Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 01, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'PERMA FIX ENVIRONMENTAL SERVICES INC | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 11,448,894 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0000891532 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Current assets: | ' | ' |
Cash | $36,000 | $333,000 |
Restricted cash | 35,000 | 35,000 |
Accounts receivable, net of allowance for doubtful accounts of $1,919 and $1,932, respectively | 10,900,000 | 8,106,000 |
Unbilled receivables - current | 4,201,000 | 4,917,000 |
Inventories | 507,000 | 520,000 |
Prepaid and other assets | 2,212,000 | 3,084,000 |
Current assets related to discontinued operations | 79,000 | 3,114,000 |
Total current assets | 17,970,000 | 20,109,000 |
Property and equipment: | ' | ' |
Buildings and land | 19,863,000 | 19,486,000 |
Equipment | 35,684,000 | 35,279,000 |
Vehicles | 557,000 | 610,000 |
Leasehold improvements | 11,625,000 | 11,625,000 |
Office furniture and equipment | 2,046,000 | 2,046,000 |
Construction-in-progress | 556,000 | 630,000 |
70,331,000 | 69,676,000 | |
Less accumulated depreciation and amortization | -45,921,000 | -43,616,000 |
Net property and equipment | 24,410,000 | 26,060,000 |
Property and equipment related to discontinued operations | 681,000 | 1,367,000 |
Intangibles and other long term assets: | ' | ' |
Permits | 16,718,000 | 16,744,000 |
Goodwill | 950,000 | 1,330,000 |
Other intangible assets – net | 2,701,000 | 2,980,000 |
Unbilled receivables – non-current | 225,000 | 302,000 |
Finite risk sinking fund | 21,321,000 | 21,307,000 |
Other assets | 1,326,000 | 1,401,000 |
Total assets | 86,302,000 | 91,600,000 |
Current liabilities: | ' | ' |
Accounts payable | 5,897,000 | 5,462,000 |
Accrued expenses | 4,758,000 | 5,201,000 |
Disposal/transportation accrual | 2,125,000 | 1,385,000 |
Unearned revenue | 3,182,000 | 4,149,000 |
Current liabilities related to discontinued operations | 2,144,000 | 3,994,000 |
Current portion of long-term debt | 3,555,000 | 2,876,000 |
Total current liabilities | 21,661,000 | 23,067,000 |
Accrued closure costs | 5,366,000 | 5,222,000 |
Other long-term liabilities | 771,000 | 739,000 |
Deferred tax liabilities | 1,072,000 | 1,012,000 |
Long-term liabilities related to discontinued operations | 807,000 | 602,000 |
Long-term debt, less current portion | 10,891,000 | 11,372,000 |
Total long-term liabilities | 18,907,000 | 18,947,000 |
Total liabilities | 40,568,000 | 42,014,000 |
Preferred Stock of subsidiary, $1.00 par value; 1,467,396 shares authorized, 1,284,730 shares issued and outstanding, liquidation value $1.00 per share plus accrued and unpaid dividends of $771 and $738, respectively | 1,285,000 | 1,285,000 |
Stockholders' Equity: | ' | ' |
Common Stock, $.001 par value; 75,000,000 shares authorized, 11,440,228 and 11,406,573 shares issued, respectively; 11,432,586 and 11,398,931 shares outstanding, respectively | 11,000 | 11,000 |
Additional paid-in capital | 103,566,000 | 103,454,000 |
Accumulated deficit | -59,036,000 | -55,078,000 |
Accumulated other comprehensive (loss) income | -4,000 | 2,000 |
Less Common Stock in treasury, at cost; 7,642 shares | -88,000 | -88,000 |
Total stockholders' equity | 44,449,000 | 48,301,000 |
Total liabilities and stockholders' equity | $86,302,000 | $91,600,000 |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, net of allowance for doubtful accounts (in Dollars) | $1,919 | $1,932 |
Preferred Stock of subsidiary, par value (in Dollars per share) | $1 | $1 |
Preferred Stock of subsidiary, shares authorized | 1,467,396 | 1,467,396 |
Preferred Stock of subsidiary, shares issued | 1,284,730 | 1,284,730 |
Preferred Stock of subsidiary, shares outstanding | 1,284,730 | 1,284,730 |
Preferred Stock of subsidiary, liquidation value per share | 1 | 1 |
Preferred Stock of subsidiary, accrued and unpaid dividends (in Dollars) | $771 | $738 |
Preferred stock par value (in Dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock par value (in Dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 11,440,228 | 11,406,573 |
Common stock, shares outstanding | 11,432,586 | 11,398,931 |
Common Stock in treasury, at cost | 7,642 | 7,642 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net revenues | $12,657,000 | $22,784,000 | $23,201,000 | $42,613,000 |
Cost of goods sold | 11,100,000 | 18,761,000 | 21,551,000 | 38,053,000 |
Gross profit | 1,557,000 | 4,023,000 | 1,650,000 | 4,560,000 |
Selling, general and administrative expenses | 2,970,000 | 3,370,000 | 6,182,000 | 7,556,000 |
Research and development | 317,000 | 402,000 | 687,000 | 901,000 |
Impairment loss on goodwill | 380,000 | 1,149,000 | 380,000 | 1,149,000 |
(Gain) loss on disposal of property and equipment | -16,000 | ' | -16,000 | 2,000 |
Loss from operations | -2,094,000 | -898,000 | -5,583,000 | -5,048,000 |
Other income (expense): | ' | ' | ' | ' |
Interest income | 6,000 | 9,000 | 14,000 | 18,000 |
Interest expense | -214,000 | -200,000 | -367,000 | -344,000 |
Interest expense-financing fees | -36,000 | -24,000 | -81,000 | -47,000 |
Other | 7,000 | 1,000 | 14,000 | -7,000 |
Loss from continuing operations before taxes | -2,331,000 | -1,112,000 | -6,003,000 | -5,428,000 |
Income tax expense (benefit) | 30,000 | -132,000 | 60,000 | -1,560,000 |
Loss from continuing operations, net of taxes | -2,361,000 | -980,000 | -6,063,000 | -3,868,000 |
(Loss) income from discontinued operations, net of taxes | -1,169,000 | 43,000 | -1,436,000 | 15,000 |
Gain on insurance settlement of discontinued operations, net of taxes | 3,541,000 | ' | 3,541,000 | ' |
Net income (loss) | 11,000 | -937,000 | -3,958,000 | -3,853,000 |
Net loss attributable to non-controlling interest | ' | -61,000 | ' | -64,000 |
Net income (loss) attributable to Perma-Fix Environmental Services, Inc. common stockholders | $11,000 | ($876,000) | ($3,958,000) | ($3,789,000) |
Net (loss) income per common share attributable to Perma-Fix Environmental Services, Inc. stockholders - basic and diluted: | ' | ' | ' | ' |
Continuing operations (in Dollars per share) | ($0.21) | ($0.08) | ($0.53) | ($0.34) |
Discontinued operations (in Dollars per share) | ($0.10) | ' | ($0.13) | ' |
Gain on insurance settlement of discontinued operations, net of taxes (in Dollars per share) | $0.31 | ' | $0.31 | ' |
Net loss per common share (in Dollars per share) | ' | ($0.08) | ($0.35) | ($0.34) |
Number of common shares used in computing net loss per share: | ' | ' | ' | ' |
Basic (in Shares) | 11,433 | 11,267 | 11,426 | 11,261 |
Diluted (in Shares) | 11,433 | 11,267 | 11,426 | 11,261 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Net income (loss) | $11,000 | ($937,000) | ($3,958,000) | ($3,853,000) |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation gain (loss) | 10,000 | ' | -6,000 | -2,000 |
Total other comprehensive income (loss) | 10,000 | ' | -6,000 | -2,000 |
Comprehensive income (loss) | 21,000 | -937,000 | -3,964,000 | -3,855,000 |
Comprehensive loss attributable to non-controlling interest | ' | -61,000 | ' | -64,000 |
Comprehensive income (loss) attributable to Perma-Fix Environmental Services, Inc. stockholders | $21,000 | ($876,000) | ($3,964,000) | ($3,791,000) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Cash flows from operating activities: | ' | ' |
Net loss | ($3,958,000) | ($3,853,000) |
Less: income on discontinued operations | 2,105,000 | 15,000 |
Loss from continuing operations | -6,063,000 | -3,868,000 |
Depreciation and amortization | 2,309,000 | 2,576,000 |
Amortization of debt discount | 43,000 | ' |
Amortization of fair value of customer contracts | ' | -1,043,000 |
Deferred tax expense (benefit) | 60,000 | -1,636,000 |
(Benefit) provision for bad debt and other reserves | -6,000 | 43,000 |
Impairment loss on goodwill | 380,000 | 1,149,000 |
(Gain) loss on disposal of plant, property and equipment | -16,000 | 2,000 |
Foreign exchange loss | -6,000 | -2,000 |
Issuance of common stock for services | 129,000 | 99,000 |
Stock-based compensation | -17,000 | 54,000 |
Accounts receivable | -2,654,000 | 60,000 |
Unbilled receivables | 793,000 | 1,482,000 |
Prepaid expenses, inventories and other assets | 966,000 | 1,078,000 |
Accounts payable, accrued expenses and unearned revenue | -247,000 | -3,603,000 |
Cash used in continuing operations | -4,329,000 | -3,609,000 |
Cash used in discontinued operations | -1,527,000 | -167,000 |
Cash used in operating activities | -5,856,000 | -3,776,000 |
Cash flows from investing activities: | ' | ' |
Purchases of property and equipment | -333,000 | -175,000 |
Proceeds from sale of property and equipment | 42,000 | ' |
Non-controlling distribution/redemption | ' | -508,000 |
Payment to finite risk sinking fund | -14,000 | -18,000 |
Cash used in investing activities of continuing operations | -305,000 | -701,000 |
Proceeds from property insurance claims of discontinued operations (see Note 10) | 5,727,000 | ' |
Net cash provided by (used in) investing activities | 5,422,000 | -701,000 |
Cash flows from financing activities: | ' | ' |
Net borrowing of revolving credit | 1,391,000 | 1,671,000 |
Principal repayments of long term debt | -1,236,000 | -1,449,000 |
Cash provided by financing activities of continuing operations | 155,000 | 222,000 |
Principal repayments of long term debt for discontinued operations | -18,000 | -18,000 |
Cash provided by financing activities | 137,000 | 204,000 |
Decrease in cash | -297,000 | -4,273,000 |
Cash at beginning of period | 333,000 | 4,368,000 |
Cash at end of period | 36,000 | 95,000 |
Interest paid | 341,000 | 353,000 |
Income taxes paid | $30,000 | $104,000 |
Note_1_Basis_of_Presentation
Note 1 - Basis of Presentation | 6 Months Ended | |
Jun. 30, 2014 | ||
Disclosure Text Block [Abstract] | ' | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' | |
1 | Basis of Presentation | |
The condensed consolidated financial statements included herein have been prepared by the Company (which may be referred to as we, us or our), without an audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“the Commission”). Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations, although the Company believes the disclosures which are made are adequate to make the information presented not misleading. Further, the condensed consolidated financial statements reflect, in the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position and results of operations as of and for the periods indicated. The results of operations for the six months ended June 30, 2014 are not necessarily indicative of results to be expected for the fiscal year ending December 31, 2014. | ||
The Company suggests that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2013. | ||
Reverse Stock Split | ||
The Company effected a reverse stock split at a ratio of 1-for-5 of the Company’s then outstanding Common Stock (“Common Stock”), and shares of Common Stock issuable upon exercise of the then outstanding stock options and warrants, effective as of 12:01 a.m. on October 15, 2013. As a result of the reverse stock split, each five shares of the outstanding Common Stock and shares held in treasury were combined into one share of Common Stock without any change to the par value per share. The reverse stock split did not affect the number of authorized shares of Common Stock which remains at 75,000,000. As a result of this reverse stock split, all references in the financial statements and notes thereto to the number of shares outstanding, per share amounts, and outstanding stock option and warrant data of the Company’s Common Stock have been restated to reflect the effect of the stock split for all periods presented. | ||
Going Concern | ||
The accompanying financial statements have been prepared assuming the Company will continue as a going concern. Our former independent registered public accounting firm included in its report covering our 2013 audited consolidated financial statements an explanatory paragraph regarding substantial doubt about the Company’s ability to continue as a going concern. The Company’s financial position and operating results raise substantial doubt about the Company’s ability to continue as a going concern, as reflected by the accumulated deficit of $59,036,000 incurred through June 30, 2014. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. During the six months ended June 30, 2014, the Company incurred a net loss of $3,958,000 (which included a gain on insurance settlement of approximately $3,541,000 recorded in the second quarter from our Perma-Fix of South Georgia, Inc. subsidiary which suffered a fire on August 14, 2013 (See Note 10 – “Discontinued Operations and Divestitures” for further information of this insurance settlement)). As of June 30, 2014, the Company has a deficit in working capital of $3,691,000. Revenues for the six months ended June 30, 2014 were $23,201,000 and were below our expectations and internal forecasts as a result of, in large part to, the reduced and inconsistent (seasonal) spending of government clients operating under reduced budgets, completion of contracts, and general adverse economic conditions. | ||
The Company’s cash flow requirements during the six months ended June 30, 2014 and fiscal year 2013 were financed by cash on hand, operations, our credit facility, and debt financings. The Company is continually reviewing operating costs and is committed to further reducing operating costs to bring them in line with revenue levels when deemed necessary. | ||
Our ability to achieve and maintain profitability is dependent upon our ability to successfully raise additional capital, cut our cost, sale of assets, and develop our business plans that will generate profitable revenues. The Company continues to explore all sources of increasing revenue. If the Company is unable, in the near term, to raise capital or sale of assets on commercially reasonable terms or increase revenue, it may not have sufficient cash to sustain its operations for the remainder of 2014. As a result, the Company may be forced to further reduce or even curtail its operations. | ||
The Company continues to focus on expansion into both commercial and international markets to help offset the uncertainties of government spending in the USA. This includes new services, new customers and increasing market share in our current markets. Although no assurances can be given, the Company believes it will be able to successfully implement this plan. In January 2014, the fiscal year 2014 Omnibus spending bill was approved by Congress and the President. This federal budget, the first approved in several years, restores federal government funding cuts instituted in 2013 from sequestration and allows for new spending on projects that were not allowed under Continuing Resolutions (“CR”). The Company is beginning to see improvement in our business with a number of sizable projects being awarded in our Services Segment and higher waste streams received in the Treatment Segment in the latter part of the second quarter of 2014. |
Note_2_Summary_of_Significant_
Note 2 - Summary of Significant Accounting Policies | 6 Months Ended | |
Jun. 30, 2014 | ||
Accounting Policies [Abstract] | ' | |
Significant Accounting Policies [Text Block] | ' | |
2 | Summary of Significant Accounting Policies | |
Our accounting policies are as set forth in the notes to the December 31, 2013 consolidated financial statements referred to above. | ||
Recently Adopted Accounting Standards | ||
In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” ASU 2014-08, among other things, raises the threshold for disposals to qualify as discontinued operations. Under ASU 2014-08, a discontinued operation is (1) a component of an entity or group of components that has been disposed of by sale, disposed of other than by sale or is classified as held for sale that represents a strategic shift that has or will have a major effect on an entity’s operations and financial results or (2) an acquired business or nonprofit activity that is classified as held for sale on the date of the acquisition. ASU 2014-08 also requires additional disclosures for discontinued operations and new disclosures for individually material disposal transactions that do not meet the definition of a discontinued operation. This ASU is effective for annual periods beginning on or after December 15, 2014 and interim periods within that year. Early adoption of ASU 2014-08 is permitted but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issue. On April 3, 2014, the Company’s Board of Directors (“Board”) authorized management to pursue the sale of our Schreiber, Yonley and Associates, Inc. (“SYA”) subsidiary, subject to final approval by the Board. As a result of ASU 2014-08, the Company would not be required to present SYA as discontinued operations. The sale of SYA would not represent a strategic shift that will have a major effect on the Company's operations and financial results as defined by ASU 2014-08. The Company has elected to early adopt ASU 2014-08 for the quarter ended June 30, 2014. The Company will continue to present discontinued operations as previously presented in the Company's fiscal 2013 Annual Report on Form 10-K. | ||
Recently Issued Accounting Standards | ||
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 provides a single, comprehensive revenue recognition model for all contracts with customers. The revenue guidance contains principles that an entity will apply to determine the measurement of revenue and timing of when it is recognized. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The standard will be effective for the first interim period within annual reporting periods beginning after December 15, 2016 for public entities, with no early adoption permitted. The Company is still evaluating the potential impact of adopting this guidance on our financial statements. | ||
In June 2014, the FASB issued ASU 2014-12, “Compensation Stock – Compensation (Topic 718).” ASU 2014-12 applies to all reporting entities that grant their employees share-based payments in which the terms of the award provide that a performance target that affects vesting could be achieved after the requisite service period. It requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition and follows existing accounting guidance for the treatment of performance conditions. The standard will be effective for annual periods and interim periods within those annual periods beginning after December 15, 2015, with early adoption permitted. The Company is still evaluating the potential impact of adopting this guidance on our financial statements. |
Note_3_CEE_Opportunity_Partner
Note 3 - CEE Opportunity Partners Poland S.A (n/k/a Perma-Fix Medical S.A.) | 6 Months Ended | |
Jun. 30, 2014 | ||
Acquisition Of Entity Disclosure [Abstract] | ' | |
Acquisition Of Entity Disclosure [Text Block] | ' | |
3 | CEE Opportunity Partners Poland S.A (n/k/a Perma-Fix Medical S.A.) | |
On April 4, 2014, the Company completed the acquisition of 80% of CEE Opportunity Partners Poland S.A. (“the Polish shell”), a publicly traded shell company on the NewConnect (alternative share market run by the Warsaw Stock Exchange) in Poland, for $1.00 (U.S.) and sold to the Polish shell all of the shares of Perma-Fix Medical Corporation, a Delaware corporation (“PF Medical”) organized by the Company. PF Medical’s only asset was a worldwide license granted by the Company to use, develop and market the new process and technology developed by the Company in the production of Technetium-99 (Tc-99m) for medical diagnostic applications. Since the acquired shell company does not meet the definition of a business under Accounting Standards Codification (“ASC”) 805, “Business Combinations”, the transaction was accounted for as a capital transaction. The Company renamed the Polish shell to Perma-Fix Medical S.A (“PF Medical S.A.”). The primary purpose of PF Medical S.A. is to provide a financing vehicle for the development and marketing of its medical isotope (Tc-99m) technology used in medical diagnostic testing for potential use throughout the world. See Note 13 - “Subsequent Events” for a discussion of such financing. |
Note_4_Other_Intangible_Assets
Note 4 - Other Intangible Assets | 6 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||||||||||||||
Intangible Assets Disclosure [Text Block] | ' | ||||||||||||||||||||||||||||
4 | Other Intangible Assets and Goodwill | ||||||||||||||||||||||||||||
The following table summarizes information relating to the Company’s other intangible assets: | |||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||||||||||
Useful | Gross | Net | Gross | Net | |||||||||||||||||||||||||
Lives | Carrying | Accumulated | Carrying | Carrying | Accumulated | Carrying | |||||||||||||||||||||||
(Years) | Amount | Amortization | Amount | Amount | Amortization | Amount | |||||||||||||||||||||||
Intangibles (amount in thousands) | |||||||||||||||||||||||||||||
Patent | 18-Aug | $ | 546 | $ | (169 | ) | $ | 377 | $ | 514 | $ | (155 | ) | $ | 359 | ||||||||||||||
Software | 3 | 394 | (305 | ) | 89 | 379 | (258 | ) | 121 | ||||||||||||||||||||
Non-compete agreement | 1.2 | 265 | (252 | ) | 13 | 265 | (174 | ) | 91 | ||||||||||||||||||||
Customer contracts | 0.5 | 790 | (790 | ) | - | 790 | (790 | ) | - | ||||||||||||||||||||
Customer relationships | 12 | 3,370 | (1,148 | ) | 2,222 | 3,370 | (961 | ) | 2,409 | ||||||||||||||||||||
Total | $ | 5,365 | $ | (2,664 | ) | $ | 2,701 | $ | 5,318 | $ | (2,338 | ) | $ | 2,980 | |||||||||||||||
The intangible assets are amortized on a straight-line basis over their useful lives with the exception of customer relationships which are being amortized using an accelerated method. | |||||||||||||||||||||||||||||
The following table summarizes the expected amortization over the next five years for our definite-lived intangible assets (which include the one definite-lived permit at our Diversified Scientific Services, Inc. (“DSSI”) subsidiary): | |||||||||||||||||||||||||||||
Amount | |||||||||||||||||||||||||||||
Year | (In thousands) | ||||||||||||||||||||||||||||
2014 (remaining) | $ | 246 | |||||||||||||||||||||||||||
2015 | 478 | ||||||||||||||||||||||||||||
2016 | 419 | ||||||||||||||||||||||||||||
2017 | 385 | ||||||||||||||||||||||||||||
2018 | 355 | ||||||||||||||||||||||||||||
$ | 1,883 | ||||||||||||||||||||||||||||
Amortization expense relating to intangible assets noted above and our one definite-lived permit for the Company was $176,000 and $352,000 for the three and six months ended June 30, 2014, respectively, and $179,000 and $343,000 for the three and six months ended June 30, 2013, respectively. | |||||||||||||||||||||||||||||
Goodwill Impairment | |||||||||||||||||||||||||||||
On April 3, 2014, the Company’s Board of Directors (“Board”) approved management to pursue the sale of our SYA subsidiary. As permitted by ASC Topic 350 “Intangible – Goodwill and Other,” when an impairment indicator arises, the Company may recognize its best estimate of that impairment loss. Based on the Company’s preliminary analysis prepared as of June 30, 2014, the Company recorded a goodwill impairment charge of $380,000 during the three months ended June 30, 2014 for the SYA reporting unit. $950,000 of goodwill remains for this reporting unit. | |||||||||||||||||||||||||||||
During the second quarter of 2013, the Company recorded a goodwill impairment charge of $1,149,000 which represented the total goodwill for our CH Plateau Remediation Company (“CHPRC”) reporting unit, our operation under the CHPRC subcontract. This subcontract expired on September 30, 2013. | |||||||||||||||||||||||||||||
The impairment charges noted above are noncash in nature and did not affect our liquidity or cash flows from operating activities. Additionally, the goodwill impairment had no effect on our borrowing availability or covenants under our credit facility agreement. |
Note_5_Stock_Based_Compensatio
Note 5 - Stock Based Compensation | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||
5 | Stock Based Compensation | ||||||||||||||||
The Company follows FASB ASC 718, “Compensation – Stock Compensation” (“ASC 718”) to account for stock-based compensation. ASC 718 requires all stock-based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values. | |||||||||||||||||
The Company has certain stock option plans under which it awards incentive and non-qualified stock options to employees, officers, and outside directors. Stock options granted to employees have either a ten year contractual term with one-fifth yearly vesting over a five year period or a six year contractual term with one-third yearly vesting over a three year period. Stock options granted to outside directors have a ten year contractual term with vesting period of six months. | |||||||||||||||||
No stock options were granted during the first six months of 2014 or 2013. | |||||||||||||||||
As of June 30, 2014, the Company had an aggregate of 131,600 employee stock options outstanding (from the 2004 Stock Option Plan), of which all are vested. The weighted average exercise price of the 131,600 outstanding and fully vested employee stock options is $10.72 with a remaining weighted contractual life of 0.2 years. Additionally, the Company had an aggregate of 169,200 outstanding director stock options (from the 2003 Outside Directors Stock Plans), of which all are vested. The weighted average exercise price of the 169,200 outstanding and fully vested director stock options is $9.18 with a remaining weighted contractual life of 4.8 years. | |||||||||||||||||
The Company estimates fair value of stock options using the Black-Scholes valuation model. Assumptions used to estimate the fair value of stock options granted include the exercise price of the award, the expected term, the expected volatility of the Company’s stock over the option’s expected term, the risk-free interest rate over the option’s expected term, and the expected annual dividend yield. | |||||||||||||||||
The following table summarizes stock-based compensation recognized for the three and six months ended June 30, 2014 and 2013 for our employee and director stock options. | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
Stock Options | June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Employee Stock Options | $ | - | $ | 3,000 | $ | (39,000 | ) | $ | 36,000 | ||||||||
Director Stock Options | 1,000 | - | 22,000 | 18,000 | |||||||||||||
Total | $ | 1,000 | $ | 3,000 | $ | (17,000 | ) | $ | 54,000 | ||||||||
The Company recognized stock-based compensation expense using a straight-line amortization method over the requisite service period, which is the vesting period of the stock option grant. ASC 718 requires that stock based compensation expense be based on options that are ultimately expected to vest. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company has generally estimated forfeiture rates based on historical trends of actual forfeitures. When actual forfeitures vary from our estimates, the Company recognizes the difference in compensation expense in the period the actual forfeitures occur or when options vest. The total stock-based compensation expense for the six months ended June 30, 2014 included a reduction in expense of approximately $54,000 resulting from the forfeiture of options by Mr. Jim Blankenhorn, our Chief Operating Officer (“COO”), who voluntarily resigned from the Company effective March 28, 2014. The COO was granted an option from the Company’s 2010 Stock Option Plan on July 25, 2011, to purchase up to 60,000 shares of the Company’s Common Stock at $7.85 per share. The options had a six year contractual term with one-third yearly vesting over a three year period. |
Note_6_Stock_Plans_and_NonQual
Note 6 - Stock Plans and Non-Qualified Option Agreement | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | ||||||||||||||||
6 | Stock Plans and Non-Qualified Option Agreement | ||||||||||||||||
The summary of the Company’s total Stock Plans and a Non-Qualified Stock Option Agreement as of June 30, 2014, as compared to June 30, 2013, and changes during the periods then ended, are presented below. The Company’s Plans consist of the 1993 Non-Qualified Stock Option Plan (last options expired February 2013), the 2004 and 2010 Stock Option Plans, and the 2003 Outside Directors Stock Plans: | |||||||||||||||||
Shares | Weighted Average | Weighted Average | Aggregate | ||||||||||||||
Exercise Price | Remaining | Intrinsic | |||||||||||||||
Contractual Term | Value | ||||||||||||||||
Options outstanding Janury 1, 2014 | 362,800 | $ | 9.53 | ||||||||||||||
Granted | ─ | ─ | |||||||||||||||
Exercised | ─ | ─ | $ | ─ | |||||||||||||
Forfeited | (62,000 | ) | 7.96 | ||||||||||||||
Options outstanding End of Period (1) | 300,800 | 9.85 | 2.8 | $ | 41,070 | ||||||||||||
Options Exercisable at June 30, 2014(1) | 300,800 | $ | 9.85 | 2.8 | $ | 41,070 | |||||||||||
Options Vested and expected to be vested at June 30, 2014 | 300,800 | $ | 9.85 | 2.8 | $ | 41,070 | |||||||||||
Shares | Weighted Average | Weighted Average | Aggregate | ||||||||||||||
Exercise Price | Remaining | Intrinsic | |||||||||||||||
Contractual Term | Value | ||||||||||||||||
Options outstanding Janury 1, 2013 | 528,800 | $ | 9.82 | ||||||||||||||
Granted | ─ | ─ | |||||||||||||||
Exercised | ─ | ─ | $ | ─ | |||||||||||||
Forfeited | (138,000 | ) | 9.36 | ||||||||||||||
Options outstanding End of Period (2) | 390,800 | 9.98 | 3 | $ | ─ | ||||||||||||
Options Exercisable at June 30, 2013(2) | 350,800 | $ | 10.23 | 2.9 | $ | ─ | |||||||||||
Options Vested and expected to be vested at June 30, 2013 | 390,800 | $ | 9.98 | 3 | $ | ─ | |||||||||||
(1) Options with exercise prices ranging from $2.79 to $14.75 | |||||||||||||||||
(2) Options with exercise prices ranging from $5.50 to $14.75 | |||||||||||||||||
Note_7_Loss_Per_Share
Note 7 - Loss Per Share | 6 Months Ended | |
Jun. 30, 2014 | ||
Earnings Per Share [Abstract] | ' | |
Earnings Per Share [Text Block] | ' | |
7 | Income (Loss) Per Share | |
Basic income (loss) per share excludes any dilutive effects of stock options, warrants, and convertible preferred stock. In periods where they are anti-dilutive, such amounts are excluded from the calculations of dilutive earnings per share. Net loss attributable to non-controlling interests are excluded from loss from continuing operations in the below calculation in accordance with ASC 260, “Earnings Per Share.” | ||
The diluted income (loss) per share calculations exclude options to purchase approximately 276,800 and 276,800 shares of common stock for the three and six months ended June 30, 2014, respectively, and 390,800 and 390,800 shares of common stock for the three and six months ended June 30, 2013, respectively, because their effect would have been antidilutive as a result of the net losses recorded in these periods for continuing operations. |
Note_8_Long_Term_Debt
Note 8 - Long Term Debt | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Long-term Debt [Text Block] | ' | ||||||||
8 | Long Term Debt | ||||||||
Long-term debt consists of the following at June 30, 2014 and December 31, 2013: | |||||||||
(Amounts in Thousands) | 30-Jun-14 | 31-Dec-13 | |||||||
Revolving Credit facility dated October 31, 2011, borrowings based upon eligible accounts receivable, subject to monthly borrowing base calculation, variable interest paid monthly at our option of prime rate (3.25% at June 30, 2014) plus 2.0% or London Interbank Offer Rate ("LIBOR") plus 3.0%, balance due October 31, 2016. Effective interest rate for the first six months of 2014 was 4.3%. (1) | $ | 1,391 | $ | — | |||||
Term Loan dated October 31, 2011, payable in equal monthly installments of principal of $190, balance due in October 31, 2016, variable interest paid monthly at option of prime rate plus 2.5% or LIBOR plus 3.5%. Effective interest rate for the first six months of 2014 was 3.7%. (1) | 10,095 | 11,238 | |||||||
Promissory Note dated February 12, 2013, payable in monthly installments of $10, which includes interest and principal, starting February 28, 2013, interest accrues at annual rate of 6.0%, balance due January 31, 2015. (2) | 69 | 127 | |||||||
Promissory Note dated August 2, 2013, payable in twelve monthly installments of interest only, starting September 1, 2013 and twenty-four monthly installments of $125 in principal plus accrued interest. Interest accrues at annual rate of 2.99%. (2) (3) | 2,820 | 2,777 | |||||||
Various capital lease and promissory note obligations, payable 2014 to 2016, interest at rates ranging from 5.2% to 7.1%. | 88 | 141 | |||||||
14,463 | 14,283 | ||||||||
Less current portion of long-term debt | 3,555 | 2,876 | |||||||
Less long-term debt related to assets held for sale | 17 | 35 | |||||||
$ | 10,891 | $ | 11,372 | ||||||
(1) Our Revolving Credit facility is collateralized by our accounts receivable and our Term Loan is collateralized by our property, plant, and equipment. | |||||||||
(2) Uncollateralized note. | |||||||||
(3) Net of debt discount of ($180,000) and ($223,000) for June 30, 2014 and December 31, 2013, respectively. See “Promissory Notes” below for additional information. | |||||||||
Revolving Credit and Term Loan Agreement | |||||||||
The Company entered into an Amended and Restated Revolving Credit, Term Loan and Security Agreement, dated October 31, 2011, (“Agreement”), with PNC Bank, National Association (“PNC”), acting as agent and lender. The Agreement, as amended (“Loan Agreement”), provides us with the following credit facilities: (a) up to $18,000,000 revolving credit facility (“Revolving Credit”), subject to the amount of borrowings based on a percentage of eligible receivables (as defined) (see below for reduction of the Revolving Credit to $12,000,000) and (b) a term loan (“Term Loan”) of $16,000,000, which requires monthly installments of approximately $190,000 (based on a seven-year amortization). | |||||||||
On April 14, 2014, the Company entered into an Amendment to the Loan Agreement (“Amended Loan Agreement”) with PNC. Pursuant to the Amendment, our lender waived and/or amended the following: | |||||||||
● | reduced our Revolving Credit from up to $18,000,000 to up to $12,000,000. As a result of this Amendment, the Company recorded approximately $37,000 in loss on debt modification (included in interest expense) in accordance with ASC 470-50, “Debt – Modification and Extinguishment;” | ||||||||
● | waived the quarterly fixed charge coverage ratio testing requirement for the first quarter of 2014; | ||||||||
● | revised the methodology to be used in calculating the fixed charge coverage ratio in each of the subsequent quarters of 2014 and changed the minimum quarterly fixed charge coverage ratio requirement of 1:25 to 1:00 to 1:15 to 1:00 for each of the subsequent quarters of 2014; | ||||||||
● | waived the Company’s failure to meet the minimum quarterly fixed charge coverage ratio requirement for the fourth quarter of 2013; | ||||||||
● | waived the requirement that the Company’s consolidated financial statements for the year ended December 31, 2013 be issued without a going concern qualification; and | ||||||||
● | allowed for the purchase of 80% of a subsidiary in Poland (“CEE Opportunity Partners Poland S.A” (or “Polish Subsidiary”) on April 4, 2014) and the formation of Perma-Fix Medical Corporation (“PFMedical” which was incorporated on January 21, 2014), neither of which shall be a credit party under our Amended Loan Agreement; | ||||||||
As a condition of this Amendment, the Company agreed to pay PNC a fee of $30,000, which is being amortized over the term of the Amended Loan Agreement. All other terms of the Amended Loan Agreement remain principally unchanged. | |||||||||
The Amended Loan Agreement terminates as of October 31, 2016, unless sooner terminated. The Company may terminate the Amended Loan Agreement upon 90 days’ prior written notice and upon payment in full of our obligations under the Amended Loan Agreement. No early termination fee shall apply if we pay off our obligations under the Amended Loan Agreement after October 31, 2013. | |||||||||
As of June 30, 2014, the excess availability under our revolving credit was $3,262,000, based on our eligible receivables. This availability excludes $3,850,000 of insurance proceeds that the Company received on June 30, 2014 as settlement in connection with our Perma-Fix of South Georgia, Inc. subsidiary which sustained a fire on August 14, 2013. The Company’s lender, PNC, placed a temporary hold on these funds as of June 30, 2014 until finalization of an Amendment to our Amended Loan Agreement was completed on July 28, 2014. (See Note 10 – “Discontinued Operations and Divestitures” for information regarding the insurance settlement and Note 13 – “Subsequent Event – Amendments to Amended Loan Agreement” for completion of this Amendment and partial release of the $3,850,000 by our lender). | |||||||||
Our credit facility with PNC contains certain financial covenants, along with customary representations and warranties. A breach of any of these financial covenants, unless waived by PNC, could result in a default under our credit facility allowing our lender to immediately require the repayment of all outstanding debt under our credit facility and terminate all commitments to extend further credit. The Company met its fixed charge coverage ratio in the second quarter of 2014 and expects to meet its quarterly fixed charge coverage ratio requirement in each of the remaining quarters of 2014; however, if the Company fails to meet the minimum quarterly fixed charge coverage ratio requirement in the remaining quarters of 2014 and PNC does not waive the non-compliance or further revise our covenant so that the Company is in compliance, our lender could accelerate the repayment of borrowings under our credit facility. In the event that our lender accelerates the payment of our borrowings, the Company may not have sufficient liquidity to repay our debt under our credit facility and other indebtedness. | |||||||||
Promissory Notes | |||||||||
On February 12, 2013, the Company entered into an unsecured promissory note (“new note”) with Timios National Corporation (“TNC” and formerly known as Homeland Security Capital Corporation) in the principal amount of approximately $230,000 as a result of a settlement with TNC in connection with certain claims that the Company asserted against TNC for breach of certain representations and covenant subsequent to our acquisition of Safety & Ecology Holdings Corporation and its subsidiaries (collectively known as Safety and Ecology Corporation or “SEC”) from TNC on October 31, 2011 (See payment terms of this promissory note in the table above). The new note was entered into as a result of the settlement in which a previously issued promissory note ( with principal balance of $1,460,000 at February 12, 2013) that the Company entered into with TNC as partial consideration of the purchase price of SEC was cancelled and terminated and replaced with the new note. The outstanding principal balance of the new note as of June 30, 2014, was approximately $69,000. The new note provides the Company the right to prepay such at any time without interest or penalty. | |||||||||
In the event of default of the new note payable to TNC by the Company, TNC has the option to convert the unpaid portion of the new note into a number of whole shares of the Company’s restricted Common Stock. The number of shares of the Company’s restricted Common Stock issuable is determined by the principal amount owing under the new note at the time of default plus all accrued and unpaid interest and expenses (as defined) divided by the average of the closing price per share of the Company’s Common Stock as reported by the primary national securities exchange on which the Company’s Common Stock is traded during the 30 consecutive trading day period ending on the trading day immediately prior to receipt by the Company of TNC’s written notice of its election to receive the Company’s restricted Common Stock as a result of the event of default by the Company, with the number of shares of the Company’s Common Stock issuable upon such default subject to certain limitations. | |||||||||
On August 2, 2013, the Company completed a lending transaction with Messrs. Robert Ferguson and William Lampson (“collectively, the “Lenders”), whereby the Company borrowed from the Lenders the sum of $3,000,000 pursuant to the terms of a Loan and Security Purchase Agreement and promissory note (the “Loan”) (See payment terms of this promissory note in the table above). The Lenders are stockholders of the Company, having received shares of our Common Stock in connection with the acquisition of our Perma-Fix Northwest Richland, Inc. subsidiary (“PFNWR”) in June 2007. The proceeds from the Loan were used for general working capital purposes. In connection with this Loan, the Lenders entered into a Subordination Agreement dated August 2, 2013, with the Company’s credit facility lender, whereby the Lenders agreed to subordinate payment under the Loan, and agreed that the Loan will be junior in right of payment to the credit facility in the event of default or bankruptcy or other insolvency proceeding by the Company. As consideration for the Company receiving the Loan, the Company issued a Warrant to each Lender to purchase up to 35,000 shares of the Company’s Common Stock at an exercise price based on the closing price of the Company’s Common Stock at the closing of the transaction which was determined to be $2.23. The Warrants are exercisable six months from August 2, 2013 and expire on August 2, 2016. The fair value of the Warrants was estimated to be approximately $59,000 using the Black-Scholes option pricing model. As further consideration for the Loan, the Company also issued an aggregate 90,000 shares of the Company’s Common Stock, with each Lender receiving 45,000 shares. The Company determined the fair value of the 90,000 shares of Common Stock to be approximately $200,000 which was based on the closing price of the stock of $2.23 per share on August 2, 2013. The fair value of the Warrants and Common Stock and the related closing fees incurred from the transaction were recorded as a debt discount, which is being amortized using the effective interest method over the term of the loan as interest expense – financing fees. | |||||||||
In the event of default of the promissory note by the Company, the Lenders have the option to receive a cash payment equal to the amount of the unpaid principal balance plus all accrued and unpaid interest (“Payoff Amount”), or the number of whole shares of the Company’s Common Stock equal to the Payoff Amount divided by the closing bid price of the Company’s Common Stock on the date immediately prior to the date of default of the promissory note, as reported by the primary national securities exchange on which the Company’s Common Stock is traded. The maximum number of payoff shares is restricted to less than 20% of the outstanding equity. |
Note_9_Commitments_and_Conting
Note 9 - Commitments and Contingencies | 6 Months Ended | |
Jun. 30, 2014 | ||
Commitments and Contingencies Disclosure [Abstract] | ' | |
Commitments and Contingencies Disclosure [Text Block] | ' | |
9 | Commitments and Contingencies | |
Hazardous Waste | ||
In connection with our waste management services, the Company handles hazardous waste, non-hazardous waste, low level radioactive waste and mixed waste (containing both hazardous and low level radioactive waste), which the Company transports to our own, or other, facilities for destruction or disposal. As a result of disposing of these substances, in the event any cleanup is required, the Company could be a potentially responsible party for the costs of the cleanup notwithstanding any absence of fault on our part. | ||
Legal Matters | ||
In the normal course of conducting our business, the Company is involved in various litigation. We are not a party to any litigation or governmental proceeding which our management believes could result in any judgments or fines against us that would have a material adverse effect on our financial position, liquidity or results of future operations. | ||
Insurance | ||
The Company has a 25-year finite risk insurance policy entered into in June 2003 with American International Group, Inc. (“AIG”), which provides financial assurance to the applicable states for our permitted facilities in the event of unforeseen closure. The policy, as amended, provides for a maximum allowable coverage of $39,000,000 and has available capacity to allow for annual inflation and other performance and surety bond requirements. All of the required payments for this finite risk insurance policy, as amended, were made by the first quarter of 2012. As of June 30, 2014, our financial assurance coverage amount under this policy totaled approximately $38,679,000. The Company has recorded $15,420,000 in our sinking fund related to the policy noted above in other long term assets on the accompanying balance sheets, which includes interest earned of $948,000 on the sinking fund as of June 30, 2014. Interest income for three and six months ended June 30, 2014, was approximately $5,000 and $11,000, respectively. On the fourth and subsequent anniversaries of the contract inception, the Company may elect to terminate this contract. If the Company so elects, AIG is obligated to pay us an amount equal to 100% of the sinking fund account balance in return for complete releases of liability from both us and any applicable regulatory agency using this policy as an instrument to comply with financial assurance requirements. | ||
In August 2007, the Company entered into a second finite risk insurance policy for our PFNWR facility with AIG. The policy provided an initial $7,800,000 of financial assurance coverage with an annual growth rate of 1.5%, which at the end of the four year term policy, provides maximum coverage of $8,200,000. The Company has made all of the required payments on this policy. As of June 30, 2014, the Company has recorded $5,901,000 in our sinking fund related to this policy in other long term assets on the accompanying balance sheets, which includes interest earned of $201,000 on the sinking fund as of June 30, 2014. Interest income for the three and six months ended June 30, 2014 was approximately $1,000 and $3,000, respectively. This policy is renewed annually at the end of the four year term with a nominal fee for the variance between the coverage requirement and the sinking fund balance. The Company has renewed this policy annually from 2011 to 2013 with an annual fee of $46,000. All other terms of the policy remain substantially unchanged. |
Note_10_Discontinued_Operation
Note 10 - Discontinued Operations and Divestitures | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | ||||||||||||||||
10 | Discontinued Operations and Divestitures | ||||||||||||||||
Our discontinued operations consist of our Perma-Fix of South Georgia, Inc. (“PFSG”) facility which met the held for sale criteria under ASC 360, “Property, Plant, and Equipment” on October 6, 2010. Our discontinued operations also encompass our Perma-Fix of Fort Lauderdale, Inc. (“PFFL”), Perma-Fix of Orlando, Inc. (“PFO”), Perma-Fix of Maryland, Inc. (“PFMD”), Perma-Fix of Dayton, Inc. (“PFD”), and Perma-Fix Treatment Services, Inc. (“PFTS”) facilities, which were divested on August 12, 2011, October 14, 2011, January 8, 2008, March 14, 2008, and May 30, 2008, respectively. Our discontinued operations also include two previously shut down locations, Perma-Fix of Michigan, Inc. (“PFMI”), and Perma-Fix of Memphis, Inc. (“PFM”). | |||||||||||||||||
On August 14, 2013, our PFSG facility incurred fire damage which left it non-operational. Certain equipment and portions of the building structures were damaged. The Company carries general liability, pollution, property and business interruption, and workers compensation insurance with a maximum deductible of approximately $300,000. On June 20, 2014, the Company entered into a settlement agreement and release with one of its insurance carriers, resulting in receipt of approximately $3,850,000 in insurance settlement proceeds on June 30, 2014, which was used to pay down the Company’s Revolving Credit facility. During the second quarter of 2014, the Company recognized a gain of $3,541,000, which was comprised of $2,980,000 on disposal of property and equipment and $561,000 of expenses, clean-up costs, and business interruption recoveries. During the six months ended June 30, 2014, the Company received $8,462,000 of insurance proceeds of which $5,727,000 was for property and equipment and $2,735,000 was for expenses, clean-up costs, and business interruption recoveries. During the twelve months ended December 31, 2013, the Company received $3,664,000 of insurance proceeds of which $1,750,000 was for property and equipment and $1,914,000 was for expenses, clean-up costs, and business interruption recoveries. | |||||||||||||||||
The Company is currently evaluating options regarding the future operation of the PFSG facility. The Company continues to market our PFSG facility for sale. As required by ASC 360, based on our internal financial valuations, the Company concluded that tangible asset impairments existed for PFSG as of June 30, 2014 and recorded approximately $685,000 of asset impairment charges in the second quarter of 2014 (included in “loss from discontinued operations, net of taxes”). No remaining intangible assets exist at PFSG. | |||||||||||||||||
The following table summarizes the results of discontinued operations for the three and six months ended June 30, 2014 and 2013. The operating results of discontinued operations are included in our Consolidated Statements of Operations as part of our “Loss (income) from discontinued operations, net of taxes.” | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
(Amounts in Thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Net revenues | $ | — | $ | 809 | $ | — | $ | 1,472 | |||||||||
Interest expense | $ | (6 | ) | $ | (9 | ) | $ | (7 | ) | $ | (13 | ) | |||||
Operating (loss) income from discontinued operations | $ | (1,169 | ) | $ | 67 | $ | (1,436 | ) | $ | 26 | |||||||
Income tax expense | $ | — | $ | 24 | $ | — | $ | 11 | |||||||||
Gain on insurance settlementl of discontinued operations | $ | 3,541 | $ | - | $ | 3,541 | $ | - | |||||||||
Income from discontinued operations | $ | 2,372 | $ | 43 | $ | 2,105 | $ | 15 | |||||||||
Note_11_Operating_Segments
Note 11 - Operating Segments | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||||||
11 | Operating Segments | ||||||||||||||||||||
In accordance with ASC 280, “Segment Reporting”, the Company defines an operating segment as a business activity: | |||||||||||||||||||||
● | from which we may earn revenue and incur expenses; | ||||||||||||||||||||
● | whose operating results are regularly reviewed by the Chief Operating Officer to make decisions about resources to be allocated to the segment and assess its performance; and | ||||||||||||||||||||
● | for which discrete financial information is available. | ||||||||||||||||||||
The Company currently has two reporting segments, which are based on a service offering approach. This however, excludes corporate headquarters, which does not generate revenue, and our discontinued operations, which includes all facilities as discussed in “Note 10 – Discontinued Operations and Divestitures.” | |||||||||||||||||||||
Our reporting segments are defined as follows: | |||||||||||||||||||||
TREATMENT SEGMENT, which includes: | |||||||||||||||||||||
- | nuclear, low-level radioactive, mixed waste (containing both hazardous and low-level radioactive constituents), hazardous and non-hazardous waste treatment, processing and disposal services primarily through four uniquely licensed and permitted treatment and storage facilities; and | ||||||||||||||||||||
- | research and development activities to identify, develop and implement innovative waste processing techniques for problematic waste streams. | ||||||||||||||||||||
SERVICES SEGMENT, which includes: | |||||||||||||||||||||
- | On-site waste management services to commercial and government customers; | ||||||||||||||||||||
- | Technical services, which include: | ||||||||||||||||||||
o | professional radiological measurement and site survey of large government and commercial installations using advance methods, technology and engineering; | ||||||||||||||||||||
o | integrated Occupational Safety and Health services including industrial hygiene (“IH”) assessments; hazardous materials surveys, e.g., exposure monitoring; lead and asbestos management/abatement oversight; indoor air quality evaluations; health risk and exposure assessments; health & safety plan/program development, compliance auditing and training services; and Occupational Safety and Health Administration (“OSHA”) citation assistance; | ||||||||||||||||||||
o | global technical services providing consulting, engineering, project management, waste management, environmental, and decontamination and decommissioning field, technical, and management personnel and services to commercial and government customers; and | ||||||||||||||||||||
o | augmented engineering services (through our Schreiber, Yonley & Associates, Inc. subsidiary – “SYA”) providing consulting environmental services to industrial and government customers: | ||||||||||||||||||||
■ | including air, water, and hazardous waste permitting, air, soil and water sampling, compliance reporting, emission reduction strategies, compliance auditing, and various compliance and training activities; and | ||||||||||||||||||||
■ | engineering and compliance support to other segments; | ||||||||||||||||||||
- | Nuclear services, which include: | ||||||||||||||||||||
o | technology-based services including engineering, decontamination and decommissioning (“D&D”), specialty services and construction, logistics, transportation, processing and disposal; | ||||||||||||||||||||
o | remediation of nuclear licensed and federal facilities and the remediation cleanup of nuclear legacy sites. Such services capability includes: project investigation; radiological engineering; partial and total plant D&D; facility decontamination, dismantling, demolition, and planning; site restoration; site construction; logistics; transportation; and emergency response; and | ||||||||||||||||||||
- | A company owned equipment calibration and maintenance laboratory that services, maintains, calibrates, and sources (i.e., rental) of health physics, IH and customized nuclear, environmental, and occupational safety and health (“NEOSH”) instrumentation. | ||||||||||||||||||||
The table below presents certain financial information of our operating segments as of and for the three and six months ended June 30, 2014 and 2013 (in thousands). | |||||||||||||||||||||
Segment Reporting for the Quarter Ended June 30, 2014 | |||||||||||||||||||||
Treatment | Services | Segments Total | Corporate (1) | Consolidated Total | |||||||||||||||||
Revenue from external customers | $ | 9,396 | $ | 3,261 | $ | 12,657 | $ | — | $ | 12,657 | |||||||||||
Intercompany revenues | — | 33 | 33 | — | — | ||||||||||||||||
Gross profit | 1,325 | 232 | 1,557 | — | 1,557 | ||||||||||||||||
Interest income | — | — | — | 6 | 6 | ||||||||||||||||
Interest expense | 15 | 1 | 16 | 198 | 214 | ||||||||||||||||
Interest expense-financing fees | — | (2 | ) | (2 | ) | 38 | 36 | ||||||||||||||
Depreciation and amortization | 837 | 248 | 1,085 | 13 | 1,098 | ||||||||||||||||
Segment profit (loss) | 45 | (1,007 | ) | (962 | ) | (1,399 | ) | (2,361 | ) | ||||||||||||
Expenditures for segment assets | 120 | — | 120 | — | 120 | ||||||||||||||||
Segment Reporting for the Quarter Ended June 30, 2013 | |||||||||||||||||||||
Treatment | Services | Segments Total | Corporate (1) | Consolidated Total | |||||||||||||||||
Revenue from external customers | $ | 10,108 | $ | 12,676 | $ | 22,784 | $ | — | $ | 22,784 | |||||||||||
Intercompany revenues | 407 | 16 | 423 | — | — | ||||||||||||||||
Gross profit | 2,312 | 1,711 | 4,023 | — | 4,023 | ||||||||||||||||
Interest income | — | — | — | 9 | 9 | ||||||||||||||||
Interest expense | 22 | 1 | 23 | 177 | 200 | ||||||||||||||||
Interest expense-financing fees | — | — | — | 24 | 24 | ||||||||||||||||
Depreciation and amortization | 1,024 | 238 | 1,262 | 27 | 1,289 | ||||||||||||||||
Segment profit (loss) | 795 | (619 | ) | 176 | (1,156 | ) | (980 | ) | |||||||||||||
Expenditures for segment assets | 59 | — | 59 | — | 59 | ||||||||||||||||
Segment Reporting for the Six Months Ended June 30, 2014 | |||||||||||||||||||||
Treatment | Services | Segments Total | Corporate (1) | Consolidated Total | |||||||||||||||||
Revenue from external customers | $ | 17,068 | $ | 6,133 | $ | 23,201 | $ | — | $ | 23,201 | |||||||||||
Intercompany revenues | — | 44 | 44 | — | — | ||||||||||||||||
Gross profit | 1,435 | 215 | 1,650 | — | 1,650 | ||||||||||||||||
Interest income | — | — | — | 14 | 14 | ||||||||||||||||
Interest expense | 25 | 1 | 26 | 341 | 367 | ||||||||||||||||
Interest expense-financing fees | — | (2 | ) | (2 | ) | 83 | 81 | ||||||||||||||
Depreciation and amortization | 1,787 | 496 | 2,283 | 26 | 2,309 | ||||||||||||||||
Segment loss | (1,128 | ) | (2,055 | ) | (3,183 | ) | (2,880 | ) | (6,063 | ) | |||||||||||
Expenditures for segment assets | 331 | 2 | 333 | — | 333 | ||||||||||||||||
Segment Reporting for the Six Months Ended June 30, 2013 | |||||||||||||||||||||
Treatment | Services | Segments Total | Corporate (1) | Consolidated Total | |||||||||||||||||
Revenue from external customers | $ | 17,450 | $ | 25,163 | $ | 42,613 | $ | — | $ | 42,613 | |||||||||||
Intercompany revenues | 1,075 | 55 | 1,130 | — | — | ||||||||||||||||
Gross profit | 2,167 | 2,393 | 4,560 | — | 4,560 | ||||||||||||||||
Interest income | — | — | — | 18 | 18 | ||||||||||||||||
Interest expense | 27 | (4 | ) | 23 | 321 | 344 | |||||||||||||||
Interest expense-financing fees | — | — | — | 47 | 47 | ||||||||||||||||
Depreciation and amortization | 2,063 | 460 | 2,523 | 53 | 2,576 | ||||||||||||||||
Segment loss | (93 | ) | (819 | ) | (912 | ) | (2,956 | ) | (3,868 | ) | |||||||||||
Expenditures for segment assets | 175 | — | 175 | — | 175 | ||||||||||||||||
(1) Amounts reflect the activity for corporate headquarters not included in the segment information. |
Note_12_Income_Taxes
Note 12 - Income Taxes | 6 Months Ended | |
Jun. 30, 2014 | ||
Income Tax Disclosure [Abstract] | ' | |
Income Tax Disclosure [Text Block] | ' | |
12 | Income Taxes | |
The Company uses an estimated annual effective tax rate, which is based on expected annual income, statutory tax rates and tax planning opportunities available in the various jurisdictions in which the Company operates, to determine its quarterly provision for income taxes. | ||
The Company had income tax expense of $30,000 and income tax benefit of $132,000 from continuing operations for the three months ended June 30, 2014 and the corresponding period of 2013, respectively, and income tax expense of $60,000 and income tax benefit of $1,560,000 for the six months ended June 30, 2014 and the corresponding period of 2013, respectively. The Company’s effective tax rates were approximately (1.5%) and (134.7%) for the three months ended June 30, 2014 and 2013, respectively, and (1.1%) and 37.0% for the six months ended June 30, 2014 and 2013, respectively. For the three and six months ended June 30, 2014 and the corresponding period of 2013, the Company treated the goodwill impairment loss of approximately $380,000 recorded for our SYA subsidiary and the goodwill impairment loss of approximately $1,149,000 recorded for our CHPRC reporting unit, respectively, as discrete items and therefore were not included in our estimated effective tax rates for the three and six months ended June 30, 2014 and for the three and six months ended June 30, 2013, in accordance with ASC 740-270-30-8 (see Note 3 – “Other Intangible Assets and Goodwill” for further information regarding these goodwill impairments). The lower tax rate for the three and six months ended June 30, 2014 as compared to the corresponding period of 2013 was primarily the result of the Company continuing to record a full valuation allowance on its net deferred tax assets. |
Note_13_Subsequent_Events
Note 13 - Subsequent Events | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
13. Subsequent Events | |
Amendment to Amended Loan Agreement | |
On July 25, 2014, the Company entered into Amendment 5 of the Amended Loan Agreement with PNC, our lender under our credit facility. This Amendment added our Perma-Fix of Canada, Inc. subsidiary as a guarantor under our credit facility. On July 28, 2014, the Company entered into Amendment 6 to the Amended Loan Agreement. This Amendment authorizes the Company to sell our SYA subsidiary, release a hold by PNC which allows the Company to use $2,350,000 of the $3,850,000 insurance settlement proceeds received on June 30, 2014 by our PFSG subsidiary for working capital purposes, and maintain the reserve on the remaining $1,500,000. As a condition of this Amendment dated as of July 28, 2014, the Company agreed to pay PNC a fee of $15,000, which is being amortized over the term of the Amended Loan Agreement. All other terms of the Amended Loan Agreement remains principally unchanged. | |
Divestiture of SYA | |
On July 29, 2014, the Company completed the sale of our wholly-owned subsidiary, SYA. In consideration for the sale of 100% of the capital stock of SYA, the purchaser paid approximately $1,300,000 and an estimated $60,000 working capital adjustment which is subject to adjustment within approximately 90 days of the closing date, in cash, to the Company at the closing, with $50,000 of such consideration being placed in escrow for a period of one year to cover any claims by the purchaser for indemnification for certain limited types of losses incurred by the purchaser following the closing. SYA is a professional engineering and environmental consulting services company and was in the Company’s Services Segment. In 2013, SYA had net revenues of $2,564,736 and a net loss of $621,288. The proceeds received were used to pay down our revolver and used for working capital. | |
Perma-Fix Medical S.A. (“PF Medical S.A.”) Financing | |
During August, 2014, the Company’s Polish subsidiary, PF Medical S.A., closed the sale of its Series E Common Stock to non-U.S. persons in an offshore private placement under Regulation S promulgated under the Securities Act of 1933, as amended (“Securities Act”). In connection with this transaction, PF Medical S.A. expects to receive, within thirty (30) days of the closing, the sum of $1,800,000 after deduction for commissions but before legal expenses relating to this offering. PF Medical S.A. further expects to receive an additional $750,000, prior to any commission, on or prior to August 17, 2015, for payment of the sale of 68,161 of such shares that PF Medical S.A. has sold in the private placement offering. If PF Medical S.A. is not paid for the 68,161 shares on or prior to August 17, 2015, the purchaser of such shares has agreed to transfer all of its rights, title and interest in such shares to PF Medical S.A. Assuming PF Medical S.A. is paid for all of the shares sold in the offshore private placement, the Company will own approximately 64% of the outstanding shares of PF Medical S.A. If PF Medical S.A. is not paid for the 68,161 shares as provided above and such shares are transferred back to PF Medical S.A., then, in such event, the Company will own approximately 69% of the outstanding shares of PF Medical S.A. This is neither an offer to sell nor a solicitation of an offer to buy PF Medical S.A.’s E Common Stock or any other securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. PF Medical S.A.’s E Common Stock is not registered under the Securities Act or any state securities laws and may not be offered or sold in the U.S. absent registration or applicable exemption from registration from the registration requirements under the Securities Act and applicable state securities laws. As a result, the share certificate or purchase confirmation issued in connection with such private placement of PF Medical S.A.’s E Common Stock will be required to bear a legend describing the restrictions of transferring such to U.S. persons and prohibiting hedging transactions in such shares unless in compliance with the Securities Act. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Recently Adopted Accounting Standards | |
In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” ASU 2014-08, among other things, raises the threshold for disposals to qualify as discontinued operations. Under ASU 2014-08, a discontinued operation is (1) a component of an entity or group of components that has been disposed of by sale, disposed of other than by sale or is classified as held for sale that represents a strategic shift that has or will have a major effect on an entity’s operations and financial results or (2) an acquired business or nonprofit activity that is classified as held for sale on the date of the acquisition. ASU 2014-08 also requires additional disclosures for discontinued operations and new disclosures for individually material disposal transactions that do not meet the definition of a discontinued operation. This ASU is effective for annual periods beginning on or after December 15, 2014 and interim periods within that year. Early adoption of ASU 2014-08 is permitted but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issue. On April 3, 2014, the Company’s Board of Directors (“Board”) authorized management to pursue the sale of our Schreiber, Yonley and Associates, Inc. (“SYA”) subsidiary, subject to final approval by the Board. As a result of ASU 2014-08, the Company would not be required to present SYA as discontinued operations. The sale of SYA would not represent a strategic shift that will have a major effect on the Company's operations and financial results as defined by ASU 2014-08. The Company has elected to early adopt ASU 2014-08 for the quarter ended June 30, 2014. The Company will continue to present discontinued operations as previously presented in the Company's fiscal 2013 Annual Report on Form 10-K. | |
Recently Issued Accounting Standards | |
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 provides a single, comprehensive revenue recognition model for all contracts with customers. The revenue guidance contains principles that an entity will apply to determine the measurement of revenue and timing of when it is recognized. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The standard will be effective for the first interim period within annual reporting periods beginning after December 15, 2016 for public entities, with no early adoption permitted. The Company is still evaluating the potential impact of adopting this guidance on our financial statements. | |
In June 2014, the FASB issued ASU 2014-12, “Compensation Stock – Compensation (Topic 718).” ASU 2014-12 applies to all reporting entities that grant their employees share-based payments in which the terms of the award provide that a performance target that affects vesting could be achieved after the requisite service period. It requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition and follows existing accounting guidance for the treatment of performance conditions. The standard will be effective for annual periods and interim periods within those annual periods beginning after December 15, 2015, with early adoption permitted. The Company is still evaluating the potential impact of adopting this guidance on our financial statements. |
Note_4_Other_Intangible_Assets1
Note 4 - Other Intangible Assets (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | ||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||||||||||
Useful | Gross | Net | Gross | Net | |||||||||||||||||||||||||
Lives | Carrying | Accumulated | Carrying | Carrying | Accumulated | Carrying | |||||||||||||||||||||||
(Years) | Amount | Amortization | Amount | Amount | Amortization | Amount | |||||||||||||||||||||||
Intangibles (amount in thousands) | |||||||||||||||||||||||||||||
Patent | 18-Aug | $ | 546 | $ | (169 | ) | $ | 377 | $ | 514 | $ | (155 | ) | $ | 359 | ||||||||||||||
Software | 3 | 394 | (305 | ) | 89 | 379 | (258 | ) | 121 | ||||||||||||||||||||
Non-compete agreement | 1.2 | 265 | (252 | ) | 13 | 265 | (174 | ) | 91 | ||||||||||||||||||||
Customer contracts | 0.5 | 790 | (790 | ) | - | 790 | (790 | ) | - | ||||||||||||||||||||
Customer relationships | 12 | 3,370 | (1,148 | ) | 2,222 | 3,370 | (961 | ) | 2,409 | ||||||||||||||||||||
Total | $ | 5,365 | $ | (2,664 | ) | $ | 2,701 | $ | 5,318 | $ | (2,338 | ) | $ | 2,980 | |||||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | ||||||||||||||||||||||||||||
Amount | |||||||||||||||||||||||||||||
Year | (In thousands) | ||||||||||||||||||||||||||||
2014 (remaining) | $ | 246 | |||||||||||||||||||||||||||
2015 | 478 | ||||||||||||||||||||||||||||
2016 | 419 | ||||||||||||||||||||||||||||
2017 | 385 | ||||||||||||||||||||||||||||
2018 | 355 | ||||||||||||||||||||||||||||
$ | 1,883 |
Note_5_Stock_Based_Compensatio1
Note 5 - Stock Based Compensation (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
Stock Options | June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Employee Stock Options | $ | - | $ | 3,000 | $ | (39,000 | ) | $ | 36,000 | ||||||||
Director Stock Options | 1,000 | - | 22,000 | 18,000 | |||||||||||||
Total | $ | 1,000 | $ | 3,000 | $ | (17,000 | ) | $ | 54,000 |
Note_6_Stock_Plans_and_NonQual1
Note 6 - Stock Plans and Non-Qualified Option Agreement (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||
Shares | Weighted Average | Weighted Average | Aggregate | ||||||||||||||
Exercise Price | Remaining | Intrinsic | |||||||||||||||
Contractual Term | Value | ||||||||||||||||
Options outstanding Janury 1, 2014 | 362,800 | $ | 9.53 | ||||||||||||||
Granted | ─ | ─ | |||||||||||||||
Exercised | ─ | ─ | $ | ─ | |||||||||||||
Forfeited | (62,000 | ) | 7.96 | ||||||||||||||
Options outstanding End of Period (1) | 300,800 | 9.85 | 2.8 | $ | 41,070 | ||||||||||||
Options Exercisable at June 30, 2014(1) | 300,800 | $ | 9.85 | 2.8 | $ | 41,070 | |||||||||||
Options Vested and expected to be vested at June 30, 2014 | 300,800 | $ | 9.85 | 2.8 | $ | 41,070 | |||||||||||
Shares | Weighted Average | Weighted Average | Aggregate | ||||||||||||||
Exercise Price | Remaining | Intrinsic | |||||||||||||||
Contractual Term | Value | ||||||||||||||||
Options outstanding Janury 1, 2013 | 528,800 | $ | 9.82 | ||||||||||||||
Granted | ─ | ─ | |||||||||||||||
Exercised | ─ | ─ | $ | ─ | |||||||||||||
Forfeited | (138,000 | ) | 9.36 | ||||||||||||||
Options outstanding End of Period (2) | 390,800 | 9.98 | 3 | $ | ─ | ||||||||||||
Options Exercisable at June 30, 2013(2) | 350,800 | $ | 10.23 | 2.9 | $ | ─ | |||||||||||
Options Vested and expected to be vested at June 30, 2013 | 390,800 | $ | 9.98 | 3 | $ | ─ |
Note_8_Long_Term_Debt_Tables
Note 8 - Long Term Debt (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | ||||||||
(Amounts in Thousands) | 30-Jun-14 | 31-Dec-13 | |||||||
Revolving Credit facility dated October 31, 2011, borrowings based upon eligible accounts receivable, subject to monthly borrowing base calculation, variable interest paid monthly at our option of prime rate (3.25% at June 30, 2014) plus 2.0% or London Interbank Offer Rate ("LIBOR") plus 3.0%, balance due October 31, 2016. Effective interest rate for the first six months of 2014 was 4.3%. (1) | $ | 1,391 | $ | — | |||||
Term Loan dated October 31, 2011, payable in equal monthly installments of principal of $190, balance due in October 31, 2016, variable interest paid monthly at option of prime rate plus 2.5% or LIBOR plus 3.5%. Effective interest rate for the first six months of 2014 was 3.7%. (1) | 10,095 | 11,238 | |||||||
Promissory Note dated February 12, 2013, payable in monthly installments of $10, which includes interest and principal, starting February 28, 2013, interest accrues at annual rate of 6.0%, balance due January 31, 2015. (2) | 69 | 127 | |||||||
Promissory Note dated August 2, 2013, payable in twelve monthly installments of interest only, starting September 1, 2013 and twenty-four monthly installments of $125 in principal plus accrued interest. Interest accrues at annual rate of 2.99%. (2) (3) | 2,820 | 2,777 | |||||||
Various capital lease and promissory note obligations, payable 2014 to 2016, interest at rates ranging from 5.2% to 7.1%. | 88 | 141 | |||||||
14,463 | 14,283 | ||||||||
Less current portion of long-term debt | 3,555 | 2,876 | |||||||
Less long-term debt related to assets held for sale | 17 | 35 | |||||||
$ | 10,891 | $ | 11,372 |
Note_10_Discontinued_Operation1
Note 10 - Discontinued Operations and Divestitures (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
(Amounts in Thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Net revenues | $ | — | $ | 809 | $ | — | $ | 1,472 | |||||||||
Interest expense | $ | (6 | ) | $ | (9 | ) | $ | (7 | ) | $ | (13 | ) | |||||
Operating (loss) income from discontinued operations | $ | (1,169 | ) | $ | 67 | $ | (1,436 | ) | $ | 26 | |||||||
Income tax expense | $ | — | $ | 24 | $ | — | $ | 11 | |||||||||
Gain on insurance settlementl of discontinued operations | $ | 3,541 | $ | - | $ | 3,541 | $ | - | |||||||||
Income from discontinued operations | $ | 2,372 | $ | 43 | $ | 2,105 | $ | 15 |
Note_11_Operating_Segments_Tab
Note 11 - Operating Segments (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||||||
Segment Reporting for the Quarter Ended June 30, 2014 | |||||||||||||||||||||
Treatment | Services | Segments Total | Corporate (1) | Consolidated Total | |||||||||||||||||
Revenue from external customers | $ | 9,396 | $ | 3,261 | $ | 12,657 | $ | — | $ | 12,657 | |||||||||||
Intercompany revenues | — | 33 | 33 | — | — | ||||||||||||||||
Gross profit | 1,325 | 232 | 1,557 | — | 1,557 | ||||||||||||||||
Interest income | — | — | — | 6 | 6 | ||||||||||||||||
Interest expense | 15 | 1 | 16 | 198 | 214 | ||||||||||||||||
Interest expense-financing fees | — | (2 | ) | (2 | ) | 38 | 36 | ||||||||||||||
Depreciation and amortization | 837 | 248 | 1,085 | 13 | 1,098 | ||||||||||||||||
Segment profit (loss) | 45 | (1,007 | ) | (962 | ) | (1,399 | ) | (2,361 | ) | ||||||||||||
Expenditures for segment assets | 120 | — | 120 | — | 120 | ||||||||||||||||
Segment Reporting for the Quarter Ended June 30, 2013 | |||||||||||||||||||||
Treatment | Services | Segments Total | Corporate (1) | Consolidated Total | |||||||||||||||||
Revenue from external customers | $ | 10,108 | $ | 12,676 | $ | 22,784 | $ | — | $ | 22,784 | |||||||||||
Intercompany revenues | 407 | 16 | 423 | — | — | ||||||||||||||||
Gross profit | 2,312 | 1,711 | 4,023 | — | 4,023 | ||||||||||||||||
Interest income | — | — | — | 9 | 9 | ||||||||||||||||
Interest expense | 22 | 1 | 23 | 177 | 200 | ||||||||||||||||
Interest expense-financing fees | — | — | — | 24 | 24 | ||||||||||||||||
Depreciation and amortization | 1,024 | 238 | 1,262 | 27 | 1,289 | ||||||||||||||||
Segment profit (loss) | 795 | (619 | ) | 176 | (1,156 | ) | (980 | ) | |||||||||||||
Expenditures for segment assets | 59 | — | 59 | — | 59 | ||||||||||||||||
Segment Reporting for the Six Months Ended June 30, 2014 | |||||||||||||||||||||
Treatment | Services | Segments Total | Corporate (1) | Consolidated Total | |||||||||||||||||
Revenue from external customers | $ | 17,068 | $ | 6,133 | $ | 23,201 | $ | — | $ | 23,201 | |||||||||||
Intercompany revenues | — | 44 | 44 | — | — | ||||||||||||||||
Gross profit | 1,435 | 215 | 1,650 | — | 1,650 | ||||||||||||||||
Interest income | — | — | — | 14 | 14 | ||||||||||||||||
Interest expense | 25 | 1 | 26 | 341 | 367 | ||||||||||||||||
Interest expense-financing fees | — | (2 | ) | (2 | ) | 83 | 81 | ||||||||||||||
Depreciation and amortization | 1,787 | 496 | 2,283 | 26 | 2,309 | ||||||||||||||||
Segment loss | (1,128 | ) | (2,055 | ) | (3,183 | ) | (2,880 | ) | (6,063 | ) | |||||||||||
Expenditures for segment assets | 331 | 2 | 333 | — | 333 | ||||||||||||||||
Segment Reporting for the Six Months Ended June 30, 2013 | |||||||||||||||||||||
Treatment | Services | Segments Total | Corporate (1) | Consolidated Total | |||||||||||||||||
Revenue from external customers | $ | 17,450 | $ | 25,163 | $ | 42,613 | $ | — | $ | 42,613 | |||||||||||
Intercompany revenues | 1,075 | 55 | 1,130 | — | — | ||||||||||||||||
Gross profit | 2,167 | 2,393 | 4,560 | — | 4,560 | ||||||||||||||||
Interest income | — | — | — | 18 | 18 | ||||||||||||||||
Interest expense | 27 | (4 | ) | 23 | 321 | 344 | |||||||||||||||
Interest expense-financing fees | — | — | — | 47 | 47 | ||||||||||||||||
Depreciation and amortization | 2,063 | 460 | 2,523 | 53 | 2,576 | ||||||||||||||||
Segment loss | (93 | ) | (819 | ) | (912 | ) | (2,956 | ) | (3,868 | ) | |||||||||||
Expenditures for segment assets | 175 | — | 175 | — | 175 |
Note_1_Basis_of_Presentation_D
Note 1 - Basis of Presentation (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | |||
Oct. 15, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Disclosure Text Block [Abstract] | ' | ' | ' | ' | ' | ' |
Stockholders' Equity Note, Stock Split, Conversion Ratio | 5 | ' | ' | ' | ' | ' |
Common Stock, Shares Authorized (in Shares) | 75,000,000 | 75,000,000 | ' | 75,000,000 | ' | 75,000,000 |
Retained Earnings (Accumulated Deficit) | ' | ($59,036,000) | ' | ($59,036,000) | ' | ($55,078,000) |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | ' | 11,000 | -937,000 | -3,958,000 | -3,853,000 | ' |
Disposal Group, Including Discontinued Operation, Other Income | ' | 3,541,000 | ' | 3,541,000 | ' | ' |
Working Capital Deficit | ' | 3,691,000 | ' | 3,691,000 | ' | ' |
Revenue, Net | ' | $12,657,000 | $22,784,000 | $23,201,000 | $42,613,000 | ' |
Note_3_CEE_Opportunity_Partner1
Note 3 - CEE Opportunity Partners Poland S.A (n/k/a Perma-Fix Medical S.A.) (Details) (Acquisition of PF Medical S.A. [Member], USD $) | 0 Months Ended | |
Apr. 04, 2014 | Apr. 04, 2014 | |
Acquisition of PF Medical S.A. [Member] | ' | ' |
Note 3 - CEE Opportunity Partners Poland S.A (n/k/a Perma-Fix Medical S.A.) (Details) [Line Items] | ' | ' |
Entity Acquisition, Percentage | ' | 80.00% |
Entity Acquisition, Consideration Transferred | $1 | ' |
Note_4_Other_Intangible_Assets2
Note 4 - Other Intangible Assets (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Note 4 - Other Intangible Assets (Details) [Line Items] | ' | ' | ' | ' | ' |
Number of Definite Lived Permit | ' | ' | 1 | ' | ' |
Amortization of Intangible Assets | $176,000 | $179,000 | $352,000 | $343,000 | ' |
Goodwill, Impairment Loss | 380,000 | 1,149,000 | 380,000 | 1,149,000 | ' |
Goodwill | 950,000 | ' | 950,000 | ' | 1,330,000 |
SYA [Member] | ' | ' | ' | ' | ' |
Note 4 - Other Intangible Assets (Details) [Line Items] | ' | ' | ' | ' | ' |
Goodwill, Impairment Loss | ' | ' | 380,000 | ' | ' |
Goodwill | 950,000 | ' | 950,000 | ' | ' |
CH Plateau Remediation Company [Member] | ' | ' | ' | ' | ' |
Note 4 - Other Intangible Assets (Details) [Line Items] | ' | ' | ' | ' | ' |
Goodwill, Impairment Loss | ' | $1,149,000 | ' | ' | ' |
Note_4_Other_Intangible_Assets3
Note 4 - Other Intangible Assets (Details) - Other Intangible Assets (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $5,365 | $5,318 |
Accumulated Amortization | -2,664 | -2,338 |
Net Carrying Amount | 2,701 | 2,980 |
Patents [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 546 | 514 |
Accumulated Amortization | -169 | -155 |
Net Carrying Amount | 377 | 359 |
Patents [Member] | Minimum [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Useful Lives (Years) | '8 years | ' |
Patents [Member] | Maximum [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Useful Lives (Years) | '18 years | ' |
Computer Software, Intangible Asset [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Useful Lives (Years) | '3 years | ' |
Gross Carrying Amount | 394 | 379 |
Accumulated Amortization | -305 | -258 |
Net Carrying Amount | 89 | 121 |
Noncompete Agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Useful Lives (Years) | '1 year 73 days | ' |
Gross Carrying Amount | 265 | 265 |
Accumulated Amortization | -252 | -174 |
Net Carrying Amount | 13 | 91 |
Customer Contracts [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Useful Lives (Years) | '6 months | ' |
Gross Carrying Amount | 790 | 790 |
Accumulated Amortization | -790 | -790 |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Useful Lives (Years) | '12 years | ' |
Gross Carrying Amount | 3,370 | 3,370 |
Accumulated Amortization | -1,148 | -961 |
Net Carrying Amount | $2,222 | $2,409 |
Note_4_Other_Intangible_Assets4
Note 4 - Other Intangible Assets (Details) - Summary of Expected Amortization Over the Next Five Years (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Summary of Expected Amortization Over the Next Five Years [Abstract] | ' |
2014 (remaining) | $246 |
2015 | 478 |
2016 | 419 |
2017 | 385 |
2018 | 355 |
$1,883 |
Note_5_Stock_Based_Compensatio2
Note 5 - Stock Based Compensation (Details) (USD $) | 6 Months Ended | 6 Months Ended | 0 Months Ended | |||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jul. 25, 2011 | |||
Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Director Stock Options [Member] | Director Stock Options [Member] | Chief Operating Officer [Member] | |||||||
Contractual Term with One-fifth Yearly Vesting [Member] | Contractual Term with One-third Yearly Vesting [Member] | The 2004 Stock Option Plan [Member] | The 2003 Outside Directors Stock Plan [Member] | The 2010 Stock Option Plan [Member] | ||||||||
Note 5 - Stock Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Share Based Compensation Maximum Contractual Term | ' | ' | ' | ' | '10 years | '6 years | ' | ' | '10 years | '6 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | '5 years | '3 years | ' | ' | '6 months | '3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | 60,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number (in Shares) | 300,800 | [1] | 390,800 | [2] | 362,800 | 528,800 | ' | ' | 131,600 | 169,200 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in Shares) | 300,800 | [1] | 350,800 | [2] | ' | ' | ' | ' | 131,600 | 169,200 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in Dollars per share) | $9.85 | [1] | $9.98 | [2] | $9.53 | $9.82 | ' | ' | $10.72 | $9.18 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | ' | ' | ' | ' | ' | ' | '73 days | '4 years 292 days | ' | ' | ||
Reduction in Stock Based Compensation Expense (in Dollars) | $54,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7.85 | ||
[1] | Options with exercise prices ranging from $2.79 to $14.75 | |||||||||||
[2] | Options with exercise prices ranging from $5.50 to $14.75 |
Note_5_Stock_Based_Compensatio3
Note 5 - Stock Based Compensation (Details) - Stock-based Compensation Recognized for Employee and Director Stock Options (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Stock Options | $1,000 | $3,000 | ($17,000) | $54,000 |
Employee Stock Option [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Stock Options | ' | 3,000 | -39,000 | 36,000 |
Director Stock Options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Stock Options | $1,000 | ' | $22,000 | $18,000 |
Note_6_Stock_Plans_and_NonQual2
Note 6 - Stock Plans and Non-Qualified Option Agreement (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | ||
Note 6 - Stock Plans and Non-Qualified Option Agreement (Details) [Line Items] | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $9.85 | [1] | $10.23 | [2] |
Minimum [Member] | ' | ' | ||
Note 6 - Stock Plans and Non-Qualified Option Agreement (Details) [Line Items] | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $2.79 | $5.50 | ||
Maximum [Member] | ' | ' | ||
Note 6 - Stock Plans and Non-Qualified Option Agreement (Details) [Line Items] | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $14.75 | $14.75 | ||
[1] | Options with exercise prices ranging from $2.79 to $14.75 | |||
[2] | Options with exercise prices ranging from $5.50 to $14.75 |
Note_6_Stock_Plans_and_NonQual3
Note 6 - Stock Plans and Non-Qualified Option Agreement (Details) - Summary of the Companybs Total Stock Plans (USD $) | 6 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Summary of the Companybs Total Stock Plans [Abstract] | ' | ' | ' | ' | ||
Options outstanding | 300,800 | [1] | 390,800 | [2] | 362,800 | 528,800 |
Options outstanding | $9.85 | [1] | $9.98 | [2] | $9.53 | $9.82 |
Options outstanding | '2 years 292 days | [1] | '3 years | [2] | ' | ' |
Options outstanding | $41,070 | [1] | ' | [2] | ' | ' |
Options Exercisable at June 30 | 300,800 | [1] | 350,800 | [2] | ' | ' |
Options Exercisable at June 30 | $9.85 | [1] | $10.23 | [2] | ' | ' |
Options Exercisable at June 30 | '2 years 292 days | [1] | '2 years 328 days | [2] | ' | ' |
Options Exercisable at June 30 | 41,070 | [1] | ' | [2] | ' | ' |
Options Vested and expected to be vested at June 30 | 300,800 | 390,800 | ' | ' | ||
Options Vested and expected to be vested at June 30 | $9.85 | $9.98 | ' | ' | ||
Options Vested and expected to be vested at June 30 | '2 years 292 days | '3 years | ' | ' | ||
Options Vested and expected to be vested at June 30 | $41,070 | ' | ' | ' | ||
Forfeited | -62,000 | -138,000 | ' | ' | ||
Forfeited | $7.96 | $9.36 | ' | ' | ||
[1] | Options with exercise prices ranging from $2.79 to $14.75 | |||||
[2] | Options with exercise prices ranging from $5.50 to $14.75 |
Note_7_Loss_Per_Share_Details
Note 7 - Loss Per Share (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 276,800 | 390,800 | 276,800 | 390,800 |
Note_8_Long_Term_Debt_Details
Note 8 - Long Term Debt (Details) (USD $) | 0 Months Ended | 0 Months Ended | 0 Months Ended | 6 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2014 | Apr. 04, 2014 | Dec. 31, 2013 | Oct. 31, 2011 | Apr. 04, 2014 | Oct. 31, 2011 | Oct. 31, 2011 | Oct. 31, 2011 | Oct. 31, 2011 | Apr. 04, 2014 | Jun. 30, 2014 | Apr. 14, 2014 | Jun. 30, 2014 | Apr. 04, 2014 | Jun. 30, 2014 | Feb. 12, 2013 | Feb. 12, 2013 | Aug. 02, 2013 | Jun. 30, 2014 | Aug. 02, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Apr. 04, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |
Denominator [Member] | Denominator [Member] | Agreement [Member] | Agreement [Member] | Agreement [Member] | Amended Loan Agreement [Member] | Amended Loan Agreement [Member] | Amended Loan Agreement [Member] | Amended Loan Agreement [Member] | Amended Loan Agreement [Member] | Promissory Notes and Installment Agreements [Member] | Promissory Notes and Installment Agreements [Member] | Promissory Notes and Installment Agreements [Member] | Promissory Note dated August 2, 2013 [Member] | Promissory Note dated August 2, 2013 [Member] | Promissory Note dated August 2, 2013 [Member] | Promissory Note dated August 2, 2013 [Member] | Promissory Note dated August 2, 2013 [Member] | Polish Subsidiary [Member] | PFSG [Member] | PFSG [Member] | PFSG [Member] | ||||||
Term Loan [Member] | Term Loan [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | PNC Bank [Member] | PNC Bank [Member] | Promissory Note dated February 12, 2013 ("New Note") [Member] | Promissory Note dated February 12, 2013 ("New Note") [Member] | Promissory Note Prior to February 12, 2013 [Member] | Lenders [Member] | Lenders [Member] | Lenders [Member] | ||||||||||||||
PNC Bank [Member] | PNC Bank [Member] | PNC Bank [Member] | PNC Bank [Member] | PNC Bank [Member] | PNC Bank [Member] | TNC [Member] | TNC [Member] | TNC [Member] | |||||||||||||||||||
Note 8 - Long Term Debt (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Unamortized Discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($180,000) | ($223,000) | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | 16,000,000 | 18,000,000 | ' | ' | 12,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Periodic Payment, Principal | ' | ' | ' | ' | ' | ' | ' | 190,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization Period of Term Loan | ' | ' | ' | ' | ' | ' | ' | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gains (Losses) on Restructuring of Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -37,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Fixed Charge Coverage Ratio | ' | ' | 1 | ' | 1 | 15 | 25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' | ' |
Debt Instrument, Fee Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notice Period upon Payment in Full of Debt Obligation Before Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,262,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Insurance Settlement, Investing Activities | 3,850,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,850,000 | 8,462,000 | 3,664,000 |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 230,000 | 1,460,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes Payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 69,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Days for Trading of Common Stock to Determine Average Closing Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Shares Issued to Each Lender on Warrant (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.23 | ' | ' | ' | ' | ' | ' |
Warrants Not Settleable in Cash, Fair Value Disclosure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59,000 | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Issued (in Shares) | ' | 11,440,228 | ' | 11,406,573 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90,000 | ' | ' | ' | ' | ' | ' |
Number of Shares Received by each Lender (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $200,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Number of Payoffs of Shares in Terms of Outstanding Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' |
Note_8_Long_Term_Debt_Details_
Note 8 - Long Term Debt (Details) - Long-term Debt Instruments (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Debt Instrument [Line Items] | ' | ' | ||
Long-term debt | $14,463 | $14,283 | ||
Less current portion of long-term debt | 3,555 | 2,876 | ||
Less long-term debt related to assets held for sale | 17 | 35 | ||
10,891 | 11,372 | |||
Revolving Credit [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term debt | 1,391 | [1] | ' | [1] |
Term Loan [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term debt | 10,095 | [1] | 11,238 | [1] |
Promissory Note dated February 12, 2013 ("New Note") [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term debt | 69 | [2] | 127 | [2] |
Promissory Note dated August 2, 2013 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term debt | 2,820 | [2],[3] | 2,777 | [2],[3] |
Various Capital Lease and Promissory Note Obligations [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term debt | $88 | $141 | ||
[1] | Our Revolving Credit facility is collateralized by our accounts receivable and our Term Loan is collateralized by our property, plant, andequipment. | |||
[2] | Uncollateralized note. | |||
[3] | Net of debt discount of ($180,000) and ($223,000) for June 30, 2014 and December 31, 2013, respectively. See "Promissory Notes" below for additional information. |
Note_8_Long_Term_Debt_Details_1
Note 8 - Long Term Debt (Details) - Long-term Debt Instruments (Parentheticals) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Revolving Credit [Member] | Prime Rate [Member] | ' |
Debt Instrument [Line Items] | ' |
Basis spread on variable rate | 2.00% |
Revolving Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | ' |
Debt Instrument [Line Items] | ' |
Basis spread on variable rate | 3.00% |
Revolving Credit [Member] | ' |
Debt Instrument [Line Items] | ' |
Effective interest rate | 4.30% |
Reference rate | 3.25% |
Term Loan [Member] | Prime Rate [Member] | ' |
Debt Instrument [Line Items] | ' |
Basis spread on variable rate | 2.50% |
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ' |
Debt Instrument [Line Items] | ' |
Basis spread on variable rate | 3.50% |
Term Loan [Member] | ' |
Debt Instrument [Line Items] | ' |
Effective interest rate | 3.70% |
Periodic payment, principal (in Dollars) | 190,000 |
Promissory Note dated February 12, 2013 ("New Note") [Member] | ' |
Debt Instrument [Line Items] | ' |
Effective interest rate | 6.00% |
Periodic payment, principal (in Dollars) | 10,000 |
Promissory Note dated August 2, 2013 [Member] | ' |
Debt Instrument [Line Items] | ' |
Effective interest rate | 2.99% |
Periodic payment, principal (in Dollars) | 125,000 |
Various Capital Lease and Promissory Note Obligations [Member] | Minimum [Member] | ' |
Debt Instrument [Line Items] | ' |
Effective interest rate | 5.20% |
Various Capital Lease and Promissory Note Obligations [Member] | Maximum [Member] | ' |
Debt Instrument [Line Items] | ' |
Effective interest rate | 7.10% |
Note_9_Commitments_and_Conting1
Note 9 - Commitments and Contingencies (Details) (USD $) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2014 | Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Period of Finite Risk Insurance Policy | ' | '25 years |
Maximum AllowableCoverageOfInsurancePolicy | $39,000,000 | $39,000,000 |
Financial Assurance Coverage Amount Under Insurance Policy | 38,679,000 | 38,679,000 |
Sinking Fund Related to Insurance Policy | 15,420,000 | 15,420,000 |
Interest Earned on Sinking Fund | 948,000 | 948,000 |
Interest Income on Sinking Fund During Period | 5,000 | 11,000 |
Insurers Obligation to Entity on Termination of Contract | 100.00% | 100.00% |
Financial Assurance Coverage Amount Under Second Insurance Policy | 7,800,000 | 7,800,000 |
Annual Growth Rate of Financial Assurance Coverage Amount Under Second Insurance Policy | ' | 1.50% |
Maximum Financial Assurance Coverage Amount Under Second Insurance Policy | 8,200,000 | 8,200,000 |
Sinking Fund Related to Second Insurance Policy | 5,901,000 | 5,901,000 |
Interest Earned on Sinking Fund Under Second Insurance Policy | 201,000 | 201,000 |
Interest Income on Sinking Fund During Period Under Second Insurance Policy | 1,000 | 3,000 |
Period of Finite Second Insurance Policy | ' | '4 years |
Renewal Fee for Additional Year Under Second Insurance Policy | ' | $46,000 |
Note_10_Discontinued_Operation2
Note 10 - Discontinued Operations and Divestitures (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |
Note 10 - Discontinued Operations and Divestitures (Details) [Line Items] | ' | ' | ' | ' |
Number of Previously Shut Down Locations | ' | ' | 2 | ' |
Maximum Deductible Amount in Insurance for General Liability | ' | ' | $300,000 | ' |
Proceeds from Insurance Settlement, Investing Activities | 3,850,000 | ' | ' | ' |
Disposal Group, Including Discontinued Operation, Other Income | ' | 3,541,000 | 3,541,000 | ' |
Property and Equipment [Member] | Property, Plant and Equipment [Member] | PFSG [Member] | ' | ' | ' | ' |
Note 10 - Discontinued Operations and Divestitures (Details) [Line Items] | ' | ' | ' | ' |
Proceeds from Insurance Settlement, Investing Activities | ' | ' | ' | 1,750,000 |
Property and Equipment [Member] | PFSG [Member] | ' | ' | ' | ' |
Note 10 - Discontinued Operations and Divestitures (Details) [Line Items] | ' | ' | ' | ' |
Proceeds from Insurance Settlement, Investing Activities | ' | ' | 5,727,000 | ' |
For Expenses, Clean-up Costs and Business Interruption Recoveries[Member] | PFSG [Member] | ' | ' | ' | ' |
Note 10 - Discontinued Operations and Divestitures (Details) [Line Items] | ' | ' | ' | ' |
Proceeds from Insurance Settlement, Investing Activities | ' | ' | 2,735,000 | 1,914,000 |
PFSG [Member] | ' | ' | ' | ' |
Note 10 - Discontinued Operations and Divestitures (Details) [Line Items] | ' | ' | ' | ' |
Proceeds from Insurance Settlement, Investing Activities | 3,850,000 | ' | 8,462,000 | 3,664,000 |
Disposal Group, Including Discontinued Operation, Other Income | ' | 3,541,000 | ' | ' |
Gain (Loss) on Disposition of Property Plant Equipment | ' | 2,980,000 | ' | ' |
Insurance Recoveries | ' | 561,000 | ' | ' |
Tangible Asset Impairment Charges | ' | $685,000 | ' | ' |
Note_10_Discontinued_Operation3
Note 10 - Discontinued Operations and Divestitures (Details) - Results of Discontinued Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Results of Discontinued Operations [Abstract] | ' | ' | ' | ' |
Net revenues | ' | $809,000 | ' | $1,472,000 |
Interest expense | -6,000 | -9,000 | -7,000 | -13,000 |
Operating (loss) income from discontinued operations | -1,169,000 | 67,000 | -1,436,000 | 26,000 |
Income tax expense | ' | 24,000 | ' | 11,000 |
Gain on insurance settlementl of discontinued operations | 3,541,000 | ' | 3,541,000 | ' |
Income from discontinued operations | $2,372,000 | $43,000 | $2,105,000 | $15,000 |
Note_11_Operating_Segments_Det
Note 11 - Operating Segments (Details) | 3 Months Ended |
Mar. 31, 2014 | |
Segment Reporting [Abstract] | ' |
Number of Reportable Segments | 2 |
Note_11_Operating_Segments_Det1
Note 11 - Operating Segments (Details) - Segment Financial Information (USD $) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenue from external customers | $12,657,000 | $22,784,000 | $23,201,000 | $42,613,000 | ||||
Gross profit (loss) | 1,557,000 | 4,023,000 | 1,650,000 | 4,560,000 | ||||
Interest income | 6,000 | 9,000 | 14,000 | 18,000 | ||||
Interest expense | 214,000 | 200,000 | 367,000 | 344,000 | ||||
Interest expense-financing fees | 36,000 | 24,000 | 81,000 | 47,000 | ||||
Depreciation and amortization | 1,098,000 | 1,289,000 | 2,309,000 | 2,576,000 | ||||
Segment loss, net of taxes | -2,361,000 | -980,000 | -6,063,000 | -3,868,000 | ||||
Expenditures for segment assets | 120,000 | 59,000 | 333,000 | 175,000 | ||||
Treatment [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenue from external customers | 9,396,000 | 10,108,000 | 17,068,000 | 17,450,000 | ||||
Intercompany revenues | ' | 407,000 | ' | 1,075,000 | ||||
Gross profit (loss) | 1,325,000 | 2,312,000 | 1,435,000 | 2,167,000 | ||||
Interest expense | 15,000 | 22,000 | 25,000 | 27,000 | ||||
Depreciation and amortization | 837,000 | 1,024,000 | 1,787,000 | 2,063,000 | ||||
Segment loss, net of taxes | 45,000 | 795,000 | -1,128,000 | -93,000 | ||||
Expenditures for segment assets | 120,000 | 59,000 | 331,000 | 175,000 | ||||
Services [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenue from external customers | 3,261,000 | 12,676,000 | 6,133,000 | 25,163,000 | ||||
Intercompany revenues | 33,000 | 16,000 | 44,000 | 55,000 | ||||
Gross profit (loss) | 232,000 | 1,711,000 | 215,000 | 2,393,000 | ||||
Interest expense | 1,000 | 1,000 | 1,000 | -4,000 | ||||
Interest expense-financing fees | -2,000 | ' | -2,000 | ' | ||||
Depreciation and amortization | 248,000 | 238,000 | 496,000 | 460,000 | ||||
Segment loss, net of taxes | -1,007,000 | -619,000 | -2,055,000 | -819,000 | ||||
Expenditures for segment assets | ' | ' | 2,000 | ' | ||||
Segments Total [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenue from external customers | 12,657,000 | 22,784,000 | 23,201,000 | 42,613,000 | ||||
Intercompany revenues | 33,000 | 423,000 | 44,000 | 1,130,000 | ||||
Gross profit (loss) | 1,557,000 | 4,023,000 | 1,650,000 | 4,560,000 | ||||
Interest expense | 16,000 | 23,000 | 26,000 | 23,000 | ||||
Interest expense-financing fees | -2,000 | ' | -2,000 | ' | ||||
Depreciation and amortization | 1,085,000 | 1,262,000 | 2,283,000 | 2,523,000 | ||||
Segment loss, net of taxes | -962,000 | 176,000 | -3,183,000 | -912,000 | ||||
Expenditures for segment assets | 120,000 | 59,000 | 333,000 | 175,000 | ||||
Corporate and Other [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenue from external customers | ' | [1] | ' | [1] | ' | [1] | ' | [1] |
Intercompany revenues | ' | [1] | ' | [1] | ' | [1] | ' | [1] |
Gross profit (loss) | ' | [1] | ' | [1] | ' | [1] | ' | [1] |
Interest income | 6,000 | [1] | 9,000 | [1] | 14,000 | [1] | 18,000 | [1] |
Interest expense | 198,000 | [1] | 177,000 | [1] | 341,000 | [1] | 321,000 | [1] |
Interest expense-financing fees | 38,000 | [1] | 24,000 | [1] | 83,000 | [1] | 47,000 | [1] |
Depreciation and amortization | 13,000 | [1] | 27,000 | [1] | 26,000 | [1] | 53,000 | [1] |
Segment loss, net of taxes | -1,399,000 | [1] | -1,156,000 | [1] | -2,880,000 | [1] | -2,956,000 | [1] |
Expenditures for segment assets | ' | [1] | ' | [1] | ' | [1] | ' | |
[1] | Amounts reflect the activity for corporate headquarters not included in the segment information. |
Note_12_Income_Taxes_Details
Note 12 - Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Note 12 - Income Taxes (Details) [Line Items] | ' | ' | ' | ' |
Income Tax Expense (Benefit) | $30,000 | ($132,000) | $60,000 | ($1,560,000) |
Effective Income Tax Rate Reconciliation, Percent | -1.50% | -134.70% | -1.10% | 37.00% |
Goodwill, Impairment Loss | 380,000 | 1,149,000 | 380,000 | 1,149,000 |
SYA [Member] | ' | ' | ' | ' |
Note 12 - Income Taxes (Details) [Line Items] | ' | ' | ' | ' |
Goodwill, Impairment Loss | 380,000 | ' | 380,000 | ' |
CH Plateau Remediation Company [Member] | ' | ' | ' | ' |
Note 12 - Income Taxes (Details) [Line Items] | ' | ' | ' | ' |
Goodwill, Impairment Loss | ' | $1,149,000 | ' | $1,149,000 |
Note_13_Subsequent_Events_Deta
Note 13 - Subsequent Events (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | |||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jul. 29, 2014 | Jul. 29, 2014 | Jul. 28, 2014 | Dec. 31, 2013 | |
Series E Common Stock [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | SYA [Member] | ||||
Private Placement [Member] | Scenario, Forecast [Member] | Scenario, Paid For Shares Sold [Member] | Scenario, Not Paid For Shares Sold [Member] | SYA [Member] | SYA [Member] | ||||||
Scenario, Forecast [Member] | PF Medical S.A. [Member] | PF Medical S.A. [Member] | PF Medical S.A. [Member] | ||||||||
PF Medical S.A. [Member] | |||||||||||
Note 13 - Subsequent Events (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds From Insurance Settlement, Investing Activities, Working Capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,350,000 | ' |
Proceeds from Insurance Settlement, Investing Activities | 3,850,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds From Insurance Settlement, Investing Activities, Maintained Reserve | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' |
Payments of Financing Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000 | ' |
Disposal Group, Capital Stock Sold, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' |
Proceeds from Divestiture of Businesses | ' | ' | ' | ' | ' | ' | ' | 1,300,000 | ' | ' | ' |
Disposal Group, Working Capital Adjustment | ' | ' | ' | ' | ' | ' | ' | 60,000 | ' | ' | ' |
Escrow Deposit | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' |
Escrow Deposit, Term | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' |
Disposal Group, Including Discontinued Operation, Revenue | ' | 809,000 | 1,472,000 | ' | ' | ' | ' | ' | ' | ' | 2,564,736 |
Disposal Group, Including Discontinued Operation, Gross Profit (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -621,288 |
Proceeds from Issuance of Common Stock | ' | ' | ' | $1,800,000 | $750,000 | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues (in Shares) | ' | ' | ' | ' | 68,161 | ' | ' | ' | ' | ' | ' |
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | ' | ' | ' | ' | ' | 64.00% | 69.00% | ' | ' | ' | ' |