Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 02, 2020 | Jun. 30, 2019 | |
Document and Entity Information | |||
Entity Registrant Name | INSIGNIA SYSTEMS INC/MN | ||
Entity Central Index Key | 0000875355 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 6,744,000 | ||
Entity Common Stock, Shares Outstanding | 12,106,689 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 7,510,000 | $ 10,160,000 |
Accounts receivable, net | 7,559,000 | 8,763,000 |
Inventories | 322,000 | 353,000 |
Income tax receivable | 126,000 | 127,000 |
Prepaid expenses and other | 375,000 | 306,000 |
Total Current Assets | 15,892,000 | 19,709,000 |
Other Assets: | ||
Property and equipment, net | 549,000 | 3,268,000 |
Operating lease right-of-use assets | 177,000 | 0 |
Other, net | 372,000 | 976,000 |
Total Assets | 16,990,000 | 23,953,000 |
Accounts payable: | ||
Other | 3,036,000 | 3,334,000 |
Accrued liabilities: | ||
Compensation | 539,000 | 2,021,000 |
Other | 570,000 | 701,000 |
Current portion of operating lease liabilities | 212,000 | 0 |
Deferred revenue | 140,000 | 302,000 |
Total Current Liabilities | 4,497,000 | 6,358,000 |
Long-Term Liabilities: | ||
Deferred tax liabilities | 0 | 504,000 |
Accrued income taxes | 643,000 | 613,000 |
Deferred rent | 0 | 158,000 |
Operating lease liabilities | 56,000 | 0 |
Total Long-Term Liabilities | 699,000 | 1,275,000 |
Commitments and Contingencies | ||
Shareholders' Equity: | ||
Common stock, par value $.01: Authorized shares - 40,000,000, Issued and outstanding shares - 12,074,000 in 2019 and 11,840,000 in 2018 | 121,000 | 118,000 |
Additional paid-in capital | 15,934,000 | 15,442,000 |
Retained earnings (Accumulated deficit) | (4,261,000) | 760,000 |
Total Shareholders' Equity | 11,794,000 | 16,320,000 |
Total Liabilities and Shareholders' Equity | $ 16,990,000 | $ 23,953,000 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 12,074,000 | 11,840,000 |
Common stock, shares outstanding | 12,074,000 | 11,840,000 |
STATEMENTS OF OPERATIONS AND CO
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Services revenues | $ 20,229,000 | $ 31,623,000 |
Products revenues | 1,725,000 | 1,613,000 |
Total Net Sales | 21,954,000 | 33,236,000 |
Cost of services | 15,756,000 | 19,467,000 |
Cost of goods sold | 1,437,000 | 1,208,000 |
Total Cost of Sales | 17,193,000 | 20,675,000 |
Gross Profit | 4,761,000 | 12,561,000 |
Operating Expenses: | ||
Selling | 2,658,000 | 3,429,000 |
Marketing | 2,394,000 | 2,674,000 |
General and administrative | 3,324,000 | 4,626,000 |
Impairment loss | 2,014,000 | 0 |
Total Operating Expenses | 10,390,000 | 10,729,000 |
Operating Income (Loss) | (5,629,000) | 1,832,000 |
Other income (loss) | 142,000 | 51,000 |
Income (Loss) Before Taxes | (5,487,000) | 1,883,000 |
Income tax expense (benefit) | (466,000) | 484,000 |
Net Income (Loss) | $ (5,021,000) | $ 1,399,000 |
Net loss per share: | ||
Basic | $ (0.42) | $ 0.12 |
Diluted | $ (0.42) | $ 0.12 |
Shares used in calculation of net loss per share: | ||
Basic | 11,941,000 | 11,776,000 |
Diluted | 11,941,000 | 12,007,000 |
STATEMENTS OF SHAREHOLDERS' EQU
STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) | Common Stock | Additional Paid In Capital | Retained Earnings (Accumulated Deficit) | Total |
Balances, shares at Dec. 31, 2017 | 11,914,000 | |||
Balances, amount at Dec. 31, 2017 | $ 119,000 | $ 15,361,000 | $ (639,000) | $ 14,841,000 |
Issuance of common stock, net | $ 1,000 | 48,000 | 49,000 | |
Issuance of common stock, net, shares | 49,000 | |||
Repurchase of common stock, net | $ (2,000) | (296,000) | (298,000) | |
Repurchase of common stock, net, shares | (164,000) | |||
Repurchase of common stock upon vesting of restricted stock awards and vesting of restricted stock units | $ 0 | (81,000) | (81,000) | |
Repurchase of common stock upon vesting of restricted stock awards and vesting of restricted stock units, shares | (22,000) | |||
Value of stock-based compensation | $ 0 | 410,000 | 410,000 | |
Value of stock-based compensation, shares | 0 | |||
Restricted stock award issuance | $ 0 | 0 | ||
Restricted stock award issuance, shares | 63,000 | |||
Net income (loss) | 1,399,000 | 1,399,000 | ||
Balances, shares at Dec. 31, 2018 | 11,840,000 | |||
Balances, amount at Dec. 31, 2018 | $ 118,000 | 15,442,000 | 760,000 | 16,320,000 |
Issuance of common stock, net | $ 1,000 | 107,000 | 108,000 | |
Issuance of common stock, net, shares | 107,000 | |||
Repurchase of common stock upon vesting of restricted stock awards and vesting of restricted stock units | $ 2,000 | (37,000) | (35,000) | |
Repurchase of common stock upon vesting of restricted stock awards and vesting of restricted stock units, shares | (20,000) | |||
Value of stock-based compensation | $ 0 | 422,000 | 422,000 | |
Value of stock-based compensation, shares | 0 | |||
Restricted stock award issuance | $ 0 | 0 | ||
Restricted stock award issuance, shares | 147,000 | |||
Net income (loss) | (5,021,000) | (5,021,000) | ||
Balances, shares at Dec. 31, 2019 | 12,074,000 | |||
Balances, amount at Dec. 31, 2019 | $ 121,000 | $ 15,934,000 | $ (4,261,000) | $ 11,794,000 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Activities: | ||
Net income (loss) | $ (5,021,000) | $ 1,399,000 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 1,647,000 | 1,167,000 |
Imapirment loss | 2,014,000 | 0 |
Changes in allowance for doubtful accounts | 43,000 | (191,000) |
Deferred income tax expense | (504,000) | 259,000 |
Stock-based compensation | 422,000 | 410,000 |
Gain on sale of property and equipment | 0 | (35,000) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 1,161,000 | 3,292,000 |
Inventories | 31,000 | (52,000) |
Income tax receivable | 1,000 | 233,000 |
Prepaid expenses and other | (69,000) | 109,000 |
Accounts payable | (224,000) | 95,000 |
Accrued liabilities | (1,680,000) | 463,000 |
Accrued income taxes | 30,000 | 32,000 |
Deferred revenue | (162,000) | (70,000) |
Net cash provided by operating activities | (2,311,000) | 7,111,000 |
Investing Activities: | ||
Purchases of property and equipment | (398,000) | (1,337,000) |
Proceeds from sale of property and equipment | 0 | 35,000 |
Purchase of held to maturity investments | (4,981,000) | 0 |
Proceeds from sale of held to maturity investments | 4,981,000 | 0 |
Net cash used in investing activities | (398,000) | (1,302,000) |
Financing Activities: | ||
Cash dividends paid ($0.70 per share) | (14,000) | (14,000) |
Proceeds from issuance of common stock, net | 108,000 | 49,000 |
Repurchase of common stock upon vesting of restricted stock awards and vesting of restricted stock units | (35,000) | (81,000) |
Repurchase of common stock, net | 0 | (298,000) |
Net cash used in financing activities | 59,000 | (344,000) |
Increase (decrease) in cash and cash equivalents | (2,650,000) | 5,465,000 |
Cash and cash equivalents at beginning of year | 10,160,000 | 4,695,000 |
Cash and cash equivalents at end of year | 7,510,000 | 10,160,000 |
Supplemental disclosures for cash flow information: | ||
Cash paid (refunded) during the year for income taxes | 8,000 | (39,000) |
Non-cash investing and financing activities: | ||
Cash dividends declared included in accounts payable | 28,000 | 42,000 |
Purchases of property and equipment included in accounts payable and accrued liabilities | $ 0 | $ 60,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Description of Business . Revenue Recognition Cash and Cash Equivalents Fair Value of Financial Measurements . The hierarchy is divided into three levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and inputs (other than quoted prices) that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company records certain financial assets and liabilities at their carrying amounts that approximate fair value, based on their short-term nature. These financial assets and liabilities included cash and cash equivalents, accounts receivable and accounts payable. Accounts Receivable . Changes in the Company’s allowance for doubtful accounts are as follows: December 31 2019 2018 Beginning balance $ 22,000 $ 213,000 Bad debt provision 47,000 6,000 Accounts written-off (4,000 ) (197,000 ) Ending balance $ 65,000 $ 22,000 Inventories December 31 2019 2018 Raw materials $ 47,000 $ 80,000 Work-in-process 16,000 12,000 Finished goods 259,000 261,000 $ 322,000 $ 353,000 Property and Equipment Production tooling, machinery and equipment 1 - 6 years Office furniture and fixtures 1 - 3 years Computer equipment and software 3 - 5 years Impairment of Long-Lived Assets A hierarchy for inputs used in measuring fair value is in place that distinguishes market data between observable independent market inputs and unobservable market assumptions by the reporting entity. The hierarchy is intended to maximize the use of observable inputs and minimize the use of unobservable inputs by requiring that the most observable inputs be used when available. The Company identified indicators of impairment due to the current year operating loss, cash flows used in operations and the excess of the book value of the Company compared to its market capitalization, which became a significant difference during the last two months of 2019. Due to these indicators of impairment, the Company completed an impairment analysis on its long-lived assets by first reviewing the expected undiscounted cash flows compared to the carrying value over the primary asset’s remaining useful life to determine if further impairment testing was required. The Company prepared an undiscounted cash flow analysis related to its selling agreement (see Note 3) which is a separate asset group and as the undiscounted cash flows exceeded the carrying value, no further impairment testing was required. For the property and equipment asset group, the undiscounted cash flows were less than carrying value and therefore, a fair value assessment was required to determine the amount of the impairment. Due to the nature of the primary asset (internally developed software), the most readily available fair market value related to the asset is the market capitalization of the Company which is considered a level 1 measurement (quoted market price). After allocating the Company’s market capitalization to its working capital, there was no remaining value to allocate to long-lived assets which included the internally developed software recently placed in service. The Company utilized other level 3 inputs to determine the fair value of other tangible long-lived assets, including appraised values of production tooling, machinery and equipment. As a result, the Company recorded a long-lived asset impairment charge totaling $2,014,000 during the 4th quarter 2019. Property and Equipment, net: Balance prior to impairment $ 2,563,000 Impairment charge (2,014,000 ) Ending balance $ 549,000 Income Taxes Stock-Based Compensation . The expected lives of the options and employee stock purchase plan rights are based on evaluations of historical and expected future employee exercise behavior. The risk-free interest rate is based on the U.S. Treasury rates at the date of grant with maturity dates approximately equal to the expected term at grant date. Volatility is based on historical and expected future volatility of the Company’s stock. The Company has not historically issued any dividends beyond one-time dividends declared in 2011 and 2016 and does not expect to in the future. Forfeitures are estimated at the time of the grant and revised, if necessary, in subsequent periods if actual forfeitures differ from estimates. Advertising Costs Net Income (Loss) Per Share Weighted average common shares outstanding for the years ended December 31, 2019 and 2018 were as follows: Year ended December 31 2019 2018 Denominator for basic net income (loss) per share - weighted average shares 11,941,000 11,776,000 Effect of dilutive securities: Stock options, restricted stock units and restricted stock awards - 231,000 Denominator for diluted net income (loss) per share - weighted average shares 11,941,000 12,007,000 Due to the net loss incurred during the year ended December 31, 2019, all stock awards were anti-dilutive for the period. Options to purchase approximately 284,000 shares of common stock outstanding for the year ended December 31, 2018 were not included in the computation of common stock equivalents because their exercise prices were higher than the average fair market value of the common shares during the year. Restricted stock units of approximately 45,000 shares for the year ended December 31, 2018 were anti-dilutive due to the amount of weighted-average unrecognized compensation related to these grants. Use of Estimates Recently Adopted Accounting Pronouncement “Leases |
Investments
Investments | 12 Months Ended |
Dec. 31, 2019 | |
Investments [Abstract] | |
Investments |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2019 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Revenue from Contracts with Customers Performance Obligations Taxes collected from customers and remitted to governmental authorities are excluded from revenue on the net basis of accounting. The Company includes shipping and handling fees in revenues. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in cost of goods sold. Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account under Topic 606. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The following is a description of the Company’s performance obligations included in its primary revenue streams and the timing or method of revenue recognition for each: In-Store Signage Solution Services. Each of the individual activities under the Company’s services, including production activities, are inputs to an integrated sign display service. Customers receive and consume the benefits from the promotional displays over the duration of the contracted display cycle. Additionally, the display of the signs does not have an alternative use to the Company and the Company has an enforceable right to payment for services performed to date. As a result, the Company recognizes the transaction price for its POPS service performance obligations as revenue over time. Given the nature of the Company’s performance obligations is to provide a display service over the duration of a specified period or periods, the Company recognizes revenue on a straight-line basis over the display service period as it best reflects the timing of transfer of its POPS services . Other Service Revenues Products . Disaggregation of Revenue In the following table, revenue is disaggregated by major revenue stream and timing of revenue recognition. Year ended December 31, 2019 Services Revenues Products Revenue Total Revenue Timing of revenue recognition: Products and services transferred over time $ 15,172,000 $ - $ 15,172,000 Products and services transferred at a point in time 5,057,000 1,725,000 6,782,000 Total $ 20,229,000 $ 1,725,000 $ 21,954,000 Year ended December 31, 2018 Services Revenues Products Revenue Total Revenue Timing of revenue recognition: Products and services transferred over time $ 28,598,000 $ - $ 28,598,000 Products and services transferred at a point in time 3,025,000 1,613,000 4,638,000 Total $ 31,623,000 $ 1,613,000 $ 33,236,000 Contract Costs Sales commissions that are paid to internal or external sales representatives are eligible for capitalization as they are incremental costs that would not have been incurred without entering into a specific sales arrangement and are recoverable through the expected margin on the transaction. The Company is applying the practical expedient in Accounting Standards Codification 340-40-25-4 that allows the incremental costs of obtaining a contract to be recorded as an expense when incurred when the amortization period of the asset that would have otherwise been recognized is one year or less. These costs are included in selling expenses. Deferred Revenue Significant changes in deferred revenue during the period are as follows: Balance at December 31, 2018 $ 302,000 Reclassification of beginning deferred revenue to revenue, as a result of performance obligations satisfied (302,000 ) Cash received in advance and not recognized as revenue 140,000 Balance at December 31, 2019 $ 140,000 Transaction Price Allocated to Remaining Performance Obligations The Company applies the practical expedient in paragraph 606-10-50-14 and does not disclose information about remaining performance obligations that have original expected durations of one year or less, which reflect the majority of its performance obligations. This practical expedient is being applied to arrangements for certain incomplete services and unshipped custom signage materials. At December 31, 2019, there were no contracts with an expected duration of greater than one year. |
Selling Arrangement
Selling Arrangement | 12 Months Ended |
Dec. 31, 2019 | |
Selling Arrangement | |
Selling Arrangement | 2019 2018 Gross cost $ 4,000,000 $ 4,000,000 Accumulated amortization (3,683,000 ) (3,083,000 ) Net carrying amount $ 317,000 $ 917,000 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Year ended December 31 2019 2018 Property and Equipment: Production tooling, machinery and equipment $ 3,685,000 $ 3,694,000 Office furniture and fixtures 393,000 385,000 Computer equipment and software 1,426,000 2,743,000 Leasehold improvements - 577,000 Construction in-progress - 1,179,000 5,504,000 8,578,000 Accumulated depreciation and amortization (4,955,000 ) (5,310,000 ) Net Property and Equipment $ 549,000 $ 3,268,000 Depreciation expense for the years ended December 31, 2019 and 2018 was $1,044,000 and $761,000, respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | The Company leases space under a non-cancelable operating lease for its corporate headquarters. This lease has escalating lease terms and also includes a tenant incentive that was recorded at the time the lease was originally entered into. The lease does not contain contingent rent provisions. The Company also has a lease for additional office space under an operating lease. The lease for the Company’s corporate headquarters includes both lease (e.g., fixed payments including rent, taxes, and insurance costs) and non-lease components (e.g., common-area or other maintenance costs) which are accounted for as a single lease component as we have elected the practical expedient to group lease and non-lease components for all leases. The lease for the Company’s additional office space is non-cancelable with a lease term of less than one year and therefore, we have elected the practical expedient to exclude this short-term lease from the Company’s right-of-use assets and lease liabilities. The Company’s leases include options to renew. The exercise of lease renewal options is at our sole discretion. Therefore, the renewals to extend the lease terms are not included in the Company’s right of use assets and lease liabilities as they are not reasonably certain of exercise. We regularly evaluate the renewal options and when they are reasonably certain of exercise, we include the renewal period in our lease term. We used the Company’s incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments. The cost components of the Company’s operating leases were as follows for the period ended December 31, 2019: Year ended December 31, 2019 Corporate Additional Operating Headquarters Office Space Leases Operating lease cost $ 150,000 $ - $ 150,000 Variable lease cost 106,000 - 106,000 Short-term lease cost - 38,000 38,000 Total $ 256,000 $ 38,000 $ 294,000 Variable lease costs consist primarily of taxes, insurance, and common area or other maintenance costs for the Company’s leased corporate headquarters which are paid based on actual costs incurred by the lessor. Maturities of the Company’s lease liabilities for its corporate headquarters operating lease were as follows as of December 31, 2019: Maturity of Lease Liabilities Operating Leases 2020 $ 222,000 2021 57,000 Total lease payments $ 279,000 Less: Interest 11,000 Present value of lease liabilities $ 268,000 The remaining lease term as of December 31, 2019 was 1.25 years and the discount rate was 6%. The cash outflow for operating leases for the year ended December 31, 2019 was $217,000. The following table presents future minimum lease payments for the Company’s operating leases at December 31, 2018 under ASC 840 and is being presented for comparative purposes: 2019 $ 217,000 2020 222,000 2021 57,000 Rent expense under these leases was approximately $184,000 for the year ended December 31, 2018. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Retailer Agreements Aggregate commitment amounts under agreements with retailers are approximately as follows for the years ending December 31: 2020 $ 2,534,000 2021 1,793,000 2022 518,000 2023 275,000 On an ongoing basis the Company negotiates renewals of various agreements with retailers, retailer contracts generally have terms of one to three years. To the extent contracts with existing retailers are renewed the annual commitment amounts for 2020 and thereafter are expected to be in excess of the amounts above. Legal . In July 2019, we brought suit against News America in the U.S. District Court in Minnesota, alleging violations of federal and state antitrust and tort laws by News America. The complaint alleges that News America has monopolized the national market for third-party in-store advertising and promotion products and services through various wrongful acts designed to harm the Company, its last significant competitor. The suit seeks, among other relief, an injunction sufficient to prevent further antitrust injury and an award of treble damages to be determined at trial for the harm caused to our Company. In August 2019, News America filed an answer and counterclaim. In October 2019, News America moved for a judgment on the pleadings. Management believes that the counterclaim is without merit, and we filed a response brief on November 11, 2019. We also moved to dismiss the counterclaim against us. The Court heard oral arguments from both parties on January 14, 2020, and a decision is outstanding. Discovery is underway and trial has been scheduled for June 2021. Due to the early nature of these proceedings, we are unable to determine the likelihood of an unfavorable outcome or estimate any potential resulting liability at this time. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Stock-Based Compensation The following table summarizes the stock-based compensation expense that was recognized in the Company’s statements of operations for the years ended December 31, 2019 and 2018: Year ended December 31 2019 2018 Cost of sales $ 14,000 $ 11,000 Selling 121,000 102,000 Marketing 12,000 71,000 General and administrative 275,000 226,000 $ 422,000 $ 410,000 The Company uses the Black-Scholes option pricing model to estimate fair value of stock-based awards with the following weighted average assumptions: 2018 Stock Options: Expected life (years) 6.5 Expected volatility 51 % Dividend yield 0 % Risk-free interest rate 2.8 % 2019 2018 Stock Purchase Plan Options: Expected life (years) 1.0 1.0 Expected volatility 57 % 66 % Dividend yield 0 % 0 % Risk-free interest rate 2.6 % 1.8 % There were no options granted during the year ended December 31, 2019. The Company uses the graded attribution method to recognize expense for unvested stock-based awards. The amount of stock-based compensation recognized during a period is based on the value of the awards that are ultimately expected to vest. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company re-evaluates the forfeiture rate annually and adjusts it as necessary. Stock Options, Restricted Stock, Restricted Stock Units, and Other Stock-Based Compensation Awards Under the terms of the 2018 Plan, the number of shares of our common stock that may be the subject of awards and issued under the 2018 Plan was initially 900,000 plus any shares remaining available for future grants under the 2013 Plan on the effective date of the 2018 Plan. All equity awards made during 2019 were under the 2018 Plan. Under the terms of the 2018 Plan, the Company may grant awards in a variety of instruments including stock options, restricted stock and restricted stock units to employees, consultants and directors generally at an exercise price at or above 100% of fair market value at the close of business on the date of grant. Stock options expire 10 years after the date of grant and generally vest over three years. The Company issues new shares of common stock upon grant of restricted stock, when stock options are exercised, and when restricted stock units are vested and/or settled. The following table summarizes activity under the 2003, 2013 and 2018 Plans: Plan Shares Available for Grant Plan Options Outstanding Weighted Average Exercise Price Per Share Aggregate Intrinsic Value Balance at January 1, 2018 297,000 366,346 $ 2.41 Shares reserved 900,000 — Restricted stock units and awards granted - 2013 Plan ( 178,000 ) Restricted stock units and awards granted - 2018 Plan ( 165,667 ) — Stock options granted - 2018 Plan ( 119,515 ) 119,515 1.95 Stock options exercised — ( 2,276 ) 1.18 $ 705 Cancelled or forfeited - 2013 Plan options 51,230 ( 51,230 ) 2.17 Cancelled or forfeited - 2013 Plan restricted stock and restricted stock units 39,884 — 1.22 Cancelled or forfeited - 2003 Plan options — ( 59,428 ) 2.09 Balance at December 31, 2018 824,932 372,927 2.36 Restricted stock units and awards granted - 2018 Plan ( 70,755 ) — Cancelled or forfeited - 2018 Plan options 13,570 ( 13,570 ) 1.95 Cancelled or forfeited - 2018 Plan restricted stock and restricted stock units 13,570 — 1.95 Cancelled or forfeited - 2013 Plan options 20,492 ( 20,492 ) 2.10 Cancelled or forfeited - 2013 Plan restricted stock and restricted stock units 21,748 — 1.72 Cancelled or forfeited - 2003 Plan options — ( 41,666 ) 2.46 Balance at December 31, 2019 823,557 297,199 2.38 The number of options exercisable under the Plans was: December 31 2019 191,254 December 31 2018 253,412 The following table summarizes information about the stock options outstanding at December 31, 2019: Options Outstanding Ranges of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life Weighted Average Exercise Price Per Share Number Exercisable Weighted Average Exercise Price Per Share $ 1.18 - $2.04 148,291 6.93 years $ 1.74 42,346 $ 1.22 $ 2.05 - $3.09 106,557 3.05 years 2.61 106,557 2.61 $ 4.02 42,351 0.40 years 4.02 42,351 4.02 297,199 4.61 years $ 2.38 191,254 $ 2.61 Options outstanding under the Plans expire at various dates during the period from May 2020 through August 2028. Options outstanding at December 31, 2019 had no intrinsic value. Options exercisable at December 31, 2019 had a weighted average remaining life of 2.39 years and no intrinsic value. No options were granted in 2019. The weighted average grant-date fair value of options granted during the year ended December 31, 2018 was $1.04. No restricted stock or restricted stock unit awards were granted in 2019 to employees. During the year ended December 31, 2018, the Company issued 297,515 restricted stock units under the 2013 Plan and the 2018 Plan. The shares underlying the awards were assigned a weighted average value of $1.84 per share, which was the closing price of the Company’s common stock on the date of grants. These awards are scheduled to vest over three years or four years with the first vesting at the end of year two. During June 2019, non-employee members of the Board of Directors received restricted stock grants totaling 70,755 shares pursuant to the 2018 Plan. The shares underlying the awards were assigned a value of $1.06 per share, which was the closing price of the Company’s common stock on the date of grants, for a total value of $75,000, and are scheduled to vest the day immediately preceding the date of the next annual shareholder meeting. During July 2018, non-employee members of the Board of Directors received restricted stock grants totaling 46,152 shares pursuant to the 2018 Plan. The shares underlying the awards were assigned a value of $1.95 per share, which was the closing price of the Company’s common stock on the date of grants, for a total value of $90,000, and vested on June 5, 2019, the date of the 2019 annual shareholder meeting. Restricted stock and restricted stock unit transactions during the years ended December 31, 2019 and 2018 are summarized as follows: Number of Shares Weighted average grant date fair value Unvested shares at January 1, 2018 322,479 $ 1.69 Granted 343,667 1.86 Vested (132,940 ) 1.47 Forfeited or surrendered (39,884 ) 1.22 Unvested shares at December 31, 2018 493,322 $ 1.90 Granted 70,755 1.06 Vested (210,742 ) 1.59 Forfeited or surrendered (37,973 ) 1.84 Unvested shares at December 31, 2019 315,362 $ 1.92 As of December 31, 2019, there was approximately $58,000 of total unrecognized compensation costs related to outstanding stock options, which is expected to be recognized over a weighted average period of 2.61 years. As of December 31, 2019, there was approximately $230,000 of total unrecognized compensation costs related to restricted stock and restricted stock units, which is expected to be recognized over a weighted average period of 1.68 years. Employee Stock Purchase Plan. Share Repurchase Programs. Dividends. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Year Ended December 31 2019 2018 Current taxes - Federal $ - $ 177,000 Current taxes - State 38,000 48,000 Deferred taxes - Federal (437,000 ) 227,000 Deferred taxes - State (67,000 ) 32,000 Income tax expense (benefit) $ (466,000 ) $ 484,000 The actual tax expense (benefit) attributable to income (loss) before taxes differs from the expected tax expense (benefit) computed by applying the U.S. federal corporate income tax rate of 21% as follows: Year Ended December 31 2019 2018 Federal statutory rate 21.0 % 21.0 % Stock-based awards (0.8 ) 0.6 State taxes 3.2 2.8 Other permanent differences (0.1 ) 0.7 Impact of uncertain tax positions (0.6 ) 1.7 Valuation allowance (14.0 ) (1.6 ) Other (0.2 ) 0.5 Effective federal income tax rate 8.5 % 25.7 % Components of resulting noncurrent deferred tax assets (liabilities) are as follows: As of December 31 2019 2018 Deferred tax assets Accrued expenses $ 105,000 $ 129,000 Inventory reserve 5,000 3,000 Stock-based awards 88,000 78,000 Reserve for bad debts 16,000 5,000 Net operating loss and credit carryforwards 715,000 39,000 Other 26,000 23,000 Valuation allowance (848,000 ) (79,000 ) Total deferred tax assets $ 107,000 $ 198,000 Deferred tax liabilities Depreciation $ (18,000 ) $ (635,000 ) Prepaid expenses (89,000 ) (67,000 ) Total deferred tax liabilities (107,000 ) (702,000 ) Net deferred income tax liabilities $ - $ (504,000 ) As of December 31, 2019, the Company had a Federal net operating loss (NOL) to carry forward of approximately $2,764,000 and state NOLs of $2,076,000 to carry forward. The Federal NOLs can be carried forward indefinitely. The expiration of state NOLs carried forward varies by taxing jurisdiction. Future utilization of NOLs carried forward may be subject to certain limitations under Section 382 of the Internal Revenue Code. The Company evaluates all significant available positive and negative evidence, including the existence of losses in prior years and its forecast of future taxable income, in assessing the need for a valuation allowance. The underlying assumptions the Company uses in forecasting future taxable income require significant judgment and take into consideration the Company’s recent performance. The change in the valuation allowance for the years ended December 31, 2019 and 2018 was $769,000 and ($29,000), respectively. The Company has recorded a liability of $643,000 and $613,000 for uncertain tax positions taken in tax returns in previous years as of December 31, 2019 and 2018, respectively. This liability is reflected as accrued income taxes on the Company’s balance sheets. The Company files income tax returns in the United States and numerous state and local tax jurisdictions. Tax years 2016 and forward are open for examination and assessment by the Internal Revenue Service. With limited exceptions, tax years prior to 2016 are no longer open in major state and local tax jurisdictions. The Company does not anticipate that the total unrecognized tax benefits will change significantly prior to December 31, 2020. A reconciliation of the beginning and ending amount of the liability for uncertain tax positions is as follows: Balance at January 1, 2018 $ 581,000 Increases due to interest and state tax 32,000 Balance at December 31, 2018 613,000 Increases due to interest and state tax 30,000 Balance at December 31, 2019 $ 643,000 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans |
Concentrations
Concentrations | 12 Months Ended |
Dec. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
Concentrations | Major Customers Although there are a number of customers that the Company sells to, the loss of a major customer could adversely affect operating results. Additionally, the loss of a major retailer from the Company’s retail network could adversely affect operating results. Export Sales |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | Quarterly data for the years ended December 31, 2019 and 2018 was as follows: Year Ended December 31, 2019 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Net sales $ 5,140,000 $ 5,842,000 $ 4,654,000 $ 6,318,000 Gross profit 774,000 1,465,000 926,000 1,596,000 Net loss (1,096,000 ) (488,000 ) (978,000 ) (2,459,000 ) Net loss per share: Basic $ (0.09 ) $ (0.04 ) $ (0.08 ) $ (0.21 ) Diluted $ (0.09 ) $ (0.04 ) $ (0.08 ) $ (0.21 ) Year Ended December 31, 2018 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Net sales $ 7,419,000 $ 8,245,000 $ 9,455,000 $ 8,117,000 Gross profit 2,746,000 3,005,000 3,563,000 3,247,000 Net income 164,000 184,000 645,000 406,000 Net income per share: Basic $ 0.01 $ 0.02 $ 0.05 $ 0.04 Diluted $ 0.01 $ 0.02 $ 0.05 $ 0.04 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Description of Business | Description of Business . |
Revenue Recognition | Revenue Recognition |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Fair Value of Financial Measurements | Fair Value of Financial Measurements . The hierarchy is divided into three levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and inputs (other than quoted prices) that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company records certain financial assets and liabilities at their carrying amounts that approximate fair value, based on their short-term nature. These financial assets and liabilities included cash and cash equivalents, accounts receivable and accounts payable. |
Accounts Receivable | Accounts Receivable . Changes in the Company’s allowance for doubtful accounts are as follows: December 31 2019 2018 Beginning balance $ 22,000 $ 213,000 Bad debt provision 47,000 6,000 Accounts written-off (4,000 ) (197,000 ) Ending balance $ 65,000 $ 22,000 |
Inventories | Inventories December 31 2019 2018 Raw materials $ 47,000 $ 80,000 Work-in-process 16,000 12,000 Finished goods 259,000 261,000 $ 322,000 $ 353,000 |
Property and Equipment | Property and Equipment Production tooling, machinery and equipment 1 - 6 years Office furniture and fixtures 1 - 3 years Computer equipment and software 3 - 5 years |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets A hierarchy for inputs used in measuring fair value is in place that distinguishes market data between observable independent market inputs and unobservable market assumptions by the reporting entity. The hierarchy is intended to maximize the use of observable inputs and minimize the use of unobservable inputs by requiring that the most observable inputs be used when available. The Company identified indicators of impairment due to the current year operating loss, cash flows used in operations and the excess of the book value of the Company compared to its market capitalization, which became a significant difference during the last two months of 2019. Due to these indicators of impairment, the Company completed an impairment analysis on its long-lived assets by first reviewing the expected undiscounted cash flows compared to the carrying value over the primary asset’s remaining useful life to determine if further impairment testing was required. The Company prepared an undiscounted cash flow analysis related to its selling agreement (see Note 3) which is a separate asset group and as the undiscounted cash flows exceeded the carrying value, no further impairment testing was required. For the property and equipment asset group, the undiscounted cash flows were less than carrying value and therefore, a fair value assessment was required to determine the amount of the impairment. Due to the nature of the primary asset (internally developed software), the most readily available fair market value related to the asset is the market capitalization of the Company which is considered a level 1 measurement (quoted market price). After allocating the Company’s market capitalization to its working capital, there was no remaining value to allocate to long-lived assets which included the internally developed software recently placed in service. The Company utilized other level 3 inputs to determine the fair value of other tangible long-lived assets, including appraised values of production tooling, machinery and equipment. As a result, the Company recorded a long-lived asset impairment charge totaling $2,014,000 during the 4th quarter 2019. Property and Equipment, net: Balance prior to impairment $ 2,563,000 Impairment charge (2,014,000 ) Ending balance $ 549,000 |
Income Taxes | Income Taxes |
Stock-Based Compensation | Stock-Based Compensation . The expected lives of the options and employee stock purchase plan rights are based on evaluations of historical and expected future employee exercise behavior. The risk-free interest rate is based on the U.S. Treasury rates at the date of grant with maturity dates approximately equal to the expected term at grant date. Volatility is based on historical and expected future volatility of the Company’s stock. The Company has not historically issued any dividends beyond one-time dividends declared in 2011 and 2016 and does not expect to in the future. Forfeitures are estimated at the time of the grant and revised, if necessary, in subsequent periods if actual forfeitures differ from estimates. |
Advertising Costs | Advertising Costs |
Net Income (Loss) per Share | Net Income (Loss) Per Share Weighted average common shares outstanding for the years ended December 31, 2019 and 2018 were as follows: Year ended December 31 2019 2018 Denominator for basic net income (loss) per share - weighted average shares 11,941,000 11,776,000 Effect of dilutive securities: Stock options, restricted stock units and restricted stock awards - 231,000 Denominator for diluted net income (loss) per share - weighted average shares 11,941,000 12,007,000 Due to the net loss incurred during the year ended December 31, 2019, all stock awards were anti-dilutive for the period. Options to purchase approximately 284,000 shares of common stock outstanding for the year ended December 31, 2018 were not included in the computation of common stock equivalents because their exercise prices were higher than the average fair market value of the common shares during the year. Restricted stock units of approximately 45,000 shares for the year ended December 31, 2018 were anti-dilutive due to the amount of weighted-average unrecognized compensation related to these grants. |
Use of Estimates | Use of Estimates |
Recent Accounting Pronouncements | Recently Adopted Accounting Pronouncement “Leases |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule Of Allowance For Doubtful Accounts | December 31 2019 2018 Beginning balance $ 22,000 $ 213,000 Bad debt provision 47,000 6,000 Accounts written-off (4,000 ) (197,000 ) Ending balance $ 65,000 $ 22,000 |
Schedule Of Inventories | December 31 2019 2018 Raw materials $ 47,000 $ 80,000 Work-in-process 16,000 12,000 Finished goods 259,000 261,000 $ 322,000 $ 353,000 |
Schedule Of Estimated Useful Lives | Production tooling, machinery and equipment 1 - 6 years Office furniture and fixtures 1 - 3 years Computer equipment and software 3 - 5 years |
Asset impairment | Property and Equipment, net: Balance prior to impairment $ 2,563,000 Impairment charge (2,014,000 ) Ending balance $ 549,000 |
Schedule Of Weighted Average Common Shares Outstanding | Year ended December 31 2019 2018 Denominator for basic net income (loss) per share - weighted average shares 11,941,000 11,776,000 Effect of dilutive securities: Stock options, restricted stock units and restricted stock awards - 231,000 Denominator for diluted net income (loss) per share - weighted average shares 11,941,000 12,007,000 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue Recognition Tables Abstract | |
Disaggregation of Revenue | Year ended December 31, 2019 Services Revenues Products Revenue Total Revenue Timing of revenue recognition: Products and services transferred over time $ 15,172,000 $ - $ 15,172,000 Products and services transferred at a point in time 5,057,000 1,725,000 6,782,000 Total $ 20,229,000 $ 1,725,000 $ 21,954,000 Year ended December 31, 2018 Services Revenues Products Revenue Total Revenue Timing of revenue recognition: Products and services transferred over time $ 28,598,000 $ - $ 28,598,000 Products and services transferred at a point in time 3,025,000 1,613,000 4,638,000 Total $ 31,623,000 $ 1,613,000 $ 33,236,000 |
Schedule of Changes in Deferred Revenue | Balance at December 31, 2018 $ 302,000 Reclassification of beginning deferred revenue to revenue, as a result of performance obligations satisfied (302,000 ) Cash received in advance and not recognized as revenue 140,000 Balance at December 31, 2019 $ 140,000 |
Selling Arrangement (Tables)
Selling Arrangement (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Selling Arrangement | |
Summary of the Carrying Amount of the Selling Arrangement | 2019 2018 Gross cost $ 4,000,000 $ 4,000,000 Accumulated amortization (3,683,000 ) (3,083,000 ) Net carrying amount $ 317,000 $ 917,000 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Year ended December 31 2019 2018 Property and Equipment: Production tooling, machinery and equipment $ 3,685,000 $ 3,694,000 Office furniture and fixtures 393,000 385,000 Computer equipment and software 1,426,000 2,743,000 Leasehold improvements - 577,000 Construction in-progress - 1,179,000 5,504,000 8,578,000 Accumulated depreciation and amortization (4,955,000 ) (5,310,000 ) Net Property and Equipment $ 549,000 $ 3,268,000 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Components of our operating leases | Year ended December 31, 2019 Corporate Additional Operating Headquarters Office Space Leases Operating lease cost $ 150,000 $ - $ 150,000 Variable lease cost 106,000 - 106,000 Short-term lease cost - 38,000 38,000 Total $ 256,000 $ 38,000 $ 294,000 |
Maturities of our lease liabilities | Maturity of Lease Liabilities Operating Leases 2020 $ 222,000 2021 57,000 Total lease payments $ 279,000 Less: Interest 11,000 Present value of lease liabilities $ 268,000 2019 $ 217,000 2020 222,000 2021 57,000 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Aggregate Commitment Amounts | 2020 $ 2,534,000 2021 1,793,000 2022 518,000 2023 275,000 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Summary of Stock-Based Compensation Expense | Year ended December 31 2019 2018 Cost of sales $ 14,000 $ 11,000 Selling 121,000 102,000 Marketing 12,000 71,000 General and administrative 275,000 226,000 $ 422,000 $ 410,000 |
Schedule of Weighted Average Assumptions | 2018 Stock Options: Expected life (years) 6.5 Expected volatility 51 % Dividend yield 0 % Risk-free interest rate 2.8 % 2019 2018 Stock Purchase Plan Options: Expected life (years) 1.0 1.0 Expected volatility 57 % 66 % Dividend yield 0 % 0 % Risk-free interest rate 2.6 % 1.8 % |
Summary of Activity Under Stock Option Plans | Plan Shares Available for Grant Plan Options Outstanding Weighted Average Exercise Price Per Share Aggregate Intrinsic Value Balance at January 1, 2018 297,000 366,346 $ 2.41 Shares reserved 900,000 — Restricted stock units and awards granted - 2013 Plan ( 178,000 ) Restricted stock units and awards granted - 2018 Plan ( 165,667 ) — Stock options granted - 2018 Plan ( 119,515 ) 119,515 1.95 Stock options exercised — ( 2,276 ) 1.18 $ 705 Cancelled or forfeited - 2013 Plan options 51,230 ( 51,230 ) 2.17 Cancelled or forfeited - 2013 Plan restricted stock and restricted stock units 39,884 — 1.22 Cancelled or forfeited - 2003 Plan options — ( 59,428 ) 2.09 Balance at December 31, 2018 824,932 372,927 2.36 Restricted stock units and awards granted - 2018 Plan ( 70,755 ) — Cancelled or forfeited - 2018 Plan options 13,570 ( 13,570 ) 1.95 Cancelled or forfeited - 2018 Plan restricted stock and restricted stock units 13,570 — 1.95 Cancelled or forfeited - 2013 Plan options 20,492 ( 20,492 ) 2.10 Cancelled or forfeited - 2013 Plan restricted stock and restricted stock units 21,748 — 1.72 Cancelled or forfeited - 2003 Plan options — ( 41,666 ) 2.46 Balance at December 31, 2019 823,557 297,199 2.38 |
Schedule Of The Number Of Options Exercisable | December 31 2019 191,254 December 31 2018 253,412 |
Summary Of Information About Stock Options Outstanding | Options Outstanding Ranges of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life Weighted Average Exercise Price Per Share Number Exercisable Weighted Average Exercise Price Per Share $ 1.18 - $2.04 148,291 6.93 years $ 1.74 42,346 $ 1.22 $ 2.05 - $3.09 106,557 3.05 years 2.61 106,557 2.61 $ 4.02 42,351 0.40 years 4.02 42,351 4.02 297,199 4.61 years $ 2.38 191,254 $ 2.61 |
Summary of Restricted Stock and Restricted Stock Units | Number of Shares Weighted average grant date fair value Unvested shares at January 1, 2018 322,479 $ 1.69 Granted 343,667 1.86 Vested (132,940 ) 1.47 Forfeited or surrendered (39,884 ) 1.22 Unvested shares at December 31, 2018 493,322 $ 1.90 Granted 70,755 1.06 Vested (210,742 ) 1.59 Forfeited or surrendered (37,973 ) 1.84 Unvested shares at December 31, 2019 315,362 $ 1.92 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Income Tax Benefit | Year Ended December 31 2019 2018 Current taxes - Federal $ - $ 177,000 Current taxes - State 38,000 48,000 Deferred taxes - Federal (437,000 ) 227,000 Deferred taxes - State (67,000 ) 32,000 Income tax expense (benefit) $ (466,000 ) $ 484,000 |
Reconciliation Of Effective Income Tax Rate Percentage | Year Ended December 31 2019 2018 Federal statutory rate 21.0 % 21.0 % Stock-based awards (0.8 ) 0.6 State taxes 3.2 2.8 Other permanent differences (0.1 ) 0.7 Impact of uncertain tax positions (0.6 ) 1.7 Valuation allowance (14.0 ) (1.6 ) Other (0.2 ) 0.5 Effective federal income tax rate 8.5 % 25.7 % |
Schedule of Resulting Noncurrent Deferred Tax Assets (Liabilities) | As of December 31 2019 2018 Deferred tax assets Accrued expenses $ 105,000 $ 129,000 Inventory reserve 5,000 3,000 Stock-based awards 88,000 78,000 Reserve for bad debts 16,000 5,000 Net operating loss and credit carryforwards 715,000 39,000 Other 26,000 23,000 Valuation allowance (848,000 ) (79,000 ) Total deferred tax assets $ 107,000 $ 198,000 Deferred tax liabilities Depreciation $ (18,000 ) $ (635,000 ) Prepaid expenses (89,000 ) (67,000 ) Total deferred tax liabilities (107,000 ) (702,000 ) Net deferred income tax liabilities $ - $ (504,000 ) |
Reconciliation of the Liability for Uncertain Tax Positions | Balance at January 1, 2018 $ 581,000 Increases due to interest and state tax 32,000 Balance at December 31, 2018 613,000 Increases due to interest and state tax 30,000 Balance at December 31, 2019 $ 643,000 |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule Of Quarterly Financial Data | Year Ended December 31, 2019 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Net sales $ 5,140,000 $ 5,842,000 $ 4,654,000 $ 6,318,000 Gross profit 774,000 1,465,000 926,000 1,596,000 Net loss (1,096,000 ) (488,000 ) (978,000 ) (2,459,000 ) Net loss per share: Basic $ (0.09 ) $ (0.04 ) $ (0.08 ) $ (0.21 ) Diluted $ (0.09 ) $ (0.04 ) $ (0.08 ) $ (0.21 ) Year Ended December 31, 2018 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Net sales $ 7,419,000 $ 8,245,000 $ 9,455,000 $ 8,117,000 Gross profit 2,746,000 3,005,000 3,563,000 3,247,000 Net income 164,000 184,000 645,000 406,000 Net income per share: Basic $ 0.01 $ 0.02 $ 0.05 $ 0.04 Diluted $ 0.01 $ 0.02 $ 0.05 $ 0.04 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | ||
Beginning balance | $ 22,000 | $ 213,000 |
Bad debt provision | 47,000 | 6,000 |
Accounts written-off | (4,000) | (197,000) |
Ending balance | $ 65,000 | $ 22,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details 1) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Accounting Policies [Abstract] | ||
Raw materials | $ 47,000 | $ 80,000 |
Work-in-process | 16,000 | 12,000 |
Finished goods | 259,000 | 261,000 |
Inventories | $ 322,000 | $ 353,000 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Details 2) | 12 Months Ended |
Dec. 31, 2019 | |
Tools Dies And Molds | Minimum | |
Estimated Useful lives | 1 year |
Tools Dies And Molds | Maximum | |
Estimated Useful lives | 6 years |
Furniture And Fixtures | Minimum | |
Estimated Useful lives | 1 year |
Furniture And Fixtures | Maximum | |
Estimated Useful lives | 3 years |
Computer Equipment and Software | Minimum | |
Estimated Useful lives | 3 years |
Computer Equipment and Software | Maximum | |
Estimated Useful lives | 5 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Details 3) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | ||
Denominator for basic net loss per share - weighted average shares | 11,941,000 | 11,776,000 |
Effect of dilutive securities: Stock options, restricted stock and restricted stock units | 231,000 | |
Denominator for diluted net loss per share - weighted average shares | 11,941,000 | 12,007,000 |
Summary Of Significant Accoun_8
Summary Of Significant Accounting Policies (Details 4) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | ||
Beginning balance prior to impairment | $ 2,563,000 | |
Impairment charge | (2,014,000) | $ 0 |
Ending balance | $ 549,000 | $ 3,268,000 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | ||
Insured cash sweep account | $ 7,333,000 | $ 9,393,000 |
Advertising expense | $ 133,000 | $ 207,000 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Services revenues | $ 20,229,000 | $ 31,623,000 | ||||||||
Products revenues | 1,725,000 | 1,613,000 | ||||||||
Total Net Sales | $ 6,318,000 | $ 4,654,000 | $ 5,842,000 | $ 5,140,000 | $ 8,117,000 | $ 9,455,000 | $ 8,245,000 | $ 7,419,000 | 21,954,000 | 33,236,000 |
Products and services transferred over time | ||||||||||
Services revenues | 15,172,000 | 28,598,000 | ||||||||
Products revenues | 0 | 0 | ||||||||
Total Net Sales | 15,172,000 | 28,598,000 | ||||||||
Products and services transferred at a point in time | ||||||||||
Services revenues | 5,057,000 | 3,025,000 | ||||||||
Products revenues | 1,725,000 | 1,613,000 | ||||||||
Total Net Sales | $ 6,782,000 | $ 4,638,000 |
Revenue Recognition (Details 1)
Revenue Recognition (Details 1) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Revenue Recognition Details Abstract | |
Deferred revenue, beginning | $ 302,000 |
Reclassification of beginning deferred revenue to revenue, as a result of performance obligations satisfied | (302,000) |
Cash received in advance and not recognized as revenue | 140,000 |
Deferred revenue, ending | $ 140,000 |
Selling Arrangement (Details)
Selling Arrangement (Details) - Customer Contracts - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Gross cost | $ 4,000,000 | $ 4,000,000 |
Accumulated amortization | (3,683,000) | (3,083,000) |
Net carrying amount | $ 317,000 | $ 917,000 |
Selling Arrangement (Details Na
Selling Arrangement (Details Narrative) - Customer Contracts - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2012 | |
Payment for arrangement to sell signs | $ 4,000,000 | ||
Term of arrangement | 10 years | ||
Amortization expense | $ 600,000 | $ 400,000 | |
2020 | 262,000 | 262,000 | |
2021 | $ 55,000 | $ 55,000 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | $ 5,504,000 | $ 8,578,000 |
Accumulated depreciation and amortization | (4,955,000) | (5,310,000) |
Net property and equipment | 549,000 | 3,268,000 |
Machinery And Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | 3,685,000 | 3,694,000 |
Furniture And Fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | 393,000 | 385,000 |
Computer Equipment and Software | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | 1,426,000 | 2,743,000 |
Leasehold Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | 0 | 577,000 |
Construction In Progress | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | $ 0 | $ 1,179,000 |
Property and Equipment (Detai_2
Property and Equipment (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Property And Equipment | ||
Depreciation expense | $ 1,044,000 | $ 761,000 |
Leases (Details)
Leases (Details) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Corporate Headquarters | |
Operating lease cost | $ 150,000 |
Variable lease cost | 106,000 |
Short-term lease cost | 0 |
Total | 256,000 |
Additional Office Space | |
Operating lease cost | 0 |
Variable lease cost | 0 |
Short-term lease cost | 38,000 |
Total | 38,000 |
Operating Leases | |
Operating lease cost | 150,000 |
Variable lease cost | 106,000 |
Short-term lease cost | 38,000 |
Total | $ 294,000 |
Leases (Details 1)
Leases (Details 1) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
2020 | $ 222,000 | $ 222,000 |
2021 | 57,000 | $ 57,000 |
Total lease payments | 279,000 | |
Less: Interest | 11,000 | |
Present value of lease liabilities | $ 268,000 |
Leases (Details 2)
Leases (Details 2) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
2020 | $ 217,000 | |
2021 | $ 222,000 | 222,000 |
2022 | $ 57,000 | $ 57,000 |
Leases (Details Narrative)
Leases (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Remaining lease term | 1 year 3 months | |
Discount rate | 6.00% | |
Rent expense | $ 184,000 |
Commitments and Contingencies_2
Commitments and Contingencies (Details 1) | Dec. 31, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2020 | $ 2,534,000 |
2021 | 1,793,000 |
2022 | 518,000 |
2023 | $ 275,000 |
Commitments and Contingencies_3
Commitments and Contingencies (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Fixed and store-based payments | $ 3,356,000 | $ 4,846,000 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Stock-based compensation expense | $ 422,000 | $ 410,000 |
Cost Of Sales | ||
Stock-based compensation expense | 14,000 | 11,000 |
Selling Expenses | ||
Stock-based compensation expense | 121,000 | 102,000 |
Marketing Expenses | ||
Stock-based compensation expense | 12,000 | 71,000 |
General And Administrative Expense | ||
Stock-based compensation expense | $ 275,000 | $ 226,000 |
Shareholders' Equity (Details 1
Shareholders' Equity (Details 1) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Employee Stock Option | ||
Expected life | 6 years 6 months | 6 years 6 months |
Expected volatility | 51.00% | 51.00% |
Dividend yield | 0.00% | 0.00% |
Risk-free interest rate | 2.80% | 2.80% |
Employee Stock | ||
Expected life | 1 year | 1 year |
Expected volatility | 57.00% | 66.00% |
Dividend yield | 0.00% | 0.00% |
Risk-free interest rate | 2.60% | 1.80% |
Shareholders' Equity (Details 2
Shareholders' Equity (Details 2) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Restricted stock and restricted stock units granted (in shares) | (70,755) | (343,667) |
Employee Stock Option | ||
Balance at the beginning of the period (in shares) | 824,932 | 297,000 |
Shares reserved (in shares) | 900,000 | |
Stock options exercised (in shares) | 0 | |
Balance at the end of the period (in shares) | 823,557 | 824,932 |
Balance at the beginning of the period (in shares) | 372,927 | 366,346 |
Stock options exercised (in shares) | (2,276) | |
Balance at the end of the period (in shares) | 297,199 | 372,927 |
Balance at the beginning of the period (in dollars per share) | $ 2.36 | $ 2.41 |
Stock options exercised (in dollars per share) | 1.18 | |
Cancelled or forfeited (in dollars per share) | 1.95 | |
Balance at the end of the period (in dollars per share) | $ 2.38 | $ 2.36 |
Aggregate Intrinsic Value, Stock options exercised (in dollars) | $ 0 | $ 705 |
Employee Stock Option | Stock Option Plan 2013 | ||
Cancelled or forfeited (in shares) | 20,492 | 51,230 |
Cancelled or forfeited (in shares) | (20,492) | (51,230) |
Cancelled or forfeited (in dollars per share) | $ 2.10 | $ 2.17 |
Employee Stock Option | Stock Option Plan 2018 | ||
Restricted stock and restricted stock units granted (in shares) | (70,755) | |
Stock options granted (in shares) | (119,515) | |
Cancelled or forfeited (in shares) | 13,570 | |
Stock options granted (in shares) | 119,515 | |
Cancelled or forfeited (in shares) | (13,570) | |
Stock options granted (in dollars per share) | $ 1.95 | |
Employee Stock Option | Incentive Stock Option Plan 2003 [Member] | ||
Cancelled or forfeited (in shares) | 0 | |
Cancelled or forfeited (in shares) | (41,666) | (59,428) |
Cancelled or forfeited (in dollars per share) | $ 2.46 | $ 2.09 |
Restricted Stock and Restricted Stock Units | Stock Option Plan 2013 | ||
Restricted stock and restricted stock units granted (in shares) | (178,000) | |
Cancelled or forfeited (in shares) | 21,748 | 39,884 |
Cancelled or forfeited (in shares) | 0 | |
Cancelled or forfeited (in dollars per share) | $ 1.72 | $ 1.22 |
Restricted Stock and Restricted Stock Units | Stock Option Plan 2018 | ||
Restricted stock and restricted stock units granted (in shares) | (165,667) | |
Cancelled or forfeited (in shares) | 13,570 | |
Cancelled or forfeited (in dollars per share) | $ 1.95 |
Shareholders' Equity (Details 3
Shareholders' Equity (Details 3) - shares | Dec. 31, 2019 | Dec. 31, 2018 |
Stockholders' Equity Note [Abstract] | ||
Number Exercisable (in shares) | 191,254 | 253,412 |
Shareholders' Equity (Details 4
Shareholders' Equity (Details 4) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Options Outstanding (in shares) | 297,199 | |
Weighted Average Remaining Contractual Life (in years) | 4 years 7 months 10 days | |
Outstanding Weighted Average Exercise Price Per Share (in dollars per share) | $ 2.38 | |
Options Exercisable (in shares) | 191,254 | 253,412 |
Exercisable Weighted Average Exercise Price Per Share (in dollars per share) | $ 2.61 | |
Exercise Price Range One | ||
Ranges of Exercise Prices Lower (in dollars per share) | 1.18 | |
Ranges of Exercise Prices Upper (in dollars per share) | $ 2.04 | |
Options Outstanding (in shares) | 148,291 | |
Weighted Average Remaining Contractual Life (in years) | 6 years 11 months 5 days | |
Outstanding Weighted Average Exercise Price Per Share (in dollars per share) | $ 1.74 | |
Options Exercisable (in shares) | 42,346 | |
Exercisable Weighted Average Exercise Price Per Share (in dollars per share) | $ 1.22 | |
Exercise Price Range Two | ||
Ranges of Exercise Prices Lower (in dollars per share) | 2.05 | |
Ranges of Exercise Prices Upper (in dollars per share) | $ 3.09 | |
Options Outstanding (in shares) | 106,557 | |
Weighted Average Remaining Contractual Life (in years) | 3 years 18 days | |
Outstanding Weighted Average Exercise Price Per Share (in dollars per share) | $ 2.61 | |
Options Exercisable (in shares) | 106,557 | |
Exercisable Weighted Average Exercise Price Per Share (in dollars per share) | $ 2.61 | |
Exercise Price Range Three | ||
Exercise Price (in dollars per share) | $ 4.02 | |
Options Outstanding (in shares) | 42,351 | |
Weighted Average Remaining Contractual Life (in years) | 4 months 24 days | |
Outstanding Weighted Average Exercise Price Per Share (in dollars per share) | $ 4.02 | |
Options Exercisable (in shares) | 42,351 | |
Exercisable Weighted Average Exercise Price Per Share (in dollars per share) | $ 4.02 |
Shareholders' Equity (Details 5
Shareholders' Equity (Details 5) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Stockholders' Equity Note [Abstract] | ||
Outstanding at the beginning of the period (in shares) | 493,322 | 322,479 |
Granted (in shares) | 70,755 | 343,667 |
Vested ( in shares) | (210,742) | (132,940) |
Forfeited or surrendered (in shares) | (37,973) | (39,884) |
Outstanding at the end of the period (in shares) | 315,362 | 493,322 |
Beginning balance fair value (in dollars per share) | $ 1.90 | $ 1.69 |
Granted (in dollars per share) | 1.06 | 1.86 |
Vested (in dollars per share) | 1.59 | 1.47 |
Forfeited or surrendered (in dollars per share) | 1.84 | 1.22 |
Ending balance fair value (in dollars per share) | $ 1.92 | $ 1.90 |
Shareholders' Equity (Details N
Shareholders' Equity (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Weighted average remaining life of options exercisable | 2 years 4 months 20 days | 3 years 1 month 24 days |
Weighted average grant-date fair value of options granted | $ 0 | $ 1.04 |
Restricted stock (in shares) | 70,755 | 343,667 |
Restricted stock on the grant date (in dollars per share) | $ 1.06 | $ 1.86 |
Unrecognized compensation costs related to stock options | $ 58,000 | $ 107,000 |
Unrecognized compensation costs related to restricted stock units | 230,000 | 549,000 |
Stock-based compensation expense | $ 422,000 | $ 410,000 |
Repurchase of common stock, shares | 0 | 164,000 |
Repurchase of common stock, amount | $ 0 | $ 298,000 |
Employee Stock | ||
Employees purchased shares | 32,741 | 107,341 |
Shares are reserved for future employee purchases | 245,909 | 278,380 |
Stock-based compensation expense | $ 55,000 | $ 58,000 |
2013 and 2018 Plan | Restricted Stock and Restricted Stock Units | ||
Restricted stock (in shares) | 0 | 297,515 |
Restricted stock on the grant date (in dollars per share) | $ 0 | $ 1.84 |
Vesting period | 0 years | 2 years |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Current taxes - Federal | $ 0 | $ 177,000 |
Current taxes - State | 38,000 | 48,000 |
Deferred taxes - Federal | (437,000) | 227,000 |
Deferred taxes - State | (67,000) | 32,000 |
Income tax expense (benefit) | $ (466,000) | $ 484,000 |
Income Taxes (Details 1)
Income Taxes (Details 1) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Federal statutory rate | 21.00% | 21.00% |
Stock based awards | (0.80%) | 0.60% |
State taxes | 3.20% | 2.80% |
Other permanent differences | (0.10%) | 0.70% |
Impact of uncertain tax positions | (0.60%) | 1.70% |
Valuation allowance | (14.00%) | (1.60%) |
Other | (0.20%) | 0.50% |
Effective federal income tax rate | 8.50% | 25.70% |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Tax Assets: | ||
Accrued expenses | $ 105,000 | $ 129,000 |
Inventory reserve | 5,000 | 3,000 |
Stock-based awards | 88,000 | 78,000 |
Reserve for bad debts | 16,000 | 5,000 |
Net operating loss and credit carryforwards | 715,000 | 39,000 |
Other | 26,000 | 23,000 |
Valuation allowance | (848,000) | (79,000) |
Total deferred tax assets | 107,000 | 198,000 |
Deferred Tax Liabilities: | ||
Depreciation | (18,000) | (635,000) |
Prepaid expenses | (89,000) | (67,000) |
Total deferred tax liabilities | (107,000) | (702,000) |
Net deferred income tax liabilities | $ 0 | $ (504,000) |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Balance at the beginning of the period | $ 613,000 | $ 581,000 |
Increases due to interest and state tax | 30,000 | 32,000 |
Balance at the end of the period | $ 643,000 | $ 613,000 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Change in the valuation allowance | $ 769,000 | $ (29,000) | |
Accrued income taxes | 643,000 | $ 613,000 | $ 581,000 |
Federal | |||
Net operating loss to carry forward | 2,764,000 | ||
State | |||
Net operating loss to carry forward | $ 2,076,000 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Retirement Benefits [Abstract] | ||
Employee contribution percentage | 50.00% | 50.00% |
Matching employer contribution | $ 72,000 | $ 68,000 |
Concentrations (Details Narrati
Concentrations (Details Narrative) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Customer's percentage of net sales | 1.00% | 1.00% |
Sales Revenue Net | Customer One | ||
Customer's percentage of net sales | 13.00% | 24.00% |
Sales Revenue Net | Customer Two | ||
Customer's percentage of net sales | 12.00% | 20.00% |
Accounts Receivable | Customer One | ||
Customer's percentage of net sales | 17.00% | 31.00% |
Accounts Receivable | Customer Two | ||
Customer's percentage of net sales | 12.00% | 16.00% |
Accounts Receivable | Customer Three | ||
Customer's percentage of net sales | 12.00% | |
Accounts Receivable | Customer Four | ||
Customer's percentage of net sales | 10.00% |
Quarterly Financial Data (Detai
Quarterly Financial Data (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||
Net sales | $ 6,318,000 | $ 4,654,000 | $ 5,842,000 | $ 5,140,000 | $ 8,117,000 | $ 9,455,000 | $ 8,245,000 | $ 7,419,000 | $ 21,954,000 | $ 33,236,000 |
Gross profit | 1,596,000 | 926,000 | 1,465,000 | 774,000 | 3,247,000 | 3,563,000 | 3,005,000 | 2,746,000 | 4,761,000 | 12,561,000 |
Net income (loss) | $ (2,459,000) | $ (978,000) | $ (488,000) | $ (1,096,000) | $ 406,000 | $ 645,000 | $ 184,000 | $ 164,000 | $ (5,021,000) | $ 1,399,000 |
Net income (loss) per share: | ||||||||||
Basic | $ (0.21) | $ (0.08) | $ (0.04) | $ (0.09) | $ 0.04 | $ 0.05 | $ 0.02 | $ 0.01 | $ (0.42) | $ 0.12 |
Diluted | $ (0.21) | $ (0.08) | $ (0.04) | $ (0.09) | $ 0.04 | $ 0.05 | $ 0.02 | $ 0.01 | $ (0.42) | $ 0.12 |