Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 13, 2015 | |
Entity Registrant Name | DIGITAL POWER CORP | |
Entity Central Index Key | 896,493 | |
Trading Symbol | dpw | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 6,775,971 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and cash equivalents | $ 1,365,000 | $ 2,110,000 |
Trade receivables | $ 979,000 | 1,548,000 |
Related parties – trade receivables | ||
Prepaid expenses and other receivables | $ 229,000 | 178,000 |
Inventories (Note 3) | 1,922,000 | 1,653,000 |
Total current assets | 4,495,000 | 5,489,000 |
PROPERTY AND EQUIPMENT, NET | $ 584,000 | 567,000 |
INTANGIBLE ASSET, NET | 66,000 | |
INVESTMENT IN TELKOOR | $ 90,000 | 207,000 |
LONG-TERM DEPOSITS | 13,000 | 13,000 |
Total assets | 5,182,000 | 6,342,000 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Accounts payable | 874,000 | 1,061,000 |
Related parties - trade payables | 7,000 | 60,000 |
Advances from customers and deferred revenues | 233,000 | 435,000 |
Other current liabilities | 372,000 | 345,000 |
Total current liabilities | 1,486,000 | 1,901,000 |
SHAREHOLDERS' EQUITY: | ||
Series A Redeemable, Convertible Preferred shares, no par value - 500,000 shares authorized and 0 shares outstanding at September 30, 2015 and December 31, 2014 | 0 | 0 |
Preferred shares, no par value - 1,500,000 shares authorized and 0 shares outstanding at September 30, 2015 and December 31, 2014 | 0 | 0 |
Common shares, no par value - 30,000,000 shares authorized; 6,775,971 shares issued and outstanding as of September 30, 2015 and December 31, 2014. | 0 | 0 |
Additional paid-in capital | 14,920,000 | 14,739,000 |
Accumulated deficit | (10,811,000) | (9,940,000) |
Accumulated other comprehensive loss | (413,000) | (358,000) |
Total shareholders' equity | 3,696,000 | 4,441,000 |
Total liabilities and shareholders' equity | $ 5,182,000 | $ 6,342,000 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
Series A Redeemable, par value (in dollars per share) | $ 0 | $ 0 |
Series A Redeemable, shares authorized (in shares) | 500,000 | 500,000 |
Series A Redeemable, shares outstanding (in shares) | 0 | 0 |
Preferred shares, par value (in dollars per share) | $ 0 | $ 0 |
Preferred shares, shares authorized (in shares) | 1,500,000 | 1,500,000 |
Preferred shares, shares outstanding (in shares) | 0 | 0 |
Common shares, par value (in dollars per share) | $ 0 | $ 0 |
Common shares, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Common shares, shares issued (in shares) | 6,775,971 | 6,775,971 |
Common shares, shares outstanding (in shares) | 6,775,971 | 6,775,971 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Total revenues | $ 1,415,000 | $ 2,231,000 | $ 5,462,000 | $ 6,910,000 |
Cost of revenues | 935,000 | 1,485,000 | 3,468,000 | 4,319,000 |
Gross profit | 480,000 | 746,000 | 1,994,000 | 2,591,000 |
Operating expenses: | ||||
Engineering and product development | 203,000 | 197,000 | 663,000 | 591,000 |
Selling and marketing | 316,000 | 292,000 | 835,000 | 934,000 |
General and administrative | 378,000 | 435,000 | 1,279,000 | 1,248,000 |
Total operating expenses | 897,000 | 924,000 | 2,777,000 | 2,773,000 |
Operating income (loss) | (417,000) | (178,000) | (783,000) | (182,000) |
Financial income (expense), net | $ 21,000 | $ 28,000 | 18,000 | $ 23,000 |
Impairment of invesment | (106,000) | |||
(Loss) income before income taxes | $ (396,000) | $ (150,000) | $ (871,000) | $ (159,000) |
Income taxes | ||||
Net (loss) income | $ (396,000) | $ (150,000) | $ (871,000) | $ (159,000) |
Basic net income (loss) per share (in dollars per share) | $ (0.059) | $ (0.022) | $ (0.129) | $ (0.023) |
Diluted net income (loss) per share (in dollars per share) | $ (0.059) | $ (0.022) | $ (0.129) | $ (0.023) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net loss | $ (396,000) | $ (150,000) | $ (871,000) | $ (159,000) |
Other Comprehensive income, net of tax: | ||||
Change in net foreign currency translation adjustment | (82,000) | (81,000) | (55,000) | (20,000) |
Other comprehensive income | (82,000) | (81,000) | (55,000) | (20,000) |
Total comprehensive income (loss): | $ (478,000) | $ (231,000) | $ (926,000) | $ (179,000) |
Statement of Changes in Shareho
Statement of Changes in Shareholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2013 | 6,853,161 | ||||
Balance at Dec. 31, 2013 | $ 14,582,000 | $ (9,282,000) | $ (253,000) | $ 5,047,000 | |
Stock compensation related to options granted to employees | $ 152,000 | 152,000 | |||
Net loss | $ (159,000) | (159,000) | |||
Change in net foreign currency translation adjustment | $ (20,000) | (20,000) | |||
Balance (in shares) at Sep. 30, 2014 | 6,774,769 | ||||
Balance at Sep. 30, 2014 | $ 14,654,000 | $ (9,441,000) | $ (273,000) | 4,931,000 | |
Stock compensation related to options granted to non-employees | 1,000 | 1,000 | |||
Exercise of employee options (in shares) | 39,749 | ||||
Balance (in shares) at Dec. 31, 2014 | 6,775,971 | ||||
Balance at Dec. 31, 2014 | 14,739,000 | $ (9,940,000) | $ (358,000) | 4,441,000 | |
Stock compensation related to options granted to employees | $ 181,000 | 181,000 | |||
Net loss | $ (871,000) | (871,000) | |||
Change in net foreign currency translation adjustment | $ (55,000) | (55,000) | |||
Balance (in shares) at Sep. 30, 2015 | 6,775,971 | ||||
Balance at Sep. 30, 2015 | $ 14,920,000 | $ (10,811,000) | $ (413,000) | $ 3,696,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities : | ||
Net loss | $ (871,000) | $ (159,000) |
Adjustments required to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation | 108,000 | 104,000 |
Amortization of intangible asset | 66,000 | 78,000 |
Stock based compensation related to options granted to employees | 181,000 | 152,000 |
Stock based compensation related to options granted to Telkoor's employees | 1,000 | |
Impairment of investment in Telkoor | 106,000 | |
Write down of inventory | 44,000 | |
Decrease in trade receivables, net | 560,000 | 76,000 |
Increase in prepaid expenses and other accounts receivable | (53,000) | (45,000) |
Decrease (increase) in inventories | (339,000) | (85,000) |
Decrease in accounts payable and related parties- trade payables | (236,000) | (10,000) |
Decrease in deferred revenues and other current liabilities | (161,000) | 42,000 |
Net cash provided (used by) operating activities | (595,000) | 154,000 |
Cash flows from investing activities : | ||
Purchase of property and equipment | (130,000) | (117,000) |
Proceeds from sales of property and equipment | 16,000 | |
Net cash used in investing activities | (130,000) | (101,000) |
Cash flows from financing activities : | ||
Purchase of treasury stock | (90,000) | |
Net cash used in financing activities | (90,000) | |
Effect of exchange rate changes on cash and cash equivalents | (20,000) | 1,000 |
Increase/(decrease) in cash and cash equivalents | (745,000) | (36,000) |
Cash and cash equivalents at the beginning of the period | 2,110,000 | 1,696,000 |
Cash and cash equivalents at the end of the period | $ 1,365,000 | $ 1,660,000 |
Note 1 - General
Note 1 - General | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | NOTE 1:- GENERAL a. Digital Power Corporation (the "Company" or "DPC") was incorporated in 1969, under the General Corporation Law of the State of California. The Company and Digital Power Limited ("DPL"), a wholly owned subsidiary located in the United Kingdom, are currently engaged in the design, manufacture and sale of switching power supplies and converters. The Company has two reportable geographic segments - North America (sales through DPC) and Europe (sales through DPL). b. The Company depends on Telkoor Telecom Ltd. ("Telkoor"), a major shareholder of the Company and one of DPC's third party subcontractors, for manufacturing capabilities in production of the products which DPC sells. If these manufacturers are unable or unwilling to continue manufacturing the Company's products in required volumes on a timely basis, that could lead to loss of sales, and adversely affect the Company's operating results and cash position. The Company also depends on Telkoor's intellectual property and ability to transfer production to third party manufacturers. Failure to obtain new products in a timely manner or delay in delivery of product to customers will have an adverse effect on the Company's ability to meet its customers' expectations. In 2010, the Company purchased specific intellectual property (IP) fromTelkoor in order to reduce its dependency on Telkoor with respect to a certain line of products. |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 2:- BASIS OF PRESENTATION The accompanying unaudited interim consolidated financial statements and footnotes have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commissions (the “SEC”) regarding unaudited interim financial information. In the opinion of management, the accompanying unaudited interim consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s consolidated balance sheets, statements of operations, comprehensive loss and cash flows for the interim periods presented. Operating results for the interim periods presented are not necessarily indicative of the results of operations to be expected for the full year or the results for any future periods due to seasonal and other factors. Certain information and footnote disclosures normally included in the consolidated financial statements in accordance with U.S. GAAP have been omitted in accordance with the rules and regulations of the SEC. Accordingly, these unaudited interim consolidated financial statements and footnotes should be read in conjunction with the consolidated financial statements and accompanying notes thereto included in the Company’s Form 10-K for the year ended December 31, 2014 filed with the SEC on March 27, 2015. |
Note 3 - Inventories
Note 3 - Inventories | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 3:- INVENTORIES September 30, December 31, 2015 2014 Unaudited Raw materials, parts and supplies $ 405 $ 287 Work in progress 444 357 Finished products 1,073 1,009 $ 1,922 $ 1,653 |
Note 4 - Accounting for Stock-b
Note 4 - Accounting for Stock-based Compensation | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 4:- ACCOUNTING FOR STOCK-BASED COMPENSATION Share Option Plan 1. Under the Company's Digital Power 2012 (as amended) (“Incentive Share Option Plan”), options my be granted to employees, officers, consultants, service providers and directors of the Company or its subsidiary. 2. As of September 30, 2015, the Company had authorized according to the Incentive Share Option Plan, the grant of options to officers, management, other key employees and others of up to 1,372,630 options for the Company’s common shares. The maximum term of the options is ten years from date of grant. As of September 30, 2015, an aggregate of 670,130 shares of the Company’s common stock were still available for future grant. 3. The options granted generally become fully exercisable after four years and expire no later than 10 years from the date of the option grant. Any options that are forfeited or cancelled before expiration become available for future grants The fair value for options granted during the 3 and nine months ended September 30, 2015 amortized over their vesting period using a straight-line recognition method and estimated at the date of grant with the following assumptions: Nine months ended Three months ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Weighted Average fair value $ 0.43 $ 1.14 $ 0.43 - Dividend yield 0 % 0 % 0 % - Expected volatility 71.6 % 77.6 % 71.6 % - Expected life (years) 6.25 6.25 6.25 - 4. A summary of the Company’s employee share option activity (except options to consultants and service providers) and related information is as follows: Nine months ended September 30, 2015 Amount of options Weighted average exercise price Weighted average remaining contractual term (years) Aggregate intrinsic value (*) Outstanding at the beginning of the period 1,262,763 $ 1.57 7.65 $ 40.57 Granted 135,000 $ 0.68 Fortfeited 150,000 $ 1.44 Outstanding at the end of the period 1,247,763 $ 1.48 7.08 $ 1 Exercisable options at the end of the period 656,513 $ 1.52 5.61 $ - (*) Calculation of aggregate intrinsic value is based upon the share price of the Company’s common stock as of September 30, 2015 ($0.67) per share). Under the provisions of ASC 718, the fair value of each option is estimated on the date of grant using a Black-Sholes option valuation model that uses the assumptions such as stock price on the date of the grant, exercise price, risk-free interest rate, expected volatility, expected life and expected dividend yield of the option. Expected volatility is based exclusively on historical volatility of the entity's stock as allowed by ASC 718. The Company uses historical information with respect to the employee options exercised to estimate the expected term of options granted, representing the period of time that options granted are expected to be outstanding. The risk-free interest rate of the period within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. 135,000 options were granted during the first nine months of 2015. The total employee’s equity-based compensation expense related to all of the Company’s equity-based awards recognized for the nine months and three months ended September 30, 2015 and 2014 is comprised as follows: Nine months ended Three months ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Unaudited Unaudited Unaudited Unaudited Cost of goods sold 4 - 1 - Sales and marketing expenses 8 10 2 5 Research and development 14 13 3 6 General and administrative 155 129 38 59 Total employees equity-based compensation expense 181 152 44 70 As of September 30, 2015, there was $486 of total unrecognized compensation cost related to unvested share-based compensation arrangements granted under the share option plans. That cost is expected to be recognized over a period of the next 2.74 years. |
Note 5 - Net Income (Loss) Per
Note 5 - Net Income (Loss) Per Share | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 5:- NET INCOME (LOSS) PER SHARE The following table sets forth the computation of the basic and diluted net earnings per share: 1. Numerator: Nine months ended September 30, Three months ended September 30, 2015 2014 2015 2014 Unaudited Net income (loss) available to Common shareholders $ (871 ) $ (159 ) $ (396 ) $ (150 ) 2. Denominator: Nine months ended September 30, Three months ended September 30, 2015 2014 2015 2014 Unaudited Denominator for basic and diluted loss per share of weighted average number of common shares 6,775,971 6,812,816 6,775,971 6,782,418 Basic net income (loss) per share $ (0.129 ) $ (0.023 ) $ (0.059 ) $ (0.022 ) Diluted net income (loss) per share $ (0.129 ) $ (0.023 ) $ (0.059 ) $ (0.022 ) |
Note 6 - Investment in Telkoor
Note 6 - Investment in Telkoor | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 6:- INVESTMENT IN TELKOOR On June 16, 2011 the Company acquired 1,136,666 shares of Telkoor Telecom Ltd., a major shareholder of the Company and an Israeli company listed in the Tel Aviv Stock Exchange, which represented 8.8% of the outstanding shares of Telkoor. As a result of this transaction, an existing manufacturing agreement between Digital Power and Telkoor was updated and extended. The Company has classified its investment in Telkoor's shares as available-for-sale securities in accordance with ASC 320, "Investment in Debt and Equity Securities". Marketable securities classified as "available for sale securities" are carried at fair value, based on quoted market prices. Unrealized gains and losses are reported in a separate component of shareholders' equity in "accumulated other comprehensive loss". When evaluating the investment for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer and any changes thereto, and the Company's intent to sell, or whether it is more likely than not that it will be required to sell, the investment before recovery of the investment's amortized cost basis. Equity securities that do not have readily determinable fair values (i.e. non-marketable equity securities) and are not required to be accounted for under the equity method are typically carried at cost (i.e., cost method investments), as described in ASC 325-20. The Company recorded an impairment of its investment in Telkoor of $106 for the nine months ended September 30, 2015 based upon a decline in the value of the Company’s investment in Telkoor’s shares and a reduction of the market value of Telkoor’s equity. The Company did not record an impairment for the three months ended September 2015. For the three and nine months ended September 30, 2014, the Company did not record an impairment. In the year ended December 31, 2014, an independent appraiser evaluated the holding value of this investment based upon guidelines outlined in ASC 320 and concluded the fair value of the asset had declined by $175 from its value reported in the financial statements for the year ended December 31, 2013. In accordance with ASC 325, Telkoor’s equity shares held by the Company are presented at cost and will be reviewed for impairment in accordance with ASC 320. |
Note 7 - Segments
Note 7 - Segments | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 7:- SEGMENTS The Company has two reportable geographic segments (see Note 1 for a brief description of the Company's business). The following data presents the revenues, expenditures and other operating data of the Company's geographic operating segments in accordance with ASC 218 (formerly SFAS No. 131) "Segment Reporting". Nine months ended September 30, 2015 (unaudited) DPC DPL Eliminations Total Revenues $ 2,795 $ 2,667 $ - $ 5,462 Intersegment revenues 277 - (277 ) - Total revenues $ 3,072 $ 2,667 $ (277 ) $ 5,462 Depreciation and amortization $ 56 $ 118 $ - $ 174 Operating income (loss) $ (845 ) $ 62 $ - $ (783 ) Financial income (expense), net $ (4 ) $ 22 $ - $ 18 Impairment of invesment $ - $ (106 ) $ - $ (106 ) Net income (loss) $ (849 ) $ (22 ) $ - $ (871 ) Expenditures for segment assets, net of retirements $ 54 $ 76 $ - $ 130 Total assets as of September 30, 2015 $ 2,252 $ 2,930 $ - $ 5,182 Nine months ended September 30, 2014 (unaudited) DPC DPL Eliminations Total Revenues $ 3,783 $ 3,127 $ - $ 6,910 Intersegment revenues 119 - (119 ) - Total revenues $ 3,902 $ 3,127 $ (119 ) $ 6,910 Depreciation and amortization $ 50 $ 132 $ - $ 182 Operating income (loss) $ (330 ) $ 148 $ - $ (182 ) Financial income, net $ - $ 23 $ - $ 23 Impairment of invesment $ - $ - $ - $ - Net income (loss) $ (330 ) $ 171 $ - $ (159 ) Expenditures for segment assets, net of retirements $ 76 $ 25 $ - $ 101 Total assets as of September 30, 2014 $ 3,588 $ 3,292 $ - $ 6,880 Three months ended September 30, 2015 (unaudited) DPC DPL Eliminations Total Revenues $ 808 $ 607 $ - $ 1,415 Intersegment revenues 155 0 (155 ) - Total revenues $ 963 $ 607 $ (155 ) $ 1,415 Depreciation and amortization $ 19 $ 36 $ - $ 55 Operating income (loss) $ (316 ) $ (101 ) $ - $ (417 ) Financial income (expense), net $ (4 ) $ 25 $ - $ 21 Impairment of invesment $ - $ - $ - $ - Net income (loss) $ (320 ) $ (76 ) $ - $ (396 ) Expenditures for segment assets, net of retirements $ 4 $ 21 $ - $ 25 Total assets as of September 30, 2015 $ 2,252 $ 2,930 $ - $ 5,182 Three months ended September 30, 2014 (unaudited) DPC DPL Eliminations Total Revenues $ 1,141 $ 1,090 $ - $ 2,231 Intersegment revenues - - - - Total revenues $ 1,141 $ 1,090 $ - $ 2,231 Depreciation and amortization ` $ 14 $ 47 $ - $ 61 Operating income (loss) $ (198 ) $ 20 $ - $ (178 ) Financial income, net $ - $ 28 $ - $ 28 Impairment of invesment $ - $ - $ - $ - Net income (loss) $ (198 ) $ 48 $ - $ (150 ) Expenditures for segment assets, net of retirements $ 24 $ 39 $ - $ 63 Total assets as of September 30, 2014 $ 3,330 $ 3,149 $ - $ 6,479 Major customer data as a percentage of total revenues : The following table sets forth the customers that represented 10% or more of the Company’s total revenues in each of the periods set forth below. Three months ended September 30, 2015 2014 (unaudited) (unaudited) Inogen 22 % (* ) C&A Korea 11 % (* ) Arris 12 % 11 % (*) Less than 10% |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, December 31, 2015 2014 Unaudited Raw materials, parts and supplies $ 405 $ 287 Work in progress 444 357 Finished products 1,073 1,009 $ 1,922 $ 1,653 |
Note 4 - Accounting for Stock16
Note 4 - Accounting for Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Option Plans [Member] | |
Notes Tables | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Nine months ended September 30, 2015 Amount of options Weighted average exercise price Weighted average remaining contractual term (years) Aggregate intrinsic value (*) Outstanding at the beginning of the period 1,262,763 $ 1.57 7.65 $ 40.57 Granted 135,000 $ 0.68 Fortfeited 150,000 $ 1.44 Outstanding at the end of the period 1,247,763 $ 1.48 7.08 $ 1 Exercisable options at the end of the period 656,513 $ 1.52 5.61 $ - |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Nine months ended Three months ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Weighted Average fair value $ 0.43 $ 1.14 $ 0.43 - Dividend yield 0 % 0 % 0 % - Expected volatility 71.6 % 77.6 % 71.6 % - Expected life (years) 6.25 6.25 6.25 - |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Nine months ended Three months ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Unaudited Unaudited Unaudited Unaudited Cost of goods sold 4 - 1 - Sales and marketing expenses 8 10 2 5 Research and development 14 13 3 6 General and administrative 155 129 38 59 Total employees equity-based compensation expense 181 152 44 70 |
Note 5 - Net Income (Loss) Pe17
Note 5 - Net Income (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Nine months ended September 30, Three months ended September 30, 2015 2014 2015 2014 Unaudited Net income (loss) available to Common shareholders $ (871 ) $ (159 ) $ (396 ) $ (150 ) Nine months ended September 30, Three months ended September 30, 2015 2014 2015 2014 Unaudited Denominator for basic and diluted loss per share of weighted average number of common shares 6,775,971 6,812,816 6,775,971 6,782,418 Basic net income (loss) per share $ (0.129 ) $ (0.023 ) $ (0.059 ) $ (0.022 ) Diluted net income (loss) per share $ (0.129 ) $ (0.023 ) $ (0.059 ) $ (0.022 ) |
Note 7 - Segments (Tables)
Note 7 - Segments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Nine months ended September 30, 2015 (unaudited) DPC DPL Eliminations Total Revenues $ 2,795 $ 2,667 $ - $ 5,462 Intersegment revenues 277 - (277 ) - Total revenues $ 3,072 $ 2,667 $ (277 ) $ 5,462 Depreciation and amortization $ 56 $ 118 $ - $ 174 Operating income (loss) $ (845 ) $ 62 $ - $ (783 ) Financial income (expense), net $ (4 ) $ 22 $ - $ 18 Impairment of invesment $ - $ (106 ) $ - $ (106 ) Net income (loss) $ (849 ) $ (22 ) $ - $ (871 ) Expenditures for segment assets, net of retirements $ 54 $ 76 $ - $ 130 Total assets as of September 30, 2015 $ 2,252 $ 2,930 $ - $ 5,182 Nine months ended September 30, 2014 (unaudited) DPC DPL Eliminations Total Revenues $ 3,783 $ 3,127 $ - $ 6,910 Intersegment revenues 119 - (119 ) - Total revenues $ 3,902 $ 3,127 $ (119 ) $ 6,910 Depreciation and amortization $ 50 $ 132 $ - $ 182 Operating income (loss) $ (330 ) $ 148 $ - $ (182 ) Financial income, net $ - $ 23 $ - $ 23 Impairment of invesment $ - $ - $ - $ - Net income (loss) $ (330 ) $ 171 $ - $ (159 ) Expenditures for segment assets, net of retirements $ 76 $ 25 $ - $ 101 Total assets as of September 30, 2014 $ 3,588 $ 3,292 $ - $ 6,880 Three months ended September 30, 2015 (unaudited) DPC DPL Eliminations Total Revenues $ 808 $ 607 $ - $ 1,415 Intersegment revenues 155 0 (155 ) - Total revenues $ 963 $ 607 $ (155 ) $ 1,415 Depreciation and amortization $ 19 $ 36 $ - $ 55 Operating income (loss) $ (316 ) $ (101 ) $ - $ (417 ) Financial income (expense), net $ (4 ) $ 25 $ - $ 21 Impairment of invesment $ - $ - $ - $ - Net income (loss) $ (320 ) $ (76 ) $ - $ (396 ) Expenditures for segment assets, net of retirements $ 4 $ 21 $ - $ 25 Total assets as of September 30, 2015 $ 2,252 $ 2,930 $ - $ 5,182 Three months ended September 30, 2014 (unaudited) DPC DPL Eliminations Total Revenues $ 1,141 $ 1,090 $ - $ 2,231 Intersegment revenues - - - - Total revenues $ 1,141 $ 1,090 $ - $ 2,231 Depreciation and amortization ` $ 14 $ 47 $ - $ 61 Operating income (loss) $ (198 ) $ 20 $ - $ (178 ) Financial income, net $ - $ 28 $ - $ 28 Impairment of invesment $ - $ - $ - $ - Net income (loss) $ (198 ) $ 48 $ - $ (150 ) Expenditures for segment assets, net of retirements $ 24 $ 39 $ - $ 63 Total assets as of September 30, 2014 $ 3,330 $ 3,149 $ - $ 6,479 |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Three months ended September 30, 2015 2014 (unaudited) (unaudited) Inogen 22 % (* ) C&A Korea 11 % (* ) Arris 12 % 11 % |
Note 1 - General (Details Textu
Note 1 - General (Details Textual) | 9 Months Ended |
Sep. 30, 2015 | |
Number of Reportable Segments | 2 |
Note 3 - Inventories - Inventor
Note 3 - Inventories - Inventories (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Raw materials, parts and supplies | $ 405,000 | $ 287,000 |
Work in progress | 444,000 | 357,000 |
Finished products | 1,073,000 | 1,009,000 |
$ 1,922,000 | $ 1,653,000 |
Note 4 - Accounting for Stock21
Note 4 - Accounting for Stock-based Compensation (Details Textual) | 9 Months Ended |
Sep. 30, 2015USD ($)$ / sharesshares | |
Officers Management Other Key Employees and Others [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,372,630 |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 670,130 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years |
Share Price | $ / shares | $ 0.67 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 135,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | $ 486 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 270 days |
Note 4 - Option Granted Fair Va
Note 4 - Option Granted Fair Value Assumptions (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Employee Stock Option [Member] | ||||
Dividend yield | 0.00% | 0.00% | 0.00% | |
Expected volatility | 71.60% | 71.60% | 77.60% | |
Expected life (years) | 6 years 91 days | 6 years 91 days | 6 years 91 days | |
Weighted Average fair value (in dollars per share) | $ 0.43 | $ 0.43 | $ 1.14 |
Note 4 - Accounting for Stock23
Note 4 - Accounting for Stock-based Compensation - Option Activity (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | ||
Outstanding, amount of options (in shares) | 1,262,763 | ||
Outstanding, weighted average exercise price (in dollars per share) | $ 1.57 | ||
Outstanding, weighted average remaining contractual term (years) | 7 years 29 days | 7 years 237 days | |
Outstanding, aggregate intrinsic value | [1] | $ 1 | $ 40,570 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 135,000 | ||
Granted, weighted average exercise price (in dollars per share) | $ 0.68 | ||
Fortfeited, amount of options (in shares) | 150,000 | ||
Fortfeited, weighted average exercise price (in dollars per share) | $ 1.44 | ||
Outstanding, amount of options (in shares) | 1,247,763 | 1,262,763 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 1.48 | $ 1.57 | |
Exercisable, amount of options (in shares) | 656,513 | ||
Exercisable, weighted average exercise price (in dollars per share) | $ 1.52 | ||
Exercisable, weighted average remaining contractual term (years) | 5 years 222 days | ||
[1] | Calculation of aggregate intrinsic value is based upon the share price of the Company’s common stock as of September 30, 2015 ($0.67) per share). |
Note 4 - Accounting for Stock24
Note 4 - Accounting for Stock-based Compensation - Equity Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Cost of Sales [Member] | ||||
Share-based compensation expense | $ 1 | $ 4 | ||
Selling and Marketing Expense [Member] | ||||
Share-based compensation expense | 2 | $ 5 | 8 | $ 10 |
Research and Development Expense [Member] | ||||
Share-based compensation expense | 3 | 6 | 14 | 13 |
General and Administrative Expense [Member] | ||||
Share-based compensation expense | 38 | 59 | 155 | 129 |
Share-based compensation expense | $ 44 | $ 70 | $ 181 | $ 152 |
Note 5 - Net Income (Loss) Pe25
Note 5 - Net Income (Loss) Per Share - Computation of the Basic and Diluted Earnings per Share (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net income (loss) available to Common shareholders | $ (396) | $ (150) | $ (871) | $ (159) |
Denominator for basic and diluted loss per share of weighted average number of common shares (in shares) | 6,775,971 | 6,782,418 | 6,775,971 | 6,812,816 |
Basic net income (loss) per share (in dollars per share) | $ (0.059) | $ (0.022) | $ (0.129) | $ (0.023) |
Diluted net income (loss) per share (in dollars per share) | $ (0.059) | $ (0.022) | $ (0.129) | $ (0.023) |
Note 6 - Investment in Telkoor
Note 6 - Investment in Telkoor (Details Textual) - USD ($) shares in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jun. 16, 2011 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2013 | |
Telkoor [Member] | ||||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities | $ 0 | $ 0 | $ 106,000 | $ 0 | $ 175,000 | |
Business Acquisition Shares Acquired | 1,136,666 | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 8.80% | |||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities | $ 106,000 |
Note 7 - Segments (Details Text
Note 7 - Segments (Details Textual) | 9 Months Ended |
Sep. 30, 2015 | |
Number of Reportable Segments | 2 |
Note 7 - Segments - Segment Rep
Note 7 - Segments - Segment Reporting (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
DPC [Member] | Operating Segments [Member] | ||||
Revenues | $ 808,000 | $ 1,141,000 | $ 2,795,000 | $ 3,783,000 |
Intersegment revenues | 155,000 | 277,000 | 119,000 | |
Total revenues | 963,000 | $ 1,141,000 | 3,072,000 | 3,902,000 |
Depreciation and amortization | 19,000 | 14,000 | 56,000 | 50,000 |
Operating income (loss) | (316,000) | $ (198,000) | (845,000) | $ (330,000) |
Financial income (expense), net | $ (4,000) | $ (4,000) | ||
Impairment of invesment | ||||
Net loss | $ (320,000) | $ (198,000) | $ (849,000) | $ (330,000) |
Expenditures for segment assets, net of retirements | 4,000 | 24,000 | 54,000 | 76,000 |
Total assets as of September 30, 2015 | 2,252,000 | 3,588,000 | 2,252,000 | 3,588,000 |
DPL [Member] | Operating Segments [Member] | ||||
Revenues | 607,000 | $ 1,090,000 | $ 2,667,000 | $ 3,127,000 |
Intersegment revenues | 0 | |||
Total revenues | 607,000 | $ 1,090,000 | $ 2,667,000 | $ 3,127,000 |
Depreciation and amortization | 36,000 | 47,000 | 118,000 | 132,000 |
Operating income (loss) | (101,000) | 20,000 | 62,000 | 148,000 |
Financial income (expense), net | $ 25,000 | $ 28,000 | 22,000 | $ 23,000 |
Impairment of invesment | (106,000) | |||
Net loss | $ (76,000) | $ 48,000 | (22,000) | $ 171,000 |
Expenditures for segment assets, net of retirements | 21,000 | 39,000 | 76,000 | 25,000 |
Total assets as of September 30, 2015 | $ 2,930,000 | $ 3,292,000 | $ 2,930,000 | $ 3,292,000 |
Intersegment Eliminations [Member] | ||||
Revenues | ||||
Intersegment revenues | $ (155,000) | $ (277,000) | $ (119,000) | |
Total revenues | $ (155,000) | $ (277,000) | $ (119,000) | |
Depreciation and amortization | ||||
Operating income (loss) | ||||
Financial income (expense), net | ||||
Impairment of invesment | ||||
Net loss | ||||
Expenditures for segment assets, net of retirements | ||||
Total assets as of September 30, 2015 | ||||
Revenues | $ 1,415,000 | $ 2,231,000 | $ 5,462,000 | $ 6,910,000 |
Intersegment revenues | ||||
Total revenues | $ 1,415,000 | $ 2,231,000 | $ 5,462,000 | $ 6,910,000 |
Depreciation and amortization | 55,000 | 61,000 | 174,000 | 182,000 |
Operating income (loss) | (417,000) | (178,000) | (783,000) | (182,000) |
Financial income (expense), net | $ 21,000 | $ 28,000 | 18,000 | $ 23,000 |
Impairment of invesment | (106,000) | |||
Net loss | $ (396,000) | $ (150,000) | (871,000) | $ (159,000) |
Expenditures for segment assets, net of retirements | 25,000 | 63,000 | 130,000 | 101,000 |
Total assets as of September 30, 2015 | $ 5,182,000 | $ 6,479,000 | $ 5,182,000 | $ 6,479,000 |
Note 7 - Segments - Concentrati
Note 7 - Segments - Concentration Risk (Details) - Sales Revenue, Net [Member] - Customer Concentration Risk [Member] | 3 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | [1] | |
Inogen [Member] | |||
Inogen | 22.00% | 11.00% | |
C&A Korea [member] | |||
Inogen | 12.00% | ||
[1] | Less than 10% |
Uncategorized Items - dpw-20150
Label | Element | Value |
us-gaap_TreasuryStockValueAcquiredCostMethod | us-gaap_TreasuryStockValueAcquiredCostMethod | $ 90 |
AOCI Attributable to Parent [Member] | ||
us-gaap_TreasuryStockValueAcquiredCostMethod | us-gaap_TreasuryStockValueAcquiredCostMethod | |
Additional Paid-in Capital [Member] | ||
us-gaap_TreasuryStockValueAcquiredCostMethod | us-gaap_TreasuryStockValueAcquiredCostMethod | $ 90 |
Common Stock [Member] | ||
us-gaap_TreasuryStockSharesAcquired | us-gaap_TreasuryStockSharesAcquired | 118,141 |
Retained Earnings [Member] | ||
us-gaap_TreasuryStockValueAcquiredCostMethod | us-gaap_TreasuryStockValueAcquiredCostMethod |