Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 12, 2016 | |
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 | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 1,158,000 | $ 1,241,000 |
Trade receivables | 1,261,000 | 1,240,000 |
Related parties – trade receivables | 68,000 | 77,000 |
Prepaid expenses and other accounts receivable | 180,000 | 187,000 |
Inventories (Note 3) | 1,428,000 | 1,542,000 |
Total current assets | 4,095,000 | 4,287,000 |
PROPERTY AND EQUIPMENT, NET | 729,000 | 709,000 |
INVESTMENT IN TELKOOR | 90,000 | 90,000 |
LONG-TERM DEPOSITS | 13,000 | 13,000 |
Total Non- current assets | 832,000 | 812,000 |
Total assets | 4,927,000 | 5,099,000 |
CURRENT LIABILITIES: | ||
Accounts payable | 1,013,000 | 937,000 |
Advances from customers and deferred revenue | 112,000 | 211,000 |
Other current liabilities | 538,000 | 480,000 |
Total current liabilities | 1,663,000 | 1,628,000 |
SHAREHOLDERS' EQUITY: | ||
Series A Redeemable Convertible Preferred shares, no par value - 500,000 shares authorized; 0 shares issued and outstanding at March 31, 2016 and December 31, 2015 | 0 | 0 |
Preferred shares, no par value - 1,500,000 shares authorized; 0 shares issued and outstanding at March 31, 2016 and December 31, 2015 | $ 0 | $ 0 |
Common shares, no par value - 30,000,000 shares authorized; 6,775,971 shares issued and outstanding as of March 31, 2016 and December 31, 2015 | ||
Additional paid-in capital | $ 15,009,000 | $ 14,965,000 |
Accumulated deficit | (11,229,000) | (11,036,000) |
Accumulated other comprehensive loss | (516,000) | (458,000) |
Total shareholders' equity | 3,264,000 | 3,471,000 |
Total liabilities and shareholders' equity | $ 4,927,000 | $ 5,099,000 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
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 issued (in shares) | 0 | 0 |
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 issued (in shares) | 0 | 0 |
Preferred shares, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Common stock, shares issued (in shares) | 6,775,971 | 6,775,971 |
Common stock, shares outstanding (in shares) | 6,775,971 | 6,775,971 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenues | $ 1,713 | $ 1,896 |
Cost of revenues | 1,093 | 1,183 |
Gross profit | 620 | 713 |
Operating expenses: | ||
Engineering and product development | 194 | 234 |
Selling and marketing | 255 | 260 |
General and administrative | 371 | 438 |
Total operating expenses | 820 | 932 |
Operating loss | $ (200) | (219) |
Impairment of investment | (50) | |
Financial income (expenses) , net | $ 7 | 65 |
Loss before income taxes | $ (193) | $ (204) |
Income taxes | ||
Net loss | $ (193) | $ (204) |
Basic and diluted net loss per share (in dollars per share) | $ (0.03) | $ (0.03) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net loss | $ (193) | $ (204) |
Other comprehensive loss: | ||
Change in net foreign currency translation adjustment | (58) | (111) |
Other comprehensive income (loss) | (58) | (111) |
Total comprehensive loss: | $ (251) | $ (315) |
Statements of Changes in Shareh
Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2014 | 6,775,971 | ||||
Balance at Dec. 31, 2014 | $ 14,739 | $ (9,940) | $ (358) | $ 4,441 | |
Net loss | $ (204) | (204) | |||
Foreign currency translation adjustments | (111) | (111) | |||
Balance (in shares) at Mar. 31, 2015 | 6,775,971 | ||||
Balance at Mar. 31, 2015 | $ 14,786 | $ (10,144) | (469) | 4,173 | |
Stock compensation related to options granted to employees | 47 | 47 | |||
Balance (in shares) at Dec. 31, 2015 | 6,775,971 | ||||
Balance at Dec. 31, 2015 | 14,965 | (11,036) | (458) | 3,471 | |
Stock compensation related to options granted to employees | 44 | 44 | |||
Net loss | (193) | (193) | |||
Foreign currency translation adjustments | (58) | (58) | |||
Balance (in shares) at Mar. 31, 2016 | 6,775,971 | ||||
Balance at Mar. 31, 2016 | $ 15,009 | $ (11,229) | $ (516) | $ 3,264 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net loss | $ (193) | $ (204) |
Adjustments required to reconcile net income to net cash provided by operating activities: | ||
Depreciation | $ 40 | 34 |
Amortization of intangible asset | 24 | |
Impairment of investment in Telkoor | 50 | |
Stock compensation related to options granted to employees | $ 44 | $ 47 |
Stock compensation related to options granted to non-employees | ||
Decrease ( Increase) in trade receivables, net | $ (32) | $ 503 |
Decrease (Increase) in prepaid expenses and other accounts receivable | 13 | (64) |
Decrease (increase) in inventories | 87 | (261) |
Decrease in accounts payable and related parties- trade payables | 76 | (209) |
Increase (decrease) in deferred revenues and other current liabilities | (27) | 197 |
Net cash provided by operating activities | 8 | 117 |
Cash flows from investing activities: | ||
Purchase of property and equipment | $ (72) | $ (99) |
Proceeds from sales of property and equipment | ||
Net cash used in investing activities | $ (72) | $ (99) |
Cash flows from financing activities: | ||
Effect of exchange rate changes on cash and cash equivalents | (19) | (68) |
Decrease in cash and cash equivalents | (83) | (50) |
Cash and cash equivalents at the beginning of the period | 1,241 | 2,110 |
Cash and cash equivalents at the end of the period | $ 1,158 | $ 2,060 |
Note 1 - General
Note 1 - General | 3 Months Ended |
Mar. 31, 2016 | |
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. In January 2016, Telkoor Telecom Ltd. (“Telkoor”) sold its entire commercial assets to Advice Ltd.. Consequently, the Company depends on Advice for design, to retain product technology up-to-date and manufacturing capabilities for certain of the products that the Company sells. If Advice is unable or unwilling to continue designing or manufacturing the Company's products in required volumes and with a certain level of quality 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 Advice'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 products to customers will have an adverse effect on the Company's ability to meet its customers’ expectations. In addition, the Company operates in highly competitive markets where the ability to sell Advice’s products could be adversely affected by Advice's agreements with other companies, long lead-times and the high cost of Advice’s products. In 2010, the Company purchased a specific IP from Telkoor in order to reduce its dependency on Telkoor with respect to a certain line of products. |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2:- SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited consolidated financial statements as of March 31, 2016 and for the three months ended March 31, 2016 and 2015 are unaudited and reflect all adjustments (consisting only of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial position and operating results for the interim periods. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto, together with management's discussion and analysis of the financial condition and results of operations, contained in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2015. The results of operations for the three months ended March 31, 2016 are not necessarily indicative of the results for the entire fiscal year ending December 31, 2015 The significant accounting policies applied in the annual financial statements of the Company as of December 31, 2015 are applied consistently in these financial statements. |
Note 3 - Inventories
Note 3 - Inventories | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 3:- INVENTORIES March 31, December 31, 2016 2015 Unaudited Raw materials, parts and supplies $ 361 $ 336 Work in progress 180 191 Finished products 887 1,015 $ 1,428 $ 1,542 |
Note 4 - Accounting for Stock-b
Note 4 - Accounting for Stock-based Compensation | 3 Months Ended |
Mar. 31, 2016 | |
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 may be granted to employees, officers, consultants, service providers and directors of the Company or its subsidiary. 2. As of March 31, 2016, 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 March 31, 2016, an aggregate of 761,130 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. 4. A summary of the Company’s employee share option activity (except options to consultants and service providers) and related information is as follows: Three months ended March 31, 2016 Amount of options Weighted average exercise price Weighted average remaining contractual term (years) Aggregate intrinsic value (*) Outstanding at the beginning of the period 1,146,000 $ 1.52 6.74 $ - Expire 40,000 $ 1.16 Outstanding at the end of the period 1,106,000 $ 1.53 6.72 $ - Exercisable options at the end of the period 598,500 $ 1.56 5.44 $ - (*) Calculation of aggregate intrinsic value is based upon the share price of the Company’s common stock as of March 31, 2016 ($0.41) 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. No options were granted during the first three months of 2016. The total employee’s equity-based compensation expense related to all of the Company’s equity-based awards recognized for the three months ended March 31, 2016 and 2015 is comprised as follows: Three months ended March 31, 2016 March 31, 2015 Unaudited Unaudited Cost of goods sold 2 1 Sales and marketing expenses 1 2 Research and development 4 3 General and administrative 37 41 Total employees equity-based compensation expense 44 47 As of March 31, 2016, there was $371 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 2.4 years. |
Note 5 - Loss Per Share
Note 5 - Loss Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 5:- LOSS PER SHARE The following table sets forth the computation of the basic and diluted net loss per share: Three months ended March 31, Numerator: 2016 2015 Unaudited Loss available to Common shareholders $ (193 ) $ (204 ) 2. Denominator: Total weighted average number of shares used in Computing basic and diluted loss per share 6,775,971 6,775,971 Basic and diluted loss per share $ ( 0.03 ) $ (0.03 ) |
Note 6 - Investment in Telkoor
Note 6 - Investment in Telkoor | 3 Months Ended |
Mar. 31, 2016 | |
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, a major shareholder of the Company and an Israeli company listed in the Tel Aviv stock exchange, which represented 8.8% (8.4% as of March 31, 2016) 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 $0 for the three months ended March 31, 2016 compared to $50 for the three months ended March 31, 2015 and $110 for the year ended December 31, 2015. |
Note 7 - Segments, Major Custom
Note 7 - Segments, Major Customers and Geographic Information | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 7:- SEGMENTS, MAJOR CUSTOMERS AND GEOGRAPHIC INFORMATION 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 "Segment Reporting" ("ASC 218"). Three months ended March 31, 2016 (unaudited) DPC DPL Eliminations Total Revenues $ 948 $ 765 $ - $ 1,713 Intersegment revenues 6 - (6 ) - Total revenues $ 954 $ 765 $ (6 ) $ 1,713 Depreciation and amortization expense $ 19 $ 21 $ - $ 40 Operating income (loss) $ (214 ) $ 14 $ - $ (200 ) Impairment of investment - Other income, net 7 Net income (loss) $ (221 ) $ 28 $ - $ (193 ) Expenditures for segment assets, s of March 31, 2016 $ 23 $ 49 $ - $ 72 Total assets as of March 31, 2016 $ 2,182 $ 2,745 $ - $ 4,927 DIGITAL POWER CORPORATION AND SUBSIDIARY NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS NOTE 7:- SEGMENTS, MAJOR CUSTOMERS AND GEOGRAPHIC INFORMATION (Continued) Three months ended March 31, 2015 (unaudited) DPC DPL Eliminations Total Revenues $ 924 $ 972 $ - $ 1,896 Intersegment revenues 111 - (111 ) - Total revenues $ 1,035 $ 972 $ (111 ) $ 1,896 Depreciation and amortization expense $ 18 $ 40 $ - $ 58 Operating income (loss) $ (265 ) $ 46 $ - $ (219 ) Impairment of investment (50 ) Other income, net 65 Tax expense - Net income (loss) $ (265 ) $ 61 $ - $ (204 ) Expenditures for segment assets, as of March 31, 2015 $ 46 $ 53 $ - $ 99 Total assets as of March 31, 2015 $ 2,799 $ 3,249 $ - $ 6,048 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 the period of three months ended March 31, 2016. Total Revenues by Major Customer Percentage of Total Company Revenues (in thousands) Customer A 325 19% Customer B 305 18% Revenue from customer A was attributable to DPC and revenue from customer B attributable to DPL. |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, 2016 2015 Unaudited Raw materials, parts and supplies $ 361 $ 336 Work in progress 180 191 Finished products 887 1,015 $ 1,428 $ 1,542 |
Note 4 - Accounting for Stock16
Note 4 - Accounting for Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Three months ended March 31, 2016 Amount of options Weighted average exercise price Weighted average remaining contractual term (years) Aggregate intrinsic value (*) Outstanding at the beginning of the period 1,146,000 $ 1.52 6.74 $ - Expire 40,000 $ 1.16 Outstanding at the end of the period 1,106,000 $ 1.53 6.72 $ - Exercisable options at the end of the period 598,500 $ 1.56 5.44 $ - |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three months ended March 31, 2016 March 31, 2015 Unaudited Unaudited Cost of goods sold 2 1 Sales and marketing expenses 1 2 Research and development 4 3 General and administrative 37 41 Total employees equity-based compensation expense 44 47 |
Note 5 - Loss Per Share (Tables
Note 5 - Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended March 31, Numerator: 2016 2015 Unaudited Loss available to Common shareholders $ (193 ) $ (204 ) Denominator: Total weighted average number of shares used in Computing basic and diluted loss per share 6,775,971 6,775,971 Basic and diluted loss per share $ ( 0.03 ) $ (0.03 ) |
Note 7 - Segments, Major Cust18
Note 7 - Segments, Major Customers and Geographic Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three months ended March 31, 2016 (unaudited) DPC DPL Eliminations Total Revenues $ 948 $ 765 $ - $ 1,713 Intersegment revenues 6 - (6 ) - Total revenues $ 954 $ 765 $ (6 ) $ 1,713 Depreciation and amortization expense $ 19 $ 21 $ - $ 40 Operating income (loss) $ (214 ) $ 14 $ - $ (200 ) Impairment of investment - Other income, net 7 Net income (loss) $ (221 ) $ 28 $ - $ (193 ) Expenditures for segment assets, s of March 31, 2016 $ 23 $ 49 $ - $ 72 Total assets as of March 31, 2016 $ 2,182 $ 2,745 $ - $ 4,927 Three months ended March 31, 2015 (unaudited) DPC DPL Eliminations Total Revenues $ 924 $ 972 $ - $ 1,896 Intersegment revenues 111 - (111 ) - Total revenues $ 1,035 $ 972 $ (111 ) $ 1,896 Depreciation and amortization expense $ 18 $ 40 $ - $ 58 Operating income (loss) $ (265 ) $ 46 $ - $ (219 ) Impairment of investment (50 ) Other income, net 65 Tax expense - Net income (loss) $ (265 ) $ 61 $ - $ (204 ) Expenditures for segment assets, as of March 31, 2015 $ 46 $ 53 $ - $ 99 Total assets as of March 31, 2015 $ 2,799 $ 3,249 $ - $ 6,048 |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Total Revenues by Major Customer Percentage of Total Company Revenues (in thousands) Customer A 325 19% Customer B 305 18% |
Note 1 - General (Details Textu
Note 1 - General (Details Textual) | 3 Months Ended |
Mar. 31, 2016 | |
Number of Reportable Segments | 2 |
Note 3 - Summary of Inventories
Note 3 - Summary of Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Raw materials, parts and supplies | $ 361 | $ 336 |
Work in progress | 180 | 191 |
Finished products | 887 | 1,015 |
$ 1,428 | $ 1,542 |
Note 4 - Accounting for Stock21
Note 4 - Accounting for Stock-based Compensation (Details Textual) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($)$ / sharesshares | |
Officer [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 | 761,130 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years |
Share Price | $ / shares | $ 0.41 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | $ 371 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 146 days |
Note 4 - Option Activity (Detai
Note 4 - Option Activity (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | ||
Outstanding at the beginning of the period (in shares) | 1,146,000 | ||
Outstanding at the beginning of the period (in dollars per share) | $ 1.52 | ||
Outstanding at the beginning of the period | 6 years 262 days | 6 years 270 days | |
Outstanding at the beginning of the period | [1] | ||
Expire (in shares) | 40,000 | ||
Expire (in dollars per share) | $ 1.16 | ||
Outstanding at the end of the period (in shares) | 1,106,000 | 1,146,000 | |
Outstanding at the end of the period (in dollars per share) | $ 1.53 | $ 1.52 | |
Outstanding at the end of the period | [1] | ||
Exercisable options at the end of the period (in shares) | 598,500 | ||
Exercisable options at the end of the period (in dollars per share) | $ 1.56 | ||
Exercisable options at the end of the period | 5 years 160 days | ||
Exercisable options at the end of the period | [1] | ||
[1] | Calculation of aggregate intrinsic value is based upon the share price of the Company's common stock as of March 31, 2016 ($0.41) per share. |
Note 4 - Equity Based Compensat
Note 4 - Equity Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cost of Sales [Member] | ||
Allocated share-based compensation expense | $ 2 | $ 1 |
Selling and Marketing Expense [Member] | ||
Allocated share-based compensation expense | 1 | 2 |
Research and Development Expense [Member] | ||
Allocated share-based compensation expense | 4 | 3 |
General and Administrative Expense [Member] | ||
Allocated share-based compensation expense | 37 | 41 |
Allocated share-based compensation expense | $ 44 | $ 47 |
Note 5 - Computation of Basic a
Note 5 - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Loss available to Common shareholders | $ (193) | $ (204) |
Total weighted average number of shares used in Computing basic and diluted loss per share (in shares) | 6,775,971 | 6,775,971 |
Basic and diluted net loss per share (in dollars per share) | $ (0.03) | $ (0.03) |
Note 6 - Investment in Telkoor
Note 6 - Investment in Telkoor (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Jun. 16, 2011 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Telkoor [Member] | ||||
Business Acquisition Shares Acquired | 1,136,666 | |||
Business Acquisition, Percentage of Voting Interests Acquired | 8.80% | 8.40% | ||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities | $ 0 | $ 50,000 | $ 110,000 | |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities | $ 50,000 |
Note 7 - Segments, Major Cust26
Note 7 - Segments, Major Customers and Geographic Information (Details Textual) | 3 Months Ended |
Mar. 31, 2016 | |
Number of Reportable Segments | 2 |
Note 7 - Segment Reporting (Det
Note 7 - Segment Reporting (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Operating Segments [Member] | DPC [Member] | |||
Revenues | $ 948,000 | $ 924,000 | |
Intersegment revenues | 6,000 | 111,000 | |
Total Revenues by Major Customer | 954,000 | 1,035,000 | |
Depreciation and amortization expense | 19,000 | 18,000 | |
Operating income (loss) | $ (214,000) | $ (265,000) | |
Impairment of investment | |||
Other income, net | |||
Net loss | $ (221,000) | $ (265,000) | |
Expenditures for segment assets | 23,000 | 46,000 | |
Total assets | 2,182,000 | $ 2,799,000 | |
Tax expense | |||
Operating Segments [Member] | DPL [Member] | |||
Revenues | $ 765,000 | $ 972,000 | |
Intersegment revenues | |||
Total Revenues by Major Customer | $ 765,000 | $ 972,000 | |
Depreciation and amortization expense | 21,000 | 40,000 | |
Operating income (loss) | $ 14,000 | $ 46,000 | |
Impairment of investment | |||
Other income, net | |||
Net loss | $ 28,000 | $ 61,000 | |
Expenditures for segment assets | 49,000 | 53,000 | |
Total assets | $ 2,745,000 | $ 3,249,000 | |
Tax expense | |||
Intersegment Eliminations [Member] | |||
Revenues | |||
Intersegment revenues | $ (6,000) | $ (111,000) | |
Total Revenues by Major Customer | $ (6,000) | $ (111,000) | |
Depreciation and amortization expense | |||
Operating income (loss) | |||
Impairment of investment | |||
Other income, net | |||
Net loss | |||
Expenditures for segment assets | |||
Total assets | |||
Tax expense | |||
Revenues | $ 1,713,000 | $ 1,896,000 | |
Intersegment revenues | |||
Total Revenues by Major Customer | $ 1,713,000 | $ 1,896,000 | |
Depreciation and amortization expense | 40,000 | 58,000 | |
Operating income (loss) | $ (200,000) | (219,000) | |
Impairment of investment | (50,000) | ||
Other income, net | $ 7,000 | 65,000 | |
Net loss | (193,000) | (204,000) | |
Expenditures for segment assets | 72,000 | 99,000 | |
Total assets | $ 4,927,000 | $ 6,048,000 | $ 5,099,000 |
Tax expense |
Note 7 - Customer Concentration
Note 7 - Customer Concentration Risk (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Customer A [Member] | ||
Total Revenues by Major Customer | $ 325 | |
Percentage of Total Company Revenues | 19.00% | |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Customer B [Member] | ||
Total Revenues by Major Customer | $ 305 | |
Percentage of Total Company Revenues | 18.00% | |
Total Revenues by Major Customer | $ 1,713 | $ 1,896 |