Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 06, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | NANX | |
Entity Registrant Name | NANOPHASE TECHNOLOGIES CORPORATION | |
Entity Central Index Key | 883,107 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 28,585,496 |
Balance Sheets
Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 1,249 | $ 1,862 |
Trade accounts receivable, less allowance for doubtful accounts of $6 on September 30, 2015 and December 31, 2014 | 1,478 | 388 |
Inventories, net | 643 | 950 |
Prepaid expenses and other current assets | 251 | 367 |
Total current assets | 3,621 | 3,567 |
Equipment and leasehold improvements, net | 1,916 | 2,138 |
Other assets, net | 23 | 25 |
Total assets | 5,560 | 5,730 |
Current liabilities: | ||
Short term debt | 200 | |
Current portion of capital lease obligations | 82 | 70 |
Accounts payable | 815 | 493 |
Accrued expenses | 477 | 413 |
Total current liabilities | 1,574 | 976 |
Long-term portion of capital lease obligations | 113 | 121 |
Long-term deferred rent | 544 | 621 |
Asset retirement obligations | 171 | 166 |
Total long-term liabilities | $ 828 | $ 908 |
Stockholders' equity: | ||
Preferred stock, $.01 par value, 24,088 shares authorized and no shares issued and outstanding | ||
Common stock, $.01 par value, 35,000,000 shares authorized; 28,585,496 and 28,516,163 shares issued and outstanding on September 30, 2015 and December 31, 2014 | $ 286 | $ 285 |
Additional paid-in capital | 96,131 | 95,966 |
Accumulated deficit | (93,259) | (92,405) |
Total stockholders' equity | 3,158 | 3,846 |
Total liabilities and stockholders' equity | $ 5,560 | $ 5,730 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Trade accounts receivable, less allowance for doubtful accounts | $ 6 | $ 6 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 24,088 | 24,088 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 35,000,000 | 35,000,000 |
Common stock, shares issued | 28,585,496 | 28,516,163 |
Common stock, shares outstanding | 28,585,496 | 28,516,163 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenue: | ||||
Product revenue, net | $ 2,779 | $ 2,647 | $ 8,000 | $ 8,070 |
Other revenue | 7 | 7 | 33 | 46 |
Net revenue | 2,786 | 2,654 | 8,033 | 8,116 |
Operating expense: | ||||
Cost of revenue | 1,903 | 1,858 | 5,593 | 5,581 |
Gross profit | 883 | 796 | 2,440 | 2,535 |
Research and development expense | 325 | 316 | 969 | 990 |
Selling, general and administrative expense | 709 | 828 | 2,316 | 2,391 |
Loss from operations | (151) | (348) | (845) | (846) |
Interest income | 1 | |||
Interest expense | (4) | (1) | (9) | (4) |
Loss before provision for income taxes | (155) | (349) | (854) | (849) |
Provisions for income taxes | 0 | 0 | 0 | 0 |
Net loss | $ (155) | $ (349) | $ (854) | $ (849) |
Net loss per share - basic and diluted | $ (0.01) | $ (0.01) | $ (0.03) | $ (0.03) |
Weighted average number of basic and diluted common shares outstanding | 28,585,496 | 28,481,496 | 28,571,332 | 28,481,496 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Operating activities: | ||
Net loss | $ (854) | $ (849) |
Adjustment to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 550 | 556 |
Stock compensation expense | 139 | 150 |
Changes in assets and liabilities related to operations: | ||
Trade accounts receivable | (1,090) | (1,274) |
Other accounts receivable | (4) | 1 |
Inventories | 307 | 227 |
Prepaid expenses and other assets | 121 | (42) |
Accounts payable | 301 | 109 |
Accrued expenses | (12) | 232 |
Net cash used in operating activities | (542) | (890) |
Investing activities: | ||
Acquisition of equipment and leasehold improvements | (228) | (352) |
Payment of accounts payable incurred for the purchase of equipment and leasehold improvements | (8) | (23) |
Net cash used in investing activities | (236) | (375) |
Financing activities: | ||
Principal payments on capital leases | (61) | (23) |
Proceeds from sale of short term investment | 30 | |
Proceeds from line of credit | 450 | |
Principal payment on line of credit | (250) | |
Proceeds from exercise of stock options | 26 | 0 |
Net cash provided by financing activities | 165 | 7 |
Decrease in cash and cash equivalents | (613) | (1,258) |
Cash and cash equivalents at beginning of period | 1,862 | 3,276 |
Cash and cash equivalents at end of period | 1,249 | 2,018 |
Supplemental cash flow information: | ||
Interest paid | 9 | $ 4 |
Supplemental non-cash investing activities: | ||
Accounts payable incurred for the purchase of equipment and leasehold improvements | 28 | |
Capital lease obligations incurred in the purchase of equipment | $ 65 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | (1) Basis of Presentation The accompanying unaudited interim financial statements of Nanophase Technologies Corporation (“Nanophase” or the “Company”, including “we”, “our” or “us”) reflect all adjustments (consisting of normal recurring adjustments) which, in the opinion of management, are necessary for a fair presentation of the financial position and operating results of the Company for the interim periods presented. Operating results for the three and nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. These financial statements should be read in conjunction with our audited financial statements and notes thereto for the year ended December 31, 2014, included in our Annual Report on Form 10-K for the year ended December 31, 2014, as filed with the Securities and Exchange Commission. |
Description of Business
Description of Business | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | (2) Description of Business Nanophase is an advanced materials and applications developer and commercial manufacturer with an integrated family of nanomaterial and related technologies. We produce engineered nano and larger, sub-micron materials for use in a variety of diverse markets: personal care including sunscreens, architectural coatings, industrial coating applications, abrasion-resistant additives, plastics additives, medical diagnostics, energy, and a variety of surface finishing technologies (polishing) applications. We target markets in which we believe practical solutions may be found using our products. We work closely with current and potential customers in these target markets to identify their material and performance requirements and market our materials to various end-use applications manufacturers. Recently developed technologies have made certain new products possible and opened potential new markets. We recently developed new material solutions in surface finishing technologies (polishing) and energy-management areas that have been taken to potential customers, and for which we are experiencing early stage revenue growth. Although our primary strategic focus has been the North American market, we currently sell material to customers overseas and have been working to expand our reach within foreign markets. The Company was incorporated in Illinois on November 25, 1989, and became a Delaware corporation in November 1997. Our common stock trades on the OTCQB marketplace under the symbol NANX. While product sales comprise the majority of our revenue, we also recognize revenue from other sources from time to time. These activities are not expected to drive the long-term growth of the business. For this reason we classify such revenue as “other revenue” in our Statement of Operations, as it does not represent revenue directly from our nanocrystalline materials. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | (3) Financial Instruments We follow the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures Our financial instruments include cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, along with the promissory note with no related borrowings described in Note 4, and any borrowings on the working capital line of credit described in Note 4. The fair values of all financial instruments were not materially different from their carrying values. |
Note and Line of Credit
Note and Line of Credit | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Note and Line of Credit | (4) Note and Line of Credit During July 2014, we entered into a bank-issued letter of credit and related promissory note for up to $30 in borrowings to support our obligations under our facility lease agreement. No borrowings have been incurred under this promissory note. Should any borrowings occur in the future, the interest rate would be the prime rate plus 1%, with the bank having the right to “set off” or apply unpaid balances against our checking account if we fail to meet our obligations under any borrowings under the note. It is our intention to renew this note annually, for as long as we need to pursuant to the terms of our facility lease agreement. Because there were no amounts outstanding at any time during 2014 or 2015, we have recorded no related liability on our balance sheet. During March 2015, we entered into a Business Loan Agreement (the “Line of Credit Agreement”) with Libertyville Bank and Trust Company, a Wintrust Community Bank (“Libertyville”), our primary bank. This Line of Credit Agreement was subsequently amended on April 13, 2015. Under the Line of Credit Agreement, as amended, Libertyville will provide a maximum of $300, or 75% of our eligible accounts receivable, whichever is less, of revolving credit, collateralized by a senior priority lien on our accounts receivable, inventory, equipment, general intangibles and fixtures. Interest on any borrowings would be the prime rate at the time plus 1%. Availability to draw on the line requires us to have at least $1 million in cash, including any amounts borrowed, at Libertyville on the date of any advance. Advances may only occur at the beginning or end of a fiscal quarter and must be repaid in full within five days of the advance. The Line of Credit Agreement expires on March 4, 2016. On September 29, 2015, we borrowed $200 on this line, and subsequently repaid that amount on October 2, 2015. Our only previous drawdown on this line was a borrowing of $250 on June 29, 2015 that was repaid on July 3, 2015. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | (5) Inventories Inventories consist of the following: September 30, 2015 December 31, 2014 Raw materials $ 275 $ 173 Finished goods 420 829 695 1,002 Allowance for excess inventory quantities (52 ) (52 ) $ 643 $ 950 |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | (6) Share-Based Compensation We follow FASB ASC Topic 718, Share-Based Payments As of September 30, 2015, there was approximately $246 of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under our stock option plans. That cost is expected to be recognized over a remaining weighted-average period of 1.7 years. Stock Options and Stock Grants During the nine months ended September 30, 2015, 69,333 shares of common stock were issued pursuant to option exercises for proceeds of $26. During the nine months ended September 30, 2014, no stock options were exercised. During the nine months ended September 30, 2015, 461,100 stock options were granted compared to 568,000 during the same period in 2014. During the nine months ended September 30, 2015, 248,900 stock options were forfeited compared to 22,000 stock options forfeited during the same period in 2014. We had 2,583,199 stock options outstanding at a weighted average exercise price of $0.95 on September 30, 2015, compared to 2,440,000 stock options outstanding at a weighted average exercise price of $1.15 on December 31, 2014. Stock Appreciation Rights Prior to 2011, we granted outside directors stock appreciation rights (SARs). The change in fair value of the awards granted during prior years is included in non-cash compensation expense for the three and nine months ended September 30, 2015 and 2014. The SARs granted vested immediately and are payable upon the directors’ removal or resignation from the position of director. These awards are accounted for as liability awards, included in accrued expenses as of September 30, 2015 and 2014, and adjusted to fair value each reporting period. The fair value of the liability was less than $1 on September 30, 2015 and December 31, 2014. As of September 30, 2015, we did not have any unvested restricted stock or performance shares outstanding. The following table illustrates the various assumptions used to calculate the Black-Scholes option pricing model for stock options granted during the periods presented: For the three months ended September 30, September 30, Weighted-average risk-free interest rates: 1.7 % — Dividend yield: — — Weighted-average expected life of the option: 7 Years — Weighted-average expected stock price volatility: 95 % — Weighted-average fair value of the options granted: $ 0.34 — For the nine months ended September 30, September 30, Weighted-average risk-free interest rates: 1.7 % 2.0 % Dividend yield: — — Weighted-average expected life of the option: 7 Years 7 Years Weighted-average expected stock price volatility: 95 % 95 % Weighted-average fair value of the options granted: $ 0.44 $ 0.42 |
Significant Customers and Conti
Significant Customers and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Text Block [Abstract] | |
Significant Customers and Contingencies | (7) Significant Customers and Contingencies Sales to three customers constituted approximately 69%, 6% and 9%, respectively, of our total revenue for the three months ended September 30, 2015, and 62%, 8% and 6%, respectively, of our total revenue for the nine months ended September 30, 2015. Amounts included in accounts receivable on September 30, 2015 relating to these three customers were approximately $871, $112 and $240, respectively. Revenue from these three customers constituted approximately 71%, 0% and 10%, respectively, of our total revenue for the three months ended September 30, 2014 and 73%, 1% and 7%, respectively, for the nine months ended September 30, 2014. Amounts included in accounts receivable on September 30, 2014 relating to these three customers were approximately $747, $0 and $270, respectively. The loss of one of these significant customers or the failure to attract new customers could have a material adverse effect on our business, results of operations and financial condition. We currently have exclusive supply agreements with BASF Corporation (“BASF”), our largest customer, that have contingencies outlined which could potentially result in the license of technology and/or the sale of production equipment from the Company to the customer intended to provide capacity sufficient to meet the customer’s production needs. This outcome may occur if we fail to meet certain performance requirements, certain other obligations and/or certain financial covenants. The most restrictive financial covenants in one of our supply agreements with BASF “trigger” a technology transfer right (license and equipment sale at BASF’s option) in the event (a) that earnings for the twelve month period ending with our most recently published quarterly financial statements are less than zero and our cash, cash equivalents and certain investments are less than $1 million, or (b) of an acceleration of any debt maturity having a principal amount of more than $10 million. Our supply agreements with BASF also “trigger” a technology transfer right in the event of our insolvency, as further defined within the agreements. In the event of an equipment sale, upon incurring a triggering event, the equipment would be sold to the customer at either 115% of the equipment’s net book value or the greater of 30% of the original book value of such equipment, and any associated upgrades to it, or 115% of the equipment’s net book value, depending on the contract and related equipment. We believe that we have sufficient cash and credit availability (See Liquidity and Capital Resources in Management’s Discussion and Analysis in Part I, Item 2 of this Form 10-Q for a further discussion ) Should events arise that make it appropriate for us to seek additional financing, such additional financing may not be available on acceptable terms or even at all, and any such financing could be dilutive to our stockholders. Such a financing could be necessitated by such things as the loss of one or more significant customers or a significant decline in revenue from those customers, currently unknown capital requirements, new regulatory requirements, the need to meet cash requirements under our BASF agreement to avoid a triggering event, or other circumstances not currently anticipated by us. The failure to obtain sufficient capital may impair or curtail our business plans and under such circumstances may raise doubt regarding our ability to continue as a going concern. |
Business Segmentation and Geogr
Business Segmentation and Geographical Distribution | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Business Segmentation and Geographical Distribution | (8) Business Segmentation and Geographical Distribution Revenue from international sources approximated $398 and $962 for the three and nine months ended September 30, 2015, respectively, compared to $376 and $885 for the same periods in 2014. All of this revenue was product revenue. Our operations comprise a single business segment and all of our long-lived assets are located within the United States. |
Financial Instruments (Policies
Financial Instruments (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Disclosures | We follow the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures |
Share-Based Payments | We follow FASB ASC Topic 718, Share-Based Payments |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | Inventories consist of the following: September 30, 2015 December 31, 2014 Raw materials $ 275 $ 173 Finished goods 420 829 695 1,002 Allowance for excess inventory quantities (52 ) (52 ) $ 643 $ 950 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Assumptions Used to Calculate Black-Scholes Option Pricing Model for Stock Options Granted | The following table illustrates the various assumptions used to calculate the Black-Scholes option pricing model for stock options granted during the periods presented: For the three months ended September 30, September 30, Weighted-average risk-free interest rates: 1.7 % — Dividend yield: — — Weighted-average expected life of the option: 7 Years — Weighted-average expected stock price volatility: 95 % — Weighted-average fair value of the options granted: $ 0.34 — For the nine months ended September 30, September 30, Weighted-average risk-free interest rates: 1.7 % 2.0 % Dividend yield: — — Weighted-average expected life of the option: 7 Years 7 Years Weighted-average expected stock price volatility: 95 % 95 % Weighted-average fair value of the options granted: $ 0.44 $ 0.42 |
Note and Line of Credit - Addit
Note and Line of Credit - Additional Information (Detail) - USD ($) | Apr. 13, 2015 | Jul. 31, 2014 | Sep. 30, 2015 | Sep. 29, 2015 | Jun. 29, 2015 | Sep. 30, 2014 |
Line of Credit Facility [Line Items] | ||||||
Letter of credit and related promissory note | $ 200,000 | |||||
Investment amount outstanding | 0 | $ 0 | ||||
Investment related liability | $ 0 | |||||
Libertyville Bank and Trust Company [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 300,000 | |||||
Line of credit facility maximum borrowing capacity as percentage of accounts receivable | 75.00% | |||||
Minimum amount of cash required on advances | $ 1,000,000 | |||||
Line of credit facility repayment period | 5 days | |||||
Line of credit facility, expiration date | Mar. 4, 2016 | |||||
Line of credit facility, borrowing | $ 200,000 | $ 250,000 | ||||
Libertyville Bank and Trust Company [Member] | Prime Rate [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Variable interest rate | 1.00% | |||||
Letter of Credit [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Letter of credit and related promissory note | $ 30,000 | |||||
Borrowings incurred | $ 0 | |||||
Interest rate | 1.00% |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 275 | $ 173 |
Finished goods | 420 | 829 |
Inventory gross, Total | 695 | 1,002 |
Allowance for excess inventory quantities | (52) | (52) |
Inventories net, Total | $ 643 | $ 950 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation expense | $ 46 | $ 45 | $ 141 | $ 155 | |
Total unrecognized compensation cost related to nonvested share-based compensation arrangements granted | $ 246 | $ 246 | |||
Weighted-average period over which unrecognized compensation is expected to be recognized | 1 year 8 months 12 days | ||||
Common stock issued pursuant to option exercises | 69,333 | 0 | |||
Proceeds from exercise of stock options | $ 26 | $ 0 | |||
Stock options granted | 461,100 | 568,000 | |||
Stock options forfeited | 248,900 | 22,000 | |||
Stock options outstanding | 2,583,199 | 2,583,199 | 2,440,000 | ||
Weighted average exercise price | $ 0.95 | $ 0.95 | $ 1.15 | ||
Common stock, shares outstanding | 28,585,496 | 28,585,496 | 28,516,163 | ||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock, shares outstanding | 0 | 0 | |||
Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock, shares outstanding | 0 | 0 | |||
Stock Appreciation Rights (SARs) [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Fair value of the liability | $ 1 | $ 1 | $ 1 |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Assumptions Used to Calculate Black-Scholes Option Pricing Model for Stock Options Granted (Detail) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||
Weighted-average risk-free interest rates | 1.70% | 2.00% | 1.70% | |
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Weighted-average expected life of the option | 7 years | 7 years | 7 years | |
Weighted-average expected stock price volatility | 95.00% | 95.00% | 95.00% | |
Weighted-average fair value of the options granted | $ 0.44 | $ 0.42 | $ 0.34 |
Significant Customers and Con21
Significant Customers and Contingencies - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)Customer | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Revenue, Major Customer [Line Items] | |||||
Number of major customers | Customer | 3 | ||||
Accounts receivable | $ 1,478,000 | $ 1,478,000 | $ 388,000 | ||
Customers One [Member] | |||||
Revenue, Major Customer [Line Items] | |||||
Accounts receivable | $ 871,000 | $ 747,000 | $ 871,000 | $ 747,000 | |
Customers One [Member] | Customer Concentration Risk [Member] | Sales [Member] | |||||
Revenue, Major Customer [Line Items] | |||||
Revenue from top customers | 69.00% | 71.00% | 62.00% | 73.00% | |
Customers Two [Member] | |||||
Revenue, Major Customer [Line Items] | |||||
Accounts receivable | $ 112,000 | $ 0 | $ 112,000 | $ 0 | |
Customers Two [Member] | Customer Concentration Risk [Member] | Sales [Member] | |||||
Revenue, Major Customer [Line Items] | |||||
Revenue from top customers | 6.00% | 0.00% | 8.00% | 1.00% | |
Customers Three [Member] | |||||
Revenue, Major Customer [Line Items] | |||||
Accounts receivable | $ 240,000 | $ 270,000 | $ 240,000 | $ 270,000 | |
Customers Three [Member] | Customer Concentration Risk [Member] | Sales [Member] | |||||
Revenue, Major Customer [Line Items] | |||||
Revenue from top customers | 9.00% | 10.00% | 6.00% | 7.00% | |
BASF [Member] | |||||
Revenue, Major Customer [Line Items] | |||||
Supply agreements with BASF Corporation | The most restrictive financial covenants in one of our supply agreements with BASF "trigger" a technology transfer right (license and equipment sale at BASF's option) in the event (a) that earnings for the twelve month period ending with our most recently published quarterly financial statements are less than zero and our cash, cash equivalents and certain investments are less than $1 million, or (b) of an acceleration of any debt maturity having a principal amount of more than $10 million. | ||||
Minimum contractual covenant - net earnings previous twelve months | $ 0 | ||||
Net book value equipment | 115.00% | ||||
BASF [Member] | Maximum [Member] | |||||
Revenue, Major Customer [Line Items] | |||||
Cash, cash equivalents and investments, maximum | $ 1,000,000 | $ 1,000,000 | |||
BASF [Member] | Minimum [Member] | |||||
Revenue, Major Customer [Line Items] | |||||
Principal amount of debt on maturity, minimum | $ 10,000,000 | $ 10,000,000 | |||
Original book value of equipment, Minimum | 30.00% |
Business Segmentation and Geo22
Business Segmentation and Geographical Distribution - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Non-Domestic Revenue [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenue from international sources | $ 398 | $ 376 | $ 962 | $ 885 |