Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 09, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000806517 | |
Entity Registrant Name | PSYCHEMEDICS CORP | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 1-13738 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 58-1701987 | |
Entity Address, Address Line One | 289 Great Road | |
Entity Address, City or Town | Acton | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 01720 | |
City Area Code | 978 | |
Local Phone Number | 206-8220 | |
Title of 12(b) Security | Common stock. $0.005 par value | |
Trading Symbol | PMD | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 5,542,232 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash | $ 2,651 | $ 2,833 |
Accounts receivable, net of allowance for doubtful accounts of $65 in 2021 and $37 in 2020 | 3,971 | 3,356 |
Prepaid expenses and other current assets | 2,575 | 914 |
Income tax receivable | 2,539 | 2,495 |
Total Current Assets | 11,736 | 9,598 |
Fixed assets, net of accumulated amortization and depreciation of $18,259 at June 30, 2021 and $16,937 at December 31, 2020 | 7,993 | 9,231 |
Other assets | 849 | 888 |
Operating lease right-of-use assets | 4,009 | 4,286 |
Total Assets | 24,587 | 24,003 |
Current Liabilities: | ||
Accounts payable | 1,100 | 577 |
Accrued expenses | 1,890 | 1,801 |
Current portion of long-term debt | 693 | 688 |
Current portion of operating lease liabilities | 965 | 875 |
Total Current Liabilities | 4,648 | 3,941 |
Long-term debt | 3,096 | 3,444 |
Deferred tax liabilities, long-term | 238 | 211 |
Long-term portion of operating lease liabilities | 3,490 | 3,895 |
Total Liabilities | 11,472 | 11,491 |
Commitments and Contingencies (Note 5) | ||
Shareholders' Equity: | ||
Preferred stock, $0.005 par value, 873 shares authorized, no shares issued or outstanding | 0 | 0 |
Common stock, $0.005 par value; 50,000 shares authorized, 6,209 shares and 6,205 shares issued at June 30, 2021, and December 31, 2020, respectively, and 5,541 shares outstanding and 5,537 shares outstanding at June 30, 2021 and December 31, 2020, respectively | 31 | 31 |
Additional paid-in capital | 33,189 | 32,803 |
Accumulated deficit | (8,389) | (8,606) |
Less - Treasury stock, at cost, 668 shares | (10,082) | (10,082) |
Accumulated other comprehensive loss | (1,634) | (1,634) |
Total Shareholders' Equity | 13,115 | 12,512 |
Total Liabilities and Shareholders' Equity | $ 24,587 | $ 24,003 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Allowance for doubtful accounts | $ 65 | $ 37 |
Accumulated amortization and depreciation | $ 18,529 | $ 16,937 |
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) | 6,209 | 6,205 |
Common stock, shares outstanding (in shares) | 5,541 | 5,537 |
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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues | $ 6,087 | $ 3,314 | $ 11,800 | $ 10,851 |
Cost of revenues | 3,651 | 3,566 | 6,796 | 8,375 |
Gross profit (loss) | 2,436 | (252) | 5,004 | 2,476 |
Operating Expenses: | ||||
General & administrative | 1,280 | 1,853 | 2,809 | 3,386 |
Marketing & selling | 656 | 856 | 1,298 | 1,962 |
Research & development | 293 | 345 | 573 | 676 |
Total Operating Expenses | 2,229 | 3,054 | 4,680 | 6,024 |
Operating income (loss) | 207 | (3,306) | 324 | (3,548) |
Other expense | 0 | (39) | (14) | (112) |
Income (loss) before provision for (benefit from) income taxes | 207 | (3,345) | 310 | (3,660) |
Provision for (benefit from) income taxes | 73 | (1,295) | 93 | (1,451) |
Net income (loss) | 134 | (2,050) | 217 | (2,209) |
Other Comprehensive Income (Loss): | ||||
Foreign currency translation | 0 | 13 | 0 | (10) |
Total comprehensive income (loss) | $ 134 | $ (2,037) | $ 217 | $ (2,219) |
Basic net income (loss) per share (in dollars per share) | $ 0.02 | $ (0.37) | $ 0.04 | $ (0.40) |
Diluted net income (loss) per share (in dollars per share) | 0.02 | (0.37) | 0.04 | (0.40) |
Dividends declared, per share (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0.18 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 6,185 | 668 | ||||
Balance at Dec. 31, 2019 | $ 31 | $ 32,249 | $ (10,082) | $ (3,754) | $ (1,624) | $ 16,820 |
Shares issued – vested (in shares) | 10 | 0 | ||||
Shares issued – vested | $ 0 | 0 | $ 0 | 0 | 0 | 0 |
Stock compensation expense | 0 | 323 | 0 | 0 | 0 | 323 |
Net income (loss) | $ 0 | 0 | $ 0 | (2,209) | 0 | (2,209) |
Balance (in shares) at Jun. 30, 2020 | 6,195 | 668 | ||||
Balance at Jun. 30, 2020 | $ 31 | 32,564 | $ (10,082) | (6,956) | (1,633) | 13,924 |
Tax withholding from employee stock plans | 0 | (8) | 0 | 0 | 0 | (8) |
Foreign currency translation, net of taxes | 0 | 0 | 0 | 0 | (9) | (9) |
Cash dividends ($0.18 per share) | $ 0 | 0 | $ 0 | (993) | 0 | (993) |
Balance (in shares) at Mar. 31, 2020 | 6,185 | 668 | ||||
Balance at Mar. 31, 2020 | $ 31 | 32,412 | $ (10,082) | (4,906) | (1,647) | 15,808 |
Shares issued – vested (in shares) | 10 | 0 | ||||
Shares issued – vested | $ 0 | 0 | $ 0 | 0 | 0 | 0 |
Stock compensation expense | 0 | 160 | 0 | 0 | 0 | 160 |
Net income (loss) | $ 0 | 0 | $ 0 | (2,050) | 0 | (2,050) |
Balance (in shares) at Jun. 30, 2020 | 6,195 | 668 | ||||
Balance at Jun. 30, 2020 | $ 31 | 32,564 | $ (10,082) | (6,956) | (1,633) | 13,924 |
Tax withholding from employee stock plans | 0 | (8) | 0 | 0 | 0 | (8) |
Foreign currency translation, net of taxes | $ 0 | 0 | $ 0 | 0 | 14 | 14 |
Balance (in shares) at Dec. 31, 2020 | 6,205 | 668 | ||||
Balance at Dec. 31, 2020 | $ 31 | 32,803 | $ (10,082) | (8,606) | (1,634) | 12,512 |
Shares issued – vested (in shares) | 4 | 0 | ||||
Shares issued – vested | $ 0 | 0 | $ 0 | 0 | 0 | 0 |
Stock compensation expense | 0 | 386 | 0 | 0 | 0 | 386 |
Net income (loss) | $ 0 | 0 | $ 0 | 217 | 0 | 217 |
Balance (in shares) at Jun. 30, 2021 | 6,209 | 668 | ||||
Balance at Jun. 30, 2021 | $ 31 | 33,189 | $ (10,082) | (8,389) | (1,634) | 13,115 |
Balance (in shares) at Mar. 31, 2021 | 6,205 | 668 | ||||
Balance at Mar. 31, 2021 | $ 31 | 33,020 | $ (10,082) | (8,523) | (1,634) | 12,812 |
Shares issued – vested (in shares) | 4 | 0 | ||||
Shares issued – vested | $ 0 | 0 | $ 0 | 0 | 0 | 0 |
Stock compensation expense | 0 | 169 | 0 | 0 | 0 | 169 |
Net income (loss) | $ 0 | 0 | $ 0 | 134 | 0 | 134 |
Balance (in shares) at Jun. 30, 2021 | 6,209 | 668 | ||||
Balance at Jun. 30, 2021 | $ 31 | $ 33,189 | $ (10,082) | $ (8,389) | $ (1,634) | $ 13,115 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Dividends declared, per share (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0.18 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ 217 | $ (2,209) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 1,353 | 1,288 |
ROU asset amortization | 470 | 493 |
Deferred income taxes | 27 | (74) |
Loss on sale of fixed assets | 0 | 94 |
Stock-based compensation | 386 | 323 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (615) | 1,220 |
Prepaid expenses and other current assets | (1,661) | (190) |
Income tax receivable | (44) | (1,544) |
Accounts payable | 523 | (556) |
Operating lease liabilities | (508) | (490) |
Accrued expenses | 89 | (2,084) |
Net cash provided by (used in) operating activities | 237 | (3,729) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from sale of fixed assets | 0 | 140 |
Purchases of equipment and leasehold improvements | (14) | (675) |
Cost of internally developed software | (70) | (135) |
Other assets | 8 | (7) |
Net cash used in investing activities | (76) | (677) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of stock, net of tax withholding | 0 | (8) |
Proceeds from PPP Loan | 0 | 2,181 |
Payments of equipment financing | (343) | (338) |
Cash dividends paid | 0 | (993) |
Net cash (used in) provided by financing activities | (343) | 842 |
Effect of exchange rate changes on cash | 0 | (47) |
Net decrease in cash | (182) | (3,611) |
Cash, beginning of period | 2,833 | 7,283 |
Cash, end of period | 2,651 | 3,672 |
Supplemental Disclosures of Cash Flow Information: | ||
Cash paid for income taxes | 0 | 229 |
Cash paid for interest | 28 | 43 |
Cash paid for operating leases | 575 | 519 |
Right-of-use assets acquired through operating leases | 193 | 2,346 |
Purchases of equipment through accounts payable and accrued liabilities | $ 0 | $ 193 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
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, 2020, 2020 10 “10 The condensed consolidated balance sheet as of June 30, 2021, three six June 30, 2021 2020, six June 30, 2021 2020 six June 30, 2021 2020 December 31, 2020, 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 six June 30, 2021, may not may December 31, 2021, Unless the context requires otherwise, the terms “we”, “us”, “our”, or “the Company” refer to Psychemedics Corporation and its wholly-owned consolidated subsidiaries. |
Note 2 - COVID-19 Pandemic
Note 2 - COVID-19 Pandemic | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Effect of Covid-19 Pandemic [Text Block] | 2. 19 The outbreak of coronavirus (“COVID- 19” 19 19’s The Coronavirus Aid, Relieve and Economic Security Act (“CARES”) Act, enacted on March 27, 2020, modified by the Consolidated Appropriations Act (“CAA”) enacted in December 2020, 19. 19 three six June 30, 2021, 2020 2: Liquidity and Management s Plans At June 30, 2021, 12 12 may not no Accounts Receivable The Company believes its allowance for credit losses related to its accounts receivable remained adequate as of June 30, 2021, not Risk and Uncertainties The duration and severity of COVID- 19 not |
Note 3 - Share-based Compensati
Note 3 - Share-based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 3. Stock-Based Compensation The Company’s 2006 December 31, 2020, 2021 June 30, 2022, Stock-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 Six Months Ended June 30, June 30, 2021 2020 2021 2020 Stock-based compensation related to: Stock option grants $ 77 $ 126 $ 221 $ 250 Stock unit awards 92 34 165 73 Total stock-based compensation $ 169 $ 160 $ 386 $ 323 There was no income tax benefit recognized in the condensed consolidated statements of operations and comprehensive income/(loss) for stock-based compensation arrangements for the three six June 30, 2021, 2020. A summary of the Company’s stock option activity for the six June 30, 2021, Weighted Average Weighted Average Remaining Aggregate Number of Exercise Price Contractual Life Intrinsic Shares Per Share (years) Value (1) Outstanding, December 31, 2020 604 $ 14.31 7.0 $ - Granted - Exercised - $ - Forfeited ( 29 ) $ 3.47 Outstanding, June 30, 2021 575 $ 14.23 6.6 $ 98 Exercisable, June 30, 2021 464 $ 15.12 6.2 $ - ( 1 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. A summary of the Company’s stock unit award (“SUA”) activity for the six June 30, 2021, Number of Shares Weighted Average Price per Share (2) Weighted Average Fair Value (2) Outstanding & Unvested, December 31, 2020 166 $ 4.50 $ 747 Granted 119 $ 6.55 $ 779 Converted to common stock (4 ) $ 10.60 $ (42 ) Cancelled - - $ - Forfeited - - $ - Outstanding & Unvested, June 30, 2021 281 $ 5.28 $ 1,484 ( 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 June 30, 2021, June 30, 2021, |
Note 4 - Basic and Diluted Net
Note 4 - Basic and Diluted Net Income (Loss) Per Share | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 4. Basic and Diluted Net Income (Loss) Per Share 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 (loss) 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 six June 30, 2021, 2020 Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Weighted average common shares outstanding, basic 5,539 5,523 5,538 5,520 Dilutive common equivalent shares 88 - 83 - Weighted average common shares outstanding, diluted 5,627 5,523 5,621 5,520 The computation of diluted earnings (loss) per share for the three six June 30, 2021, 2020 three six June 30, 2021, |
Note 5 - Commitments and Contin
Note 5 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 5. 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 6 - Operating Leases
Note 6 - Operating Leases | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 6. Operating Leases The Company has five one not As of June 30, 2021, 842. June 30, 2021, June 30, 2021, three six June 30, 2021, Maturities and balance sheet presentation of the Company’s lease liabilities for all operating leases as of June 30, 2021, July 1, 2021, through December 31, 2021 532 2022 1,117 2023 1,118 2024 1,034 2025 592 2026 460 Total Lease Payments 4,853 Less: Interest expense (398 ) Present value of lease liabilities $ 4,455 Current operating lease liabilities $ 965 Long-term operating lease liabilities 3,490 $ 4,455 |
Note 7 - Debt and Other Financi
Note 7 - Debt and Other Financing Arrangements | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. 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 3.4% and 3.4% for the three six June 30, 2021. three six June 30, 2021, June 30, 2021, June 30, 2021. On May 1, 2020, May 4, 2022. one 1% July 2021, 100% 12 8 July 20, 2021). The annual principal repayment requirements for debt obligations as of June 30, 2021, 2021 $ 345 2022 664 2023 294 2024 305 Long-term debt from equipment financing 1,608 Less: Current portion of long-term debt (693 ) Long-term debt from equipment financing, net of current portion 915 PPP Loan 2,181 Total long-term debt, net of current portion $ 3,096 |
Note 8 - Revenue
Note 8 - Revenue | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 8. Revenue The table below disaggregates our external revenue by major source (in thousands). For additional revenue detail relating to geographic breakdown of sales, see Note 9 Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Testing $ 5,367 $ 2,941 $ 10,416 $ 9,774 Shipping/Collection (hair) 680 353 1,295 1,013 Other 40 20 89 64 Total Revenue $ 6,087 $ 3,314 $ 11,800 $ 10,851 |
Note 9 - Business Segment Repor
Note 9 - Business Segment Reporting | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 9. Business Segment Reporting The Company manages its operations as one segment, drug testing services. As a result, the financial information disclosed herein materially represents all of the financial information related to the Company’s principal operating segment. All Brazil sales are through one independent distributor. The Company’s revenues by geographic region are as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Consolidated Revenue: United States $ 5,609 $ 3,125 $ 11,002 $ 9,466 Brazil 320 164 460 1,145 Other 158 25 338 240 Total Revenue $ 6,087 $ 3,314 $ 11,800 $ 10,851 |
Note 10 - Significant Customers
Note 10 - Significant Customers | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 10. Significant Customers The Company had no customers that represented over 10% six June 30, 2021. six June 30, 2020. June 30, 2021. 10% December 31, 2020. |
Note 11 - Recently Adopted Acco
Note 11 - Recently Adopted Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 11. Recently Adopted Accounting Pronouncements December 2019, 2019 12, 740 740. 740 December 15, 2020, may 2019 12 January 1, 2021, no |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 12. Subsequent Events In July 2021, |
Note 3 - Share-based Compensa_2
Note 3 - Share-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Stock-based compensation related to: Stock option grants $ 77 $ 126 $ 221 $ 250 Stock unit awards 92 34 165 73 Total stock-based compensation $ 169 $ 160 $ 386 $ 323 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Average Weighted Average Remaining Aggregate Number of Exercise Price Contractual Life Intrinsic Shares Per Share (years) Value (1) Outstanding, December 31, 2020 604 $ 14.31 7.0 $ - Granted - Exercised - $ - Forfeited ( 29 ) $ 3.47 Outstanding, June 30, 2021 575 $ 14.23 6.6 $ 98 Exercisable, June 30, 2021 464 $ 15.12 6.2 $ - |
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, 2020 166 $ 4.50 $ 747 Granted 119 $ 6.55 $ 779 Converted to common stock (4 ) $ 10.60 $ (42 ) Cancelled - - $ - Forfeited - - $ - Outstanding & Unvested, June 30, 2021 281 $ 5.28 $ 1,484 |
Note 4 - Basic and Diluted Ne_2
Note 4 - Basic and Diluted Net Income (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Weighted average common shares outstanding, basic 5,539 5,523 5,538 5,520 Dilutive common equivalent shares 88 - 83 - Weighted average common shares outstanding, diluted 5,627 5,523 5,621 5,520 |
Note 6 - Operating Leases (Tabl
Note 6 - Operating Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | July 1, 2021, through December 31, 2021 532 2022 1,117 2023 1,118 2024 1,034 2025 592 2026 460 Total Lease Payments 4,853 Less: Interest expense (398 ) Present value of lease liabilities $ 4,455 Current operating lease liabilities $ 965 Long-term operating lease liabilities 3,490 $ 4,455 |
Note 7 - Debt and Other Finan_2
Note 7 - Debt and Other Financing Arrangements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | 2021 $ 345 2022 664 2023 294 2024 305 Long-term debt from equipment financing 1,608 Less: Current portion of long-term debt (693 ) Long-term debt from equipment financing, net of current portion 915 PPP Loan 2,181 Total long-term debt, net of current portion $ 3,096 |
Note 8 - Revenue (Tables)
Note 8 - Revenue (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Testing $ 5,367 $ 2,941 $ 10,416 $ 9,774 Shipping/Collection (hair) 680 353 1,295 1,013 Other 40 20 89 64 Total Revenue $ 6,087 $ 3,314 $ 11,800 $ 10,851 |
Note 9 - Business Segment Rep_2
Note 9 - Business Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Consolidated Revenue: United States $ 5,609 $ 3,125 $ 11,002 $ 9,466 Brazil 320 164 460 1,145 Other 158 25 338 240 Total Revenue $ 6,087 $ 3,314 $ 11,800 $ 10,851 |
Note 2 - COVID-19 Pandemic (Det
Note 2 - COVID-19 Pandemic (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Income Tax Benefit CARES Act | $ 800 | $ 1,600 | |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 2,651 | $ 2,651 | $ 2,833 |
Note 3 - Share-based Compensa_3
Note 3 - Share-based Compensation (Details Textual) - Incentive Plan 2006 [Member] - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 276 | 276 | 45 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 350 | ||||
Share-based Payment Arrangement, Expense, Tax Benefit | $ 0 | $ 0 | $ 0 | $ 0 | |
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 901 | 901 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,600 | $ 1,600 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years 3 months 18 days |
Note 3 - Share-based Compensa_4
Note 3 - Share-based Compensation - Compensation Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based compensation | $ 169 | $ 160 | $ 386 | $ 323 |
Share-based Payment Arrangement, Option [Member] | ||||
Share-based compensation | 77 | 126 | 221 | 250 |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based compensation | $ 92 | $ 34 | $ 165 | $ 73 |
Note 3 - Stock-based Awards - S
Note 3 - Stock-based Awards - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | ||
Outstanding (in shares) | 604 | ||
Outstanding, weighted average exercise price (in dollars per share) | $ 14.31 | ||
Outstanding, weighted average remaining contractual life (Year) | 6 years 7 months 6 days | 7 years | |
Outstanding, aggregate intrinsic value | [1] | $ 98 | $ 0 |
Granted (in shares) | 0 | ||
Granted, weighted average exercise price (in dollars per share) | |||
Exercised (in shares) | 0 | ||
Exercised, weighted average exercise price (in dollars per share) | |||
Forfeited (in shares) | (29) | ||
Forfeited, weighted average exercise price (in dollars per share) | $ 3.47 | ||
Outstanding (in shares) | 575 | 604 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 14.23 | $ 14.31 | |
Exercisable (in shares) | 464 | ||
Exercisable, weighted average exercise price (in dollars per share) | $ 15.12 | ||
Exercisable, weighted average remaining contractual life (Year) | 6 years 2 months 12 days | ||
Exercisable, aggregate intrinsic value | [1] | $ 0 | |
[1] | 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 3 - Share-based Compensa_5
Note 3 - Share-based Compensation - Nonvested Award Activity (Details) - Stock Unit Award [Member] $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended | |
Jun. 30, 2021USD ($)$ / sharesshares | ||
Outstanding & Unvested at beginning of period (in shares) | shares | 166 | |
Outstanding & Unvested at beginning of period, weighted average price per share (in dollars per share) | $ / shares | $ 4.50 | [1] |
Outstanding & Unvested at beginning of period, weighted average fair value | $ | $ 747 | [1] |
Granted (in shares) | shares | 119 | |
Granted, weighted average price per share (in dollars per share) | $ / shares | $ 6.55 | [1] |
Granted, weighted average fair value | $ | $ 779 | [1] |
Converted to common stock (in shares) | shares | (4) | |
Converted to common stock, weighted average price per share (in dollars per share) | $ / shares | $ 10.60 | [1] |
Converted to common stock, weighted average fair value | $ | $ 42 | [1] |
Cancelled (in shares) | shares | 0 | |
Cancelled, weighted average price per share (in dollars per share) | $ / shares | $ 0 | [1] |
Cancelled, weighted average fair value | $ | $ 0 | [1] |
Forfeited (in shares) | shares | 0 | |
Forfeited, weighted average price per share (in dollars per share) | $ / shares | $ 0 | [1] |
Forfeited, weighted average fair value | $ | $ 0 | [1] |
Outstanding & Unvested at end of period (in shares) | shares | 281 | |
Outstanding & Unvested at end of period, weighted average price per share (in dollars per share) | $ / shares | $ 5.28 | [1] |
Outstanding & Unvested at end of period, weighted average fair value | $ | $ 1,484 | [1] |
[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 4 - Basic and Diluted Ne_3
Note 4 - Basic and Diluted Net Income (Loss) Per Share (Details Textual) - shares shares in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 550 | 550 |
Note 4 - Basic and Diluted Ne_4
Note 4 - Basic and Diluted Net Income (Loss) Per Share - Basic and Diluted Weighted Average Common Shares Outstanding (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Weighted average common shares outstanding, basic (in shares) | 5,539 | 5,523 | 5,538 | 5,520 |
Dilutive common equivalent shares (in shares) | 88 | 0 | 83 | 0 |
Weighted average common shares outstanding, diluted (in shares) | 5,627 | 5,523 | 5,621 | 5,520 |
Note 6 - Operating Leases (Deta
Note 6 - Operating Leases (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Operating Lease, Right-of-Use Asset | $ 4,009 | $ 4,009 | $ 4,286 |
Operating Lease, Liability, Total | $ 4,455 | $ 4,455 | |
Operating Lease, Weighted Average Discount Rate, Percent | 3.90% | 3.90% | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 4 years 6 months | 4 years 6 months | |
Operating Lease, Expense | $ 269 | $ 538 |
Note 6 - Operating Leases - Mat
Note 6 - Operating Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
July 1, 2021, through December 31, 2021 | $ 532 | |
2022 | 1,117 | |
2023 | 1,118 | |
2024 | 1,034 | |
2025 | 592 | |
2026 | 460 | |
Total Lease Payments | 4,853 | |
Less: Interest expense | (398) | |
Present value of lease liabilities | 4,455 | |
Current operating lease liabilities | 965 | $ 875 |
Long-term operating lease liabilities | 3,490 | $ 3,895 |
Operating Lease, Liability, Total | $ 4,455 |
Note 7 - Debt and Other Finan_3
Note 7 - Debt and Other Financing Arrangements (Details Textual) - USD ($) | May 01, 2020 | Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 |
Proceeds from Issuance of Long-term Debt, Total | $ 0 | $ 2,181,000 | ||
Paycheck Protection Program CARES Act [Member] | ||||
Proceeds from Issuance of Long-term Debt, Total | $ 2,181,157 | |||
Line of Credit [Member] | Equipment Loan Arrangement [Member] | Banc of America Leasing and Capital [Member] | ||||
Long-term Debt, Weighted Average Interest Rate, over Time | 3.40% | 3.40% | ||
Interest Expense, Total | $ 13,000 | $ 27,000 | ||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.10% | 3.10% | ||
Long-term Debt, Total | $ 1,600,000 | $ 1,600,000 |
Note 7 - Debt and Other Finan_4
Note 7 - Debt and Other Financing Arrangements - Schedule of Debt Repayments (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Less: Current portion of long-term debt | $ (693) | $ (688) |
Total long-term debt, net of current portion | 3,096 | $ 3,444 |
Equipment Loan Arrangement [Member] | ||
2021 | 345 | |
2022 | 664 | |
2023 | 294 | |
2024 | 305 | |
Long-term debt from equipment financing | 1,608 | |
Less: Current portion of long-term debt | (693) | |
Total long-term debt, net of current portion | 915 | |
Paycheck Protection Program CARES Act [Member] | ||
Total long-term debt, net of current portion | $ 2,181 |
Note 8 - Revenue - Revenue by M
Note 8 - Revenue - Revenue by Major Source (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues | $ 6,087 | $ 3,314 | $ 11,800 | $ 10,851 |
Testing [Member] | ||||
Revenues | 5,367 | 2,941 | 10,416 | 9,774 |
Shipping/Collection (Hair) [Member] | ||||
Revenues | 680 | 353 | 1,295 | 1,013 |
Other Revenue [Member] | ||||
Revenues | $ 40 | $ 20 | $ 89 | $ 64 |
Note 9 - Business Segment Rep_3
Note 9 - Business Segment Reporting (Details Textual) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Number of Operating Segments | 1 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||
Number of Major Customers | 0 | 1 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | BRAZIL | ||
Number of Major Customers | 1 |
Note 9 - Business Segment Rep_4
Note 9 - Business Segment Reporting - Revenue by Major Source (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues | $ 6,087 | $ 3,314 | $ 11,800 | $ 10,851 |
UNITED STATES | ||||
Revenues | 5,609 | 3,125 | 11,002 | 9,466 |
BRAZIL | ||||
Revenues | 320 | 164 | 460 | 1,145 |
Other Foreign Countries [Member] | ||||
Revenues | $ 158 | $ 25 | $ 338 | $ 240 |
Note 10 - Significant Custome_2
Note 10 - Significant Customers (Details Textual) - Customer Concentration Risk [Member] | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Revenue Benchmark [Member] | |||
Number of Major Customers | 0 | 1 | |
Revenue Benchmark [Member] | Customer One [Member] | |||
Concentration Risk, Percentage | 11.00% | ||
Accounts Receivable [Member] | |||
Number of Major Customers | 1 | 0 | |
Accounts Receivable [Member] | Customer One [Member] | |||
Concentration Risk, Percentage | 12.00% |