Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 04, 2016 | |
Document And Entity Information [Abstract] | ||
Entity Central Index Key | 883,107 | |
Entity Registrant Name | NANOPHASE TECHNOLOGIES Corp | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Trading Symbol | NANX | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 31,229,996 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,016 |
Balance Sheets (Unaudited)
Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 1,718 | $ 1,275 |
Trade accounts receivable, less allowance for doubtful accounts of $6 on September 30, 2016 and December 31, 2015 | 1,304 | 507 |
Inventories, net | 659 | 662 |
Prepaid expenses and other current assets | 349 | 247 |
Total current assets | 4,030 | 2,691 |
Equipment and leasehold improvements, net | 1,473 | 1,861 |
Other assets, net | 21 | 22 |
Total assets | 5,524 | 4,574 |
Current liabilities: | ||
Current portion of capital lease obligations | 98 | 94 |
Accounts payable | 649 | 508 |
Accrued expenses | 625 | 276 |
Total current liabilities | 1,372 | 878 |
Long-term portion of capital lease obligations | 70 | 144 |
Long-term deferred rent | 482 | 519 |
Asset retirement obligations | 177 | 172 |
Total long-term liabilities | 729 | 835 |
Stockholders' equity: | ||
Preferred stock, $.01 par value, 24,088 shares authorized and no shares issued and outstanding | ||
Common stock, $.01 par value, 42,000,000 and 35,000,000 shares authorized; 31,229,996 and 28,585,496 shares issued and outstanding on September 30, 2016 and December 31, 2015 | 312 | 286 |
Additional paid-in capital | 97,281 | 96,172 |
Accumulated deficit | (94,170) | (93,597) |
Total stockholders' equity | 3,423 | 2,861 |
Total liabilities and stockholders' equity | $ 5,524 | $ 4,574 |
Balance Sheets (Unaudited) (Par
Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Trade accounts receivable, less allowance for doubtful accounts | $ 6 | $ 6 |
Preferred stock, par value | $ .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 | $ .01 | $ 0.01 |
Common stock, shares authorized | 42,000,000 | 35,000,000 |
Common stock, shares issued | 31,229,996 | 28,585,496 |
Common stock, shares outstanding | 31,229,996 | 28,585,496 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenue: | ||||
Product revenue, net | $ 2,510 | $ 2,779 | $ 8,377 | $ 8,000 |
Other revenue | 11 | 7 | 38 | 33 |
Net revenue | 2,521 | 2,786 | 8,415 | 8,033 |
Operating expense: | ||||
Cost of revenue | 1,841 | 1,903 | 5,766 | 5,593 |
Gross profit | 680 | 883 | 2,649 | 2,440 |
Research and development expense | 386 | 325 | 1,060 | 969 |
Selling, general and administrative expense | 716 | 709 | 2,151 | 2,316 |
Loss from operations | (422) | (151) | (562) | (845) |
Interest expense | (3) | (4) | (11) | (9) |
Loss before provision for income taxes | (425) | (155) | (573) | (854) |
Net loss | $ (425) | $ (155) | $ (573) | $ (854) |
Net loss per share - basic and diluted | $ (0.01) | $ (0.01) | $ (0.02) | $ (0.03) |
Weighted average number of basic and diluted common shares outstanding | 31,211,132 | 28,585,496 | 30,805,053 | 28,571,332 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Operating activities: | ||
Net loss | $ (573) | $ (854) |
Adjustment to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 505 | 550 |
Stock compensation expense | 129 | 139 |
Changes in assets and liabilities related to operations: | ||
Trade accounts receivable | (798) | (1,090) |
Other accounts receivable | (4) | |
Inventories | 3 | 307 |
Prepaid expenses and other assets | (101) | 121 |
Accounts payable | 167 | 301 |
Accrued expenses | 314 | (12) |
Net cash used in operating activities | (354) | (542) |
Investing activities: | ||
Acquisition of equipment and leasehold improvements | (102) | (228) |
Payment of accounts payable incurred for the purchase of equipment and leasehold improvements | (37) | (8) |
Net cash used in investing activities | (139) | (236) |
Financing activities: | ||
Principal payments on capital leases | (70) | (61) |
Proceeds from common stock issuance | 988 | |
Proceeds from line of credit | 450 | |
Principal payments on line of credit | (250) | |
Proceeds from exercise of stock options | 18 | 26 |
Net cash provided by financing activities | 936 | 165 |
Increase/(Decrease) in cash and cash equivalents | 443 | (613) |
Cash and cash equivalents at beginning of period | 1,275 | 1,862 |
Cash and cash equivalents at end of period | 1,718 | 1,249 |
Supplemental cash flow information: | ||
Interest paid | 11 | 9 |
Supplemental non-cash investing activities: | ||
Accounts payable incurred for the purchase of equipment and leasehold improvements | $ 5 | 28 |
Capital lease obligations incurred in the purchase of equipment | $ 65 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2016 | |
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, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. These financial statements should be read in conjunction with our audited financial statements and notes thereto for the year ended December 31, 2015, included in our Annual Report on Form 10-K for the year ended December 31, 2015, as filed with the Securities and Exchange Commission. |
Description of Business
Description of Business | 9 Months Ended |
Sep. 30, 2016 | |
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 the personal care (primarily under the newly created brand “Solésence”) and energy-management (particularly solar control) areas that have been taken to potential customers, and for which we are experiencing early stage revenue. 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. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | (3) Earnings Per Share Options |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | (4) 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 and any borrowings on the working capital line of credit, each described in Note 5. The fair values of all financial instruments were not materially different from their carrying values. There were no financial assets or liabilities adjusted to fair value on September 30, 2016 or December 31, 2015. |
Notes and Line of Credit
Notes and Line of Credit | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Notes and Line of Credit | (5) 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. We have renewed this note annually and it is our intention to continue to do so 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 2016 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, which 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%. We must 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 was extended during March 2016, and now expires on March 4, 2017. There were two advances under this Line of Credit Agreement during 2015 that were subsequently repaid within five days of each advance, and no advances during the first nine months of 2016. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | (6) Inventories Inventories consist of the following: September 30, 2016 December 31, 2015 Raw materials $ 275 $ 184 Finished goods 436 530 711 714 Allowance for excess inventory quantities (52 ) (52 ) $ 659 $ 662 |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | (7) Share-Based Compensation We follow FASB ASC Topic 718, Compensation – Stock Compensation As of September 30, 2016, there was approximately $216 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 1.8 years. Stock Options and Stock Grants During the nine months ended September 30, 2016, 44,500 shares of common stock were issued pursuant to stock option exercises for proceeds of $18. During the nine months ended September 30, 2015, 69,333 shares of common stock were issued pursuant to stock option exercises for proceeds of $26. During the nine months ended September 30, 2016, 419,390 stock options were granted compared to 461,100 stock options granted during the same period in 2015. During the nine months ended September 30, 2016, 64,900 stock options were forfeited compared to 248,900 stock options forfeited during the same period in 2015. We had 2,884,000 stock options outstanding at a weighted average exercise price of $0.79 on September 30, 2016, compared to 2,574,000 stock options outstanding at a weighted average exercise price of $0.95 on December 31, 2015. 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 Sept 30, 2016 Sept 30, 2015 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 Sept 30, 2016 Sept 30, 2015 Weighted-average risk-free interest rates: 1.4 % 1.7 % 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: $ 0.34 $ 0.44 Stock Appreciation Rights Prior to 2011, we granted our 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, 2016 and 2015. 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, 2016 and 2015, and adjusted to fair value each reporting period. The fair value of the liability was less than $1 on both September 30, 2016 and December 31, 2015. As of September 30, 2016, we did not have any unvested restricted stock or performance shares outstanding. |
Significant Customers and Conti
Significant Customers and Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Risks and Uncertainties [Abstract] | |
Significant Customers and Contingencies | (8) Significant Customers and Contingencies Sales to three customers constituted approximately 65%, 5% and 6%, respectively, of our total revenue for the three months ended September 30, 2016, and 69%, 6% and 3%, respectively, of our total revenue for the nine months ended September 30, 2016. Amounts included in accounts receivable on September 30, 2016 relating to these three customers were approximately $784, $122 and $150, respectively. Revenue from these three customers constituted approximately 69%, 3% and 0%, respectively, of our total revenue for the three months ended September 30, 2015 and 62%, 5% and 6%, respectively, 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, $85 and $0, 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, 2016 | |
Segment Reporting [Abstract] | |
Business Segmentation and Geographical Distribution | (9) Business Segmentation and Geographical Distribution Revenue from international sources approximated $143 and $618 for the three and nine months ended September 30, 2016, respectively, compared to $398 and $962 for the same periods in 2015. 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. |
New Accounting Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | (10) New Accounting Pronouncements During May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09 (“ASU 2014-09”), Revenue from Contracts with Customers During February 2016, the FASB issued ASU No. 2016-02 (“ASU 2016-02”), Leases (Topic 842) During August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern During March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting Compensation - Stock Compensation |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of inventory | Inventories consist of the following: September 30, 2016 December 31, 2015 Raw materials $ 275 $ 184 Finished goods 436 530 711 714 Allowance for excess inventory quantities (52 ) (52 ) $ 659 $ 662 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of various assumptions used to calculate the Black-Scholes option pricing model for stock options granted during the periods | 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 Sept 30, 2016 Sept 30, 2015 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 Sept 30, 2016 Sept 30, 2015 Weighted-average risk-free interest rates: 1.4 % 1.7 % 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: $ 0.34 $ 0.44 |
Earnings Per Share (Details Nar
Earnings Per Share (Details Narrative) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Stock Options [Member] | ||||
Antidilutive securities | 803,000 | 154,000 | 493,000 | 137,000 |
Notes and Line of Credit (Detai
Notes and Line of Credit (Detail Narratives) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016USD ($) | Jul. 31, 2014USD ($) | |
Letter of Credit [Member] | ||
Letter of credit and related promissory note | $ 30 | |
Basis spread variable interest rate | 1.00% | |
Variable interest rate basis | Prime rate | |
Line of Credit [Member] | ||
Basis spread variable interest rate | 1.00% | |
Variable interest rate basis | Prime rate | |
Line of credit facility, maximum borrowing capacity | $ 300 | |
Borrowing capacity as percentage of accounts receivable | 75.00% | |
Minimum amount of cash required on advances | $ 1,000 | |
Line of credit facility, expiration date | Mar. 4, 2017 | |
Number of advances | 2 |
Inventories (Detail)
Inventories (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 275 | $ 184 |
Finished goods | 436 | 530 |
Inventory gross, Total | 711 | 714 |
Allowance for excess inventory quantities | (52) | (52) |
Total | $ 659 | $ 662 |
Share-Based Compensation (Detai
Share-Based Compensation (Detail Narratives) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation expense | $ 41 | $ 46 | $ 129 | $ 141 | |
Total unrecognized compensation cost related to nonvested share-based compensation arrangements granted | $ 216 | $ 216 | |||
Weighted-average period over which unrecognized compensation is expected to be recognized | 1 year 9 months 18 days | ||||
Common stock issued pursuant to option exercises | 44,500 | 69,333 | |||
Proceeds from exercise of stock options | $ 18 | $ 26 | |||
Stock options outstanding, beginning of period | 2,574,000 | ||||
Stock options granted | 419,390 | 461,100 | |||
Stock options forfeited | 64,900 | 248,900 | |||
Stock options outstanding, end of period | 2,884,000 | 2,884,000 | |||
Weighted average exercise price | $ .79 | $ .79 | $ 0.95 | ||
Stock Appreciation Rights (SARs) [Member] | Less than [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Fair value of the liability | $ 1 | $ 1 | $ 1 |
Share-Based Compensation (Det22
Share-Based Compensation (Detail) - $ / shares | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Weighted-average risk-free interest rates | 1.70% | 1.40% | 1.74% |
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 | $ 0.34 | $ 0.34 | $ 0.44 |
Significant Customers and Con23
Significant Customers and Contingencies (Detail Narratives) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | |
Number of major customers | 3 | ||||
Accounts receivable | $ 1,304 | $ 1,304 | $ 507 | ||
Net earnings | (425) | $ (155) | (573) | $ (854) | |
Customers One [Member] | |||||
Accounts receivable | $ 784 | $ 871 | $ 784 | $ 871 | |
Customers One [Member] | Customer Concentration Risk [Member] | Sales [Member] | |||||
Revenue from top customers | 65.00% | 69.00% | 69.00% | 62.00% | |
Customers Two [Member] | |||||
Accounts receivable | $ 122 | $ 85 | $ 122 | $ 85 | |
Customers Two [Member] | Customer Concentration Risk [Member] | Sales [Member] | |||||
Revenue from top customers | 5.00% | 3.00% | 6.00% | 5.00% | |
Customers Three [Member] | |||||
Accounts receivable | $ 150 | $ 0 | $ 150 | $ 0 | |
Customers Three [Member] | Customer Concentration Risk [Member] | Sales [Member] | |||||
Revenue from top customers | 6.00% | 0.00% | 3.00% | 6.00% | |
BASF [Member] | |||||
Supply Agreement | 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. | ||||
Net earnings | $ 0 | ||||
Equipment sale - net book value equipment and upgrades | 115.00% | 115.00% | |||
Equipment sale - original book value of equipment and upgrades | 30.00% | 30.00% | |||
Equipment sale - net book value equipment | 115.00% | 115.00% | |||
BASF [Member] | Greater than [Member] | |||||
Accelerated debt maturity - principal amount debt | $ 10,000 | $ 10,000 | |||
BASF [Member] | Less than [Member] | |||||
Cash, cash equivalents and investments | $ 1,000 | $ 1,000 |
Business Segmentation and Geo24
Business Segmentation and Geographical Distribution (Detail Narratives) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | |
Number of operating segment | 1 | |||
Non-Domestic Revenue [Member] | ||||
Revenue from international sources | $ 143 | $ 398 | $ 618 | $ 962 |