Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Mar. 03, 2014 | Jun. 28, 2013 |
Document Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'RELIV INTERNATIONAL INC | ' | ' |
Entity Central Index Key | '0000768710 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Trading Symbol | 'RELV | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 12,665,632 | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $10 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Current assets: | ' | ' |
Cash and cash equivalents | $6,656,798 | $5,801,042 |
Accounts receivable, less allowances of $31,800 in 2013 and $35,700 in 2012 | 148,630 | 247,087 |
Accounts due from employees and distributors | 129,852 | 109,346 |
Inventories: | ' | ' |
Finished goods | 3,516,079 | 3,661,289 |
Raw materials | 1,501,522 | 1,332,293 |
Sales aids and promotional materials | 197,089 | 269,334 |
Total inventories | 5,214,690 | 5,262,916 |
Refundable income taxes | 0 | 10,632 |
Prepaid expenses and other current assets | 697,099 | 688,669 |
Deferred income taxes | 309,000 | 371,000 |
Total current assets | 13,156,069 | 12,490,692 |
Other assets | 277,770 | 206,022 |
Cash surrender value of life insurance | 2,403,763 | 2,083,420 |
Note receivable due from distributor | 1,829,827 | 1,923,000 |
Intangible assets, net | 3,195,903 | 1,443,635 |
Property, plant, and equipment | 18,541,296 | 18,454,805 |
Less accumulated depreciation | 11,805,877 | 11,343,033 |
Property, Plant and Equipment, Net | 6,735,419 | 7,111,772 |
Total assets | 27,598,751 | 25,258,541 |
Current liabilities: | ' | ' |
Accounts payable and accrued expenses | 5,868,783 | 5,985,000 |
Income taxes payable | 199,558 | 0 |
Current maturities of long-term debt | 581,004 | 629,631 |
Total current liabilities | 6,649,345 | 6,614,631 |
Noncurrent liabilities: | ' | ' |
Revolving line of credit | 1,150,000 | 0 |
Long-term debt, less current maturities | 2,631,607 | 2,401,312 |
Noncurrent deferred income taxes | 127,000 | 289,000 |
Other noncurrent liabilities | 910,327 | 371,728 |
Total noncurrent liabilities | 4,818,934 | 3,062,040 |
Stockholders' equity: | ' | ' |
Preferred stock, par value $0.001 per share; 3,000,000 shares authorized; -0- shares issued and outstanding in 2013 and 2012 | 0 | 0 |
Common stock, par value $0.001 per share; 30,000,000 shares authorized, 14,519,605 shares issued and 12,665,632 shares outstanding in 2013; 14,511,816 shares issued and 12,619,640 shares outstanding in 2012 | 14,520 | 14,512 |
Additional paid-in capital | 30,101,069 | 30,074,801 |
Accumulated deficit | -8,159,164 | -8,557,178 |
Accumulated other comprehensive loss: | ' | ' |
Foreign currency translation adjustment | -487,393 | -494,550 |
Treasury stock | -5,338,560 | -5,455,715 |
Total stockholders’ equity | 16,130,472 | 15,581,870 |
Total liabilities and stockholders’ equity | $27,598,751 | $25,258,541 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets [Parenthetical] (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for accounts receivable (in dollars) | $31,800 | $35,700 |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 3,000,000 | 3,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares, issued | 14,519,605 | 14,511,816 |
Common stock, shares, outstanding | 12,665,632 | 12,619,640 |
Consolidated_Statements_of_Net
Consolidated Statements of Net Income and Comprehensive Income (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Product sales | $62,379,450 | $61,097,180 |
Handling & freight income | 5,827,288 | 7,612,709 |
Net sales | 68,206,738 | 68,709,889 |
Costs and expenses: | ' | ' |
Cost of products sold | 14,022,996 | 13,685,581 |
Distributor royalties and commissions | 24,926,014 | 25,839,621 |
Selling, general, and administrative | 27,755,483 | 27,472,807 |
Income from operations | 1,502,245 | 1,711,880 |
Other income (expense): | ' | ' |
Interest income | 149,402 | 129,415 |
Interest expense | -82,461 | -99,502 |
Other income (expense) | -137,596 | 406,176 |
Income before income taxes | 1,431,590 | 2,147,969 |
Provision for income taxes | 655,000 | 789,000 |
Net income available to common shareholders | 776,590 | 1,358,969 |
Other comprehensive income: | ' | ' |
Foreign currency translation adjustment | 7,157 | 122,753 |
Comprehensive income | $783,747 | $1,481,722 |
Earnings per common share - Basic (in dollars per share) | $0.06 | $0.11 |
Weighted average shares (in shares) | 12,619,000 | 12,500,000 |
Earnings per common share - Diluted (in dollars per share) | $0.06 | $0.11 |
Weighted average shares (in shares) | 12,816,000 | 12,654,000 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit | Accumulated Other Comprehensive Loss | Treasury Stock [Member] |
Balance at Dec. 31, 2011 | $14,485,851 | $14,425 | $30,292,792 | ($9,540,595) | ($617,303) | ($5,663,468) |
Balance (in shares) at Dec. 31, 2011 | ' | 14,425,185 | ' | ' | ' | 1,941,081 |
Net income | 1,358,969 | 0 | 0 | 1,358,969 | 0 | 0 |
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustment | 122,753 | 0 | 0 | 0 | 122,753 | 0 |
Total comprehensive income | 1,481,722 | ' | ' | ' | ' | ' |
Common stock dividends paid, $0.03 per share | -375,552 | 0 | 0 | -375,552 | 0 | 0 |
Common stock issued to consultant | 109,500 | 87 | 109,413 | 0 | 0 | 0 |
Common stock issued to consultant (in shares) | ' | 86,631 | ' | ' | ' | 0 |
Stock-based compensation | 102,465 | 0 | 102,465 | 0 | 0 | 0 |
Expired stock options & warrants; deferred tax effect | -276,023 | 0 | -276,023 | 0 | 0 | 0 |
Contribution of treasury shares to ESOP | 125,000 | 0 | -153,846 | 0 | 0 | 278,846 |
Contribution of treasury shares to ESOP (in shares) | ' | ' | ' | ' | ' | -96,154 |
Common stock purchased for treasury | -71,093 | 0 | 0 | 0 | 0 | -71,093 |
Common stock purchased for treasury (in shares) | ' | 0 | ' | ' | ' | 47,249 |
Balance at Dec. 31, 2012 | 15,581,870 | 14,512 | 30,074,801 | -8,557,178 | -494,550 | -5,455,715 |
Balance (in shares) at Dec. 31, 2012 | ' | 14,511,816 | ' | ' | ' | 1,892,176 |
Net income | 776,590 | 0 | 0 | 776,590 | 0 | 0 |
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustment | 7,157 | 0 | 0 | 0 | 7,157 | 0 |
Total comprehensive income | 783,747 | ' | ' | ' | ' | ' |
Common stock dividends paid, $0.03 per share | -378,576 | 0 | 0 | -378,576 | 0 | 0 |
Stock-based compensation | 41,745 | 0 | 41,745 | 0 | 0 | 0 |
Expired stock options & warrants; deferred tax effect | -31,618 | 0 | -31,618 | 0 | 0 | 0 |
Contribution of treasury shares to ESOP | 125,000 | 0 | 2,481 | 0 | 0 | 122,519 |
Contribution of treasury shares to ESOP (in shares) | ' | 0 | ' | ' | ' | -42,248 |
Warrants exercised | 13,668 | 8 | 13,660 | 0 | 0 | 0 |
Warrants exercised (in shares) | ' | 7,789 | ' | ' | ' | 0 |
Common stock purchased for treasury | -5,364 | 0 | 0 | 0 | 0 | -5,364 |
Common stock purchased for treasury (in shares) | ' | 0 | ' | ' | ' | 4,045 |
Balance at Dec. 31, 2013 | $16,130,472 | $14,520 | $30,101,069 | ($8,159,164) | ($487,393) | ($5,338,560) |
Balance (in shares) at Dec. 31, 2013 | ' | 14,519,605 | ' | ' | ' | 1,853,973 |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity [Parenthetical] (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Comman stock dividends paid (in dollars per share) | $0.03 | $0.03 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Operating activities | ' | ' |
Net income | $776,590 | $1,358,969 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 952,660 | 954,110 |
Stock-based compensation | 41,745 | 102,465 |
Contribution of treasury shares to ESOP | 125,000 | 125,000 |
Non-cash gain on loan modification | 0 | -410,320 |
Deferred income taxes | -137,000 | 95,977 |
Foreign currency transaction (gain)/loss | 126,188 | -21,139 |
(Increase) decrease in accounts receivable | 84,248 | 115,334 |
(Increase) decrease in inventories | -3,500 | -468,297 |
(Increase) decrease in refundable income taxes | 11,151 | 83,095 |
(Increase) decrease in prepaid expenses and other current assets | -23,393 | -73,173 |
(Increase) decrease in other assets | -71,748 | -20,561 |
Increase (decrease) in income taxes payable | 199,558 | 0 |
Increase (decrease) in accounts payable & accrued expenses and other non-current liabilities | 508,761 | 626,678 |
Net cash provided by operating activities | 2,590,260 | 2,468,138 |
Investing activities | ' | ' |
Proceeds from sale of property, plant, and equipment | 3,231 | 39,910 |
Purchase of property, plant, and equipment | -382,580 | -524,984 |
Purchase of note and mortgage secured by underlying property | 0 | -2,000,000 |
Payments received on distributor note receivable | 78,954 | 0 |
Acquisition of lunasin technology license | -1,150,000 | 0 |
Payment of life insurance premiums | -320,343 | -300,667 |
Net cash used in investing activities | -1,770,738 | -2,785,741 |
Financing activities | ' | ' |
Proceeds from revolving line of credit borrowings | 1,150,000 | 0 |
Principal payments on long-term borrowings | -630,246 | -709,785 |
Common stock dividends paid | -378,576 | -375,552 |
Proceeds from warrants exercised | 13,668 | 0 |
Purchase of stock for treasury | -5,364 | -71,093 |
Net cash provided by (used in) financing activities | 149,482 | -1,156,430 |
Effect of exchange rate changes on cash and cash equivalents | -113,248 | 100,862 |
Increase (decrease) in cash and cash equivalents | 855,756 | -1,373,171 |
Cash and cash equivalents at beginning of year | 5,801,042 | 7,174,213 |
Cash and cash equivalents at end of year | 6,656,798 | 5,801,042 |
Supplemental disclosures of cash flow information: | ' | ' |
Cash paid during the year for Interest | 74,767 | 99,906 |
Cash paid during the year for Income taxes | 579,000 | 597,000 |
Noncash investing and financing transactions: | ' | ' |
Obligation for acquisition of lunasin technology license | $850,000 | $0 |
Nature_of_Business_and_Signifi
Nature of Business and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Business Description and Accounting Policies [Text Block] | ' |
1. Nature of Business and Significant Accounting Policies | |
Nature of Business | |
Reliv’ International, Inc. (the Company) produces a proprietary line of nutritional supplements addressing basic nutrition, specific wellness needs, weight management, and sports nutrition. These products are sold by subsidiaries of the Company to a sales force of independent distributors of the Company that sell products directly to consumers. The Company and its subsidiaries sell products to distributors throughout the United States and in Australia, Austria, Brunei, Canada, France, Germany, Indonesia, Ireland, Malaysia, Mexico, the Netherlands, New Zealand, the Philippines, Singapore, and the United Kingdom. | |
Principles of Consolidation | |
The consolidated financial statements include the accounts of the Company and its foreign and domestic subsidiaries. All significant intercompany accounts and transactions have been eliminated. | |
Inventories | |
Inventories are valued at the lower of cost or market. Product cost includes raw materials, labor, and overhead costs and is accounted for on a first-in, first-out basis. On a periodic basis, the Company reviews its inventory levels, as compared to future demand requirements and the shelf life of the various products. Based on this review, the Company records inventory write-downs when necessary. | |
Sales aids and promotional materials inventories represent distributor kits, product brochures, and other sales and business development materials which are held for sale to distributors. Cost of the sales aids and promotional materials held for sale are capitalized as inventories and subsequently recorded to cost of goods sold upon recognition of revenue when sold to distributors. All other advertising and promotional costs are expensed when incurred. | |
Property, Plant, and Equipment | |
Property, plant, and equipment are stated on the cost basis. Depreciation is computed using the straight-line or an accelerated method over the useful life of the related assets. Generally, computer equipment and software are depreciated over 5 years, office equipment and machinery over 7 years, and real property over 39 years. | |
Foreign Currency Translation and Transaction Gains or Losses | |
All balance sheet accounts have been translated using the exchange rates in effect at the balance sheet date. Statements of income amounts have been translated using the average exchange rate for the year. The gains and losses resulting from the changes in exchange rates from year to year have been reported in other comprehensive income (loss). The foreign currency translation adjustment is the only component of accumulated other comprehensive loss. If applicable, foreign currency translation adjustments exclude income tax expense (benefit) as certain of the Company’s investments in non-U.S. subsidiaries are deemed to be reinvested for an indefinite period of time. Transaction gains/(losses) were $(126,188) and $21,139 for 2013 and 2012, respectively. | |
Revenue Recognition | |
The Company receives payment by credit card, personal check, or guaranteed funds for orders from independent distributors and makes related commission payments in the following month. Generally, net sales reflect product sales less the distributor discount of 20 percent to 40 percent of the suggested retail price. Sales revenue and commission expenses are recorded when the merchandise is shipped, as this is the point title and risk of loss pass to the distributor. In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 605-50, “Revenue Recognition – Customer Payments and Incentives,” the Company presents distributor royalty and commission expense as an operating expense, rather than a reduction to net sales, as these payments are not made to the purchasing distributor. | |
Actual and estimated sales returns are classified as a reduction of net sales. The Company estimates and accrues a reserve for product returns based on the Company’s return policy and historical experience. The Company’s return policy allows for distributors to return product only upon termination of his or her distributorship. Allowable returns are limited to saleable product which was purchased within twelve months of the termination for a refund of 90% of the original purchase price less any distributor royalties and commission received relating to the original purchase of the returned products. For the years ended December 31, 2013 and 2012, total returns as a percent of net sales were approximately 0.57 % and 0.48%, respectively. | |
The Company records handling and freight income as a component of net sales and records handling and freight costs as a component of cost of products sold. Total revenues do not include sales tax as the Company considers itself a pass-through conduit for collecting and remitting applicable sales taxes. | |
Basic and Diluted Earnings per Share | |
Basic earnings per common share are computed using the weighted average number of common shares outstanding during the year. Diluted earnings per common share are computed using the weighted average number of common shares and potential dilutive common shares that were outstanding during the period. Potential dilutive common shares consist of outstanding stock options, outstanding stock warrants, and convertible preferred stock. See Note 8 for additional information regarding earnings per share. | |
Stock-Based Compensation | |
The Company has stock-based incentive plans under which it may grant stock option, restricted stock, and unrestricted stock awards. The Company recognizes stock-based compensation expense based on the grant date fair value of the award and the related vesting terms. The fair value of stock-based awards is primarily determined using the Black-Scholes model, which incorporates assumptions regarding the risk-free interest rate, expected volatility, expected option life, and dividend yield. See Note 7 for additional information. | |
The Company accounts for options granted to non-employees and warrants granted to distributors under the fair value approach required by FASB ASC Topic 505-50, “Equity Based Payments to Non-Employees.” | |
Income Taxes | |
The provision for income taxes is computed using the liability method. The primary differences between financial statement and taxable income result from financial statement accruals and reserves and differences between depreciation and stock options for book and tax purposes. | |
Unrecognized tax benefits are accounted for as required by FASB ASC Topic 740 which prescribes a more likely than not threshold for financial statement presentation and measurement of a tax position taken or expected to be taken in a tax return. See Note 11 for further discussion. | |
Fair Value Measurements | |
FASB ASC Topic 820, “Fair Value Measurements and Disclosures,” defines fair value, establishes a framework for measuring fair value, and requires disclosures about fair value measurements required under other accounting pronouncements. See Note 5 for further discussion. | |
Advertising | |
Costs of sales aids and promotional materials are capitalized as inventories. All other advertising and promotional costs are expensed when incurred. The Company recorded $191,800 and $44,000 of advertising expense in 2013 and 2012, respectively. | |
Amortizable Intangible Assets | |
The Company records intangible assets based on management’s determination of the fair value of the respective assets at the time of acquisition. Determining the fair value of intangible assets is judgmental and involves the use of significant estimates and assumptions of future company operations. The Company bases its fair value estimates and related asset lives on assumptions it believes to be reasonable but that are unpredictable and inherently uncertain. Actual future results may differ from these estimates. | |
Intangible assets estimated to have finite estimable lives are amortized over their estimated economic life under the straight-line method; such method correlates to management’s estimate of the assets’ economic benefit. Based on management’s estimates at origination, these lives range from two to seventeen years. Related amortization expense is presented within Selling, General, and Administrative in the accompanying consolidated statements of net income and comprehensive income. As of December 31, 2013, remaining lives of intangible assets range from three to seventeen years. | |
Research and Development Expenses | |
Research and development expenses, which are charged to selling, general, and administrative expenses as incurred, were $565,000 and $587,000 in 2013 and 2012, respectively. | |
Cash Equivalents | |
The Company's policy is to consider the following as cash and cash equivalents: demand deposits and short-term investments with a maturity of three months or less when purchased. | |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |
Property_Plant_and_Equipment
Property, Plant, and Equipment | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | |||||||
2. Property, Plant, and Equipment | ||||||||
Property, plant, and equipment at December 31, 2013 and 2012, consist of the following: | ||||||||
2013 | 2012 | |||||||
Land and land improvements | $ | 883,563 | $ | 883,563 | ||||
Building | 9,945,187 | 9,905,967 | ||||||
Machinery and equipment | 3,785,949 | 3,767,910 | ||||||
Office equipment | 1,236,303 | 1,231,215 | ||||||
Computer equipment and software | 2,690,294 | 2,666,150 | ||||||
18,541,296 | 18,454,805 | |||||||
Less accumulated depreciation | 11,805,877 | 11,343,033 | ||||||
$ | 6,735,419 | $ | 7,111,772 | |||||
Accounts_Payable_and_Accrued_E
Accounts Payable and Accrued Expenses | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ' | |||||||
3. Accounts Payable and Accrued Expenses | ||||||||
Accounts payable and accrued expenses at December 31, 2013 and 2012, consist of the following: | ||||||||
2013 | 2012 | |||||||
Trade payables | $ | 2,968,814 | $ | 2,924,111 | ||||
Distributors' commissions | 2,033,727 | 2,293,019 | ||||||
Sales taxes | 311,049 | 283,700 | ||||||
Payroll and payroll taxes | 555,193 | 484,170 | ||||||
$ | 5,868,783 | $ | 5,985,000 | |||||
Amortizable_Intangible_Assets
Amortizable Intangible Assets | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||
Intangible Assets Disclosure [Text Block] | ' | |||||||||||||
4. Amortizable Intangible Assets | ||||||||||||||
The Company had amortizable intangible assets as follows as of December 31, 2013 and 2012: | ||||||||||||||
Accumulated | ||||||||||||||
Gross Carrying Amount | Amortization | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Distributorship and related agreements | $ | 2,060,000 | $ | 2,060,000 | $ | 770,375 | $ | 616,365 | ||||||
Lunasin technology license | 1,954,661 | - | 48,383 | - | ||||||||||
$ | 4,014,661 | $ | 2,060,000 | $ | 818,758 | $ | 616,365 | |||||||
Amortization expense (straight-line method) for intangible assets totaled $202,393 and $154,009 in 2013 and 2012, respectively. Amortization expense for amortizable intangible assets over the next five years is estimated to be: | ||||||||||||||
Intangible | ||||||||||||||
Amortization | ||||||||||||||
2014 | $ | 270,000 | ||||||||||||
2015 | 270,000 | |||||||||||||
2016 | 255,000 | |||||||||||||
2017 | 226,000 | |||||||||||||
2018 | 226,000 | |||||||||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Disclosures [Text Block] | ' | |||||||||||||||
5. Fair Value of Financial Instruments | ||||||||||||||||
The carrying amount and fair value of financial instruments at December 31, 2013 and 2012 were approximately as follows: | ||||||||||||||||
Carrying | Fair | |||||||||||||||
Description | Amount | Value | Level 1 | Level 2 | Level 3 | |||||||||||
31-Dec-13 | ||||||||||||||||
Long-term debt | $ | 4,362,611 | $ | 4,362,611 | - | $ | 4,362,611 | - | ||||||||
Note receivable | 1,921,046 | 2,365,000 | - | 2,365,000 | ||||||||||||
Marketable securities (1) | 278,000 | 278,000 | $ | 278,000 | - | - | ||||||||||
31-Dec-12 | ||||||||||||||||
Long-term debt | $ | 3,030,943 | $ | 3,030,943 | - | $ | 3,030,943 | |||||||||
Note receivable | 2,000,000 | 2,640,000 | - | 2,640,000 | - | |||||||||||
Marketable securities (1) | 206,000 | 206,000 | $ | 206,000 | - | - | ||||||||||
-1 | Representing assets of the Company's Supplemental Executive Retirement Plan | |||||||||||||||
(trading securities). Presented within Other Assets in the consolidated balance sheets. | ||||||||||||||||
Fair value can be measured using valuation techniques such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). Accounting standards utilize a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those levels: | ||||||||||||||||
Level 1: | Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. | |||||||||||||||
Level 2: | Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets or similar assets or liabilities in markets that are not active. | |||||||||||||||
Level 3: | Unobservable inputs that reflect the reporting entity’s own assumptions. | |||||||||||||||
The carrying value of other financial instruments, including cash, accounts receivable and accounts payable, and accrued liabilities approximate fair value due to their short maturities or variable-rate nature of the respective balances. | ||||||||||||||||
Debt
Debt | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-term Debt [Text Block] | ' | |||||||
6. Debt | ||||||||
Debt at December 31, 2013 and 2012 consists of the following: | ||||||||
2013 | 2012 | |||||||
Term loan | $ | 2,400,697 | $ | 2,807,298 | ||||
Revolving line of credit | 1,150,000 | - | ||||||
Obligation for acquisition of technology license, net | 811,914 | - | ||||||
Obligation for purchase of distributorship, as modified | - | 223,645 | ||||||
4,362,611 | 3,030,943 | |||||||
Less current maturities | 581,004 | 629,631 | ||||||
$ | 3,781,607 | $ | 2,401,312 | |||||
Principal maturities of debt at December 31, 2013, are as follows: | ||||||||
2014 | $ | 581,004 | ||||||
2015 | 643,467 | |||||||
2016 | 2,926,226 | |||||||
2017 | 211,914 | |||||||
2018 | - | |||||||
Thereafter | - | |||||||
$ | 4,362,611 | |||||||
Revolving loan agreements | ||||||||
Effective October 1, 2011, upon expiration of a previous revolving loan agreement, the Company entered into a new $5 million one-year revolving loan agreement (2011) with its primary lender. The 2011 agreement expired September 2012. | ||||||||
Effective September 30, 2012, the Company entered into a new one-year $5 million revolving loan agreement (2012) with its primary lender. Similar to the previous agreements, any advances under the revolver accrue interest at a variable interest rate based on 30-day LIBOR + 1.85%. Interest, if any, is payable monthly. In August 2013, in conjunction with its acquisition of a technology license, the Company borrowed $1.15 million under its revolving line of credit and this balance remained outstanding at December 31, 2013. | ||||||||
On February 28, 2014, the Company and its primary lender amended the revolving line of credit agreement and the term loan agreement. As part of the amendment, the $5 million revolving line of credit agreement has been extended to July 1, 2016 and the outstanding revolving loan balance of $1.15 million has been re-financed into the term loan balance. As a result, the Company has presented the December 31, 2013 revolving line of credit balance of $1,150,000 as non-current in the accompanying consolidated balance sheets. | ||||||||
Term Loan | ||||||||
On November 30, 2010, the Company re-financed its then-existing term loan agreement with its primary lender. The 2010 re-financed term loan was for a period of three years with interest accruing at a floating interest rate based on the 30-day LIBOR plus 2%. Monthly principal and interest were based on approximately a nine-year amortization with a balloon payment for the outstanding balance due and payable on November 30, 2013. | ||||||||
On September 30, 2012, the Company re-financed the 2010 term loan agreement with its primary lender. The 2012 re-financed term loan is for a period of thirty-eight months with interest accruing at a floating interest rate based on the 30-day LIBOR plus 2%. At December 31, 2013, the term loan’s interest rate was 2.17%. Monthly principal and interest are based on approximately a seven-year amortization. The aggregate outstanding balance of principal and interest was due and payable on November 30, 2015. | ||||||||
On February 28, 2014, the Company re-financed the 2012 term loan agreement and its revolving line of credit agreement with its primary lender. The 2014 re-financed term loan is for a period of twenty-eight months with the same floating interest rate pricing as the 2012 term loan. The total borrowings on the new 2014 term loan is approximately $3.5 million and consists of the February 28, 2014 outstanding balances of the 2012 term loan and the revolving line of credit loan balance of $1.15 million. Thus, upon the completion of this February 28, 2014 re-financing, the Company had no outstanding borrowings under its revolving line of credit agreement. | ||||||||
The term loan agreement and revolving line of credit agreement are secured by all tangible and intangible assets of the Company and also by a mortgage on the real estate of the Company’s headquarters. These agreements also include loan covenants requiring the Company to maintain net tangible worth of not less than $11 million, and that borrowings under the agreements shall not exceed EBITDA by a ratio of 2.5 to 1. At December 31, 2013, the Company was in compliance with its loan covenants. | ||||||||
Obligation for Acquisition of Technology License, net | ||||||||
In July 2013, a newly-formed, wholly-owned subsidiary of the Company entered into a Technology License Agreement (TLA) with a privately-held company. The TLA provides the Company the exclusive license for certain intellectual property related to the nutritional ingredient lunasin and other soy-related peptides and proteins. In consideration for the TLA, the Company agreed to pay the licensor a purchase price of $2 million; $1.15 million paid at closing, with the remaining obligation (non-interest bearing) paid over the next four years in a series of annual payments ranging from $150,000 to $250,000 as stated in the agreement. Subject to certain minimum and maximum thresholds, the Company may also pay the licensor royalties of 5% of sales during the first five years of the TLA and royalties ranging from 1% to 3% of sales during the remaining life of the TLA. As of December 31, 2013, management’s estimate of earned but unpaid royalties is zero. The Company has accounted for the TLA as an asset purchase acquisition consisting of a long-term finite-lived asset to be amortized over the life of the associated intellectual property (approximately seventeen years). | ||||||||
Obligation for Purchase of Distributorship, as modified | ||||||||
On August 31, 2009, the Company acquired an independent Reliv distributorship from its owner (“Seller”) which resulted in the Seller financing $1,343,881 of the purchase price over a period of seven years with monthly payments of principal and interest totaling $18,994. | ||||||||
At June 30, 2012, the Company’s remaining balance due to the Seller under this transaction was approximately $856,000. On July 17, 2012, the Company and Seller entered into an Agreement to modify the Company’s remaining obligation to equal twelve consecutive monthly payments of principal and interest of $37,500 with the first payment commencing in July 2012. The Company has presented the 2012 non-cash gain of $410,320 relating to this modification as Other Income in the accompanying consolidated statements of net income and comprehensive income. As of December 31, 2013, the Company’s obligation for purchase of a distributorship has been repaid. | ||||||||
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ' | |||||||||||||||
Shareholders Equity and Share-based Payments [Text Block] | ' | |||||||||||||||
7. Stockholders’ Equity | ||||||||||||||||
Stock Options | ||||||||||||||||
2009 Incentive Stock Plan | ||||||||||||||||
The Company sponsors an incentive stock plan (the “2009 Plan”) allowing for a maximum of 1,000,000 shares to be granted in the form of either incentive stock options, non-qualified stock options, restricted stock awards, or unrestricted stock awards. Employees, directors, advisors, and consultants of the Company are eligible to receive the grants. The plan has been approved by the stockholders of the Company. The Compensation Committee of the Board of Directors administers the plan. | ||||||||||||||||
The 2009 Plan provides that options may be issued under the plan at an option price not less than fair market value of the stock at the time the option is granted. Under the 2009 Plan, restricted stock of the Company may be granted at no cost to the grantee. The grantees are entitled to dividends and voting rights for their respective shares. Restrictions limit the sale or transfer of these shares during the requisite service period. In addition, the committee may grant or sell unrestricted stock at a purchase price to be determined by the committee. | ||||||||||||||||
Vesting terms and restrictions, if applicable, under the plan, are set by the committee and will be 10 years or less. The 2009 Plan expires in 2019. | ||||||||||||||||
In January 2012, the Company issued stock option grants totaling 775,000 shares. These option grants contain exercise prices ranging from $1.20 to $1.32 per share with a five-year term. One half of the options granted have time vesting provisions ranging from one to 4.8 years while the remainder have vesting provisions that are contingent upon the Company achieving certain financial performance measurements. The aggregate estimated compensation cost related to the time vesting stock option grant is $172,000 recognized on a straight-line basis over the weighted requisite service periods. The aggregate estimated compensation cost related to the performance based options is $185,000; however, recognition is contingent upon performance vesting. The grant-date fair value of the options range from $0.42 to $0.48 per share and was determined using the Black-Scholes option pricing model using an average risk-free rate of 0.82%, an average dividend yield of 1.60%, and an average volatility of 49.31%. | ||||||||||||||||
In March 2013, the Company issued performance-based stock option grants totaling 230,000 shares. These option grants have an exercise price of $1.17 per share with a five-year term. The options’ vesting provisions are contingent upon the Company achieving certain financial performance measurements. The aggregate estimated compensation cost related to the performance based options is $110,400; however, recognition is contingent upon performance vesting. The grant-date fair value of the options was $0.48 per share and was determined using a binomial option pricing model using an average risk-free rate of 0.90%, an average dividend yield of 1.60%, and an average volatility of 52.7%. | ||||||||||||||||
2003 Stock Option Plan | ||||||||||||||||
The Company sponsors a stock option plan (the “2003 Plan”) allowing for incentive stock options and non-qualified stock options to be granted to employees and eligible directors. The plan has been approved by the stockholders of the Company. The 2003 Plan provided that a maximum of 1,000,000 shares may be issued under the plan at an option price not less than the fair market value of the stock at the time the option is granted. The options vest pursuant to the schedule set forth for the plan. With stockholder approval of the 2009 Incentive Stock Plan, the Board of Directors resolved not to award any additional stock option grants under the 2003 Plan. | ||||||||||||||||
Compensation cost for all of the stock option plans was approximately $36,772 ($35,000 net of tax) and $96,800 ($74,000 net of tax) for the years ended December 31, 2013 and 2012, respectively, and has been recorded in selling, general, and administrative expense. As of December 31, 2013, the total remaining unrecognized compensation cost related to the non-vested portion of time vesting stock options totaled $98,000 ($95,000 net of tax), which will be amortized over the weighted remaining requisite service period of three years. | ||||||||||||||||
A summary of the Company’s stock option activity and related information for the years ended December 31 follows: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Weighted | Weighted | |||||||||||||||
Avg. | Avg. | |||||||||||||||
Exercise | Exercise | |||||||||||||||
Options | Price | Options | Price | |||||||||||||
Outstanding beginning of the year | 1,313,500 | $ | 3.95 | 739,500 | $ | 8.29 | ||||||||||
Granted | ||||||||||||||||
Price =air Value | 230,000 | 1.17 | 639,250 | 1.2 | ||||||||||||
Price > Fair Value | - | 135,750 | 1.32 | |||||||||||||
Exercised | - | - | ||||||||||||||
Expired and forfeited | -78,500 | 5.57 | -201,000 | 9.4 | ||||||||||||
Outstanding at end of year | 1,465,000 | $ | 3.42 | 1,313,500 | $ | 3.95 | ||||||||||
Exercisable at end of year | 555,500 | $ | 7.05 | 542,375 | $ | 7.79 | ||||||||||
As of December 31, 2013 | ||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||
Range of | Number | Weighted Avg. | Weighted Avg. | Number | Weighted Avg. | Weighted Avg. | ||||||||||
Exercise Prices | Outstanding | Remaining Life | Exercise Price | Exercisable | Remaining Life | Exercise Price | ||||||||||
$1.17 | 230,000 | 4.17 | $ | 1.17 | - | - | $ | - | ||||||||
$1.20 - $1.32 | 755,000 | 3 | 1.22 | 75,500 | 3 | 1.23 | ||||||||||
$7.92 | 450,000 | 1 | 7.92 | 450,000 | 1 | 7.92 | ||||||||||
$8.68 | 30,000 | 1.79 | 8.68 | 30,000 | 1.79 | 8.68 | ||||||||||
$1.17 - $8.68 | 1,465,000 | 2.55 | $ | 3.42 | 555,500 | 1.31 | $ | 7.05 | ||||||||
The aggregate intrinsic value of stock options outstanding and currently exercisable at December 31, 2013 was $119,000. Intrinsic value for stock options is calculated based on the exercise price of the underlying awards as compared to the quoted price of the Company’s common stock as of the reporting date. | ||||||||||||||||
For the years ended December 31, 2013 and 2012, no stock options were exercised. | ||||||||||||||||
Distributor Stock Purchase Plan | ||||||||||||||||
In July 2009, the Company established a Distributor Stock Purchase Plan (2009 Plan) which replaced a similar plan which had expired. The 2009 Plan commenced in August 2009. Since inception, a total of 57,071 warrants have been issued under the 2009 Plan. | ||||||||||||||||
The plan allows distributors who have reached the “Ambassador” status the opportunity to allocate up to 10% of their monthly compensation into the plan to be used to purchase the Company’s common stock at the current market value. The plan also states that at the end of each year, the Company will grant warrants to purchase additional shares of the Company’s common stock based on the number of shares purchased by the distributors under the plan during the year. The warrant exercise price will equal the market price for the Company’s common stock at the date of issuance. The warrants issued shall be in the amount of 25% of the total shares purchased under the plan during the year and the warrants are fully vested upon grant. | ||||||||||||||||
The Company records expense under the fair value method for warrants granted to distributors. Total expense recorded for these warrants was $4,973 and $5,665 in 2013 and 2012, respectively. | ||||||||||||||||
The fair value of the warrants was estimated at the date of grant using a Black-Scholes option pricing model with the following assumptions: | ||||||||||||||||
Year ended December 31 | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Expected warrant life (years) | 3 | 3 | ||||||||||||||
Risk-free weighted average interest rate | 0.78 | % | 0.37 | % | ||||||||||||
Stock price volatility | 62.8 | % | 46.4 | % | ||||||||||||
Dividend yield | 0.8 | % | 1.6 | % | ||||||||||||
A summary of the Company’s warrant activity and related information for the years ended December 31 follows: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Weighted | Weighted | |||||||||||||||
Avg. | Avg. | |||||||||||||||
Exercise | Exercise | |||||||||||||||
Warrants | Price | Warrants | Price | |||||||||||||
Outstanding beginning of the year | 41,827 | $ | 1.49 | 31,565 | $ | 1.74 | ||||||||||
Granted | 12,065 | 2.81 | 13,441 | 1.31 | ||||||||||||
Exercised | -7,789 | 1.76 | - | |||||||||||||
Expired | -8,116 | 1.94 | -3,179 | 3.28 | ||||||||||||
Outstanding at end of year | 37,987 | $ | 1.76 | 41,827 | $ | 1.49 | ||||||||||
Exercisable at end of year | 37,987 | 41,827 | ||||||||||||||
As of December 31, 2013 | ||||||||||||||||
Warrants Outstanding | Warrants Exercisable | |||||||||||||||
Range of | Number | Weighted Avg. | Weighted Avg. | Number | Weighted Avg. | |||||||||||
Exercise Prices | Outstanding | Remaining Life | Exercise Price | Exercisable | Exercise Price | |||||||||||
$1.23 | 14,154 | 1 | $ | 1.23 | 14,154 | $ | 1.23 | |||||||||
$1.31 | 11,768 | 2 | 1.31 | 11,768 | 1.31 | |||||||||||
$2.81 | 12,065 | 3 | 2.81 | 12,065 | 2.81 | |||||||||||
$1.23 - $2.81 | 37,987 | 1.95 | $ | 1.76 | 37,987 | $ | 1.76 | |||||||||
The intrinsic value for stock warrants outstanding at December 31, 2013 was $40,000. | ||||||||||||||||
A summary of the total intrinsic value, actual tax benefit realized, and cash received for stock warrants exercised for the years ended December 31 follows: | ||||||||||||||||
Year ended December 31 | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Stock Warrants Exercised: | ||||||||||||||||
Intrinsic value | $ | 9,548 | $ | - | ||||||||||||
Actual tax benefit realized | 2,045 | - | ||||||||||||||
Cash received | 13,668 | - | ||||||||||||||
Earnings_per_Share
Earnings per Share | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Earnings Per Share [Text Block] | ' | |||||||
8. Earnings per Share | ||||||||
The following table sets forth the computation of basic and diluted earnings per share: | ||||||||
Year ended December 31 | ||||||||
2013 | 2012 | |||||||
Numerator: | ||||||||
Net income | $ | 776,590 | $ | 1,358,969 | ||||
Denominator: | ||||||||
Denominator for basic earnings per share – weighted average shares | 12,619,000 | 12,500,000 | ||||||
Dilutive effect of employee stock options and other warrants | 197,000 | 154,000 | ||||||
Denominator for diluted earnings per share – adjusted weighted average shares | 12,816,000 | 12,654,000 | ||||||
Basic earnings per share | $ | 0.06 | $ | 0.11 | ||||
Diluted earnings per share | $ | 0.06 | $ | 0.11 | ||||
For the year ended December 31, 2013, options and warrants totaling 1,099,565 shares of common stock were not included in the denominator for diluted earnings per share because their effect would be anti-dilutive or because the shares were deemed contingently issuable. For the year ended December 31, 2012, options and warrants totaling 943,684 shares of common stock were not included in the denominator for diluted earnings per share because their effect would be anti-dilutive or because the shares were deemed contingently issuable. | ||||||||
Leases
Leases | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Leases of Lessee Disclosure [Text Block] | ' | ||||
9. Leases | |||||
The Company leases certain office facilities, storage, and equipment. These leases have varying terms, and certain leases have renewal and/or purchase options. Future minimum payments under non-cancelable leases with initial or remaining terms in excess of one year consist of the following at December 31, 2013: | |||||
2014 | $ | 385,322 | |||
2015 | 238,736 | ||||
2016 | 92,074 | ||||
2017 | 30,974 | ||||
2018 | 14,079 | ||||
Thereafter | - | ||||
$ | 761,185 | ||||
Rent expense for operating leases was $479,862 and $422,708 for the years ended December 31, 2013 and 2012, respectively. | |||||
Note_Receivable_Due_From_Distr
Note Receivable Due From Distributor | 12 Months Ended |
Dec. 31, 2013 | |
Receivables [Abstract] | ' |
Note Receivable Due From Distributor [Text Block] | ' |
10. Note Receivable Due From Distributor | |
In March 2012, the Company purchased a note and mortgage (“Note”) from a real estate investment management firm on certain properties in Wyoming and Idaho for $2 million. In May 2012, the Company entered into a Loan Modification Agreement (“LMA”) with the Note’s original and present borrower (“Borrower”) to restructure the Note’s principal amount due and related terms. The LMA terms are for a principal balance due of $2 million with interest only payments made monthly in 2012. The LMA’s interest rate is the greater of 6% or prime and there is no prepayment penalty for voluntary principal payments. Concurrently, with the execution of the LMA, the Company and the Borrower also entered into a Security Agreement in which repayment of the LMA is secured by the Borrower’s Reliv distributorship business. | |
As originally structured, beginning in 2013, the LMA was to require monthly payment of principal and interest under a five-year amortization period. In February 2013, while retaining the Company’s right to require Borrower’s compliance with the LMA’s terms, the Company and the Borrower agreed to a verbal modification in the payment schedule in which the Company agreed to accept monthly payments of principal and interest under a fifteen-year amortization period. The outstanding balance of the note receivable was $1,921,046 and $2,000,000 as of December 31, 2013 and 2012, respectively. | |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Income Tax Disclosure [Text Block] | ' | |||||||
11. Income Taxes | ||||||||
The components of income (loss) before income taxes are as follows: | ||||||||
Year ended December 31 | ||||||||
2013 | 2012 | |||||||
United States | $ | 2,974,655 | $ | 2,881,707 | ||||
Foreign | -1,543,065 | -733,738 | ||||||
$ | 1,431,590 | $ | 2,147,969 | |||||
The components of the provision for income taxes are as follows: | ||||||||
Year ended December 31 | ||||||||
2013 | 2012 | |||||||
Current: | ||||||||
Federal | $ | 652,000 | $ | 551,000 | ||||
State | 117,000 | 92,000 | ||||||
Foreign | 23,000 | 50,000 | ||||||
Total current | 792,000 | 693,000 | ||||||
Deferred: | ||||||||
Federal | -126,000 | 82,000 | ||||||
State | -23,000 | 14,000 | ||||||
Foreign | 12,000 | - | ||||||
Total deferred | -137,000 | 96,000 | ||||||
$ | 655,000 | $ | 789,000 | |||||
The provision for income taxes is different from the amounts computed by applying the United States federal statutory income tax rate of 34%. The reasons for these differences are as follows: | ||||||||
Year ended December 31 | ||||||||
2013 | 2012 | |||||||
Income taxes at U.S. statutory rate | $ | 487,000 | $ | 730,000 | ||||
State income taxes, net of federal benefit | 70,000 | 116,000 | ||||||
Higher/(lower) effective taxes on earnings in foreign countries | 116,000 | -30,000 | ||||||
Foreign corporate income taxes | 35,000 | 50,000 | ||||||
Nondeductible meals and entertainment expense | 27,000 | 26,000 | ||||||
Qualified production activities income - AJCA | -52,000 | -54,000 | ||||||
Reserve for uncertain tax positions | 2,000 | 2,000 | ||||||
Other | -30,000 | -51,000 | ||||||
$ | 655,000 | $ | 789,000 | |||||
The Company has a deferred tax asset of $3,640,000 as of December 31, 2013, and $3,475,000 as of December 31, 2012, relating to foreign net operating loss carryforwards in various jurisdictions. The Company has recorded a full valuation allowance as it is more likely than not that this asset will not be realized before it expires beginning in 2014. | ||||||||
The components of the deferred tax assets and liabilities, and the related tax effects of each temporary difference at December 31, 2013 and 2012, are as follows: | ||||||||
2013 | 2012 | |||||||
Deferred tax assets: | ||||||||
Product refund reserve | $ | 26,000 | $ | 28,000 | ||||
Inventory obsolescence reserve | 28,000 | 74,000 | ||||||
Vacation accrual | 28,000 | 29,000 | ||||||
Stock-based compensation | 6,000 | 72,000 | ||||||
Organization costs | 207,000 | 192,000 | ||||||
Deferred compensation | 284,000 | 83,000 | ||||||
Miscellaneous accrued expenses | 16,000 | 42,000 | ||||||
Foreign net operating loss carryforwards | 3,640,000 | 3,475,000 | ||||||
Valuation allowance - NOL carryforwards | -3,640,000 | -3,475,000 | ||||||
595,000 | 520,000 | |||||||
Deferred tax liabilities: | ||||||||
Depreciation and amortization | 272,000 | 312,000 | ||||||
Foreign currency exchange | 141,000 | 126,000 | ||||||
413,000 | 438,000 | |||||||
Net deferred tax assets (liabilities) | $ | 182,000 | $ | 82,000 | ||||
Reported as: | ||||||||
Current deferred tax assets | $ | 309,000 | $ | 371,000 | ||||
Non-current deferred tax liabilities | 127,000 | 289,000 | ||||||
Net deferred tax assets | $ | 182,000 | $ | 82,000 | ||||
Through December 31, 2013, the cumulative amount of unremitted earnings on which the Company has not recognized United States income tax was $57,000. | ||||||||
The Company applied applicable accounting guidance relating to accounting for uncertainty in income taxes. Reserves for uncertainty in income taxes are adjusted quarterly in light of changing facts and circumstances, such as the progress of tax audits, case law, and emerging legislation. The primary difference between gross unrecognized tax benefits and net unrecognized tax benefits is the U.S. federal tax benefit from state tax deductions. It is the Company’s practice to recognize interest and / or penalties related to income tax matters in income tax expense. | ||||||||
At December 31, 2013 and 2012, the Company had $91,000 and $56,000, respectively, of cumulative unrecognized tax benefits, of which only the net amount of $91,000 would impact the effective income tax rate if recognized. | ||||||||
The aggregate changes in the balance of gross unrecognized tax benefits were as follows: | ||||||||
Beginning balance as of January 1, 2012 | $ | 51,000 | ||||||
Settlements and effective settlements with tax authorities | - | |||||||
Lapse of statute of limitations | - | |||||||
Increases in balances related to tax positions taken during prior periods | - | |||||||
Decreases in balances related to tax positions taken during prior periods | -13,000 | |||||||
Increases in balances related to tax positions taken during current period | 18,000 | |||||||
Balance as of December 31, 2012 | $ | 56,000 | ||||||
Settlements and effective settlements with tax authorities | - | |||||||
Lapse of statute of limitations | -7,000 | |||||||
Increases in balances related to tax positions taken during prior periods | 40,000 | |||||||
Decreases in balances related to tax positions taken during prior periods | -11,000 | |||||||
Increases in balances related to tax positions taken during current period | 13,000 | |||||||
Balance as of December 31, 2013 | $ | 91,000 | ||||||
The Company’s unrecognized tax benefits balance is included within other noncurrent liabilities on the consolidated balance sheets. | ||||||||
The Company, including its domestic and foreign subsidiaries, is subject to U.S. federal income tax as well as income tax of multiple state and foreign jurisdictions. The Company has concluded all U.S. federal income tax matters for years through 2009 and concluded years through 2010 with its primary state jurisdiction. | ||||||||
One of the Company’s foreign subsidiaries is presently under local country audit for alleged deficiencies (totaling approximately $800,000 plus interest at 20% per annum) in value-added tax (VAT) and withholding tax for the years 2004 through 2006. The Company, in consultation with its legal counsel, believes that there are strong legal grounds that it should not be liable to pay the majority of the alleged tax deficiencies. As of December 31, 2010, management estimated and reserved approximately $185,000 for resolution of this matter and recorded this amount within Selling, General, and Administrative expense in the 2010 Consolidated Statement of Income. In 2011, the Company made good faith deposits to the local tax authority under the tax agency’s administrative judicial resolution process. As of December 31, 2013, management’s estimated reserve (net of deposits) for this matter is approximately $95,000. | ||||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' |
12. Employee Benefit Plans | |
The Company sponsors a 401(k) employee savings plan which covers substantially all employees. Employees can contribute up to 15% of their gross income to the plan, and the Company matches a percentage of the employee’s contribution at a rate of 25%. Company contributions under the 401(k) plan totaled $144,600 and $145,000 in 2013 and 2012, respectively. | |
On September 1, 2006, the Company established an employee stock ownership plan ("ESOP") which covers substantially all U.S. employees. Contributions to the ESOP are funded by the Company on a discretionary basis. In 2013 and 2012, the Company’s contribution consisted of shares of common stock from treasury measured by the fair value of the stock on date of contribution. Company contributions under the ESOP plan totaled approximately $125,000 for each of the years ended December 31, 2013 and 2012, respectively. | |
Incentive_Compensation_Plans
Incentive Compensation Plans | 12 Months Ended |
Dec. 31, 2013 | |
Compensation Related Costs [Abstract] | ' |
Compensation Related Costs, General [Text Block] | ' |
13. Incentive Compensation Plans | |
In May 2007, the Board of Directors approved the adoption of a new incentive compensation plan. This new plan was effective for fiscal year 2007 and replaced a previous plan. Under the plan, bonuses are payable quarterly in an amount not to exceed 18% of the Company’s Income from Operations for any period, subject to the Company achieving a minimum quarterly Income from Operations of at least $500,000. For fiscal years 2013 and 2012, the Board determined that the aggregate amount of incentive compensation available under the Plan shall be equal to 16% of the Company’s Income from Operations. The bonus pool is allocated to executives according to a specified formula, with a portion allocated to a middle management group determined by the Executive Committee of the Board of Directors. | |
The Company expensed a total of $286,000 and $305,000 to the participants of the bonus pool for 2013 and 2012, respectively. | |
In July 2010, the Company’s Reliv Europe subsidiary entered into a long-term performance-based incentive compensation agreement with the subsidiary’s senior managers. The valuation of the compensation agreement is an EBITDA-based formula derived from the subsidiary’s financial performance and vests in 20% annual increments which began in April 2011. The amount of the incentive, if any, varies in accordance with a 24-month look-back of the subsidiary’s financial performance and the vesting provisions. Upon initial vesting, a manager may elect to exercise his/her put option to receive in cash some or all of his/her respective share of the incentive. Beginning April 2015, the Company may exercise a call option on one or more of the manager’s incentive amount; redeeming such amount in cash or a combination of cash and the Company’s common stock, depending upon the amount of the vested incentive. In the fourth quarter of 2012, the subsidiary’s 24-month financial performance became positive, and remained positive throughout 2013, resulting in the recognition of compensation expense of $440,500 and $88,500 for 2013 and 2012, respectively, as presented within Selling, General, and Administrative in the accompanying consolidated statements of net income and comprehensive income. At December 31, 2013 and 2012, accrued compensation was $529,000 and $88,500, respectively, and was included in “Other Non-Current Liabilities” in the accompanying consolidated balance sheets. | |
The Company sponsors a Supplemental Executive Retirement Plan (SERP) to allow certain executives to defer a portion of their annual salary and bonus into a grantor trust. A grantor trust was established to hold the assets of the SERP. The Company funds the grantor trust by paying the amount deferred by the participant into the trust at the time of deferral. Investment earnings and losses accrue to the benefit or detriment of the participants. The SERP also provides for a discretionary matching contribution by the Company not to exceed 100% of the participant’s annual contribution. In 2013 and 2012, the Company did not provide a match. The participants fully vest in the deferred compensation three years from the date they enter the SERP. The participants are not eligible to receive distribution under the SERP until retirement, death, or disability of the participant. At December 31, 2013 and 2012, SERP assets were $278,000 and $206,000, respectively, and are included in “Other Assets” in the accompanying consolidated balance sheets. At December 31, 2013 and 2012, SERP liabilities were $287,000 and $211,000, respectively, and are included in “Other Non-Current Liabilities” in the accompanying consolidated balance sheets. The changes in the balances of SERP assets and SERP liabilities during 2013 and 2012 were due to net realized and unrealized investment gains/losses incurred by the plan. | |
Segment_Information
Segment Information | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Segment Reporting Disclosure [Text Block] | ' | |||||||
14. Segment Information | ||||||||
Description of Products and Services by Segment | ||||||||
The Company operates in one reportable segment, a network marketing segment consisting of six operating units that sell nutritional and dietary products to a sales force of independent distributors that sell the products directly to customers. These operating units are based on geographic regions. | ||||||||
Geographic area data for the years ended December 31, 2013 and 2012 follow: | ||||||||
2013 | 2012 | |||||||
Net sales to external customers | ||||||||
United States | $ | 53,650,647 | $ | 53,801,077 | ||||
Australia/New Zealand | 1,858,983 | 2,111,234 | ||||||
Canada | 1,776,375 | 1,860,956 | ||||||
Mexico | 977,358 | 1,055,473 | ||||||
Europe (1) | 7,953,221 | 6,480,923 | ||||||
Asia (2) | 1,990,154 | 3,400,226 | ||||||
Total net sales | $ | 68,206,738 | $ | 68,709,889 | ||||
Assets by area | ||||||||
United States | $ | 22,966,040 | $ | 20,828,940 | ||||
Australia/New Zealand | 807,336 | 833,983 | ||||||
Canada | 753,035 | 364,082 | ||||||
Mexico | 531,854 | 568,868 | ||||||
Europe (1) | 1,665,194 | 1,557,036 | ||||||
Asia (2) | 875,292 | 1,105,632 | ||||||
Total consolidated assets | $ | 27,598,751 | $ | 25,258,541 | ||||
-1 | Europe consists of United Kingdom, Ireland, France, Germany, Austria, and the Netherlands. | |||||||
-2 | Asia consists of Philippines, Malaysia, Singapore, Brunei, and Indonesia. | |||||||
The Company classifies its sales into three categories of sales products plus handling & freight income. Net sales by product category data for the years ended December 31, 2013 and 2012, follow: | ||||||||
2013 | 2012 | |||||||
Net sales by product category | ||||||||
Nutritional and dietary supplements | $ | 60,049,651 | $ | 58,859,774 | ||||
Skin care products | 417,688 | 471,576 | ||||||
Sales aids and other | 1,912,111 | 1,765,830 | ||||||
Handling & freight income | 5,827,288 | 7,612,709 | ||||||
Total net sales | $ | 68,206,738 | $ | 68,709,889 | ||||
Nature_of_Business_and_Signifi1
Nature of Business and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Consolidation, Policy [Policy Text Block] | ' |
Principles of Consolidation | |
The consolidated financial statements include the accounts of the Company and its foreign and domestic subsidiaries. All significant intercompany accounts and transactions have been eliminated. | |
Inventory, Policy [Policy Text Block] | ' |
Inventories | |
Inventories are valued at the lower of cost or market. Product cost includes raw materials, labor, and overhead costs and is accounted for on a first-in, first-out basis. On a periodic basis, the Company reviews its inventory levels, as compared to future demand requirements and the shelf life of the various products. Based on this review, the Company records inventory write-downs when necessary. | |
Sales aids and promotional materials inventories represent distributor kits, product brochures, and other sales and business development materials which are held for sale to distributors. Cost of the sales aids and promotional materials held for sale are capitalized as inventories and subsequently recorded to cost of goods sold upon recognition of revenue when sold to distributors. All other advertising and promotional costs are expensed when incurred. | |
Property, Plant and Equipment, Policy [Policy Text Block] | ' |
Property, Plant, and Equipment | |
Property, plant, and equipment are stated on the cost basis. Depreciation is computed using the straight-line or an accelerated method over the useful life of the related assets. Generally, computer equipment and software are depreciated over 5 years, office equipment and machinery over 7 years, and real property over 39 years. | |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | ' |
Foreign Currency Translation and Transaction Gains or Losses | |
All balance sheet accounts have been translated using the exchange rates in effect at the balance sheet date. Statements of income amounts have been translated using the average exchange rate for the year. The gains and losses resulting from the changes in exchange rates from year to year have been reported in other comprehensive income (loss). The foreign currency translation adjustment is the only component of accumulated other comprehensive loss. If applicable, foreign currency translation adjustments exclude income tax expense (benefit) as certain of the Company’s investments in non-U.S. subsidiaries are deemed to be reinvested for an indefinite period of time. Transaction gains/(losses) were $(126,188) and $21,139 for 2013 and 2012, respectively. | |
Revenue Recognition, Policy [Policy Text Block] | ' |
Revenue Recognition | |
The Company receives payment by credit card, personal check, or guaranteed funds for orders from independent distributors and makes related commission payments in the following month. Generally, net sales reflect product sales less the distributor discount of 20 percent to 40 percent of the suggested retail price. Sales revenue and commission expenses are recorded when the merchandise is shipped, as this is the point title and risk of loss pass to the distributor. In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 605-50, “Revenue Recognition – Customer Payments and Incentives,” the Company presents distributor royalty and commission expense as an operating expense, rather than a reduction to net sales, as these payments are not made to the purchasing distributor. | |
Actual and estimated sales returns are classified as a reduction of net sales. The Company estimates and accrues a reserve for product returns based on the Company’s return policy and historical experience. The Company’s return policy allows for distributors to return product only upon termination of his or her distributorship. Allowable returns are limited to saleable product which was purchased within twelve months of the termination for a refund of 90% of the original purchase price less any distributor royalties and commission received relating to the original purchase of the returned products. For the years ended December 31, 2013 and 2012, total returns as a percent of net sales were approximately 0.57 % and 0.48%, respectively. | |
The Company records handling and freight income as a component of net sales and records handling and freight costs as a component of cost of products sold. Total revenues do not include sales tax as the Company considers itself a pass-through conduit for collecting and remitting applicable sales taxes. | |
Earnings Per Share, Policy [Policy Text Block] | ' |
Basic and Diluted Earnings per Share | |
Basic earnings per common share are computed using the weighted average number of common shares outstanding during the year. Diluted earnings per common share are computed using the weighted average number of common shares and potential dilutive common shares that were outstanding during the period. Potential dilutive common shares consist of outstanding stock options, outstanding stock warrants, and convertible preferred stock. See Note 8 for additional information regarding earnings per share. | |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' |
Stock-Based Compensation | |
The Company has stock-based incentive plans under which it may grant stock option, restricted stock, and unrestricted stock awards. The Company recognizes stock-based compensation expense based on the grant date fair value of the award and the related vesting terms. The fair value of stock-based awards is primarily determined using the Black-Scholes model, which incorporates assumptions regarding the risk-free interest rate, expected volatility, expected option life, and dividend yield. See Note 7 for additional information. | |
The Company accounts for options granted to non-employees and warrants granted to distributors under the fair value approach required by FASB ASC Topic 505-50, “Equity Based Payments to Non-Employees.” | |
Income Tax, Policy [Policy Text Block] | ' |
Income Taxes | |
The provision for income taxes is computed using the liability method. The primary differences between financial statement and taxable income result from financial statement accruals and reserves and differences between depreciation and stock options for book and tax purposes. | |
Unrecognized tax benefits are accounted for as required by FASB ASC Topic 740 which prescribes a more likely than not threshold for financial statement presentation and measurement of a tax position taken or expected to be taken in a tax return. See Note 11 for further discussion. | |
Fair Value Measurement, Policy [Policy Text Block] | ' |
Fair Value Measurements | |
FASB ASC Topic 820, “Fair Value Measurements and Disclosures,” defines fair value, establishes a framework for measuring fair value, and requires disclosures about fair value measurements required under other accounting pronouncements. See Note 5 for further discussion. | |
Advertising Costs, Policy [Policy Text Block] | ' |
Advertising | |
Costs of sales aids and promotional materials are capitalized as inventories. All other advertising and promotional costs are expensed when incurred. The Company recorded $191,800 and $44,000 of advertising expense in 2013 and 2012, respectively. | |
Goodwill and Intangible Assets, Policy [Policy Text Block] | ' |
Amortizable Intangible Assets | |
The Company records intangible assets based on management’s determination of the fair value of the respective assets at the time of acquisition. Determining the fair value of intangible assets is judgmental and involves the use of significant estimates and assumptions of future company operations. The Company bases its fair value estimates and related asset lives on assumptions it believes to be reasonable but that are unpredictable and inherently uncertain. Actual future results may differ from these estimates. | |
Intangible assets estimated to have finite estimable lives are amortized over their estimated economic life under the straight-line method; such method correlates to management’s estimate of the assets’ economic benefit. Based on management’s estimates at origination, these lives range from two to seventeen years. Related amortization expense is presented within Selling, General, and Administrative in the accompanying consolidated statements of net income and comprehensive income. As of December 31, 2013, remaining lives of intangible assets range from three to seventeen years. | |
Research and Development Expense, Policy [Policy Text Block] | ' |
Research and Development Expenses | |
Research and development expenses, which are charged to selling, general, and administrative expenses as incurred, were $565,000 and $587,000 in 2013 and 2012, respectively. | |
Cash and Cash Equivalents, Policy [Policy Text Block] | ' |
Cash Equivalents | |
The Company's policy is to consider the following as cash and cash equivalents: demand deposits and short-term investments with a maturity of three months or less when purchased. | |
Use of Estimates, Policy [Policy Text Block] | ' |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |
Property_Plant_and_Equipment_T
Property, Plant, and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||
Property, plant, and equipment at December 31, 2013 and 2012, consist of the following: | ||||||||
2013 | 2012 | |||||||
Land and land improvements | $ | 883,563 | $ | 883,563 | ||||
Building | 9,945,187 | 9,905,967 | ||||||
Machinery and equipment | 3,785,949 | 3,767,910 | ||||||
Office equipment | 1,236,303 | 1,231,215 | ||||||
Computer equipment and software | 2,690,294 | 2,666,150 | ||||||
18,541,296 | 18,454,805 | |||||||
Less accumulated depreciation | 11,805,877 | 11,343,033 | ||||||
$ | 6,735,419 | $ | 7,111,772 | |||||
Accounts_Payable_and_Accrued_E1
Accounts Payable and Accrued Expenses (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 at December 31, 2013 and 2012, consist of the following: | ||||||||
2013 | 2012 | |||||||
Trade payables | $ | 2,968,814 | $ | 2,924,111 | ||||
Distributors' commissions | 2,033,727 | 2,293,019 | ||||||
Sales taxes | 311,049 | 283,700 | ||||||
Payroll and payroll taxes | 555,193 | 484,170 | ||||||
$ | 5,868,783 | $ | 5,985,000 | |||||
Amortizable_Intangible_Assets_
Amortizable 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 Company had amortizable intangible assets as follows as of December 31, 2013 and 2012: | ||||||||||||||
Accumulated | ||||||||||||||
Gross Carrying Amount | Amortization | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Distributorship and related agreements | $ | 2,060,000 | $ | 2,060,000 | $ | 770,375 | $ | 616,365 | ||||||
Lunasin technology license | 1,954,661 | - | 48,383 | - | ||||||||||
$ | 4,014,661 | $ | 2,060,000 | $ | 818,758 | $ | 616,365 | |||||||
Schedule Of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | |||||||||||||
Amortization expense for amortizable intangible assets over the next five years is estimated to be: | ||||||||||||||
Intangible | ||||||||||||||
Amortization | ||||||||||||||
2014 | $ | 270,000 | ||||||||||||
2015 | 270,000 | |||||||||||||
2016 | 255,000 | |||||||||||||
2017 | 226,000 | |||||||||||||
2018 | 226,000 | |||||||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | |||||||||||||||
The carrying amount and fair value of financial instruments at December 31, 2013 and 2012 were approximately as follows: | ||||||||||||||||
Carrying | Fair | |||||||||||||||
Description | Amount | Value | Level 1 | Level 2 | Level 3 | |||||||||||
31-Dec-13 | ||||||||||||||||
Long-term debt | $ | 4,362,611 | $ | 4,362,611 | - | $ | 4,362,611 | - | ||||||||
Note receivable | 1,921,046 | 2,365,000 | - | 2,365,000 | ||||||||||||
Marketable securities (1) | 278,000 | 278,000 | $ | 278,000 | - | - | ||||||||||
31-Dec-12 | ||||||||||||||||
Long-term debt | $ | 3,030,943 | $ | 3,030,943 | - | $ | 3,030,943 | |||||||||
Note receivable | 2,000,000 | 2,640,000 | - | 2,640,000 | - | |||||||||||
Marketable securities (1) | 206,000 | 206,000 | $ | 206,000 | - | - | ||||||||||
-1 | Representing assets of the Company's Supplemental Executive Retirement Plan | |||||||||||||||
(trading securities). Presented within Other Assets in the consolidated balance sheets. | ||||||||||||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | |||||||
Debt at December 31, 2013 and 2012 consists of the following: | ||||||||
2013 | 2012 | |||||||
Term loan | $ | 2,400,697 | $ | 2,807,298 | ||||
Revolving line of credit | 1,150,000 | - | ||||||
Obligation for acquisition of technology license, net | 811,914 | - | ||||||
Obligation for purchase of distributorship, as modified | - | 223,645 | ||||||
4,362,611 | 3,030,943 | |||||||
Less current maturities | 581,004 | 629,631 | ||||||
$ | 3,781,607 | $ | 2,401,312 | |||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | |||||||
Principal maturities of debt at December 31, 2013, are as follows: | ||||||||
2014 | $ | 581,004 | ||||||
2015 | 643,467 | |||||||
2016 | 2,926,226 | |||||||
2017 | 211,914 | |||||||
2018 | - | |||||||
Thereafter | - | |||||||
$ | 4,362,611 | |||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Warrant [Member] | ' | |||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Schedule Of Share Based Payment Award Warrants Valuation Assumptions [Table Text Block] | ' | |||||||||||||||
The fair value of the warrants was estimated at the date of grant using a Black-Scholes option pricing model with the following assumptions: | ||||||||||||||||
Year ended December 31 | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Expected warrant life (years) | 3 | 3 | ||||||||||||||
Risk-free weighted average interest rate | 0.78 | % | 0.37 | % | ||||||||||||
Stock price volatility | 62.8 | % | 46.4 | % | ||||||||||||
Dividend yield | 0.8 | % | 1.6 | % | ||||||||||||
Schedule Of Share Based Compensation Warrants Activity [Table Text Block] | ' | |||||||||||||||
A summary of the Company’s warrant activity and related information for the years ended December 31 follows: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Weighted | Weighted | |||||||||||||||
Avg. | Avg. | |||||||||||||||
Exercise | Exercise | |||||||||||||||
Warrants | Price | Warrants | Price | |||||||||||||
Outstanding beginning of the year | 41,827 | $ | 1.49 | 31,565 | $ | 1.74 | ||||||||||
Granted | 12,065 | 2.81 | 13,441 | 1.31 | ||||||||||||
Exercised | -7,789 | 1.76 | - | |||||||||||||
Expired | -8,116 | 1.94 | -3,179 | 3.28 | ||||||||||||
Outstanding at end of year | 37,987 | $ | 1.76 | 41,827 | $ | 1.49 | ||||||||||
Exercisable at end of year | 37,987 | 41,827 | ||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | ' | |||||||||||||||
As of December 31, 2013 | ||||||||||||||||
Warrants Outstanding | Warrants Exercisable | |||||||||||||||
Range of | Number | Weighted Avg. | Weighted Avg. | Number | Weighted Avg. | |||||||||||
Exercise Prices | Outstanding | Remaining Life | Exercise Price | Exercisable | Exercise Price | |||||||||||
$1.23 | 14,154 | 1 | $ | 1.23 | 14,154 | $ | 1.23 | |||||||||
$1.31 | 11,768 | 2 | 1.31 | 11,768 | 1.31 | |||||||||||
$2.81 | 12,065 | 3 | 2.81 | 12,065 | 2.81 | |||||||||||
$1.23 - $2.81 | 37,987 | 1.95 | $ | 1.76 | 37,987 | $ | 1.76 | |||||||||
Share-based Compensation, Intrinsic Value, Actual Tax Benefit Realized, and Cash Received [Table Text Block] | ' | |||||||||||||||
A summary of the total intrinsic value, actual tax benefit realized, and cash received for stock warrants exercised for the years ended December 31 follows: | ||||||||||||||||
Year ended December 31 | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Stock Warrants Exercised: | ||||||||||||||||
Intrinsic value | $ | 9,548 | $ | - | ||||||||||||
Actual tax benefit realized | 2,045 | - | ||||||||||||||
Cash received | 13,668 | - | ||||||||||||||
Employee Stock Option [Member] | ' | |||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | |||||||||||||||
A summary of the Company’s stock option activity and related information for the years ended December 31 follows: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Weighted | Weighted | |||||||||||||||
Avg. | Avg. | |||||||||||||||
Exercise | Exercise | |||||||||||||||
Options | Price | Options | Price | |||||||||||||
Outstanding beginning of the year | 1,313,500 | $ | 3.95 | 739,500 | $ | 8.29 | ||||||||||
Granted | ||||||||||||||||
Price =air Value | 230,000 | 1.17 | 639,250 | 1.2 | ||||||||||||
Price > Fair Value | - | 135,750 | 1.32 | |||||||||||||
Exercised | - | - | ||||||||||||||
Expired and forfeited | -78,500 | 5.57 | -201,000 | 9.4 | ||||||||||||
Outstanding at end of year | 1,465,000 | $ | 3.42 | 1,313,500 | $ | 3.95 | ||||||||||
Exercisable at end of year | 555,500 | $ | 7.05 | 542,375 | $ | 7.79 | ||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | ' | |||||||||||||||
As of December 31, 2013 | ||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||
Range of | Number | Weighted Avg. | Weighted Avg. | Number | Weighted Avg. | Weighted Avg. | ||||||||||
Exercise Prices | Outstanding | Remaining Life | Exercise Price | Exercisable | Remaining Life | Exercise Price | ||||||||||
$1.17 | 230,000 | 4.17 | $ | 1.17 | - | - | $ | - | ||||||||
$1.20 - $1.32 | 755,000 | 3 | 1.22 | 75,500 | 3 | 1.23 | ||||||||||
$7.92 | 450,000 | 1 | 7.92 | 450,000 | 1 | 7.92 | ||||||||||
$8.68 | 30,000 | 1.79 | 8.68 | 30,000 | 1.79 | 8.68 | ||||||||||
$1.17 - $8.68 | 1,465,000 | 2.55 | $ | 3.42 | 555,500 | 1.31 | $ | 7.05 | ||||||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||
The following table sets forth the computation of basic and diluted earnings per share: | ||||||||
Year ended December 31 | ||||||||
2013 | 2012 | |||||||
Numerator: | ||||||||
Net income | $ | 776,590 | $ | 1,358,969 | ||||
Denominator: | ||||||||
Denominator for basic earnings per share – weighted average shares | 12,619,000 | 12,500,000 | ||||||
Dilutive effect of employee stock options and other warrants | 197,000 | 154,000 | ||||||
Denominator for diluted earnings per share – adjusted weighted average shares | 12,816,000 | 12,654,000 | ||||||
Basic earnings per share | $ | 0.06 | $ | 0.11 | ||||
Diluted earnings per share | $ | 0.06 | $ | 0.11 | ||||
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||
Future minimum payments under non-cancelable leases with initial or remaining terms in excess of one year consist of the following at December 31, 2013: | |||||
2014 | $ | 385,322 | |||
2015 | 238,736 | ||||
2016 | 92,074 | ||||
2017 | 30,974 | ||||
2018 | 14,079 | ||||
Thereafter | - | ||||
$ | 761,185 | ||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | ' | |||||||
The components of income (loss) before income taxes are as follows: | ||||||||
Year ended December 31 | ||||||||
2013 | 2012 | |||||||
United States | $ | 2,974,655 | $ | 2,881,707 | ||||
Foreign | -1,543,065 | -733,738 | ||||||
$ | 1,431,590 | $ | 2,147,969 | |||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | |||||||
The components of the provision for income taxes are as follows: | ||||||||
Year ended December 31 | ||||||||
2013 | 2012 | |||||||
Current: | ||||||||
Federal | $ | 652,000 | $ | 551,000 | ||||
State | 117,000 | 92,000 | ||||||
Foreign | 23,000 | 50,000 | ||||||
Total current | 792,000 | 693,000 | ||||||
Deferred: | ||||||||
Federal | -126,000 | 82,000 | ||||||
State | -23,000 | 14,000 | ||||||
Foreign | 12,000 | - | ||||||
Total deferred | -137,000 | 96,000 | ||||||
$ | 655,000 | $ | 789,000 | |||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | |||||||
The provision for income taxes is different from the amounts computed by applying the United States federal statutory income tax rate of 34%. The reasons for these differences are as follows: | ||||||||
Year ended December 31 | ||||||||
2013 | 2012 | |||||||
Income taxes at U.S. statutory rate | $ | 487,000 | $ | 730,000 | ||||
State income taxes, net of federal benefit | 70,000 | 116,000 | ||||||
Higher/(lower) effective taxes on earnings in foreign countries | 116,000 | -30,000 | ||||||
Foreign corporate income taxes | 35,000 | 50,000 | ||||||
Nondeductible meals and entertainment expense | 27,000 | 26,000 | ||||||
Qualified production activities income - AJCA | -52,000 | -54,000 | ||||||
Reserve for uncertain tax positions | 2,000 | 2,000 | ||||||
Other | -30,000 | -51,000 | ||||||
$ | 655,000 | $ | 789,000 | |||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | |||||||
The components of the deferred tax assets and liabilities, and the related tax effects of each temporary difference at December 31, 2013 and 2012, are as follows: | ||||||||
2013 | 2012 | |||||||
Deferred tax assets: | ||||||||
Product refund reserve | $ | 26,000 | $ | 28,000 | ||||
Inventory obsolescence reserve | 28,000 | 74,000 | ||||||
Vacation accrual | 28,000 | 29,000 | ||||||
Stock-based compensation | 6,000 | 72,000 | ||||||
Organization costs | 207,000 | 192,000 | ||||||
Deferred compensation | 284,000 | 83,000 | ||||||
Miscellaneous accrued expenses | 16,000 | 42,000 | ||||||
Foreign net operating loss carryforwards | 3,640,000 | 3,475,000 | ||||||
Valuation allowance - NOL carryforwards | -3,640,000 | -3,475,000 | ||||||
595,000 | 520,000 | |||||||
Deferred tax liabilities: | ||||||||
Depreciation and amortization | 272,000 | 312,000 | ||||||
Foreign currency exchange | 141,000 | 126,000 | ||||||
413,000 | 438,000 | |||||||
Net deferred tax assets (liabilities) | $ | 182,000 | $ | 82,000 | ||||
Reported as: | ||||||||
Current deferred tax assets | $ | 309,000 | $ | 371,000 | ||||
Non-current deferred tax liabilities | 127,000 | 289,000 | ||||||
Net deferred tax assets | $ | 182,000 | $ | 82,000 | ||||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | ' | |||||||
The aggregate changes in the balance of gross unrecognized tax benefits were as follows: | ||||||||
Beginning balance as of January 1, 2012 | $ | 51,000 | ||||||
Settlements and effective settlements with tax authorities | - | |||||||
Lapse of statute of limitations | - | |||||||
Increases in balances related to tax positions taken during prior periods | - | |||||||
Decreases in balances related to tax positions taken during prior periods | -13,000 | |||||||
Increases in balances related to tax positions taken during current period | 18,000 | |||||||
Balance as of December 31, 2012 | $ | 56,000 | ||||||
Settlements and effective settlements with tax authorities | - | |||||||
Lapse of statute of limitations | -7,000 | |||||||
Increases in balances related to tax positions taken during prior periods | 40,000 | |||||||
Decreases in balances related to tax positions taken during prior periods | -11,000 | |||||||
Increases in balances related to tax positions taken during current period | 13,000 | |||||||
Balance as of December 31, 2013 | $ | 91,000 | ||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | ' | |||||||
Geographic area data for the years ended December 31, 2013 and 2012 follow: | ||||||||
2013 | 2012 | |||||||
Net sales to external customers | ||||||||
United States | $ | 53,650,647 | $ | 53,801,077 | ||||
Australia/New Zealand | 1,858,983 | 2,111,234 | ||||||
Canada | 1,776,375 | 1,860,956 | ||||||
Mexico | 977,358 | 1,055,473 | ||||||
Europe (1) | 7,953,221 | 6,480,923 | ||||||
Asia (2) | 1,990,154 | 3,400,226 | ||||||
Total net sales | $ | 68,206,738 | $ | 68,709,889 | ||||
Assets by area | ||||||||
United States | $ | 22,966,040 | $ | 20,828,940 | ||||
Australia/New Zealand | 807,336 | 833,983 | ||||||
Canada | 753,035 | 364,082 | ||||||
Mexico | 531,854 | 568,868 | ||||||
Europe (1) | 1,665,194 | 1,557,036 | ||||||
Asia (2) | 875,292 | 1,105,632 | ||||||
Total consolidated assets | $ | 27,598,751 | $ | 25,258,541 | ||||
-1 | Europe consists of United Kingdom, Ireland, France, Germany, Austria, and the Netherlands. | |||||||
-2 | Asia consists of Philippines, Malaysia, Singapore, Brunei, and Indonesia. | |||||||
Schedule of Segment Reporting Information, by Product [Table Text Block] | ' | |||||||
The Company classifies its sales into three categories of sales products plus handling & freight income. Net sales by product category data for the years ended December 31, 2013 and 2012, follow: | ||||||||
2013 | 2012 | |||||||
Net sales by product category | ||||||||
Nutritional and dietary supplements | $ | 60,049,651 | $ | 58,859,774 | ||||
Skin care products | 417,688 | 471,576 | ||||||
Sales aids and other | 1,912,111 | 1,765,830 | ||||||
Handling & freight income | 5,827,288 | 7,612,709 | ||||||
Total net sales | $ | 68,206,738 | $ | 68,709,889 | ||||
Nature_of_Business_and_Signifi2
Nature of Business and Significant Accounting Policies (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment, Depreciation Methods | 'straight-line or an accelerated method | ' |
Foreign Currency Transaction Gain (Loss), Unrealized | ($126,188) | $21,139 |
Revenue Recognition, Determination of Selling Price, Method | 'Generally, net sales reflect product sales less the distributor discount of 20 percent to 40 percent of the suggested retail price. | ' |
Revenue Recognition Description Of Sales Returns | 'Allowable returns are limited to saleable product which was purchased within twelve months of the termination for a refund of 90% of the original purchase price less any distributor royalties and commission received relating to the original purchase of the returned products. | ' |
Sales Returns Goods Percentage | 0.57% | 0.48% |
Advertising Expense | 191,800 | 44,000 |
Research and Development Expense | $565,000 | $587,000 |
Computer Equipment [Member] | ' | ' |
Property, Plant and Equipment, Useful Life | '5 years | ' |
Office Equipment [Member] | ' | ' |
Property, Plant and Equipment, Useful Life | '7 years | ' |
Real Property [Member] | ' | ' |
Property, Plant and Equipment, Useful Life | '39 years | ' |
Property_Plant_and_Equipment_D
Property, Plant, and Equipment (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Land and land improvements | $883,563 | $883,563 |
Building | 9,945,187 | 9,905,967 |
Machinery and equipment | 3,785,949 | 3,767,910 |
Office equipment | 1,236,303 | 1,231,215 |
Computer equipment and software | 2,690,294 | 2,666,150 |
Property, plant, and equipment | 18,541,296 | 18,454,805 |
Less accumulated depreciation | 11,805,877 | 11,343,033 |
Property, Plant and Equipment, Net | $6,735,419 | $7,111,772 |
Accounts_Payable_and_Accrued_E2
Accounts Payable and Accrued Expenses (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Trade payables | $2,968,814 | $2,924,111 |
Distributors' commissions | 2,033,727 | 2,293,019 |
Sales taxes | 311,049 | 283,700 |
Payroll and payroll taxes | 555,193 | 484,170 |
Accounts payable and accrued expenses | $5,868,783 | $5,985,000 |
Amortizable_Intangible_Assets_1
Amortizable Intangible Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Finite-Lived Intangible Assets, Gross | $4,014,661 | $2,060,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | 818,758 | 616,365 |
Distributorship [Member] | ' | ' |
Finite-Lived Intangible Assets, Gross | 2,060,000 | 2,060,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | 770,375 | 616,365 |
Technology-Based Intangible Assets [Member] | ' | ' |
Finite-Lived Intangible Assets, Gross | 1,954,661 | 0 |
Finite-Lived Intangible Assets, Accumulated Amortization | $48,383 | $0 |
Amortizable_Intangible_Assets_2
Amortizable Intangible Assets (Details 1) (USD $) | Dec. 31, 2013 |
2014 | $270,000 |
2015 | 270,000 |
2016 | 255,000 |
2017 | 226,000 |
2018 | $226,000 |
Amortizable_Intangible_Assets_3
Amortizable Intangible Assets (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Amortization of Intangible Assets | $202,393 | $154,009 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
Long-term debt, Carrying Amount | $4,362,611 | $3,030,943 | ||
Note receivable, Carrying Amount | 1,921,046 | 2,000,000 | ||
Marketable securities, Carrying Amount | 278,000 | [1] | 206,000 | [1] |
Long-term debt, Fair Value | 4,362,611 | 3,030,943 | ||
Notes Receivable, Fair Value | 2,365,000 | 2,640,000 | ||
Marketable securities, Fair Value | 278,000 | [1] | 206,000 | [1] |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Long-term debt, Fair Value | 0 | 0 | ||
Notes Receivable, Fair Value | 0 | 0 | ||
Marketable securities, Fair Value | 278,000 | [1] | 206,000 | [1] |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Long-term debt, Fair Value | 4,362,611 | 3,030,943 | ||
Notes Receivable, Fair Value | 2,365,000 | 2,640,000 | ||
Marketable securities, Fair Value | 0 | [1] | 0 | [1] |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Long-term debt, Fair Value | 0 | ' | ||
Notes Receivable, Fair Value | ' | 0 | ||
Marketable securities, Fair Value | $0 | [1] | $0 | [1] |
[1] | Representing assets of the Company's Supplemental Executive Retirement Plan (trading securities). Presented within Other Assets in the consolidated balance sheets. |
Debt_Details
Debt (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Term loan | $2,400,697 | $2,807,298 |
Revolving line of credit | 1,150,000 | 0 |
Long-term Debt | 4,362,611 | 3,030,943 |
Less current maturities | -581,004 | -629,631 |
Long-Term Debt, Excluding Current Maturities | 2,631,607 | 2,401,312 |
Obligation For Purchase Of Distributorship [Member] | ' | ' |
Notes Payable, Total | 0 | 223,645 |
Obligation For Purchase Of Technology License [Member] | ' | ' |
Notes Payable, Total | $811,914 | $0 |
Debt_Details_1
Debt (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
2014 | $581,004 | ' |
2015 | 643,467 | ' |
2016 | 2,926,226 | ' |
2017 | 211,914 | ' |
2018 | 0 | ' |
Thereafter | 0 | ' |
Long-term Debt | $4,362,611 | $3,030,943 |
Debt_Details_Textual
Debt (Details Textual) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2009 | Jun. 30, 2012 | Aug. 31, 2009 | Feb. 28, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Technology License [Member] | Maximum [Member] | Minimum [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Obligation For Purchase Of Distributorship [Member] | Obligation For Purchase Of Distributorship [Member] | Obligation For Purchase Of Distributorship [Member] | Obligation For Purchase Of Distributorship [Member] | 2014 Term Loan [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | |||
Technology License [Member] | Technology License [Member] | Subsequent Event [Member] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,000,000 | $5,000,000 | $5,000,000 |
Line of Credit Facility, Interest Rate Description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'variable interest rate based on 30-day LIBOR + 1.85% | ' |
Debt Instrument, Description of Variable Rate Basis | ' | ' | ' | ' | ' | 'a floating interest rate based on the 30-day LIBOR plus 2%. | 'a floating interest rate based on the 30-day LIBOR plus 2%. | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | 30-Nov-15 | 30-Nov-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate at Period End | ' | ' | ' | ' | ' | ' | ' | 2.17% | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Restrictive Covenants | 'These agreements also include loan covenants requiring the Company to maintain net tangible worth of not less than $11 million, and that borrowings under the agreements shall not exceed EBITDA by a ratio of 2.5 to 1. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Original Amount Of Seller Financing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,343,881 | ' | ' | ' | ' |
Debt Instrument, Periodic Payment | ' | ' | ' | ' | ' | ' | ' | ' | 37,500 | 18,994 | ' | ' | ' | ' | ' | ' |
Debt Instrument, Frequency of Periodic Payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'monthly | ' | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date, Description | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'seven years | ' | ' | ' | ' | ' | ' |
Non-cash gain on loan modification | 0 | 410,320 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 856,000 | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | 1,150,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,150,000 | ' | ' |
Line of Credit Facility, Expiration Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Jul-16 | ' | ' |
Long-term Debt, Total | 4,362,611 | 3,030,943 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,500,000 | ' | ' | ' |
Finite-lived Intangible Assets Acquired | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Intangible Assets | 1,150,000 | 0 | 1,150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '17 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Technology License Agreement, Periodic Payment Range, Minimum Amount | ' | ' | 150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Technology License Agreement, Periodic Payment Range, Maximum Amount | ' | ' | $250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Technology License Agreement, Frequency of Periodic Payment | ' | ' | 'annual | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Technology License Agreement, Percentage of Royalties, One through five years | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Technology License Agreement, Percentage of Royalties, Remaining Life | ' | ' | ' | 3.00% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Details
Stockholders' Equity (Details) (Employee Stock Option [Member], USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Outstanding beginning of the year | 1,313,500 | 739,500 |
Exercised | 0 | 0 |
Expired and forfeited | -78,500 | -201,000 |
Outstanding at end of year | 1,465,000 | 1,313,500 |
Exercisable at end of year | 555,500 | 542,375 |
Weighted Avg. Exercise Price Outstanding beginning of the year (in dollars per share) | $3.95 | $8.29 |
Weighted Avg. Exercise Price Expired and forfeited (in dollars per share) | $5.57 | $9.40 |
Weighted Avg. Exercise Price Outstanding at end of year (in dollars per share) | $3.42 | $3.95 |
Weighted Avg. Exercise Price Exercisable at end of year (in dollars per share) | $7.05 | $7.79 |
Price =air Value [Member] | ' | ' |
Granted | 230,000 | 639,250 |
Weighted Avg. Exercise Price Granted (in dollars per share) | $1.17 | $1.20 |
Price > Fair Value [Member] | ' | ' |
Granted | 0 | 135,750 |
Weighted Avg. Exercise Price Granted (in dollars per share) | ' | $1.32 |
Stockholders_Equity_Details_1
Stockholders' Equity (Details 1) (Employee Stock Option [Member], USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Range of Exercise Prices, Lower Range Limit (in dollars per share) | $1.17 |
Range of Exercise Prices, Upper Range Limit (in dollars per share) | $8.68 |
Number Options Outstanding | 1,465,000 |
Options Outstanding, Weighted Avg. Remaining Life | '2 years 6 months 18 days |
Options Outstanding, Weighted Avg. Exercise Price (in dollars per share) | $3.42 |
Number Options Exercisable | 555,500 |
Options Exercisable, Weighted Avg. Remaining Life | '1 year 3 months 22 days |
Options Exercisable, Weighted Avg. Exercise Price (in dollars per share) | $7.05 |
Exercise Price Range One [Member] | ' |
Range of Exercise Prices (in dollars per share) | $1.17 |
Number Options Outstanding | 230,000 |
Options Outstanding, Weighted Avg. Remaining Life | '4 years 2 months 1 day |
Options Outstanding, Weighted Avg. Exercise Price (in dollars per share) | $1.17 |
Number Options Exercisable | 0 |
Options Exercisable, Weighted Avg. Remaining Life | '0 years |
Options Exercisable, Weighted Avg. Exercise Price (in dollars per share) | $0 |
Exercise Price Range Two [Member] | ' |
Range of Exercise Prices, Lower Range Limit (in dollars per share) | $1.20 |
Range of Exercise Prices, Upper Range Limit (in dollars per share) | $1.32 |
Number Options Outstanding | 755,000 |
Options Outstanding, Weighted Avg. Remaining Life | '3 years |
Options Outstanding, Weighted Avg. Exercise Price (in dollars per share) | $1.22 |
Number Options Exercisable | 75,500 |
Options Exercisable, Weighted Avg. Remaining Life | '3 years |
Options Exercisable, Weighted Avg. Exercise Price (in dollars per share) | $1.23 |
Exercise Price Range Three [Member] | ' |
Range of Exercise Prices (in dollars per share) | $7.92 |
Number Options Outstanding | 450,000 |
Options Outstanding, Weighted Avg. Remaining Life | '1 year |
Options Outstanding, Weighted Avg. Exercise Price (in dollars per share) | $7.92 |
Number Options Exercisable | 450,000 |
Options Exercisable, Weighted Avg. Remaining Life | '1 year |
Options Exercisable, Weighted Avg. Exercise Price (in dollars per share) | $7.92 |
Exercise Price Range Four [Member] | ' |
Range of Exercise Prices (in dollars per share) | $8.68 |
Number Options Outstanding | 30,000 |
Options Outstanding, Weighted Avg. Remaining Life | '1 year 9 months 14 days |
Options Outstanding, Weighted Avg. Exercise Price (in dollars per share) | $8.68 |
Number Options Exercisable | 30,000 |
Options Exercisable, Weighted Avg. Remaining Life | '1 year 9 months 14 days |
Options Exercisable, Weighted Avg. Exercise Price (in dollars per share) | $8.68 |
Stockholders_Equity_Details_2
Stockholders' Equity (Details 2) (Warrant [Member]) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Warrant [Member] | ' | ' |
Expected warrant life (years) | '3 years | '3 years |
Risk-free weighted average interest rate | 0.78% | 0.37% |
Stock price volatility | 62.80% | 46.40% |
Dividend yield | 0.80% | 1.60% |
Stockholders_Equity_Details_3
Stockholders' Equity (Details 3) (Warrant [Member], USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Warrant [Member] | ' | ' |
Outstanding beginning of the year | 41,827 | 31,565 |
Granted | 12,065 | 13,441 |
Exercised | -7,789 | 0 |
Expired and forfeited | -8,116 | -3,179 |
Outstanding at end of year | 37,987 | 41,827 |
Exercisable at end of year | 37,987 | 41,827 |
Weighted Avg. Exercise Price Outstanding beginning of the year (in dollars per share) | $1.49 | $1.74 |
Weighted Avg. Exercise Price Granted (in dollars per share) | $2.81 | $1.31 |
Weighted Avg. Exercise Price Exercised (in dollars per share) | $1.76 | ' |
Weighted Avg. Exercise Price Expired and forfeited (in dollars per share) | $1.94 | $3.28 |
Weighted Avg. Exercise Price Outstanding at end of year (in dollars per share) | $1.76 | $1.49 |
Stockholders_Equity_Details_4
Stockholders Equity (Details 4) (Warrant [Member], USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Range of Exercise Prices, Lower Range Limit (in dollars per share) | $1.23 |
Range of Exercise Prices, Upper Range Limit (in dollars per share) | $2.81 |
Number Warrants Outstanding | 37,987 |
Warrants Outstanding, Weighted Avg. Remaining Life | '1 year 11 months 12 days |
Warrants Outstanding, Weighted Avg. Exercise Price (in dollars per share) | $1.76 |
Number Warrants Exercisable | 37,987 |
Warrants Exercisable, Weighted Avg. Exercise Price (in dollars per share) | $1.76 |
Exercise Price Range One [Member] | ' |
Range of Exercise Prices (in dollars per share) | $1.23 |
Number Warrants Outstanding | 14,154 |
Warrants Outstanding, Weighted Avg. Remaining Life | '1 year |
Warrants Outstanding, Weighted Avg. Exercise Price (in dollars per share) | $1.23 |
Number Warrants Exercisable | 14,154 |
Warrants Exercisable, Weighted Avg. Exercise Price (in dollars per share) | $1.23 |
Exercise Price Range Two [Member] | ' |
Range of Exercise Prices (in dollars per share) | $1.31 |
Number Warrants Outstanding | 11,768 |
Warrants Outstanding, Weighted Avg. Remaining Life | '2 years |
Warrants Outstanding, Weighted Avg. Exercise Price (in dollars per share) | $1.31 |
Number Warrants Exercisable | 11,768 |
Warrants Exercisable, Weighted Avg. Exercise Price (in dollars per share) | $1.31 |
Exercise Price Range Three [Member] | ' |
Range of Exercise Prices (in dollars per share) | $2.81 |
Number Warrants Outstanding | 12,065 |
Warrants Outstanding, Weighted Avg. Remaining Life | '3 years |
Warrants Outstanding, Weighted Avg. Exercise Price (in dollars per share) | $2.81 |
Number Warrants Exercisable | 12,065 |
Warrants Exercisable, Weighted Avg. Exercise Price (in dollars per share) | $2.81 |
Stockholders_Equity_Details_5
Stockholders Equity (Details 5) (Warrant [Member], USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Warrant [Member] | ' | ' |
Stock Warrants Exercised: | ' | ' |
Intrinsic value | $9,548 | $0 |
Actual tax benefit realized | 2,045 | 0 |
Cash received | $13,668 | $0 |
Stockholders_Equity_Details_Te
Stockholders' Equity (Details Textual) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 53 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2012 | Jan. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Warrant [Member] | Warrant [Member] | Incentive Stock Plan 2009 [Member] | Incentive Stock Plan 2009 [Member] | Incentive Stock Plan 2009 [Member] | Incentive Stock Plan 2009 [Member] | Incentive Stock Plan 2009 [Member] | Incentive Stock Plan 2009 [Member] | Incentive Stock Plan 2009 [Member] | Incentive Stock Plan 2009 [Member] | Incentive Stock Plan 2009 [Member] | Incentive Stock Plan 2009 [Member] | Incentive Stock Plan 2009 [Member] | Stock Option Plan 2003 [Member] | Distributor Stock Purchase Plan 2009 [Member] | Distributor Stock Purchase Plan 2009 [Member] | Distributor Stock Purchase Plan 2009 [Member] | Distributor Stock Purchase Plan 2009 [Member] | |
Maximum [Member] | Minimum [Member] | Performance Based Stock Options [Member] | Performance Based Stock Options [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] | Warrant [Member] | Warrant [Member] | |||||||
Maximum [Member] | Minimum [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | 1,000,000 | ' | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Fair Value Assumptions, Expected Term | '3 years | '3 years | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | 12,065 | 13,441 | ' | ' | ' | ' | ' | ' | 775,000 | ' | ' | ' | ' | ' | ' | 57,071 | ' | ' |
Share-Based Compensation Arrangements By Share-Based Payment Award, Options, Grants In Period, Weighted Average Exercise Price (in dollars per share) | $2.81 | $1.31 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.32 | $1.20 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | ' | ' | ' | ' | ' | ' | ' | ' | 'One half of the options granted have time vesting provisions ranging from one to 4.8 years while the remainder have vesting provisions that are contingent upon the Company achieving certain financial performance measurements. | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Stock Options | ' | ' | ' | ' | ' | ' | $110,400 | $185,000 | $172,000 | $98,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.78% | 0.37% | 0.90% | 0.82% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.80% | 1.60% | 1.60% | 1.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 62.80% | 46.40% | 52.70% | 49.31% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | ' | ' | $0.48 | ' | $0.48 | $0.42 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Of Monthly Compensation To Purchase Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' |
Warrant Issued Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' |
Allocated Share-based Compensation Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,772 | 96,800 | ' | ' | ' | ' | ' | 4,973 | 5,665 |
Allocated Share-based Compensation Expense, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,000 | 74,000 | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | $119,000 | ' | ' | ' | ' | ' | ' | $40,000 | ' |
Earnings_per_Share_Details
Earnings per Share (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Numerator: | ' | ' |
Net income (in dollars) | $776,590 | $1,358,969 |
Denominator: | ' | ' |
Denominator for basic earnings per share - weighted average shares | 12,619,000 | 12,500,000 |
Dilutive effect of employee stock options and other warrants | 197,000 | 154,000 |
Denominator for diluted earnings per share - adjusted weighted average shares | 12,816,000 | 12,654,000 |
Basic earnings per share (in dollars per share) | $0.06 | $0.11 |
Diluted earnings per share (in dollars per share) | $0.06 | $0.11 |
Earnings_per_Share_Details_Tex
Earnings per Share (Details Textual) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,099,565 | 943,684 |
Leases_Details
Leases (Details) (USD $) | Dec. 31, 2013 |
2014 | $385,322 |
2015 | 238,736 |
2016 | 92,074 |
2017 | 30,974 |
2018 | 14,079 |
Thereafter | 0 |
Operating Leases, Future Minimum Payments Due | $761,185 |
Leases_Details_Textual
Leases (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Operating Leases, Rent Expense | $479,862 | $422,708 |
Note_Receivable_Due_From_Distr1
Note Receivable Due From Distributor (Details Textual) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2012 |
Real Estate Investment [Member] | Loan Modification Agreement [Member] | |||
Due From Related Parties, Noncurrent | $1,829,827 | $1,923,000 | $2,000,000 | $2,000,000 |
Note Receivable Frequency Of Periodic Payment | ' | ' | ' | 'monthly payment of principal and interest |
Loans Receivable, Description of Variable Rate Basis | ' | ' | ' | 'greater of 6% or prime |
Notes Receivable, Fair Value Disclosure | $2,365,000 | $2,640,000 | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
United States | $2,974,655 | $2,881,707 |
Foreign | -1,543,065 | -733,738 |
Income before income taxes | $1,431,590 | $2,147,969 |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Current: | ' | ' |
Federal | $652,000 | $551,000 |
State | 117,000 | 92,000 |
Foreign | 23,000 | 50,000 |
Total current | 792,000 | 693,000 |
Deferred: | ' | ' |
Federal | -126,000 | 82,000 |
State | -23,000 | 14,000 |
Foreign | 12,000 | 0 |
Total deferred | -137,000 | 96,000 |
Income Tax Expense (Benefit) | $655,000 | $789,000 |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Income taxes at U.S. statutory rate | $487,000 | $730,000 |
State income taxes, net of federal benefit | 70,000 | 116,000 |
Higher/(lower) effective taxes on earnings in foreign countries | 116,000 | -30,000 |
Foreign corporate income taxes | 35,000 | 50,000 |
Nondeductible meals and entertainment expense | 27,000 | 26,000 |
Qualified production activities income - AJCA | -52,000 | -54,000 |
Reserve for uncertain tax positions | 2,000 | 2,000 |
Other | -30,000 | -51,000 |
Income Tax Expense (Benefit) | $655,000 | $789,000 |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred tax assets: | ' | ' |
Product refund reserve | $26,000 | $28,000 |
Inventory obsolescence reserve | 28,000 | 74,000 |
Vacation accrual | 28,000 | 29,000 |
Stock-based compensation | 6,000 | 72,000 |
Organization costs | 207,000 | 192,000 |
Deferred compensation | 284,000 | 83,000 |
Miscellaneous accrued expenses | 16,000 | 42,000 |
Foreign net operating loss carryforwards | 3,640,000 | 3,475,000 |
Valuation allowance - NOL carryforwards | -3,640,000 | -3,475,000 |
Deferred Tax Assets, Net of Valuation Allowance | 595,000 | 520,000 |
Deferred tax liabilities: | ' | ' |
Depreciation and amortization | 272,000 | 312,000 |
Foreign currency exchange | 141,000 | 126,000 |
Deferred Tax Liabilities, Gross | 413,000 | 438,000 |
Net deferred tax assets | 182,000 | 82,000 |
Reported as: | ' | ' |
Current deferred tax assets | 309,000 | 371,000 |
Non-current deferred tax liabilities | 127,000 | 289,000 |
Net deferred tax assets | $182,000 | $82,000 |
Income_Taxes_Details_4
Income Taxes (Details 4) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Beginning balance | $56,000 | $51,000 |
Settlements and effective settlements with tax authorities | 0 | 0 |
Lapse of statute of limitations | -7,000 | 0 |
Increases in balances related to tax positions taken during prior periods | 40,000 | 0 |
Decreases in balances related to tax positions taken during prior periods | -11,000 | -13,000 |
Increases in balances related to tax positions taken during current period | 13,000 | 18,000 |
Ending Balance | $91,000 | $56,000 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 12 Months Ended | 36 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2010 | Dec. 31, 2006 | Dec. 31, 2012 | Dec. 31, 2011 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 34.00% | ' | ' | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | $3,640,000 | ' | ' | $3,475,000 | ' |
Unrecognized Tax Benefits | 91,000 | ' | ' | 56,000 | 51,000 |
Vat And Withholding Taxes | ' | ' | 800,000 | ' | ' |
Interest Penalty Percentage | ' | ' | 20.00% | ' | ' |
Selling, General and Administrative Expense | ' | 185,000 | ' | ' | ' |
Management Estimated Reserve For Tax | 95,000 | ' | ' | ' | ' |
Undistributed Earnings of Foreign Subsidiaries | $57,000 | ' | ' | ' | ' |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan Contributions By Plan Participants Percentage | 15.00% | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent | 25.00% | ' |
Defined Benefit Plan, Contributions by Employer | $144,600 | $145,000 |
Employee Stock Ownership Plan (ESOP), Fair Value of Contributions to ESOP | $125,000 | $125,000 |
Incentive_Compensation_Plans_D
Incentive Compensation Plans (Details Textuals) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Other Selling, General and Administrative Expense | $27,755,483 | $27,472,807 |
Other Liabilities, Noncurrent | 910,327 | 371,728 |
Supplemental Employer Retirement Plan, Defined Contribution [Member] | ' | ' |
Supplemental Executive Retirement Plan, Employer Matching Contribution, Percent | 100.00% | ' |
Asset Retirement Obligation, Legally Restricted Assets, Fair Value | 278,000 | 206,000 |
Deferred Compensation Liability, Classified, Noncurrent | 211,000 | 287,000 |
Incentive Compensation Plan [Member] | ' | ' |
Percentage Of Bonus, Under Incentive Compensation Plan | 16.00% | 16.00% |
Maximum Percentage Of Bonus Under Incentive Compensation Plan | 18.00% | 18.00% |
Incentive Compensation Annual Management | 286,000 | 305,000 |
Minimum Quarterly Income From Operations | 500,000 | ' |
Performance Based Incentive Compensation, Vest, Based On Annual Increment Percentage | 20.00% | ' |
Other Selling, General and Administrative Expense | 440,500 | 88,500 |
Other Liabilities, Noncurrent | $529,000 | $88,500 |
Segment_Information_Details
Segment Information (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | |||
Net sales | $68,206,738 | $68,709,889 | ||
Total assets | 27,598,751 | 25,258,541 | ||
United States [Member] | ' | ' | ||
Net sales | 53,650,647 | 53,801,077 | ||
Total assets | 22,966,040 | 20,828,940 | ||
Australia/New Zealand [Member] | ' | ' | ||
Net sales | 1,858,983 | 2,111,234 | ||
Total assets | 807,336 | 833,983 | ||
Canada [Member] | ' | ' | ||
Net sales | 1,776,375 | 1,860,956 | ||
Total assets | 753,035 | 364,082 | ||
Mexico [Member] | ' | ' | ||
Net sales | 977,358 | 1,055,473 | ||
Total assets | 531,854 | 568,868 | ||
Europe [Member] | ' | ' | ||
Net sales | 7,953,221 | [1] | 6,480,923 | [1] |
Total assets | 1,665,194 | [1] | 1,557,036 | [1] |
Asia [Member] | ' | ' | ||
Net sales | 1,990,154 | [2] | 3,400,226 | [2] |
Total assets | $875,292 | [2] | $1,105,632 | [2] |
[1] | Europe consists of United Kingdom, Ireland, France, Germany, Austria, and the Netherlands. | |||
[2] | Asia consists of Philippines, Malaysia, Singapore, Brunei, and Indonesia. |
Segment_Information_Details_1
Segment Information (Details 1) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Sales Revenue, Goods, Net | $62,379,450 | $61,097,180 |
Handling & freight income | 5,827,288 | 7,612,709 |
Net sales | 68,206,738 | 68,709,889 |
Nutritional and Dietary Supplements [Member] | ' | ' |
Sales Revenue, Goods, Net | 60,049,651 | 58,859,774 |
Skin Care Products [Member] | ' | ' |
Sales Revenue, Goods, Net | 417,688 | 471,576 |
Sales Aids and Other [Member] | ' | ' |
Sales Revenue, Goods, Net | $1,912,111 | $1,765,830 |