Psychemedics (PMDI) 10-Q 28 Jul 16 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 25, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Entity Registrant Name	PSYCHEMEDICS CORP
Entity Central Index Key	806,517
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	PMD
Entity Common Stock, Shares Outstanding		5,459,720

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Current Assets:
Cash and cash equivalents	$ 2,279,905	$ 2,689,464
Accounts receivable, net of allowance for doubtful accounts of $41,373 in 2016 and $58,684 in 2015	5,460,101	3,538,765
Prepaid expenses and other current assets	1,241,588	1,060,587
Income tax receivable	0	840,122
Deferred tax assets	488,759	327,442
Total Current Assets	9,470,353	8,456,380
Fixed Assets, net of accumulated amortization and depreciation of $7,695,144 in 2016 and $6,642,501 in 2015	13,259,268	13,132,114
Other assets	813,028	774,474
Total Assets	23,542,649	22,362,968
Current Liabilities:
Accounts payable	988,507	747,291
Accrued expenses	1,461,183	1,197,632
Accrued income taxes	535,287	0
Current portion of long-term debt	1,741,602	1,619,633
Total Current Liabilities	4,726,579	3,564,556
Long-term debt	3,919,703	4,272,137
Deferred tax liabilities, long-term	3,042,122	2,852,745
Total Liabilities	11,688,404	10,689,438
Commitments and Contingencies (Note 7)
Shareholders' Equity:
Preferred-stock, $0.005 par value, 872,521 shares authorized, no shares issued or outstanding	0	0
Common stock, $0.005 par value; 50,000,000 shares authorized 6,127,850 shares issued in 2016 and 6,090,671 shares issued in 2015	30,639	30,453
Additional paid-in capital	30,280,467	30,021,604
Accumulated deficit	(8,375,072)	(8,296,738)
Less - Treasury stock, at cost, 668,130 shares	(10,081,789)	(10,081,789)
Total Shareholders' Equity	11,854,245	11,673,530
Total Liabilities and Shareholders' Equity	$ 23,542,649	$ 22,362,968

CONDENSED BALANCE SHEETS _Paren

CONDENSED BALANCE SHEETS [Parenthetical] - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Allowance for doubtful accounts	$ 41,373	$ 58,684
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 7,695,144	$ 6,642,501
Preferred stock, par value (in dollars per share)	$ 0.005	$ 0.005
Preferred stock, shares authorized	872,521	872,521
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.005	$ 0.005
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	6,127,850	6,090,671
Treasury stock, shares	668,130	668,130

CONDENSED STATEMENTS OF INCOME

CONDENSED STATEMENTS OF INCOME - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues	$ 9,700,052	$ 7,001,409	$ 16,367,116	$ 13,757,150
Cost of revenues	4,490,907	3,731,667	8,419,529	7,148,540
Gross profit	5,209,145	3,269,742	7,947,587	6,608,610
Operating Expenses:
General & administrative	1,185,775	1,154,489	2,437,850	2,298,579
Marketing & selling	1,302,034	1,322,117	2,429,688	2,610,598
Research & development	350,205	437,090	710,663	892,872
Total Operating Expenses	2,838,014	2,913,696	5,578,201	5,802,049
Operating income	2,371,131	356,046	2,369,386	806,561
Interest expense, net	(35,492)	(30,877)	(70,133)	(64,204)
Net income before provision for income taxes	2,335,639	325,169	2,299,253	742,357
Provision for income taxes	701,884	72,840	688,942	212,506
Net income	$ 1,633,755	$ 252,329	$ 1,610,311	$ 529,851
Basic net income per share (in dollars per share)	$ 0.3	$ 0.05	$ 0.30	$ 0.10
Diluted net income per share (in dollars per share)	0.3	0.05	0.30	0.10
Dividends declared per share (in dollars per share)	$ 0.15	$ 0.15	$ 0.30	$ 0.30
Weighted average common shares outstanding, basic (in shares)	5,443,150	5,399,270	5,432,902	5,387,232
Weighted average common shares outstanding, diluted (in shares)	5,454,167	5,408,372	5,440,376	5,396,740

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 1,610,311	$ 529,851
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,070,847	707,303
Change in excess tax benefit related to stock	0	86,433
Stock-based compensation	348,193	342,992
Changes in assets and liabilities:
Accounts receivable	(1,921,336)	(438,022)
Prepaid expenses, other current assets, and income tax receivable	659,121	876,858
Accounts payable	241,216	(255,519)
Accrued expenses and accrued income taxes	407,216	178,497
Deferred income taxes	28,060	(166,851)
Net cash provided by operating activities	2,443,628	1,861,542
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of equipment and leasehold improvements	(709,338)	(699,192)
Cost of internally developed software	(78,837)	(220,019)
Other assets	(56,758)	(149)
Net cash used in investing activities	(844,933)	(919,360)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from exercise of stock options	0	91,556
Proceeds from issuance of stock, net of tax withholding	(148,644)	(226,610)
Proceeds from equipment financing	609,844	0
Payments of equipment financing	(840,309)	(699,963)
Cash dividends paid	(1,629,145)	(1,615,258)
Net cash used in financing activities	(2,008,254)	(2,450,275)
Net decrease in cash and cash equivalents	(409,559)	(1,508,093)
Cash and cash equivalents, beginning of period	2,689,464	3,612,153
Cash and cash equivalents, end of period	2,279,905	2,104,060
Supplemental Disclosures of Cash Flow Information:
Cash paid for income taxes	0	2,870
Cash paid for interest	70,559	64,679
Purchases of equipment through accrued liabilities	$ 391,622	$ 266,976

Interim Financial Statements

Interim Financial Statements	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. Interim Financial Statements The accompanying unaudited interim financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission for reporting on Form 10-Q. Accordingly, certain information and footnote disclosure required for complete financial statements are not included herein. It is recommended that these financial statements be read in conjunction with the financial statements and related notes of Psychemedics Corporation (“the Company,” “our Company,” “our” or “we”) as reported in the Company’s Annual Report on Form 10-K (“10-K”) for the year ended December 31, 2015, filed on February 26, 2016. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of financial position, results of operations, and cash flows at the dates and for the periods presented have been included. The results of operations for the three and six months ended June 30, 2016 may not be indicative of the results that may be expected for the year ending December 31, 2016, or any other period.

Cash and Cash Equivalents

Cash and Cash Equivalents	6 Months Ended
	Jun. 30, 2016
Cash and Cash Equivalents [Abstract]
Cash and Cash Equivalents Disclosure [Text Block]	2. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of 90 days or less to be cash equivalents. Cash equivalents consisted exclusively of cash in the bank as of December 31, 2015 and June 30, 2016.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	Stock-Based Compensation The Company’s 2006 Equity Incentive Plan (“the Plan”) provides for cash based awards or the grant or issuance of stock-based awards including; options, restricted stock or stock unit awards (SUA’s). As of December 31, 2015, 70,232 350,000 On May 12, 2016, the Company granted SUAs covering 16,600 120,500 10 2.34 13.82 6.25 33 1.75 5.6 Number of Aggregate (000s) Unvested, December 31, 2015 111,464 Granted 16,600 Forfeited/expired (16,760) Converted to common stock (37,179) Unvested, June 30, 2016 74,125 $ 1,018 1) The aggregate intrinsic value on these tables was calculated based on the closing market value of the Company’s stock on June 30, 2016 ($ 13.74 Number of Weighted Weighted Aggregate (000s) Outstanding, December 31, 2015 47,000 $ 10.21 Granted 120,500 $ 13.82 Exercised - - Terminated/Expired (7,500) $ 13.82 Outstanding, June 30, 2016 160,000 $ 12.76 9.7 years $ 166 Exercisable, June 30, 2016 - - - - (2) The aggregate intrinsic value on this table was calculated based on the amount, if any, by which the closing market value of the Company’s stock on the June 30, 2016 ($ 13.74 As of June 30, 2016, a total of 541,517 1.3 3.0 307,392

Basic and Diluted Net Income Pe

Basic and Diluted Net Income Per Share	6 Months Ended
	Jun. 30, 2016
Earnings Per Share, Basic and Diluted [Abstract]
Earnings Per Share [Text Block]	Basic and Diluted Net Income Per Share Basic net income per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per share is computed by dividing net income by the weighted average number of common and dilutive common equivalent shares outstanding during the period. The number of dilutive common equivalent shares outstanding during the period is determined in accordance with the treasury-stock method. Common equivalent shares consist of common stock issuable upon the exercise of outstanding options and common stock issuable upon the vesting of outstanding, unvested SUAs. Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2016 2015 2016 2015 Weighted average common shares outstanding, basic 5,443 5,399 5,433 5,387 Dilutive common equivalent shares 11 9 7 10 Weighted average common shares outstanding, diluted 5,454 5,408 5,440 5,397

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	Fair Value Measurements The Company has financial instruments, such as accounts receivable, accounts payable, and accrued expenses, which are stated at carrying amounts that approximate fair value because of the short maturity of those instruments. The carrying amount of the Company’s long-term debt approximates fair value as the interest rate on the debt approximates the estimated borrowing rate currently available to the company.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Subsequent Events On July 26, 2016, the Company declared a quarterly dividend of $ 0.15 819

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	Commitments and Contingencies The Company is subject to legal proceedings and claims which arise in the ordinary course of its business. The Company believes that based upon information available to the Company at this time, the expected outcome of these matters would not have a material impact on the Company’s results of operations or financial condition.

Debt and Other Financing Arrang

Debt and Other Financing Arrangements	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	Debt and Other Financing Arrangements On March 20, 2014, the Company entered into an equipment financing arrangement (“Loan Agreement”) with Banc of America Leasing & Capital, LLC, which it amended on September 15, 2015. The terms of this arrangement are detailed in the 10-K. On March 23, 2016, under the Loan Arrangement, the Company executed a note in the amount of $ 609 8.7 2.44 35,492 2.18 31,478 2.44 5.7 0.1 2016 $ 870 2017 1,742 2018 1,742 2019 990 2020 287 2021 30 Total long-term debt 5,661 Less current portion of long-term debt (1,742) Total long-term debt, net of current portion $ 3,919

Significant Customers

Significant Customers	6 Months Ended
	Jun. 30, 2016
Risks and Uncertainties [Abstract]
Concentration Risk Disclosure [Text Block]	9. Significant Customers The Company had one customer that exceeded 10 10 11

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	10. Recent Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases, which introduces the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous guidance. The new standard establishes a right-of-use ("ROU") model that requires a lessee to record an ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. The new standard will become effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impacts the adoption of this accounting guidance will have on its financial statements. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”), which simplifies several aspects of the accounting for employee share-based payment transactions including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification of related amounts within the statement of cash flows. The new standard will become effective beginning with the first quarter of 2017, with early adoption permitted. The Company elected early adoption of ASU 2016-09 in the second quarter of 2016 which was applied using a modified retrospective approach. The adoption of ASU 2016-09 did not materially impact the Company’s financial position, results of operations, equity or cash flows. As a result of our adoption of ASU 2016-09, we recognize the impact of forfeitures when they occur with no adjustment for estimated forfeitures and recognize excess tax benefits as a reduction of income tax expense regardless of whether the benefit reduces income taxes payable. Additionally, we recognize the cash flow impact of such excess tax benefits in operating activities in our condensed statements of cash flows. The cumulative impact upon adoption was a $ 41 60

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Nonvested Performance-based Units Activity [Table Text Block]	Activity for SUAs under the Plan for the six months ended June 30, 2016 is as follows: Number of Aggregate (000s) Unvested, December 31, 2015 111,464 Granted 16,600 Forfeited/expired (16,760) Converted to common stock (37,179) Unvested, June 30, 2016 74,125 $ 1,018 1) The aggregate intrinsic value on these tables was calculated based on the closing market value of the Company’s stock on June 30, 2016 ($ 13.74
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	Number of Weighted Weighted Aggregate (000s) Outstanding, December 31, 2015 47,000 $ 10.21 Granted 120,500 $ 13.82 Exercised - - Terminated/Expired (7,500) $ 13.82 Outstanding, June 30, 2016 160,000 $ 12.76 9.7 years $ 166 Exercisable, June 30, 2016 - - - - (2) The aggregate intrinsic value on this table was calculated based on the amount, if any, by which the closing market value of the Company’s stock on the June 30, 2016 ($ 13.74

Basic and Diluted Net Income 17

Basic and Diluted Net Income Per Share (Tables)	6 Months Ended
	Jun. 30, 2016
Earnings Per Share, Basic and Diluted [Abstract]
Schedule of Weighted Average Number of Shares [Table Text Block]	Basic and diluted weighted average common shares outstanding for the three and six months ended June 30, 2016 and 2015 are as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2016 2015 2016 2015 Weighted average common shares outstanding, basic 5,443 5,399 5,433 5,387 Dilutive common equivalent shares 11 9 7 10 Weighted average common shares outstanding, diluted 5,454 5,408 5,440 5,397

Debt and Other Financing Arra18

Debt and Other Financing Arrangements (Tables)	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments [Table Text Block]	The annual principal repayment requirements for debt obligations as of June 30, 2016 were as follows (in 000’s): 2016 $ 870 2017 1,742 2018 1,742 2019 990 2020 287 2021 30 Total long-term debt 5,661 Less current portion of long-term debt (1,742) Total long-term debt, net of current portion $ 3,919

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - Stock Unit Award [Member] - Stock Incentive Plan 2006 [Member] $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Unvested	111,464
Number of Shares, Granted	16,600
Number of Shares Forfeited/expired	(16,760)
Number of Shares, Converted to common stock	(37,179)
Number of Shares, Unvested	74,125
Aggregate Intrinsic Value, Unvested | $	$ 1,018	[1]
[1]	The aggregate intrinsic value on these tables was calculated based on the closing market value of the Company’s stock on June 30, 2016 ($13.74).

Stock-Based Compensation (Det20

Stock-Based Compensation (Details 1) - Stock Incentive Plan 2006 [Member] $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Outstanding - Beginning balance | shares	47,000
Number of Shares, Granted | shares	120,500
Number of Shares, Exercised | shares	0
Number of Shares, Terminated/Expired | shares	(7,500)
Number of Shares, Outstanding - Ending balance | shares	160,000
Number of Shares, Exercisable | shares	0
Weighted Average Exercise Price per Share, Outstanding - Beginning balance | $ / shares	$ 10.21
Weighted Average Exercise Price per Share, Granted | $ / shares	13.82
Weighted Average Exercise Price per Share, Exercised | $ / shares	0
Weighted Average Exercise Price per Share, Terminated/Expired | $ / shares	13.82
Weighted Average Exercise Price per Share, Outstanding - Ending balance | $ / shares	12.76
Weighted Average Exercise Price Per Share, Exercisable | $ / shares	$ 0
Weighted Average Remaining Contractual Life, Outstanding	9 years 8 months 12 days
Weighted Average Remaining Contractual Life, Exercisable	0 years
Aggregate Intrinsic Value, Outstanding - Ending balance | $	$ 166	[1]
Aggregate Intrinsic Value, Exercisable | $	$ 0	[1]
[1]	The aggregate intrinsic value on this table was calculated based on the amount, if any, by which the closing market value of the Company’s stock on the June 30, 2016 ($13.74) exceeded the exercise price of the underlying options, multiplied by the number of shares subject to each option.

Stock-Based Compensation (Det21

Stock-Based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions	May 12, 2016	May 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant			307,392
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	6 years 3 months
Share Price	$ 13.82
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	33.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	1.75%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate	5.60%
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 2.34
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 13.74
Management [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period		2 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		2 years
Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period		4 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		4 years
Stock Unit Award [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Unamortized Fair Value (in dollars)			$ 1.3
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Unamortized Fair Value Period For Amortization			3 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	16,600
Number of Shares Acquired	120,500
Stock Incentive Plan 2006 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant			350,000
Common Stock, Capital Shares Reserved for Future Issuance			541,517
Stock Incentive Plan 2006 [Member] | Stock Unit Award [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant				70,232
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 13.74

Basic and Diluted Net Income 22

Basic and Diluted Net Income Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Weighted average common shares outstanding, basic	5,443,150	5,399,270	5,432,902	5,387,232
Dilutive common equivalent shares	11,000	9,000	7,000	10,000
Weighted average common shares outstanding, diluted	5,454,167	5,408,372	5,440,376	5,396,740

Subsequent Events (Details Text

Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 26, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Common Stock, Dividends, Per Share, Declared		$ 0.15	$ 0.15	$ 0.30	$ 0.30
Subsequent Event [Member]
Common Stock, Dividends, Per Share, Declared	$ 0.15
Dividends Payable	$ 819

Debt and Other Financing Arra24

Debt and Other Financing Arrangements (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
2,016	$ 870,000
2,017	1,742,000
2,018	1,742,000
2,019	990,000
2,020	287,000
2,021	30,000
Total long-term debt	5,661,000
Less current portion of long-term debt	(1,741,602)	$ (1,619,633)
Total long-term debt, net of current portion	$ 3,919,703	$ 4,272,137

Debt and Other Financing Arra25

Debt and Other Financing Arrangements (Details Textual) - Equipment Loan Arrangement [Member] - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Mar. 23, 2016
Line of Credit Facility, Maximum Borrowing Capacity	$ 8,700,000		$ 609,000
Debt Instrument, Interest Rate, Effective Percentage	2.44%	2.18%
Interest Expense	$ 35,492	$ 31,478
Long-term Debt and Capital Lease Obligations	5,700,000
Line of Credit Facility, Remaining Borrowing Capacity	$ 100,000
Debt, Weighted Average Interest Rate	2.44%

Significant Customers (Details

Significant Customers (Details Textual) - Customer Concentration Risk [Member]	6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Sales Revenue, Net [Member]
Significant Customers Disclosure [Line Items]
Concentration Risk, Percentage	10.00%	10.00%
Accounts Receivable [Member]
Significant Customers Disclosure [Line Items]
Concentration Risk, Percentage	22.00%		11.00%

Recent Accounting Pronounceme27

Recent Accounting Pronouncements (Details Textual) - Accounting Standards Update 2016-09 [Member] $ in Thousands	1 Months Ended
	Mar. 31, 2016USD ($)
Cumulative Benefits From Income Taxes For Accounting Adjustmen [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Operating Results	$ 41
Adjustments To Retained Earnings [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Operating Results	$ 60