with original maturity dates of three months or less at the date of purchase to be cash and cash equivalents. Investments with original maturity dates exceeding three months are separately disclosed on the Consolidated Balance Sheets and as cash flows from investing activities on the Consolidated Statements of Cash Flows. | |||
Trade and Other Accounts Receivable, Policy [Policy Text Block] | ' | ||
e. | Accounts receivable | ||
Accounts receivable are carried at net realizable value, net of write-offs and allowances. The Company establishes an allowance for doubtful accounts based on estimates as to the collectability of accounts receivable. Management specifically analyzes past-due accounts receivable balances and, additionally, considers bad debt history, customer credit-worthiness, current economic trends and changes in customer payment terms when evaluating the adequacy of the allowance for doubtful accounts. Uncollectible accounts receivable are written-off when it is determined that the balance will not be collected. | |||
Inventory, Policy [Policy Text Block] | ' | ||
f. | Inventories | ||
Inventories are stated at the lower of cost (first-in, first-out method) or market. Cost of manufactured goods includes material, labor and overhead. | |||
The Company records a reserve for slow moving inventory as a charge against earnings for all products identified as surplus, slow moving or discontinued. Excess work-in-process costs are charged against earnings whenever estimated costs-of-completion exceed unbilled revenues. | |||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | ||
g. | Plant and Equipment | ||
Plant and equipment are depreciated using the straight-line method over the estimated useful lives of the related assets which range between five and seven years. Amortization of leasehold improvements is computed using the straight-line method over the lesser of 10 years or the remaining term of the lease including optional renewal periods, as appropriate, when failure to renew the lease imposes an economic penalty on the Company in such an amount that renewal appears to be probable. In determining the amount of the economic penalty, management considers such factors as (i) the costs associated with the physical relocation of the offices, manufacturing facility and equipment, (ii) the economic risks associated with business interruption and potential customer loss during relocation and transition to new premises (iii) the significant costs of leasehold improvements required at any new location to custom fit our specific manufacturing requirements, and (iv) the economic loss associated with abandonment of existing leasehold improvements or other assets whose value would be impaired by vacating the facility. | |||
Maintenance and repairs of property and equipment are charged to operations and major improvements are capitalized. Upon retirement, sale or other disposition of property and equipment, the cost and accumulated depreciation are eliminated from the accounts and a gain or loss is recorded. | |||
Income Tax, Policy [Policy Text Block] | ' | ||
h. | Income taxes | ||
Deferred taxes are provided on the asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the amounts of assets and liabilities recorded for income tax and financial reporting purposes. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. | |||
The Company recognizes the financial statement benefit of an uncertain tax position only after determining that the relevant tax authority would more likely than not sustain the position. For tax positions meeting the more likely than not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 % likelihood of being realized upon ultimate settlement with the relevant tax authority. | |||
The Company classifies interest and penalties related to income taxes as income tax expense in its Consolidated Financial Statements. | |||
The Company had no unrecognized tax benefits or liabilities, and no adjustment to its financial position, results of operations, or cash flows relating to uncertain tax positions taken on all open tax years. The Company is no longer subject to federal, state or local income tax examinations by tax authorities for the years before 2010. | |||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' | ||
i. | Impairment of long-lived assets | ||
Long-lived assets, such as plant and equipment and purchased intangibles with finite lives, which are subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the assets. Long-lived assets held for sale would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell and would no longer be depreciated. | |||
Goodwill and Intangible Assets, Intangible Assets, Indefinite-Lived, Policy [Policy Text Block] | ' | ||
j. | Goodwill and intangible assets with indefinite lives | ||
Goodwill represents the excess of purchase price and related costs over the fair value assigned to the net tangible and identifiable assets of business acquisitions. Goodwill and intangible assets with indefinite lives are not amortized. The Company tests for impairment of goodwill and intangible assets with indefinite lives on an annual basis in December of each year, or more frequently whenever events occur or circumstances exist that indicates that impairment may exist. | |||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | ||
k. | Stock-based compensation | ||
Stock based compensation expense is estimated at the grant date based on the fair value of the award. The Company estimates the fair value of stock options granted using the Black-Scholes option pricing model. The fair value of restricted stock units granted is estimated based on the closing market price of the Company’s common stock on the date of the grant. The fair value of these awards, adjusted for estimated forfeitures, is amortized over the requisite service period of the award, which is generally the vesting period. | |||
Revenue Recognition, Policy [Policy Text Block] | ' | ||
l. | Revenue recognition | ||
The Company records revenue from the sale of products and services used in the photonics industry when all four of the following criteria are met: | |||
· | persuasive evidence of an arrangement exists; | ||
· | delivery has occurred or services have been rendered; | ||
· | the sales price is fixed or determinable; and | ||
· | collectability is reasonably assured. | ||
Losses on contracts in progress are recorded when identified. | |||
Research and Development Expense, Policy [Policy Text Block] | ' | ||
m. | Internal research and development costs | ||
Internal research and development costs are charged to expense as incurred. | |||
Precious Metals, Policy [Policy Text Block] | ' | ||
n. | Precious metals | ||
Precious metals consist of various fixtures used in the high temperature crystal growth manufacturing process. They are valued at the lower of cost or net realizable value. | |||
Advertising Costs, Policy [Policy Text Block] | ' | ||
o. | Advertising costs | ||
Advertising costs included in selling, general and administrative expenses were $8,900, $8,500 and $16,000 for the years ended December 31, 2013, 2012 and 2011, respectively. Advertising costs are charged to expense when the related services are incurred or related events take place. | |||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | ' | ||
p. | Concentrations and credit risk | ||
The Company may invest its excess cash in certificates of deposits with major financial institutions. Generally, the investments range over a variety of maturity dates usually, within three to nine months, and therefore, are subject to little risk. The Company has not experienced losses related to these investments. | |||
The concentration of credit risk in the Company’s accounts receivable is mitigated by the Company’s credit evaluation process, familiarity with its small base of recurring customers and reasonably short collection terms and the geographical dispersion of revenue. The Company generally does not require collateral but, in some cases, the Company negotiates cash advances prior to the undertaking of the work. These cash advances are recorded as current liabilities on the balance sheet until corresponding revenues are realized. | |||
The Company utilizes many relatively uncommon materials and compounds to manufacture its products and relies on outside vendors for certain manufacturing services. Therefore, any failure by its suppliers to deliver materials of an adequate quality and quantity could have an adverse effect on the Company’s ability to meet the commitments of its customers. | |||
For the year ended December 31, 2013, the Company’s top five customer accounts in the aggregate represented approximately 37.7% of total revenues, and the top three customers accounted for 24.9% of revenues. These three customers each represented approximately 9.4%, 8.2% and 7.3% of sales, respectively. Since the Company is a supplier of custom manufactured components to OEM customers, the relative size and identity of the largest customer accounts changes somewhat from year to year. In the short term, the loss of any one of these large customer accounts could have a material adverse effect on business, results of operations, and financial condition. | |||
Fair Value Measurement, Policy [Policy Text Block] | ' | ||
q. | Fair value measurements | ||
The Company follows U.S. GAAP accounting guidance which establishes a framework for measuring fair value and expanded related disclosures. The framework requires fair value to be determined based on the exchange price that would be received for an asset, or paid to transfer a liability (an exit price), in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. | |||
The valuation techniques required are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. The accounting guidance requires the following fair value hierarchy: | |||
· | Level 1 - Quoted prices (unadjusted) for identical assets and liabilities in active markets that the Company has the ability to access at the measurement date. | ||
· | Level 2 - Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; and inputs other than quoted prices that are observable for the asset or liability, including interest rates, yield curves and credit risks, or inputs that are derived principally from or corroborated by observable market data through correlation. | ||
· | Level 3 - Values determined by models, significant inputs to which are unobservable and are primarily based on internally derived assumptions regarding the timing and amount of expected cash flows. | ||
Long-lived assets, including goodwill and other intangible assets, may be measured at fair value if such assets are held for sale or if there is a determination that the asset is impaired. Managements’ determination of fair value, although highly subjective, is based on the best information available, including internal projections of future earnings and cash flows discounted at an appropriate interest rate, quoted market prices when available, market prices for similar assets, broker quotes and independent appraisals, as appropriate. | |||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||
r. | New Accounting Guidance | ||
In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” ASU 2013-11 clarifies the financial statement presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. ASU 2013-11 is effective for interim and annual reporting periods beginning after December 15, 2013 and should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Management does not expect the adoption of ASU 2013-11 to have a material impact on the Company’s financial position, results of operations or cash flows. | |||
No other recently issued accounting guidance was determined to be significant to the Company. | |||
Inventories_net_Tables
Inventories, net (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Inventory Disclosure [Abstract] | ' | ||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||
Inventories are comprised of the following and are shown net of inventory reserves of approximately $1,666,000 for 2013 and $1,505,000 for 2012: | |||||||
December 31, | |||||||
2013 | 2012 | ||||||
(In thousands) | |||||||
Raw materials | $ | 1,012 | $ | 1,267 | |||
Work in process, including manufactured parts and components | 1,155 | 1,291 | |||||
Finished goods | 963 | 1,039 | |||||
$ | 3,130 | $ | 3,597 | ||||
Plant_and_Equipment_Tables
Plant and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||
Plant and equipment are comprised of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Office and computer equipment | $ | 1,292 | $ | 1,508 | ||||
Machinery and equipment | 12,045 | 11,700 | ||||||
Leasehold improvements | 2,302 | 2,239 | ||||||
15,639 | 15,447 | |||||||
Less accumulated depreciation and amortization | -13,932 | -14,183 | ||||||
$ | 1,707 | $ | 1,264 | |||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | ||||||||||
The following schedule details the Company’s intangible asset balance by major asset class. | |||||||||||
At December 31, 2013 | |||||||||||
Gross Carrying | Accumulated | Net Carrying | |||||||||
Amount | Amortization | Amount | |||||||||
(In thousands) | |||||||||||
Customer-related | $ | 550 | $ | -373 | $ | 177 | |||||
Completed technology | 363 | -245 | 118 | ||||||||
Trademarks | 187 | -123 | 64 | ||||||||
Total | $ | 1,100 | $ | -741 | $ | 359 | |||||
At December 31, 2012 | |||||||||||
Gross Carrying | Accumulated | Net Carrying | |||||||||
Amount | Amortization | Amount | |||||||||
(In thousands) | |||||||||||
Customer-related | $ | 550 | $ | -333 | $ | 217 | |||||
Completed technology | 363 | -219 | 144 | ||||||||
Trademarks | 187 | -111 | 76 | ||||||||
Total | $ | 1,100 | $ | -663 | $ | 437 | |||||
Other_Long_Term_Notes_Tables
Other Long Term Notes (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Liabilities Disclosure [Abstract] | ' | |||||||
Schedule of Debt [Table Text Block] | ' | |||||||
Other Long Term Notes consist of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Term Note Payable, payable in equal monthly installments of $13,953 and bearing an interest rate of 4.35% and expiring in July 2017 | $ | 554 | $ | 694 | ||||
U.S. Small Business Administration term note payable in monthly installments of $1,922 and bearing an interest rate of 4.0% and expiring in April 2032. | $ | 315 | $ | 325 | ||||
869 | 1,019 | |||||||
Less current portion | -156 | -150 | ||||||
Other Long Term Notes, excluding current portion | $ | 713 | $ | 869 | ||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | |||||||
Other Long Term Notes mature as follows: | ||||||||
Year ending December 31: | (In thousands) | |||||||
2014 | $ | 156 | ||||||
2015 | 164 | |||||||
2016 | 171 | |||||||
2017 | 108 | |||||||
2018 | 12 | |||||||
Thereafter | 258 | |||||||
$ | 869 | |||||||
Accounts_Payable_and_Accrued_L1
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | ' | |||||||
Accounts payable and accrued expenses are comprised of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Trade accounts payable and accrued purchases | $ | 339 | $ | 457 | ||||
Accrued payroll | 127 | 131 | ||||||
Accrued 401K company matching contribution | 141 | 162 | ||||||
Accrued Restructuring costs | 297 | — | ||||||
Accrued expenses – other | 64 | 64 | ||||||
$ | 968 | $ | 814 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||
The Company’s income tax provision consists of the following: | |||||||||||
Years Ended December 31, | |||||||||||
(In thousands) | |||||||||||
2013 | 2012 | 2011 | |||||||||
Current: | |||||||||||
Federal provision for AMT | $ | — | $ | — | $ | 6 | |||||
State provision | — | — | 5 | ||||||||
— | — | 11 | |||||||||
Deferred: | |||||||||||
Federal tax provision | — | 408 | — | ||||||||
State | — | — | — | ||||||||
— | 408 | — | |||||||||
Total | $ | — | $ | 408 | $ | 11 | |||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||
A reconciliation of the income tax provision computed at the statutory Federal income tax rate to our effective income tax rate follows (in percent): | |||||||||||
Years Ended | |||||||||||
December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Federal statutory rate | -34 | % | -34 | % | 34 | % | |||||
State statutory rate | -7.8 | -8 | 8 | ||||||||
Change in Valuation Allowance | 34.2 | 59.5 | -41.5 | ||||||||
Permanent Differences | -0.5 | 8.6 | 6.7 | ||||||||
Prior year adjustments | 12.5 | 13.4 | — | ||||||||
Other | -4.4 | 0.8 | -0.9 | ||||||||
Effective income tax rate | — | % | 40.3 | % | 6.3 | % | |||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||
Deferred tax assets (liabilities) are comprised of the following: | |||||||||||
December 31, | |||||||||||
2013 | 2012 | ||||||||||
(In thousands) | |||||||||||
Account receivable reserves | $ | 7 | $ | 7 | |||||||
Inventory reserves | 700 | 633 | |||||||||
Inventory capitalization | 131 | 137 | |||||||||
Depreciation | 192 | 45 | |||||||||
Loss carry forwards | 2,590 | 2,233 | |||||||||
Gross deferred tax assets | 3,620 | 3,055 | |||||||||
Valuation allowance | -3,620 | -3,055 | |||||||||
Net deferred tax asset | $ | — | $ | — | |||||||
Equity_Compensation_Program_an1
Equity Compensation Program and Stock-based Compensation (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ' | ||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||
The following range of weighted-average assumptions were used for to determine the fair value of stock option grants during the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||
Years Ended | |||||||||||||||
December 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Dividend yield | — | % | — | % | — | % | |||||||||
Volatility | 98 – 114 | % | 91 | % | 94 – 100 | % | |||||||||
Risk-free interest rate | 1.9 – 2.7 | % | 1.6 | % | 2.0 - 3.4 | % | |||||||||
Expected life | 10 years | 10 years | 10 years | ||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||
A summary of the Company’s outstanding stock options as of and for the years ended December 31, 2013, 2012 and 2011 is presented below: | |||||||||||||||
Options | Weighted | Weighted | Aggregate | ||||||||||||
Average | Average | Intrinsic | |||||||||||||
Exercise | Remaining | Value(a) | |||||||||||||
Price | Contractual | ||||||||||||||
Term | |||||||||||||||
(In Years) | |||||||||||||||
Outstanding as of January 1, 2011 | 798,476 | $ | 1.13 | ||||||||||||
Granted | 409,600 | 0.97 | |||||||||||||
Exercised | -20,000 | 0.95 | |||||||||||||
Forfeited/Expired | -108,400 | 1.66 | |||||||||||||
Outstanding as of December 31, 2011 | 1,079,676 | 1.02 | |||||||||||||
Granted | 30,000 | 0.5 | |||||||||||||
Exercised | -10,700 | 0.5 | |||||||||||||
Forfeited/Expired | -137,153 | 1.06 | |||||||||||||
Outstanding as of December 31, 2012 | 961,823 | 1 | |||||||||||||
Granted | 95,000 | 0.3 | |||||||||||||
Exercised | — | — | |||||||||||||
Forfeited /Expired | -77,802 | 0.67 | |||||||||||||
Outstanding as of December 31, 2013(b) | 979,021 | $ | 0.96 | 5.7 | — | ||||||||||
Exercisable as of December 31, 2013 | 772,113 | $ | 0.61 | 5.3 | — | ||||||||||
(a) Intrinsic value for purposes of this table represents the amount by which the fair value of the underlying stock, based on the respective market prices as of December 31, 2013 exceeds the exercise prices of the respective options. All of the options used in the calculation of the aggregate intrinsic value for outstanding options are exercisable as of December 31, 2013. | |||||||||||||||
(b) Based on the Company’s historical forfeiture rate, the number of options expected to vest is the same as the total outstanding at December 31, 2013. | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Options Non Vested [Table Text Block] | ' | ||||||||||||||
The following table represents non-vested stock options granted, vested, and forfeited for the year ended December 31, 2013. | |||||||||||||||
Non-vested Options | Options | Weighted-Average Grant-Date | |||||||||||||
Fair Value - $ | |||||||||||||||
Non-vested - January 1, 2013 | 298,678 | 0.82 | |||||||||||||
Granted | 95,000 | 0.27 | |||||||||||||
Vested | -158,279 | 0.84 | |||||||||||||
Forfeited | -28,502 | 0.86 | |||||||||||||
Non-vested – December 31, 2013 | 206,897 | 0.55 | |||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | ' | ||||||||||||||
The following table summarizes information about stock options outstanding at December 31, 2013: | |||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||
Weighted | |||||||||||||||
Average | Weighted | Weighted | |||||||||||||
Remaining | Average | Average | |||||||||||||
Range of | Number | Contractual | Exercise | Number | Exercise | ||||||||||
Exercise Price | Outstanding | Life in Years | Price | Outstanding | Price | ||||||||||
$0.23 - $0.35 | 95,000 | 2.8 | $ | 0.3 | 5,000 | $ | 0.35 | ||||||||
$0.50 - $1.03 | 738,398 | 5.6 | $ | 0.92 | 621,490 | $ | 0.92 | ||||||||
$1.20 - $1.75 | 145,623 | 6.5 | $ | 1.61 | 145,623 | $ | 1.61 | ||||||||
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | ' | ||||||||||||||
A summary of the Company’s non-vested restricted stock unit awards shares is as follows: | |||||||||||||||
# of Units | Weighted Average | ||||||||||||||
Grant Date | |||||||||||||||
Fair Value | |||||||||||||||
$ | |||||||||||||||
Outstanding as of January 1, 2011 | 6,998 | 3.59 | |||||||||||||
Granted | 15,000 | 0.97 | |||||||||||||
Vested | -6,998 | 3.59 | |||||||||||||
Forfeited/Expired | — | — | |||||||||||||
Outstanding as of December 31, 2011 | 15,000 | 0.97 | |||||||||||||
Granted | — | — | |||||||||||||
Vested | -5,000 | 0.97 | |||||||||||||
Forfeited/Expired | — | — | |||||||||||||
Outstanding as of December 31, 2012 | 10,000 | 0.97 | |||||||||||||
Granted | — | — | |||||||||||||
Vested | -5,000 | 0.97 | |||||||||||||
Forfeited/Expired | — | — | |||||||||||||
Outstanding as of December 31, 2013 | 5,000 | 0.97 | |||||||||||||
Net_Income_Loss_per_Share_Tabl
Net Income (Loss) per Share (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||
A reconciliation of the shares used in the calculation of basic and diluted earnings per common share is as follows: | |||||||||||
Years ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Numerators | |||||||||||
Net income (loss) applicable to common shareholders - basic | $ | -1,649,961 | $ | -1,420,833 | $ | 164,746) | |||||
Interest on Convertible Debt | — | — | — | ||||||||
Net income (loss) applicable to common shareholders - diluted | $ | -1,649,961 | $ | -1,420,833 | $ | 164,746) | |||||
Denominators | |||||||||||
Weighted average shares outstanding-basic | 11,975,195 | 11,825,583 | 11,658,891 | ||||||||
Stock options | — | — | 83,843 | ||||||||
Restricted stock units | — | — | 10,935 | ||||||||
Weighted average shares outstanding – diluted | 11,975,195 | 11,825,583 | 11,753,669 | ||||||||
Product_Sales_Foreign_Sales_an1
Product Sales, Foreign Sales and Sales to Major Customers (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | ' | ||||||||||||||||
The following table summarizes the Company’s net sales by product categories during the past three years: | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Category (In thousands) | Net Sales | % | Net Sales | % | Net Sales | % | |||||||||||
Optical Components | $ | 8,628 | 76.8 | $ | 8,758 | 76.7 | $ | 11,812 | 89.6 | ||||||||
Laser Systems Devices and Instrumentation | 2,608 | 23.2 | 2,646 | 23.3 | 1,365 | 10.4 | |||||||||||
Total | $ | 11,236 | 100 | $ | 11,404 | 100 | $ | 13,177 | 100 | ||||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Stockholders' Equity Note [Abstract] | ' | |||
Schedule of Stock by Class [Table Text Block] | ' | |||
Common shares reserved at December 31, 2013, are as follows: | ||||
2010 Equity compensation plan | 4,000,000 | |||
2000 Equity compensation plan | 474,923 | |||
Subordinated convertible notes | 2,500,000 | |||
Warrants issuable on conversion of Subordinated convertible notes | 1,875,000 | |||
8,849,923 | ||||
Restructuring_Costs_Tables
Restructuring Costs (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||
Restructuring and Related Costs [Table Text Block] | ' | |||||||||||||
The following table summarizes restructuring information by type of cost: | ||||||||||||||
(In Thousands) | Termination | Northvale | Moving and | Total | ||||||||||
and | Facility | Other Costs | ||||||||||||
Relocation | Expenditures | |||||||||||||
Restructuring costs expected to be incurred | $ | 227 | $ | 342 | $ | 181 | $ | 750 | ||||||
Accrued balance December 31, 2012 | $ | — | $ | — | $ | — | $ | — | ||||||
Provisions | 227 | — | 86 | 313 | ||||||||||
Cash expenditures | — | — | -16 | -16 | ||||||||||
Accrued balance December 31, 2013 | $ | 227 | $ | — | $ | 70 | $ | 297 | ||||||
Quarterly_Data_Tables
Quarterly Data (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | |||||||||||||
Summary quarterly results were as follows: | ||||||||||||||
Year 2013 | First | Second | Third | Fourth | ||||||||||
Net sales | $ | 3,077,126 | $ | 2,694,598 | $ | 2,756,488 | $ | 2,707,442 | ||||||
Gross profit | 699,098 | 307,732 | 549,959 | 118,572 | ||||||||||
Net loss | -169,354 | -647,764 | -238,793 | -549,050 | ||||||||||
Net loss per share - Basic | -0.01 | -0.06 | -0.02 | -0.05 | ||||||||||
Net loss per share – Diluted | -0.01 | -0.06 | -0.02 | -0.05 | ||||||||||
Year 2012 | First | Second | Third | Fourth | ||||||||||
Net sales | $ | 2,840,681 | $ | 2,880,448 | $ | 2,903,740 | $ | 2,778,958 | ||||||
Gross profit | 739,956 | 567,834 | 616,247 | 566,612 | ||||||||||
Net income (loss) | -148,959 | -333,083 | -279,589 | -659,202 | ||||||||||
Net income (loss) per share - Basic | -0.01 | -0.03 | -0.02 | -0.06 | ||||||||||
Net income (loss) per share - Diluted | -0.01 | -0.03 | -0.02 | -0.06 | ||||||||||
Year 2011 | First | Second | Third | Fourth | ||||||||||
Net sales | $ | 3,241,434 | $ | 3,221,234 | $ | 3,328,761 | $ | 3,385,765 | ||||||
Gross profit | 872,537 | 784,060 | 907,905 | 997,817 | ||||||||||
Net income (loss) | 34,729 | -95,750 | 83,731 | 142,036 | ||||||||||
Net income (loss) per share - Basic | 0 | -0.01 | 0.01 | 0.01 | ||||||||||
Net income (loss) per share - Diluted | 0 | -0.01 | 0.01 | 0.01 | ||||||||||
Nature_of_Business_and_Operati2
Nature of Business and Operations and Summary of Significant Accounting Policies and Estimates (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Nature of Business and Operations and Summary of Significant Accounting Policies and Estimates [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Depreciation Methods | 'straight-line method | ' | ' |
Amortization Period Of Leasehold Improvements | '10 years | ' | ' |
Advertising Expense | $8,900 | $8,500 | $16,000 |
Concentration Risk, Percentage | 100.00% | 100.00% | 100.00% |
Maximum [Member] | ' | ' | ' |
Nature of Business and Operations and Summary of Significant Accounting Policies and Estimates [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '7 years | ' | ' |
Minimum [Member] | ' | ' | ' |
Nature of Business and Operations and Summary of Significant Accounting Policies and Estimates [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '5 years | ' | ' |
Major Five Customers [Member] | Sales [Member] | ' | ' | ' |
Nature of Business and Operations and Summary of Significant Accounting Policies and Estimates [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 37.70% | ' | ' |
Major Three Customers [Member] | Sales [Member] | ' | ' | ' |
Nature of Business and Operations and Summary of Significant Accounting Policies and Estimates [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 24.90% | ' | ' |
Major Customer One [Member] | Sales [Member] | ' | ' | ' |
Nature of Business and Operations and Summary of Significant Accounting Policies and Estimates [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 9.40% | ' | ' |
Major Customer Two [Member] | Sales [Member] | ' | ' | ' |
Nature of Business and Operations and Summary of Significant Accounting Policies and Estimates [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 8.20% | ' | ' |
Major Customer Three [Member] | Sales [Member] | ' | ' | ' |
Nature of Business and Operations and Summary of Significant Accounting Policies and Estimates [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 7.30% | ' | ' |
Inventories_net_Details
Inventories, net (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Inventory [Line Items] | ' | ' |
Raw materials | $1,012,000 | $1,267,000 |
Work in process, including manufactured parts and components | 1,155,000 | 1,291,000 |
Finished goods | 963,000 | 1,039,000 |
Inventories, net | $3,129,855 | $3,596,646 |
Inventories_net_Details_Textua
Inventories, net (Details Textual) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Inventory [Line Items] | ' | ' |
Inventory Valuation Reserves | $1,666,000 | $1,505,000 |
Plant_and_Equipment_Details
Plant and Equipment (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | $15,638,759 | $15,446,826 |
Less accumulated depreciation and amortization | -13,931,775 | -14,182,712 |
Total plant and equipment | 1,706,984 | 1,264,114 |
Office and Computer Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 1,292,000 | 1,508,000 |
Machinery and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 12,045,000 | 11,700,000 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | $2,302,000 | $2,239,000 |
Plant_and_Equipment_Details_Te
Plant and Equipment (Details Textual) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | |
Purchase Commitment [Member] | Purchase Commitment [Member] | Purchase Commitment [Member] | ||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' |
Depreciation | $508,000 | $571,000 | $757,000 | ' | ' | ' |
Property, Plant and Equipment, Disposals | ' | 5,040 | 7,003 | ' | ' | ' |
Asset Held As Security Purchase Price Obligation | ' | ' | ' | ' | ' | 825,000 |
Cash Down Payment | ' | ' | ' | ' | ' | 500,000 |
Asset Held As Security Purchase Price Installment Payment | ' | ' | ' | $82,500 | $242,500 | ' |
Goodwill_Details_Textual
Goodwill (Details Textual) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill Disclosure [Line Items] | ' | ' |
Goodwill | $311,572 | $311,572 |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $1,100,000 | $1,100,000 |
Accumulated Amortization | -741,000 | -663,000 |
Net Carrying Amount | 358,760 | 437,324 |
Customer-related [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 550,000 | 550,000 |
Accumulated Amortization | -373,000 | -333,000 |
Net Carrying Amount | 177,000 | 217,000 |
Completed technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 363,000 | 363,000 |
Accumulated Amortization | -245,000 | -219,000 |
Net Carrying Amount | 118,000 | 144,000 |
Trademarks [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 187,000 | 187,000 |
Accumulated Amortization | -123,000 | -111,000 |
Net Carrying Amount | $64,000 | $76,000 |
Intangible_Assets_Details_Text
Intangible Assets (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '14 years | ' |
Amortization of Intangible Assets | $79,000 | $79,000 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 79,000 | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 79,000 | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 79,000 | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 79,000 | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $79,000 | ' |
Finite-Lived Intangible Asset, Weighted Average Period before Next Renewal or Extension | '4 years 6 months | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details Textual) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jul. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jul. 31, 2012 | Dec. 31, 2011 | |
Convertible Subordinated Debt [Member] | Convertible Subordinated Debt [Member] | Convertible Subordinated Debt [Member] | Clarex [Member] | Clarex [Member] | Clarex [Member] | Affiliate Of Clarex [Member] | Affiliate Of Clarex [Member] | Affiliate Of Clarex [Member] | ||||
Convertible Subordinated Debt [Member] | Convertible Subordinated Debt [Member] | Convertible Subordinated Debt [Member] | Convertible Subordinated Debt [Member] | Convertible Subordinated Debt [Member] | Convertible Subordinated Debt [Member] | |||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible Subordinated Debt | ' | ' | ' | ' | ' | ' | ' | $1,500,000 | ' | ' | $1,000,000 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Issuance Date | ' | ' | ' | 1-Apr-09 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | 1-Apr-11 | ' | ' | 1-Apr-15 | ' | ' | 1-Apr-15 | ' | ' |
Warrants To Purchase Common Stock Number Of Shares Per Warrant | ' | ' | ' | 0.75 | ' | ' | ' | ' | ' | ' | ' | ' |
Investment Warrants, Exercise Price | ' | ' | ' | $1.35 | ' | ' | ' | ' | ' | ' | ' | ' |
Investment Warrants Expiration Date | ' | ' | ' | 1-Apr-16 | ' | ' | ' | ' | ' | ' | ' | ' |
Interest paid | 191,000 | 181,000 | 1,289,000 | 150,000 | 150,000 | 150,000 | ' | ' | ' | ' | ' | ' |
Interest Payable | ' | ' | ' | ' | ' | ' | ' | ' | 645,000 | ' | ' | 480,000 |
Obligation For Prepayment Of Interest Accrued During Period | ' | ' | ' | $37,500 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Convertible, Terms of Conversion Feature | ' | ' | ' | ' | ' | ' | 'each unit consisting of one share of common stock and one warrant | ' | ' | 'each unit consisting of one share of common stock and one warrant | ' | ' |
Debt Conversion, Converted Instrument, Shares Issued | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | 1,000,000 | ' | ' |
Other_Long_Term_Notes_Details
Other Long Term Notes (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' |
Note Payable | $869,000 | $1,019,000 |
Less current portion | -156,000 | -150,000 |
Other Long Term Notes, excluding current portion | 712,868 | 869,135 |
Term Note Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Note Payable | 554,000 | 694,000 |
Us Small Business Administration Note Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Note Payable | $315,000 | $325,000 |
Other_Long_Term_Notes_Details_
Other Long Term Notes (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Year ending December 31: | ' | ' |
2014 | $156 | ' |
2015 | 164 | ' |
2016 | 171 | ' |
2017 | 108 | ' |
2018 | 12 | ' |
Thereafter | 258 | ' |
Other Notes Payable | $869 | $1,019 |
Other_Long_Term_Notes_Details_1
Other Long Term Notes (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Jul. 26, 2012 | |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ' | ' |
Term Note Payable [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument, Frequency of Periodic Payment | 'monthly | ' | ' |
Debt Instrument, Periodic Payment | $13,953 | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 4.35% | ' | ' |
Debt Instrument, Maturity Date | 31-Jul-17 | ' | ' |
Cash Down Payment | ' | 500,000 | ' |
Debt Instrument, Face Amount | ' | ' | 750,000 |
Long-term Debt, Maturities, Repayment Terms | '5 | ' | ' |
Debt Instrument, Issuance Date | 1-Aug-12 | ' | ' |
Term Note Payable [Member] | Subsequent Event [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Asset Held As Security Purchase Price Payment Due | 325,000 | ' | ' |
Us Small Business Administration Note Payable [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument, Frequency of Periodic Payment | 'monthly | ' | ' |
Debt Instrument, Periodic Payment | $1,922 | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | ' | ' |
Debt Instrument, Maturity Date | 30-Apr-32 | ' | ' |
Accounts_Payable_and_Accrued_L2
Accounts Payable and Accrued Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts Payable and Accrued Liabilities [Line Items] | ' | ' |
Trade accounts payable and accrued purchases | $339,000 | $457,000 |
Accrued payroll | 127,000 | 131,000 |
Accrued 401K company matching contribution | 141,000 | 162,000 |
Accrued Restructuring costs | 297,000 | 0 |
Accrued expenses - other | 64,000 | 64,000 |
Accounts Payable and Accrued Liabilities, Current | $967,963 | $813,705 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Current: | ' | ' | ' |
Federal provision for AMT | $0 | $0 | $6,000 |
State provision | 0 | 0 | 5,000 |
Current Income Tax Expense (Benefit) | 0 | 0 | 11,000 |
Deferred: | ' | ' | ' |
Federal tax provision | 0 | 408,000 | 0 |
State | 0 | 0 | 0 |
Deferred Income Tax Expense (Benefit) | 0 | 408,000 | 0 |
Total | $0 | $408,000 | $11,000 |
Income_Taxes_Details_1
Income Taxes (Details 1) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Federal statutory rate | -34.00% | -34.00% | 34.00% |
State statutory rate | -7.80% | -8.00% | 8.00% |
Change in Valuation Allowance | 34.20% | 59.50% | -41.50% |
Permanent Differences | -0.50% | 8.60% | 6.70% |
Prior year adjustments | 12.50% | 13.40% | 0.00% |
Other | -4.40% | 0.80% | -0.90% |
Effective income tax rate | 0.00% | 40.30% | 6.30% |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Line Items] | ' | ' |
Account receivable reserves | $7 | $7 |
Inventory reserves | 700 | 633 |
Inventory capitalization | 131 | 137 |
Depreciation | 192 | 45 |
Loss carry forwards | 2,590 | 2,233 |
Gross deferred tax assets | 3,620 | 3,055 |
Valuation allowance | -3,620 | -3,055 |
Net deferred tax asset | $0 | $0 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Line Items] | ' | ' |
Income Tax Reconciliation, Change in Deferred Tax Assets Valuation Allowance | $565,000 | $603,000 |
Operating Loss Carryforwards Expiration Date Description | '2032 | ' |
Domestic Tax Authority [Member] | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' |
Operating Loss Carryforwards | 7,124,000 | ' |
State and Local Jurisdiction [Member] | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' |
Operating Loss Carryforwards | $2,463,000 | ' |
Equity_Compensation_Program_an2
Equity Compensation Program and Stock-based Compensation (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Dividend yield | 0.00% | 0.00% | 0.00% |
Volatility | ' | 91.00% | ' |
Risk-free interest rate | ' | 1.60% | ' |
Expected life | '10 years | '10 years | '10 years |
Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Volatility | 114.00% | ' | 100.00% |
Risk-free interest rate | 2.70% | ' | 3.40% |
Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Volatility | 98.00% | ' | 94.00% |
Risk-free interest rate | 1.90% | ' | 2.00% |
Equity_Compensation_Program_an3
Equity Compensation Program and Stock-based Compensation (Details 1) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |
Options, Outstanding at the Beginning of the period | 961,823 | 1,079,676 | 798,476 | |
Options, Granted | 95,000 | 30,000 | 409,600 | |
Options, Exercised | 0 | -10,700 | -20,000 | |
Options, Forfeited/Expired | -77,802 | -137,153 | -108,400 | |
Options, Outstanding at the End of the period | 979,021 | [1] | 961,823 | 1,079,676 |
Options, Exercisable as of December 31, 2013 | 772,113 | ' | ' | |
Weighted Average Exercise Price, Options Outstanding at the Beginning of the period (in dollars per share) | $1 | $1.02 | $1.13 | |
Weighted Average Exercise Price, Options Granted (in dollars per share) | $0.30 | $0.50 | $0.97 | |
Weighted Average Exercise Price, Options Exercised (in dollars per share) | $0 | $0.50 | $0.95 | |
Weighted Average Exercise Price, Options Expired/Forfeited (in dollars per share) | $0.67 | $1.06 | $1.66 | |
Weighted Average Exercise Price, Options Outstanding at the End of the period (in dollars per share) | $0.96 | [1] | $1 | $1.02 |
Weighted Average Exercise Price, Options Exercisable as of December 31, 2013 (in dollars per share) | $0.61 | ' | ' | |
Weighted Average Remaining Contractual Term (In Years), Options Outstanding as of December 31, 2013 | '5 years 8 months 12 days | [1] | ' | ' |
Weighted Average Remaining Contractual Term (In Years), Options Exercisable as of December 31, 2013 | '5 years 3 months 18 days | ' | ' | |
Aggregate Intrinsic Value, Options Outstanding as of December 31, 2013 (in dollars) | $0 | [1],[2] | ' | ' |
Aggregate Intrinsic Value, Options Exercisable as of December 31, 2013 (in dollars) | $0 | [2] | ' | ' |
[1] | Based on the Companybs historical forfeiture rate, the number of options expected to vest is the same as the total outstanding at December 31, 2013. | |||
[2] | Intrinsic value for purposes of this table represents the amount by which the fair value of the underlying stock, based on the respective market prices as of December 31, 2013 exceeds the exercise prices of the respective options. All of the options used in the calculation of the aggregate intrinsic value for outstanding options are exercisable as of December 31, 2013. |
Equity_Compensation_Program_an4
Equity Compensation Program and Stock-based Compensation (Details 2) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Options - Non-vested - January 1, 2013 | 298,678 |
Options - Granted | 95,000 |
Options - Vested | -158,279 |
Options -Forfeited | -28,502 |
Options - Non-vested - December 31, 2013 | 206,897 |
Weighted-Average Grant-Date Fair Value, Non-vested at January 1, 2013 (in dollars per share) | $0.82 |
Weighted-Average Grant-Date Fair Value - Granted (in dollars per share) | $0.27 |
Weighted-Average Grant-Date Fair Value - Vested (in dollars per share) | $0.84 |
Weighted-Average Grant-Date Fair Value - Forfeited (in dollars per share) | $0.86 |
Weighted-Average Grant-Date Fair Value, Non-vested at December 31, 2013 (in dollars per share) | $0.55 |
Equity_Compensation_Program_an5
Equity Compensation Program and Stock-based Compensation (Details 3) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Exercise Price Range One [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price, Lower Range | $0.23 |
Exercise Price, Upper Range | $0.35 |
Options Outstanding, Number | 95,000 |
Options Outstanding, Weighted Average Remaining Contractual Life in Years | '2 years 9 months 18 days |
Options Outstanding, Weighted Average Exercise Price | $0.30 |
Options Exercisable, Number | 5,000 |
Options Exercisable, Weighted Average Exercise Price | $0.35 |
Exercise Price Range Two [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price, Lower Range | $0.50 |
Exercise Price, Upper Range | $1.03 |
Options Outstanding, Number | 738,398 |
Options Outstanding, Weighted Average Remaining Contractual Life in Years | '5 years 7 months 6 days |
Options Outstanding, Weighted Average Exercise Price | $0.92 |
Options Exercisable, Number | 621,490 |
Options Exercisable, Weighted Average Exercise Price | $0.92 |
Exercise Price Range Thee [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price, Lower Range | $1.20 |
Exercise Price, Upper Range | $1.75 |
Options Outstanding, Number | 145,623 |
Options Outstanding, Weighted Average Remaining Contractual Life in Years | '6 years 6 months |
Options Outstanding, Weighted Average Exercise Price | $1.61 |
Options Exercisable, Number | 145,623 |
Options Exercisable, Weighted Average Exercise Price | $1.61 |
Equity_Compensation_Program_an6
Equity Compensation Program and Stock-based Compensation (Details 4) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Non-vested Restricted Stock Units, Outstanding | 10,000 | 15,000 | 6,998 |
Non-vested Restricted Stock Units, Granted | 0 | 0 | 15,000 |
Non-vested Restricted Stock Units, Vested | -5,000 | -5,000 | -6,998 |
Non-vested Restricted Stock Units, Forfeited/Expired | 0 | 0 | 0 |
Non-vested Restricted Stock Units, Outstanding | 5,000 | 10,000 | 15,000 |
Weighted Average Grant Date Fair Value, Non-vested Restricted Stock Units, Outstanding (in dollars per share) | $0.97 | $0.97 | $3.59 |
Weighted Average Grant Date Fair Value, Non-vested Restricted Stock Units, Granted (in dollars per share) | $0 | $0 | $0.97 |
Weighted Average Grant Date Fair Value, Non-vested Restricted Stock Units, Vested (in dollars per share) | $0.97 | $0.97 | $3.59 |
Weighted Average Grant Date Fair Value, Non-vested Restricted Stock Units, Forfeited/Expired (in dollars per share) | $0 | $0 | $0 |
Weighted Average Grant Date Fair Value, Non-vested Restricted Stock Units, Outstanding (in dollars per share) | $0.97 | $0.97 | $0.97 |
Equity_Compensation_Program_an7
Equity Compensation Program and Stock-based Compensation (Details Textual) (USD $) | 12 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 02, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Equity Compensation 2010 Program [Member] | Restricted Stock Units (Rsus) [Member] | Restricted Stock Units (Rsus) [Member] | Restricted Stock Units (Rsus) [Member] | Restricted Stock Units (Rsus) [Member] | Restricted Stock Units (Rsus) [Member] | Restricted Stock Units (Rsus) [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | ||||
Selling General and Administrative Expense [Member] | Selling General and Administrative Expense [Member] | Selling General and Administrative Expense [Member] | Cost of Sales [Member] | Cost of Sales [Member] | Cost of Sales [Member] | Selling General and Administrative Expense [Member] | Selling General and Administrative Expense [Member] | Selling General and Administrative Expense [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | ' | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | ' | ' | ' | ' | ' | ' | ' | $5,000 | $5,000 | $7,000 | $133,000 | $196,000 | $165,000 | $71,000 | $100,000 | $68,000 | $62,000 | $96,000 | $97,000 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 92,000 | 199,000 | 382,000 | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '8 months 12 days | '2 years | '2 years 3 months 18 days | ' | ' | ' | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Options Grants In Period Weighted Average Grant Date Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.27 | 0.43 | 0.86 | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 132,000 | 230,000 | 175,000 | ' | ' | ' | ' | ' | ' |
Options, Granted | 95,000 | 30,000 | 409,600 | ' | ' | ' | 15,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Fair Value1 | ' | ' | ' | ' | ' | ' | 14,550 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Fair Value | ' | ' | ' | ' | $5,000 | $5,000 | $7,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net_Income_Loss_per_Share_Deta
Net Income (Loss) per Share (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Numerators | ' | ' | ' |
Net income (loss) applicable to common shareholders - basic (in dollars) | ($1,649,961) | ($1,420,833) | $164,746 |
Interest on Convertible Debt (in dollars) | 0 | 0 | 0 |
Net income (loss) applicable to common shareholders - diluted (in dollars) | ($1,649,961) | ($1,420,833) | $164,746 |
Denominators | ' | ' | ' |
Weighted average shares outstanding - basic (in shares) | 11,975,900 | 11,825,583 | 11,658,891 |
Stock options | 0 | 0 | 83,843 |
Restricted stock units | 0 | 0 | 10,935 |
Weighted average shares outstanding - diluted (in shares) | 11,975,900 | 11,825,583 | 11,753,669 |
Net_Income_Loss_per_Share_Deta1
Net Income (Loss) per Share (Details Textual) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Convertible Notes Payable [Member] | ' | ' | ' |
Earnings Per Share, Basic and Diluted [Line Items] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,875,000 | 1,875,000 | 2,500,000 |
Warrant [Member] | ' | ' | ' |
Earnings Per Share, Basic and Diluted [Line Items] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,500,000 | 2,500,000 | 1,875,000 |
Employee Stock Option [Member] | ' | ' | ' |
Earnings Per Share, Basic and Diluted [Line Items] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 984,021 | 971,823 | 94,778 |
Commitments_Details_Textual
Commitments (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Commitments Disclosure [Line Items] | ' | ' | ' |
Operating Leases, Rent Expense | $491,000 | $485,000 | $519,000 |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 70.00% | ' | ' |
Real Estate Taxes and Insurance, Total | 168,000 | 160,000 | 162,000 |
April 2013 Plan [Member] | ' | ' | ' |
Commitments Disclosure [Line Items] | ' | ' | ' |
Operating Leases, Rent Expense | 142,505 | 161,845 | 151,775 |
Defined Contribution Plan Employer Matching Contribution In Shares (In shares) | 298,490 | 163,879 | 152,460 |
Defined Contribution Plan Employer Matching Contribution In Cash | $71,252 | $80,922 | ' |
Product_Sales_Foreign_Sales_an2
Product Sales, Foreign Sales and Sales to Major Customers (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Revenues, Total | $11,236 | $11,404 | $13,177 |
Concentration Risk, Percentage | 100.00% | 100.00% | 100.00% |
Optical Components [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Revenues, Total | 8,628 | 8,758 | 11,812 |
Concentration Risk, Percentage | 76.80% | 76.70% | 89.60% |
Laser System Devices and Instrumentation [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Revenues, Total | $2,608 | $2,646 | $1,365 |
Concentration Risk, Percentage | 23.20% | 23.30% | 10.40% |
Product_Sales_Foreign_Sales_an3
Product Sales, Foreign Sales and Sales to Major Customers (Details Textual) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 100.00% | 100.00% | 100.00% |
Customers In Europe Asia Japan [Member] | Sales [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 14.50% | 14.30% | 22.80% |
Major Customers One [Member] | Sales [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 9.40% | 8.60% | 15.40% |
Major Customers Two [Member] | Sales [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 8.20% | 10.70% | 4.00% |
Major Customers Three [Member] | Sales [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 7.30% | 4.90% | 1.60% |
Top Five Customers [Member] | Sales [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 37.70% | 43.10% | 58.10% |
Shareholders_Equity_Details
Shareholders' Equity (Details) | Dec. 31, 2013 |
Class of Stock [Line Items] | ' |
Common Stock, Capital Shares Reserved for Future Issuance | 8,849,923 |
Equity Compensation Plan 2010 [Member] | ' |
Class of Stock [Line Items] | ' |
Common Stock, Capital Shares Reserved for Future Issuance | 4,000,000 |
Equity Compensation Plan 2000 [Member] | ' |
Class of Stock [Line Items] | ' |
Common Stock, Capital Shares Reserved for Future Issuance | 474,923 |
Convertible Subordinated Debt [Member] | ' |
Class of Stock [Line Items] | ' |
Common Stock, Capital Shares Reserved for Future Issuance | 2,500,000 |
Warrants Issuable On Conversion Of Subordinated Convertible Notes [Member] | ' |
Class of Stock [Line Items] | ' |
Common Stock, Capital Shares Reserved for Future Issuance | 1,875,000 |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Details Textual) (USD $) | Dec. 31, 2013 |
Financial Instruments Disclosure [Line Items] | ' |
Long-term Debt, Gross | $3,369,000 |
Restructuring_Costs_Details
Restructuring Costs (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring costs expected to be incurred | $750,000 |
Accrued balance December 31, 2012 | 0 |
Provisions | 313,000 |
Cash expenditures | -16,000 |
Accrued balance December 31, 2013 | 297,000 |
Termination and Relocation [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring costs expected to be incurred | 227,000 |
Accrued balance December 31, 2012 | 0 |
Provisions | 227,000 |
Cash expenditures | 0 |
Accrued balance December 31, 2013 | 227,000 |
Northvale Facility Expenditures [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring costs expected to be incurred | 342,000 |
Accrued balance December 31, 2012 | 0 |
Provisions | 0 |
Cash expenditures | 0 |
Accrued balance December 31, 2013 | 0 |
Moving and Other Costs [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring costs expected to be incurred | 181,000 |
Accrued balance December 31, 2012 | 0 |
Provisions | 86,000 |
Cash expenditures | -16,000 |
Accrued balance December 31, 2013 | $70,000 |
Restructuring_Costs_Details_Te
Restructuring Costs (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and Related Cost, Expected Cost | $750,000 | ' |
Restructuring Reserve | 297,000 | 0 |
Maximum [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and Related Cost, Expected Cost | 900,000 | ' |
Maximum [Member] | Subsequent Event [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and Related Cost, Expected Cost | 1,000,000 | ' |
Minimum [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and Related Cost, Expected Cost | 750,000 | ' |
Minimum [Member] | Subsequent Event [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and Related Cost, Expected Cost | $800,000 | ' |
Workforce_Reduction_Details_Te
Workforce Reduction (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | |
Workforce Reduction Disclosure [Line Items] | ' | ' | ' |
Percentage Reduction In Work Force | ' | 11.00% | ' |
Annualized Savings Due To Reduction In Work Force | ' | ' | $700,000 |
Severance Costs | 141,000 | 141,000 | ' |
Offset Payroll Savings Amount | ' | ' | 220,000 |
Payments for Postemployment Benefits | ' | ' | $141,000 |
Quarterly_Data_Details
Quarterly Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $2,707,442 | $2,756,488 | $2,694,598 | $3,077,126 | $2,778,958 | $2,903,740 | $2,880,448 | $2,840,681 | $3,385,765 | $3,328,761 | $3,221,234 | $3,241,434 | $11,235,654 | $11,403,827 | $13,177,194 |
Gross profit | 118,572 | 549,959 | 307,732 | 699,098 | 566,612 | 616,247 | 567,834 | 739,956 | 997,817 | 907,905 | 784,060 | 872,537 | ' | ' | ' |
Net income (loss) | ($549,050) | ($238,793) | ($647,764) | ($169,354) | ($659,202) | ($279,589) | ($333,083) | ($148,959) | $142,036 | $83,731 | ($95,750) | $34,729 | ($1,649,961) | ($1,420,833) | $164,746 |
Net income (loss) per share - Basic (in dollars per share) | ($0.05) | ($0.02) | ($0.06) | ($0.01) | ($0.06) | ($0.02) | ($0.03) | ($0.01) | $0.01 | $0.01 | ($0.01) | $0 | ($0.14) | ($0.12) | $0.01 |
Net income (loss) per share - Diluted (in dollars per share) | ($0.05) | ($0.02) | ($0.06) | ($0.01) | ($0.06) | ($0.02) | ($0.03) | ($0.01) | $0.01 | $0.01 | ($0.01) | $0 | ($0.14) | ($0.12) | $0.01 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Allowance For Doubtful Accounts [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Valuation Allowances and Reserves, Balance at Beginning of Period | $15,000 | $15,000 | $15,000 |
Valuation Allowances and Reserves, Charged (Credited) to Expenses | 1,000 | 0 | 0 |
Valuation Allowances and Reserves, Additions (Deductions) to Other Accounts | 0 | 0 | 0 |
Valuation Allowances and Reserves, Deductions | 1,000 | 0 | 0 |
Valuation Allowances and Reserves, Balance at End of Period | 15,000 | 15,000 | 15,000 |
Valuation Allowance Of Deferred Tax Assets [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Valuation Allowances and Reserves, Balance at Beginning of Period | 3,055,000 | 2,452,000 | 2,379,000 |
Valuation Allowances and Reserves, Charged (Credited) to Expenses | 0 | 408,000 | 0 |
Valuation Allowances and Reserves, Additions (Deductions) to Other Accounts | 565,000 | 195,000 | 73,000 |
Valuation Allowances and Reserves, Deductions | 0 | 0 | 0 |
Valuation Allowances and Reserves, Balance at End of Period | $3,620,000 | $3,055,000 | $2,452,000 |