Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 03, 2020 | |
Document Information [Line Items] | ||
Entity Registrant Name | PSYCHEMEDICS CORP | |
Entity Central Index Key | 0000806517 | |
Trading Symbol | pmd | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 5,526,493 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Title of 12(b) Security | Common stock. $0.005 par value |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash | $ 1,809 | $ 7,283 |
Accounts receivable, net of allowance for doubtful accounts of $40 in 2020 and $45 in 2019 | 3,890 | 3,780 |
Prepaid expenses and other current assets | 1,299 | 1,788 |
Income tax receivable | 1,833 | |
Total Current Assets | 8,831 | 12,851 |
Fixed assets, net of accumulated amortization and depreciation of $16,257 in 2020 and $16,197 in 2019 | 9,746 | 10,862 |
Other assets | 885 | 943 |
Deferred tax asset | 10 | |
Operating lease right-of-use assets | 4,508 | 2,875 |
Total Assets | 23,980 | 27,531 |
Current Liabilities: | ||
Accounts payable | 416 | 617 |
Accrued expenses | 1,357 | 3,577 |
Current portion of long-term debt | 685 | 678 |
Current operating lease liabilities | 884 | 963 |
Total Current Liabilities | 3,342 | 5,835 |
Long-term debt | 3,617 | 1,951 |
Long-term deferred tax liabilities | 550 | |
Long-term portion of operating lease liabilities | 4,079 | 2,375 |
Total Liabilities | 11,038 | 10,711 |
Commitments and Contingencies (Note 6) | ||
Shareholders' Equity: | ||
Preferred stock, $0.005 par value, 873 shares authorized, no shares issued or outstanding | ||
Common stock, $0.005 par value; 50,000 shares authorized Shares issued and outstanding: 6,195 in 2020 and 6,185 in 2019 | 31 | 31 |
Additional paid-in capital | 32,690 | 32,249 |
Accumulated deficit | (8,063) | (3,754) |
Less - Treasury stock, at cost, 668 shares | (10,082) | (10,082) |
Accumulated other comprehensive loss | (1,634) | (1,624) |
Total Shareholders' Equity | 12,942 | 16,820 |
Total Liabilities and Shareholders' Equity | $ 23,980 | $ 27,531 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Allowance for doubtful accounts | $ 40 | $ 45 |
Accumulated amortization and depreciation | $ 16,257 | $ 16,197 |
Preferred stock, par value (in dollars per share) | $ 0.005 | $ 0.005 |
Preferred stock, shares authorized (in shares) | 873 | 873 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.005 | $ 0.005 |
Common stock, shares authorized (in shares) | 50,000 | 50,000 |
Common stock, shares issued (in shares) | 6,195 | 6,185 |
Common stock, shares outstanding (in shares) | 6,195 | 6,185 |
Treasury stock, shares (in shares) | 668 | 668 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues | $ 5,174 | $ 9,852 | $ 16,025 | $ 28,963 |
Cost of revenues | 4,041 | 5,470 | 12,416 | 16,004 |
Gross profit | 1,133 | 4,382 | 3,609 | 12,959 |
Operating Expenses: | ||||
General & administrative | 1,341 | 1,417 | 4,727 | 4,687 |
Marketing & selling | 896 | 1,238 | 2,858 | 3,455 |
Research & development | 305 | 393 | 981 | 1,213 |
Total Operating Expenses | 2,542 | 3,048 | 8,566 | 9,355 |
Operating income (loss) | (1,409) | 1,334 | (4,957) | 3,604 |
Other income (expense), net | (17) | 6 | (129) | 54 |
Income (loss) before provision for (benefit from) income taxes | (1,426) | 1,340 | (5,086) | 3,658 |
Provision for (benefit from) income taxes | (319) | 663 | (1,770) | 1,586 |
Net income (loss) | (1,107) | 677 | (3,316) | 2,072 |
Other comprehensive income (loss): | ||||
Foreign currency translation | (330) | (10) | (297) | |
Total comprehensive income (loss) | $ (1,107) | $ 347 | $ (3,326) | $ 1,775 |
Basic net income (loss) per share (in dollars per share) | $ (0.20) | $ 0.12 | $ (0.60) | $ 0.38 |
Diluted net income (loss) per share (in dollars per share) | (0.20) | 0.12 | (0.60) | 0.37 |
Dividends declared per share (in dollars per share) | $ 0.18 | $ 0.18 | $ 0.54 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Dec. 31, 2018 | $ 31 | $ 31,523 | $ (10,082) | $ (1,326) | $ (1,399) | $ 18,747 |
Stock compensation expense | 158 | 158 | ||||
Cash dividends ($0.18 per share) | (991) | (991) | ||||
Net income (loss) | 627 | 627 | ||||
Other comprehensive income (loss) | (48) | (48) | ||||
Balance at Mar. 31, 2019 | 31 | 31,681 | (10,082) | (1,690) | (1,447) | 18,493 |
Balance at Dec. 31, 2018 | 31 | 31,523 | (10,082) | (1,326) | (1,399) | 18,747 |
Net income (loss) | 2,072 | |||||
Balance at Sep. 30, 2019 | 31 | 31,999 | (10,082) | (2,232) | (1,696) | 18,020 |
Balance at Mar. 31, 2019 | 31 | 31,681 | (10,082) | (1,690) | (1,447) | 18,493 |
Stock compensation expense | 161 | 161 | ||||
Cash dividends ($0.18 per share) | (994) | (994) | ||||
Net income (loss) | 768 | 768 | ||||
Other comprehensive income (loss) | 82 | 82 | ||||
Tax withholding from employee stock plans | (33) | (33) | ||||
Balance at Jun. 30, 2019 | 31 | 31,809 | (10,082) | (1,916) | (1,365) | 18,477 |
Stock compensation expense | 190 | 190 | ||||
Cash dividends ($0.18 per share) | (993) | (993) | ||||
Net income (loss) | 677 | 677 | ||||
Other comprehensive income (loss) | (331) | (331) | ||||
Balance at Sep. 30, 2019 | 31 | 31,999 | (10,082) | (2,232) | (1,696) | 18,020 |
Balance at Dec. 31, 2019 | 31 | 32,249 | (10,082) | (3,754) | (1,624) | 16,820 |
Stock compensation expense | 163 | 163 | ||||
Cash dividends ($0.18 per share) | (993) | (993) | ||||
Net income (loss) | (159) | (159) | ||||
Other comprehensive income (loss) | (23) | (23) | ||||
Balance at Mar. 31, 2020 | 31 | 32,412 | (10,082) | (4,906) | (1,647) | 15,808 |
Balance at Dec. 31, 2019 | 31 | 32,249 | (10,082) | (3,754) | (1,624) | 16,820 |
Net income (loss) | (3,316) | |||||
Balance at Sep. 30, 2020 | 31 | 32,690 | (10,082) | (8,063) | (1,634) | 12,942 |
Balance at Mar. 31, 2020 | 31 | 32,412 | (10,082) | (4,906) | (1,647) | 15,808 |
Stock compensation expense | 160 | 160 | ||||
Net income (loss) | (2,050) | (2,050) | ||||
Other comprehensive income (loss) | 14 | 14 | ||||
Tax withholding from employee stock plans | (8) | (8) | ||||
Balance at Jun. 30, 2020 | 31 | 32,564 | (10,082) | (6,956) | (1,633) | 13,924 |
Stock compensation expense | 126 | 126 | ||||
Net income (loss) | (1,107) | (1,107) | ||||
Other comprehensive income (loss) | (1) | (1) | ||||
Balance at Sep. 30, 2020 | $ 31 | $ 32,690 | $ (10,082) | $ (8,063) | $ (1,634) | $ 12,942 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Dividends declared per share (in dollars per share) | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.54 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ (3,316) | $ 2,072 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 1,995 | 2,219 |
ROU asset amortization | 713 | |
Deferred income taxes | (560) | (138) |
Non-cash interest income | 35 | |
Loss on sale of fixed assets | 94 | |
Stock-based compensation | 449 | 509 |
Changes in assets and liabilities: | ||
Accounts receivable | (110) | (342) |
Other current assets | (1,344) | (439) |
Accounts payable | (204) | (335) |
Operating lease liabilities | (721) | |
Accrued expenses | (2,219) | (220) |
Net cash provided by (used in) operating activities | (5,223) | 3,361 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from sale of fixed assets | 140 | |
Proceeds from short-term investments | 3,810 | |
Purchases of equipment and leasehold improvements | (880) | (896) |
Cost of internally developed software | (184) | (225) |
Other assets | 10 | (47) |
Net cash provided by (used in) investing activities | (914) | 2,642 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of stock, net of tax withholding | (8) | (33) |
Proceeds from PPP loan | 2,181 | |
Payments of equipment financing | (507) | (312) |
Cash dividends paid | (993) | (2,978) |
Net cash provided by (used in) financing activities | 673 | (3,323) |
Effect of exchange rate changes on cash and cash equivalents | (10) | (257) |
Net increase (decrease) in cash | (5,474) | 2,423 |
Cash, beginning of period | 7,283 | 4,069 |
Cash, end of period | 1,809 | 6,492 |
Supplemental Disclosures of Cash Flow Information: | ||
Cash paid for income taxes | 236 | 1,958 |
Cash paid for interest | 60 | 47 |
Cash paid for operating leases | 800 | 841 |
Right-of-use assets acquired through operating leases | 2,346 | 4,382 |
Purchases of equipment through accounts payable and accrued liabilities | $ 3 | $ 30 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Basis of Presentation The interim condensed consolidated financial statements of Psychemedics Corporation (the “Company”) presented herein, have been prepared pursuant to the rules of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10 not December 31, 2019, 2019 10 “10 The condensed consolidated balance sheet as of September 30, 2020, three nine September 30, 2020 2019, nine September 30, 2020 2019 nine September 30, 2020 2019 December 31, 2019 not The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The results of operations for the three nine September 30, 2020 may not may December 31, 2020, Unless the context requires otherwise, the terms “we”, “us”, “our”, or “the Company” refer to Psychemedics Corporation and its consolidated subsidiaries. |
Note 2 - COVID-19 Pandemic
Note 2 - COVID-19 Pandemic | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Effect of Covid-19 Pandemic [Text Block] | 2. 19 The outbreak of coronavirus (“COVID- 19” 19 19's 19, The Coronavirus Aid, Relieve and Economic Security Act (“CARES”) Act, enacted on March 27, 2020, 19. 19 $0.1 $1.3 three nine September 30, 2020, 2021 2022 2020 Paycheck Protection Program Loan On May 1, 2020, $2,181,157, May 4, 2022. one 1% six no 2020 first 2021. Accounts Receivable We believe our allowance for credit losses related to our accounts receivable remained adequate as of September 30, 2020, not Risk and Uncertainties The duration and severity of COVID- 19 not To help mitigate potential effects of the pandemic on the Company, there are several safety measures that have been implemented to ensure the safety of our employees as well as maintaining our staff and business continuity. The Company is providing personal protection equipment and implemented policies at our laboratory including temperature checks and physical distancing. |
Note 3 - Fair Value Measurement
Note 3 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 3. 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. |
Note 4 - Stock-based Compensati
Note 4 - Stock-based Compensation | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 4. Stock-Based Compensation The Company's 2006 September 30, 2020, 231 Share-based compensation is measured at the grant date based on the fair value of the award and is recognized as an expense over the requisite service period (generally the vesting period of the equity grant). The compensation cost charged against income is included in cost of revenues and operating expenses as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Share-based compensation related to: Stock option grants $ 102 $ 151 $ 353 $ 372 Restricted Stock Unit awards 24 39 96 137 Total share-based compensation $ 126 $ 190 $ 449 $ 509 There was no three nine September 30, 2020 2019. A summary of the Company's stock option activity for the nine September 30, 2020 Weighted Average Weighted Average Aggregate Number of Exercise Price Remaining Intrinsic Shares Per Share Contractual Life (years) Value (1) Outstanding, December 31, 2019 584 $ 14.94 7.9 $ - Granted - Exercised - Forfeited (3 ) $ 4.37 Outstanding, September 30, 2020 581 $ 14.93 7.1 $ - Exercisable, September 30, 2020 396 $ 15.49 6.6 $ - ( 1 Stock options had no December 31, 2019 September 30, 2020. A summary of the Company's stock unit award (“SUA”) activity for the nine September 30, 2020 Number of Shares Weighted Average Price per Share (2) Weighted Average Fair Value (2) Outstanding & Unvested, December 31, 2019 24 $ 12.84 $ 311 Granted - Converted to common stock (10 ) $ 20.24 Cancelled (1 ) $ 20.24 Forfeited - Outstanding & Unvested, September 30, 2020 13 $ 11.87 $ 156 ( 2 Weighted average price per share is the weighted grant price based on the closing market price of each of the stock grants related to each grant of stock unit awards. The weighted average fair value is the weighted average share price times the number of shares. As of September 30, 2020, 820 September 30, 2020, $674 2.2 |
Note 5 - Basic and Diluted Net
Note 5 - Basic and Diluted Net Income (Loss) Per Share | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 5. Basic net income (loss) per share is computed by dividing net income (or loss) by the weighted average number of common shares outstanding during the period. Diluted net income per share is computed by dividing net income (or loss) by the weighted average number of common and dilutive common equivalent shares outstanding during the period when the effect is dilutive. The number of dilutive common equivalent shares outstanding during the period was determined in accordance with the treasury-stock method. Common equivalent shares consisted of common stock issuable upon the exercise of outstanding options and common stock issuable upon the vesting of outstanding, unvested SUAs. Basic and diluted weighted average common shares outstanding for the three nine September 30, 2020 2019 Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Weighted average common shares outstanding, basic 5,526 5,517 5,522 5,513 Dilutive common equivalent shares - - - 16 Weighted average common shares outstanding, diluted 5,526 5,517 5,522 5,529 The computation of diluted earnings (loss) per share for the three nine September 30, 2020 2019 three nine September 30, 2020, 594 |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 6. Commitments and Contingencies The Company is subject to legal proceedings and claims which arise in the ordinary course of its business. While the ultimate outcome of individual legal claims is inherently unpredictable, we believe that the final resolution of any pending actions will not |
Note 7 - Operating Leases
Note 7 - Operating Leases | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 7. Operating Leases The Company has five one not As of September 30, 2020, $4.5 $5.0 842. September 30, 2020 3.9%. September 30, 2020 5.2 three nine September 30, 2020 $288 $853 Maturities and balance sheet presentation of the Company's lease liabilities for all operating leases as of September 30, 2020 2020 238 2021 1,041 2022 1,028 2023 1,096 2024 1,035 2025 593 2026 458 Total Lease Payments 5,489 Less Interest: (526 ) Present value of lease liabilities $ 4,963 Current operating lease liabilities $ 884 Long-term operating lease liabilities 4,079 Total $ 4,963 |
Note 8 - Debt and Other Financi
Note 8 - Debt and Other Financing Arrangements | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. Debt and Other Financing Arrangements On March 20, 2014, August 8, 2014, September 15, 2015, October 30, 2017, December 2, 2019. 10 The weighted average interest rate on outstanding debt under the Loan Agreement was 3.3% 3.4% three nine September 30, 2020. $16 $60 three nine September 30, 2020, September 30, 2020, 2.6% $2.1 September 30, 2020, not September 30, 2020, June 30, 2021. The annual principal repayment requirements for debt obligations as of September 30, 2020 2020 $ 170 2021 688 2022 664 2023 294 2024 305 Long-term debt from equipment financing 2,121 Less current portion of long-term debt (685 ) Long-term debt from equipment financing, net of current portion 1,436 PPP Loan 2,181 Total long-term debt, net of current portion $ 3,617 1 2. |
Note 9 - Revenue
Note 9 - Revenue | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 9. The table below disaggregates our external revenue by major source (in thousands). For additional revenue detail relating to geographic breakdown of sales, see Note 10 Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Testing $ 4,590 $ 9,069 $ 14,363 $ 26,543 Shipping/Collection (hair) 562 714 1,576 2,225 Other 22 69 86 195 Total Revenue $ 5,174 $ 9,852 $ 16,025 $ 28,963 |
Note 10 - Business Segment Repo
Note 10 - Business Segment Reporting | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 10. The Company manages its operations as one one Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Consolidated Revenue: United States $ 4,977 $ 7,102 $ 14,441 $ 20,969 Brazil 62 2,619 1,207 7,620 Other 135 131 377 374 Total Revenue $ 5,174 $ 9,852 $ 16,025 $ 28,963 |
Note 11 - Significant Customers
Note 11 - Significant Customers | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 11. Significant Customers The Company had no 10% nine September 30, 2020. 26% nine September 30, 2019. one 24% September 30, 2020 two 13% 11%, December 31, 2019. |
Note 12 - Recently Adopted Acco
Note 12 - Recently Adopted Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 12. There are no |
Note 13 - Accounting Pronouncem
Note 13 - Accounting Pronouncements Issued But Not Yet Effective | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | 13. Not In December 2019, 2019 12, 740 740 January 1, 2021. September 30, 2020, may |
Note 4 - Stock-based Compensa_2
Note 4 - Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Share-based compensation related to: Stock option grants $ 102 $ 151 $ 353 $ 372 Restricted Stock Unit awards 24 39 96 137 Total share-based compensation $ 126 $ 190 $ 449 $ 509 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Average Weighted Average Aggregate Number of Exercise Price Remaining Intrinsic Shares Per Share Contractual Life (years) Value (1) Outstanding, December 31, 2019 584 $ 14.94 7.9 $ - Granted - Exercised - Forfeited (3 ) $ 4.37 Outstanding, September 30, 2020 581 $ 14.93 7.1 $ - Exercisable, September 30, 2020 396 $ 15.49 6.6 $ - |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Number of Shares Weighted Average Price per Share (2) Weighted Average Fair Value (2) Outstanding & Unvested, December 31, 2019 24 $ 12.84 $ 311 Granted - Converted to common stock (10 ) $ 20.24 Cancelled (1 ) $ 20.24 Forfeited - Outstanding & Unvested, September 30, 2020 13 $ 11.87 $ 156 |
Note 5 - Basic and Diluted Ne_2
Note 5 - Basic and Diluted Net Income (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Weighted average common shares outstanding, basic 5,526 5,517 5,522 5,513 Dilutive common equivalent shares - - - 16 Weighted average common shares outstanding, diluted 5,526 5,517 5,522 5,529 |
Note 7 - Operating Leases (Tabl
Note 7 - Operating Leases (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2020 238 2021 1,041 2022 1,028 2023 1,096 2024 1,035 2025 593 2026 458 Total Lease Payments 5,489 Less Interest: (526 ) Present value of lease liabilities $ 4,963 Current operating lease liabilities $ 884 Long-term operating lease liabilities 4,079 Total $ 4,963 |
Note 8 - Debt and Other Finan_2
Note 8 - Debt and Other Financing Arrangements (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | 2020 $ 170 2021 688 2022 664 2023 294 2024 305 Long-term debt from equipment financing 2,121 Less current portion of long-term debt (685 ) Long-term debt from equipment financing, net of current portion 1,436 PPP Loan 2,181 Total long-term debt, net of current portion $ 3,617 |
Note 9 - Revenue (Tables)
Note 9 - Revenue (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Testing $ 4,590 $ 9,069 $ 14,363 $ 26,543 Shipping/Collection (hair) 562 714 1,576 2,225 Other 22 69 86 195 Total Revenue $ 5,174 $ 9,852 $ 16,025 $ 28,963 |
Note 10 - Business Segment Re_2
Note 10 - Business Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Consolidated Revenue: United States $ 4,977 $ 7,102 $ 14,441 $ 20,969 Brazil 62 2,619 1,207 7,620 Other 135 131 377 374 Total Revenue $ 5,174 $ 9,852 $ 16,025 $ 28,963 |
Note 2 - COVID-19 Pandemic (Det
Note 2 - COVID-19 Pandemic (Details Textual) - USD ($) | May 01, 2020 | Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 |
Income Tax Benefit CARES Act | $ 100,000 | $ 1,300,000 | ||
Proceeds from Issuance of Long-term Debt, Total | $ 2,181,000 | |||
Paycheck Protection Program CARES Act [Member] | ||||
Proceeds from Issuance of Long-term Debt, Total | $ 2,181,157 |
Note 4 - Stock-based Compensa_3
Note 4 - Stock-based Compensation (Details Textual) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | [1] | |||||
Incentive Plan 2006 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 231 | 231 | ||||
Share-based Payment Arrangement, Expense, Tax Benefit | $ 0 | $ 0 | $ 0 | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 0 | $ 0 | $ 0 | |||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 820 | 820 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 674 | $ 674 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 73 days | |||||
[1] | Stock options had no aggregate intrinsic value as of December 31, 2019 and September 30, 2020. Intrinsic value is calculated based on the amount by which the closing market value of the Company's stock exceeded the exercise price of the underlying options, multiplied by the number of shares. |
Note 4 - Stock-based Compensa_4
Note 4 - Stock-based Compensation - Compensation Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based compensation | $ 126 | $ 190 | $ 449 | $ 509 |
Share-based Payment Arrangement, Option [Member] | ||||
Share-based compensation | 102 | 151 | 353 | 372 |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based compensation | $ 24 | $ 39 | $ 96 | $ 137 |
Note 4 - Stock-based Compensa_5
Note 4 - Stock-based Compensation - Stock Option Activity (Details) - USD ($) shares in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | ||
Outstanding (in shares) | 584 | ||
Outstanding, weighted average exercise price (in dollars per share) | $ 14.94 | ||
Outstanding, weighted average remaining contractual life (Year) | 7 years 36 days | 7 years 328 days | |
Outstanding, aggregate intrinsic value | [1] | ||
Granted (in shares) | |||
Granted, weighted average exercise price (in dollars per share) | |||
Exercised (in shares) | |||
Exercised, weighted average exercise price (in dollars per share) | |||
Forfeited (in shares) | (3) | ||
Forfeited, weighted average exercise price (in dollars per share) | $ 4.37 | ||
Outstanding (in shares) | 581 | 584 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 14.93 | $ 14.94 | |
Exercisable (in shares) | 396 | ||
Exercisable, weighted average exercise price (in dollars per share) | $ 15.49 | ||
Exercisable, weighted average remaining contractual life (Year) | 6 years 219 days | ||
Exercisable, aggregate intrinsic value | [1] | ||
[1] | Stock options had no aggregate intrinsic value as of December 31, 2019 and September 30, 2020. Intrinsic value is calculated based on the amount by which the closing market value of the Company's stock exceeded the exercise price of the underlying options, multiplied by the number of shares. |
Note 4 - Stock-based Compensa_6
Note 4 - Stock-based Compensation - Nonvested Award Activity (Details) - Stock Unit Award [Member] $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended | |
Sep. 30, 2020USD ($)$ / sharesshares | ||
Outstanding & Unvested at beginning of period (in shares) | shares | 24 | |
Outstanding & Unvested at beginning of period, weighted average price per share (in dollars per share) | $ / shares | $ 12.84 | [1] |
Outstanding & Unvested at beginning of period, weighted average fair value | $ | $ 311 | |
Granted (in shares) | shares | ||
Granted, weighted average price per share (in dollars per share) | $ / shares | [1] | |
Granted, weighted average fair value | $ | ||
Converted to common stock (in shares) | shares | (10) | |
Converted to common stock, weighted average price per share (in dollars per share) | $ / shares | $ 20.24 | [1] |
Converted to common stock, weighted average fair value | $ | ||
Cancelled (in shares) | shares | (1) | |
Cancelled, weighted average price per share (in dollars per share) | $ / shares | $ 20.24 | [1] |
Cancelled, weighted average fair value | $ | ||
Forfeited (in shares) | shares | ||
Forfeited, weighted average price per share (in dollars per share) | $ / shares | [1] | |
Forfeited, weighted average fair value | $ | ||
Outstanding & Unvested at end of period (in shares) | shares | 13 | |
Outstanding & Unvested at end of period, weighted average price per share (in dollars per share) | $ / shares | $ 11.87 | [1] |
Outstanding & Unvested at end of period, weighted average fair value | $ | $ 156 | |
[1] | Weighted average price per share is the weighted grant price based on the closing market price of each of the stock grants related to each grant of stock unit awards. The weighted average fair value is the weighted average share price times the number of shares. |
Note 5 - Basic and Diluted Ne_3
Note 5 - Basic and Diluted Net Income (Loss) Per Share (Details Textual) - shares shares in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020 | Sep. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 594 | 594 |
Note 5 - Basic and Diluted Ne_4
Note 5 - Basic and Diluted Net Income (Loss) Per Share - Basic and Diluted Weighted Average Common Shares Outstanding (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Weighted average common shares outstanding, basic (in shares) | 5,526 | 5,517 | 5,522 | 5,513 |
Dilutive common equivalent shares (in shares) | 16 | |||
Weighted average common shares outstanding, diluted (in shares) | 5,526 | 5,517 | 5,522 | 5,529 |
Note 7 - Operating Leases (Deta
Note 7 - Operating Leases (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Operating Lease, Right-of-Use Asset | $ 4,508 | $ 4,508 | $ 2,875 |
Operating Lease, Liability, Total | $ 4,963 | $ 4,963 | |
Operating Lease, Weighted Average Discount Rate, Percent | 3.90% | 3.90% | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 5 years 73 days | 5 years 73 days | |
Operating Lease, Expense | $ 288 | $ 853 |
Note 7 - Operating Leases - Mat
Note 7 - Operating Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
2020 | $ 238 | |
2021 | 1,041 | |
2022 | 1,028 | |
2023 | 1,096 | |
2024 | 1,035 | |
2025 | 593 | |
2026 | 458 | |
Total Lease Payments | 5,489 | |
Less Interest: | (526) | |
Present value of lease liabilities | 4,963 | |
Current operating lease liabilities | 884 | $ 963 |
Long-term operating lease liabilities | 4,079 | $ 2,375 |
Total | $ 4,963 |
Note 8 - Debt and Other Finan_3
Note 8 - Debt and Other Financing Arrangements (Details Textual) - Banck of America Leasing and Capital [Member] - Equipment Loan Arrangement [Member] - Line of Credit [Member] $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020USD ($) | Sep. 30, 2020USD ($) | |
Long-term Debt, Weighted Average Interest Rate, over Time | 3.30% | 3.40% |
Interest Expense, Total | $ 16 | $ 60 |
Debt, Weighted Average Interest Rate | 2.60% | 2.60% |
Long-term Debt, Total | $ 2,100 | $ 2,100 |
Note 8 - Debt and Other Finan_4
Note 8 - Debt and Other Financing Arrangements - Schedule of Debt Repayments (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Less current portion of long-term debt | $ (685) | $ (678) |
Total long-term debt, net of current portion | 3,617 | $ 1,951 |
Equipment Loan Arrangement [Member] | ||
2020 | 170 | |
2021 | 688 | |
2022 | 664 | |
2023 | 294 | |
2024 | 305 | |
Long-term debt from equipment financing | 2,121 | |
Less current portion of long-term debt | (685) | |
Total long-term debt, net of current portion | 1,436 | |
Paycheck Protection Program CARES Act [Member] | ||
Total long-term debt, net of current portion | $ 2,181 |
Note 9 - Revenue - Revenue by M
Note 9 - Revenue - Revenue by Major Source (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues | $ 5,174 | $ 9,852 | $ 16,025 | $ 28,963 |
Testing [Member] | ||||
Revenues | 4,590 | 9,069 | 14,363 | 26,543 |
Shipping/Collection (Hair) [Member] | ||||
Revenues | 562 | 714 | 1,576 | 2,225 |
Other Revenue [Member] | ||||
Revenues | $ 22 | $ 69 | $ 86 | $ 195 |
Note 10 - Business Segment Re_3
Note 10 - Business Segment Reporting (Details Textual) | 9 Months Ended |
Sep. 30, 2020 | |
Number of Operating Segments | 1 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | BRAZIL | |
Number of Major Customers | 1 |
Note 10 - Business Segment Re_4
Note 10 - Business Segment Reporting - Revenue by Major Source (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues | $ 5,174 | $ 9,852 | $ 16,025 | $ 28,963 |
UNITED STATES | ||||
Revenues | 4,977 | 7,102 | 14,441 | 20,969 |
BRAZIL | ||||
Revenues | 62 | 2,619 | 1,207 | 7,620 |
Other Foreign Countries [Member] | ||||
Revenues | $ 135 | $ 131 | $ 377 | $ 374 |
Note 11 - Significant Custome_2
Note 11 - Significant Customers (Details Textual) - Customer Concentration Risk [Member] | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Revenue Benchmark [Member] | Customer One [Member] | |||
Concentration Risk, Percentage | 26.00% | ||
Accounts Receivable [Member] | |||
Concentration Risk, Percentage | 24.00% | ||
Number of Major Customers | 1 | 2 | |
Accounts Receivable [Member] | Customer One [Member] | |||
Concentration Risk, Percentage | 13.00% | ||
Accounts Receivable [Member] | Customer Two [Member] | |||
Concentration Risk, Percentage | 11.00% |