Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 13, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | ATRM Holdings, Inc. | |
Entity Central Index Key | 908,598 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 2,266,219 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,016 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 241 | $ 624 |
Accounts receivable, net | 1,071 | 2,563 |
Costs and estimated profit in excess of billings | 746 | 472 |
Inventories | 944 | 1,241 |
Fair value of contingent earn-out, current | 379 | 329 |
Other current assets | 180 | 173 |
Total current assets | 3,561 | 5,402 |
Property, plant and equipment, net | 4,410 | 4,452 |
Fair value of contingent earn-out, noncurrent | 461 | 548 |
Goodwill | 1,733 | 1,733 |
Intangible assets, net | 1,304 | 1,355 |
Total assets | 11,469 | $ 13,490 |
Current liabilities: | ||
Note payable - revolving line of credit | 2,733 | |
Current portion of long-term debt | 1,122 | $ 1,105 |
Trade accounts payable | 2,419 | 3,491 |
Billings in excess of costs and estimated profit | 540 | 765 |
Accrued compensation | 260 | 104 |
Other accrued liabilities | 1,315 | 1,984 |
Total current liabilities | 8,389 | 7,449 |
Long-term debt, less current portion | 8,936 | 10,252 |
Deferred income taxes | 15 | 13 |
Shareholders' deficit: | ||
Common stock, $.001 par value; 3,000,000 shares authorized; 2,206,219 shares issued and outstanding at March 31, 2016 and December 31, 2015 | 2 | 2 |
Additional paid-in capital | 69,492 | 69,425 |
Accumulated deficit | (75,365) | (73,651) |
Total shareholders' deficit | (5,871) | (4,224) |
Total liabilities and shareholders' deficit | $ 11,469 | $ 13,490 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ .001 | $ .001 |
Common stock, shares authorized | 3,000,000 | 3,000,000 |
Common stock, shares issued | 2,206,219 | 2,206,219 |
Common stock, shares outstanding | 2,206,219 | 2,206,219 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | ||
Net sales | $ 5,051 | $ 6,801 |
Costs and expenses: | ||
Cost of sales | 5,434 | 6,882 |
Selling, general and administrative expenses | 1,027 | 1,017 |
Total costs and expenses | 6,461 | 7,899 |
Operating loss | (1,410) | (1,098) |
Interest expense | (301) | $ (387) |
Change in fair value of contingent earn-out | 1 | |
Loss from operations before income taxes | (1,710) | $ (1,485) |
Income tax expense | (4) | |
Net loss | $ (1,714) | $ (1,485) |
Loss per common share - basic and diluted | $ (0.78) | $ (1.25) |
Weighted average common shares outstanding - basic and diluted | 2,206,000 | 1,186,000 |
Condensed Consolidated Stateme5
Condensed 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 | $ (1,714) | $ (1,485) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation expense | 80 | 80 |
Amortization expense, intangible assets | 51 | $ 161 |
Amortization expense, deferred financing costs | 9 | |
Share-based compensation expense | 67 | |
Loss on sale of equipment | 9 | |
Deferred income taxes | 2 | $ 7 |
Change in fair value of contingent earn-out | (1) | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 1,492 | $ (1,330) |
Costs and estimated profit in excess of billings | (274) | 405 |
Inventories | 297 | 72 |
Other current assets | (7) | 66 |
Trade accounts payable | (1,127) | (741) |
Billings in excess of costs and estimated profit | (225) | 269 |
Accrued compensation | 156 | 179 |
Other accrued liabilities | (669) | (704) |
Net cash used in operating activities | (1,854) | (3,021) |
Cash flows from investing activities: | ||
Purchase of property and equipment | (48) | (2) |
Proceeds from earn-out consideration | 38 | $ 770 |
Sale of equipment | 1 | |
Net cash generated by (used in) investing activities | (9) | $ 768 |
Cash flows from financing activities: | ||
Proceeds from revolving line of credit | 3,683 | |
Principal payments on revolving line of credit | (749) | |
Payment of deferred financing costs | (155) | |
Principal payments on long-term debt | $ (1,299) | $ (15) |
Proceeds from issuance of long-term debt | 1,000 | |
Net cash generated by financing activities | $ 1,480 | 985 |
Net decrease in cash and cash equivalents | (383) | (1,268) |
Cash and cash equivalents at beginning of period | 624 | 1,996 |
Cash and cash equivalents at end of period | 241 | 728 |
Supplemental cash flow information: | ||
Cash paid for interest expense | 635 | $ 480 |
Deferred financing costs recorded in accounts payable | $ 55 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 1. BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements include the accounts of ATRM Holdings, Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. References in the notes to the condensed consolidated financial statements to ATRM, the Company, we, us or our, unless the context otherwise requires, refer to ATRM Holdings, Inc. and its subsidiaries and their respective predecessors. Our modular housing business, which we acquired in 2014, is operated by our wholly-owned subsidiaries KBS Builders, Inc. and Maine Modular Haulers, Inc. (collectively referred to as KBS). The condensed consolidated balance sheet at December 31, 2015 has been derived from our audited financial statements. In the opinion of management, the unaudited interim condensed consolidated financial statements include all adjustments (consisting only of normal, recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented. The results of operations for the three months ended March 31, 2016 are not necessarily indicative of the operating results to be expected for the full year or any future period. The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC). Certain information and footnote disclosures, normally included in consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America, have been condensed or omitted, pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying footnotes included in our Annual Report on Form 10-K for the year ended December 31, 2015. |
Financial Position, Liquidity a
Financial Position, Liquidity and Capital Resources | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Financial Position, Liquidity and Capital Resources | 2. FINANCIAL POSITION, LIQUIDITY AND CAPITAL RESOURCES We have incurred significant operating losses in recent years and, as of March 31, 2016, we had an accumulated deficit of approximately $75 million. There can be no assurance that we will generate sufficient revenue in the future to cover our expenses and achieve profitability on a consistent basis or at all. We issued various unsecured promissory notes to finance our acquisition of KBS in 2014 and to provide for our general working capital needs since the acquisition. On February 23, 2016, as described in Note 11, we entered into a loan and security agreement with Gerber Finance Inc. (Gerber Finance) that provides KBS with a revolving line of credit with borrowing availability of up to $4.0 million (the Loan Agreement). As of March 31, 2016, we had outstanding debt totaling approximately $12.8 million. This debt included $2.7 million (net of deferred financing costs) owed under the Loan Agreement and $1.6 million principal amount outstanding under an unsecured promissory note issued to the primary seller of KBS, which is payable in monthly installments of $100,000, inclusive of imputed interest of 9.5%, through July 1, 2017. Our debt also included $4.0 million principal amount of a promissory note issued to Lone Star Value Investors, LP (LSVI) and $4.5 million principal amount of promissory notes issued to Lone Star Value Co-Invest I, LP (LSV Co-Invest I). Interest on these notes is payable semiannually and any unpaid principal and interest is due on April 1, 2019. Jeffrey E. Eberwein, our Chairman of our Board of Directors, is the manager of Lone Star Value Investors GP, LLC (LSVGP), the general partner of LSVI and LSV Co-Invest I, and sole member of Lone Star Value Management, LLC (LSVM), the investment manager of LSVI. We intend to pursue new financing at the parent company level to replace all or a portion of the debt owing to LSVI and LSV Co-Invest I and to provide for our general working capital needs. There can be no assurance we will be successful in obtaining such financing on terms favorable to us or at all. Until such time as we obtain additional financing, ATRM may be dependent on LSVI and LSV Co-Invest I, or other third parties, to provide for our general working capital needs. Although not a binding commitment, LSVM has advised us of its present intention to continue to financially support the Company as we pursue new financing. There can be no assurance that our existing cash reserves, together with funds generated by our operations, borrowings available under the Loan Agreement and any future financings, will be sufficient to satisfy our debt payment obligations. Our inability to generate funds or obtain financing sufficient to satisfy our debt payment obligations may result in such obligations being accelerated by our lenders, which would likely have a material adverse effect on our business, financial condition and results of operations. Given these uncertainties, there can be no assurance that our existing cash reserves will be sufficient to avoid liquidity issues and/or fund operations beyond this fiscal year. |
Recently Adopted Accounting Pro
Recently Adopted Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Recently Adopted Accounting Pronouncements | 3. RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS In April 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs Interest Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. FAIR VALUE MEASUREMENTS Financial assets reported at fair value on a recurring basis included the following at March 31, 2016 (in thousands): Level 1 Level 2 Level 3 Contingent earn-out receivable related to transfer of former product line: Current portion $ $ $ 379 Noncurrent portion 461 Total $ $ $ 840 The following table summarizes the Level 3 activity for our contingent earn-out receivable (in thousands): Level 3 Balance at December 31, 2015 $ 877 Add - adjustment based on fair value assessment at March 31, 2016 1 Subtract - settlements (38 ) Balance at March 31, 2016 $ 840 Quantitative information about Level 3 fair value measurements on a recurring basis at March 31, 2016 is summarized in the table below: Fair Value Asset Valuation Technique Unobservable Input Amount Contingent earn-out Discounted cash flow Total projected revenue $ 13 million receivable related to transfer Revenue growth rate 0 % of former product line Performance weighted average 60% to 125 % Discount rate 10 % |
Accounts Receivable, Net
Accounts Receivable, Net | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Accounts Receivable, Net | 5. ACCOUNTS RECEIVABLE, NET Accounts receivable consists of the following (in thousands): March 31, 2016 December 31, 2015 (Unaudited) Contract billings $ 1,024 $ 2,586 Retainage 347 347 Subtotal 1,371 2,933 Less - allowance for doubtful accounts (300 ) (370 ) Accounts receivable, net $ 1,071 $ 2,563 Retainage balances at March 31, 2016 are expected to be collected within the next twelve months. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | 6. INVENTORIES Inventories are comprised of the following (in thousands): March 31, 2016 December 31, 2015 (Unaudited) Raw materials $ 869 $ 1,120 Finished goods 75 121 Total inventories $ 944 $ 1,241 |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwil and Intangible Assets, Net | 7. GOODWILL AND INTANGIBLE ASSETS, NET Intangible assets are comprised of the following (in thousands): March 31, 2016 December 31, 2015 Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value Indefinite-lived intangible assets: Goodwill $ 1,733 $ $ 1,733 $ 1,733 $ $ 1,733 Trademarks 290 290 290 290 Total 2,023 2,023 2,023 2,023 Finite-lived intangible assets: Customer relationships 1,420 (406 ) 1,014 1,420 (355 ) 1, 065 Purchased backlog 990 (990 ) 990 (990 ) Total 2,410 (1,396 ) 1,014 2,410 (1,345 ) 1, 065 Total intangible assets $ 4,433 $ (1,396 ) $ 3,037 $ 4,433 $ (1,345 ) $ 3,088 Amortization expense amounted to approximately $51,000 and $200,000 for the three months ended March 31, 2016 and 2015, respectively. Estimated amortization of purchased intangible assets over the next five years is as follows (in thousands): 2016 (nine months) $ 152 2017 203 2018 203 2019 203 2020 203 Thereafter 50 Total $ 1,014 |
Uncompleted Construction Contra
Uncompleted Construction Contracts | 3 Months Ended |
Mar. 31, 2016 | |
Contractors [Abstract] | |
Uncompleted Construction Contracts | 8. UNCOMPLETED CONSTRUCTION CONTRACTS The status of uncompleted construction contracts is as follows (in thousands): March 31, 2016 December 31, 2015 (Unaudited) Costs incurred on uncompleted contracts $ 1,214 $ 1,155 Inventory purchased for specific contracts 618 1,819 Estimated profit 201 142 Subtotal 2,033 3,116 Less billings to date (1,827 ) (3,409 ) Total $ 206 $ (293 ) Included in the following balance sheet captions: Costs and estimated profit in excess of billings $ 746 $ 472 Billings in excess of costs and estimated profit (540 ) (765 ) Total $ 206 $ (293 ) The Company had approximately $4.2 million of work under contract remaining to be recognized at March 31, 2016. |
Accounts Payable Retainage
Accounts Payable Retainage | 3 Months Ended |
Mar. 31, 2016 | |
Accounts Payable Retainage | |
Accounts Payable Retainage | 9. ACCOUNTS PAYABLE RETAINAGE Accounts payable of approximately $2.4 million at March 31, 2016 included retainage amounts due to subcontractors totaling approximately $0.5 million. Accounts payable of approximately $3.5 million at December 31, 2015 included retainage amounts due to subcontractors totaling approximately $0.5 million. Retainage balances at March 31, 2016 are expected to be settled within the next twelve months. |
Other Accrued Liabilities
Other Accrued Liabilities | 3 Months Ended |
Mar. 31, 2016 | |
Payables and Accruals [Abstract] | |
Other Accrued Liabilities | 10. OTHER ACCRUED LIABILITIES Other accrued liabilities are comprised of the following (in thousands): March 31, 2016 December 31, 2015 (Unaudited) Accrued interest expense $ 242 $ 502 Accrued severance and related costs 225 331 Accrued sales taxes 498 562 Accrued health insurance costs 228 133 Accrued sales rebates 77 402 Accrued warranty 39 39 Other 6 8 Total other current accrued liabilities $ 1,315 $ 1,984 In connection with a restructuring of our KBS operations during the third quarter of 2015, we terminated a total of six employees. Accrued severance costs of $225,000 as of March 31, 2016 are payable in equal weekly amounts through October 2016. Changes in accrued warranty are summarized below (in thousands): Three months ended March 31, 2016 2015 Accrual balance, beginning of period $ 39 $ 78 Accruals for warranties 29 7 Settlements made (29 ) (20 ) Accrual balance, end of period $ 39 $ 65 |
Notes Payable
Notes Payable | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Notes Payable | 11. NOTES PAYABLE On February 23, 2016, ATRM and KBS entered into the Loan Agreement with Gerber Finance, providing KBS with a revolving line of credit with borrowing availability of up to $4.0 million. The initial term of the Loan Agreement expires on February 22, 2018, but extends automatically for additional one-year periods unless a party provides prior written notice of termination. Availability under the line of credit is based on a formula tied to KBSs eligible accounts receivable, inventory, equipment and real estate. Borrowings bear interest at the prime rate plus 2.75%, with interest payable monthly. The outstanding principal balance is payable upon expiration of the term of the Loan Agreement. The Loan Agreement also provides for certain fees payable to the Lender during its term. KBSs obligations under the Loan Agreement are secured by all of its property and assets and are guaranteed by ATRM. Unsecured promissory notes issued by KBS and ATRM are subordinate to KBSs obligations under the Loan Agreement. The Loan Agreement contains representations, warranties, affirmative and negative covenants, events of default and other provisions customary for financings of this type. Financial covenants require that KBS maintains a maximum leverage ratio (as defined in the Loan Agreement) of 7:1 at December 31, 2016 and that KBS not incur a net annual post-tax loss in any fiscal year during the term of the Loan Agreement. The occurrence of any event of default under the Loan Agreement may result in KBSs obligations becoming immediately due and payable. KBS made an initial draw of approximately $2.6 million against the line of credit on February 23, 2016 and the balance owing under the Loan Agreement was approximately $2.9 million at March 31, 2016. We incurred approximately $210,000 of debt issuance costs in connection with the Loan Agreement. As discussed in Note 2, we present unamortized debt issuance costs as a deduction from the carrying amount of the line of credit balance. As of March 31, 2016, the net carrying value of the line of credit was as follows: Line of credit balance $ 2,934 Unamortized debt issuance costs (201 ) Line of credit balance, net $ 2,733 In April 2014, as partial consideration for the purchase of KBS, we issued a $5.5 million promissory note to the primary seller of KBS. We were unable to repay the note on its maturity date, December 1, 2014. In April 2015, we asserted certain indemnification and other claims against the sellers of KBS and on June 26, 2015 we entered into a settlement agreement with the sellers related to such claims. The settlement agreement provided for, among other things, the amendment of the note to reduce its principal amount from $5.5 million to $2.5 million and the forgiveness of all then-accrued interest related to the note. The amended principal amount is payable in monthly installments of $100,000 on the first business day of each month, which began on July 1, 2015. See Note 12. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 12. LONG-TERM DEBT Long-term debt consists of the following (in thousands): March 31, 2016 December 31, 2015 (Unaudited) Promissory note payable to LSVI, issued on April 1, 2014, unsecured, 10% per annum interest payable semi-annually in July and January, with any unpaid principal and interest due on April 1, 2019 (1) $ 4,000 $ 5,000 Promissory notes payable to LSV Co-Invest I, unsecured, 10% per annum interest payable semi-annually in July and January, with any unpaid principal and interest due on April 1, 2019 (2) 4,500 4,500 Promissory note payable, unsecured, payable in monthly installments of $100,000 through July 2017, interest imputed at 9.5% (3) 1,497 1,757 Installment payment agreement, 8.0% per annum interest, payable in monthly installments of $1,199 through September 2020 (4) 54 56 Notes payable, secured by equipment, 6.6% per annum interest, with varying maturity dates through September 2018 7 44 Total long-term debt 10,058 11,357 Current portion (1,122 ) (1,105 ) Noncurrent portion $ 8,936 $ 10,252 (1) In April 2014, we issued the promissory note to LSVI in the original principal amount of $6.0 million. The proceeds from the note were used to finance a portion of the purchase price for the acquisition of KBS. ATRM made principal payments on the note of $1.0 million on each of December 30, 2014 and February 25, 2016. The note is subordinate to obligations under the Loan Agreement. (2) In 2014, in order to provide additional working capital to ATRM, we issued two promissory notes to LSV Co-Invest I in the amounts of $2.5 million and $2.0 million, respectively. The notes are subordinate to obligations under the Loan Agreement. (3) Promissory note payable to the principal seller of KBS. The note does not accrue interest unless it is in default, in which case the annual interest rate would be 10%. The Company has imputed interest at an annual rate of 9.5%. (4) Agreement to finance the purchase of software license rights and consulting services related to the implementation of enterprise management information system. As of March 31, 2016, LSVI owned 1,067,885 shares of our common stock, or approximately 47.1% of our outstanding shares. Jeffrey E. Eberwein, ATRMs Chairman of the Board of Directors, is the manager of LSVGP, the general partner of LSVI and LSV Co-Invest I, and sole member of LSVM, the investment manager of LSVI. ATRMs sale of promissory notes to LSVI and LSVI Co-Invest I were approved by a Special Committee of our Board of Directors consisting solely of independent directors. |
Stock Incentive Plan and Share-
Stock Incentive Plan and Share-Based Compensation | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Incentive Plan and Share-Based Compensation | 13. STOCK INCENTIVE PLAN AND SHARE-BASED COMPENSATION ATRM uses the fair value method to measure and recognize share-based compensation. We determine the fair value of stock options on the grant date using the Black-Scholes option valuation model. We determine the fair value of restricted stock awards based on the quoted market price of our common stock on the grant date. We recognize the compensation expense for stock options and restricted stock awards on a straight-line basis over the vesting period of the applicable awards. 2014 Incentive Plan Our 2014 Incentive Plan (the 2014 Plan) was approved by our Board of Directors on October 9, 2014 and became effective on December 4, 2014 upon approval by shareholders. The 2014 Plan is administered by the Compensation Committee of our Board of Directors. The purpose of the 2014 Plan is to provide employees, consultants and members of our Board of Directors the opportunity to acquire an equity interest in the Company through the issuance of various stock-based awards such as stock options and restricted stock. 100,000 shares of the Companys common stock are authorized to be issued pursuant to the 2014 Plan. On June 5, 2015, ATRM granted restricted stock awards for a total of 60,000 shares of the Companys common stock to its directors and chief financial officer. The shares vest one year after the grant date. The fair value of the awards was determined to be $4.48 per share, the closing price of our common stock on the grant date. Compensation expense related to these grants amounted to approximately $67,000 for the three months ended March 31, 2016 and is included in the caption Selling, general and administrative expenses in our condensed consolidated statement of operations. The remaining compensation expense of approximately $47,000 will be recognized in the quarter ended June 30, 2016. 2003 Stock Incentive Plan A stock incentive plan approved by our shareholders and adopted in May 2003 (the 2003 Plan) terminated in February 2013. Stock options granted under the 2003 Plan continue to be exercisable according to their individual terms. The following table summarizes stock option activity under the 2003 Plan for the three months ended March 31, 2016: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contract Term Aggregate Intrinsic Value (in thousands) Outstanding, January 1, 2016 27,500 $ 6.88 No activity during the three months ended March 31, 2016 Outstanding, March 31, 2016 27,500 $ 6.88 1.2 years $ 0 Exercisable, March 31, 2016 27,500 $ 6.88 1.2 years $ 0 All stock options outstanding at March 31, 2016 March 31 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 17. INCOME TAXES We record the benefit we will derive in future accounting periods from tax losses and credits and deductible temporary differences as deferred tax assets. We record a valuation allowance to reduce the carrying value of our net deferred tax assets if, based on all available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Since 2009, we have maintained a valuation allowance to fully reserve our deferred tax assets. We recorded a full valuation allowance in 2009 because we determined there was not sufficient positive evidence regarding our potential for future profits to outweigh the negative evidence of our three year cumulative loss position at that time. We expect to continue to maintain a full valuation allowance until we determine that we can sustain a level of profitability that demonstrates our ability to realize these assets. To the extent we determine that the realization of some or all of these benefits is more likely than not based upon expected future taxable income, a portion or all of the valuation allowance will be reversed. Such a reversal would be recorded as an income tax benefit and, for some portion related to deductions for stock option exercises, an increase in shareholders equity. At March 31, 2016, we have recorded a deferred tax liability of $15,000 for the taxable differences related to our indefinite lived intangible assets when calculating our valuation allowance due to the unpredictability of the reversal of these differences. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Financial Assets Measured on Recurring Basis | Financial assets reported at fair value on a recurring basis included the following at March 31, 2016 (in thousands): Level 1 Level 2 Level 3 Contingent earn-out receivable related to transfer of former product line: Current portion $ $ $ 379 Noncurrent portion 461 Total $ $ $ 840 |
Schedule of Fair Value of Assets Activity | The following table summarizes the Level 3 activity for our contingent earn-out receivable (in thousands): Level 3 Balance at December 31, 2015 $ 877 Add - adjustment based on fair value assessment at March 31, 2016 1 Subtract - settlements (38 ) Balance at March 31, 2016 $ 840 |
Schedule of Quantitative Information Level 3 Fair Value Measurements | Quantitative information about Level 3 fair value measurements on a recurring basis at March 31, 2016 is summarized in the table below: Fair Value Asset Valuation Technique Unobservable Input Amount Contingent earn-out Discounted cash flow Total projected revenue $ 13 million receivable related to transfer Revenue growth rate 0 % of former product line Performance weighted average 60% to 125 % Discount rate 10 % |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable | Accounts receivable consists of the following (in thousands): March 31, 2016 December 31, 2015 (Unaudited) Contract billings $ 1,024 $ 2,586 Retainage 347 347 Subtotal 1,371 2,933 Less - allowance for doubtful accounts (300 ) (370 ) Accounts receivable, net $ 1,071 $ 2,563 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories are comprised of the following (in thousands): March 31, 2016 December 31, 2015 (Unaudited) Raw materials $ 869 $ 1,120 Finished goods 75 121 Total inventories $ 944 $ 1,241 |
Goodwil and Intangible Assets,
Goodwil and Intangible Assets, Net (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets are comprised of the following (in thousands): March 31, 2016 December 31, 2015 Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value Indefinite-lived intangible assets: Goodwill $ 1,733 $ $ 1,733 $ 1,733 $ $ 1,733 Trademarks 290 290 290 290 Total 2,023 2,023 2,023 2,023 Finite-lived intangible assets: Customer relationships 1,420 (406 ) 1,014 1,420 (355 ) 1, 065 Purchased backlog 990 (990 ) 990 (990 ) Total 2,410 (1,396 ) 1,014 2,410 (1,345 ) 1, 065 Total intangible assets $ 4,433 $ (1,396 ) $ 3,037 $ 4,433 $ (1,345 ) $ 3,088 |
Schedule of Estimated Amortization of Intangible Assets | Amortization expense amounted to approximately $51,000 and $200,000 for the three months ended March 31, 2016 and 2015, respectively. Estimated amortization of purchased intangible assets over the next five years is as follows (in thousands): 2016 (nine months) $ 152 2017 203 2018 203 2019 203 2020 203 Thereafter 50 Total $ 1,014 |
Uncompleted Construction Cont24
Uncompleted Construction Contracts (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Contractors [Abstract] | |
Schedule of Uncompleted Contracts | The status of uncompleted construction contracts is as follows (in thousands): March 31, 2016 December 31, 2015 (Unaudited) Costs incurred on uncompleted contracts $ 1,214 $ 1,155 Inventory purchased for specific contracts 618 1,819 Estimated profit 201 142 Subtotal 2,033 3,116 Less billings to date (1,827 ) (3,409 ) Total $ 206 $ (293 ) Included in the following balance sheet captions: Costs and estimated profit in excess of billings $ 746 $ 472 Billings in excess of costs and estimated profit (540 ) (765 ) Total $ 206 $ (293 ) |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Payables and Accruals [Abstract] | |
Schedule of Other Accrued Liabilities | Other accrued liabilities are comprised of the following (in thousands): March 31, 2016 December 31, 2015 (Unaudited) Accrued interest expense $ 242 $ 502 Accrued severance and related costs 225 331 Accrued sales taxes 498 562 Accrued health insurance costs 228 133 Accrued sales rebates 77 402 Accrued warranty 39 39 Other 6 8 Total other current accrued liabilities $ 1,315 $ 1,984 |
Schedule of Changes in Accrued Warranty | Changes in accrued warranty are summarized below (in thousands): Three months ended March 31, 2016 2015 Accrual balance, beginning of period $ 39 $ 78 Accruals for warranties 29 7 Settlements made (29 ) (20 ) Accrual balance, end of period $ 39 $ 65 |
Notes Payable (Tables)
Notes Payable (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Net Carrying Value of Line of Credit | As of March 31, 2016, the net carrying value of the line of credit was as follows: Line of credit balance $ 2,934 Unamortized debt issuance costs (201 ) Line of credit balance, net $ 2,733 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt consists of the following (in thousands): March 31, 2016 December 31, 2015 (Unaudited) Promissory note payable to LSVI, issued on April 1, 2014, unsecured, 10% per annum interest payable semi-annually in July and January, with any unpaid principal and interest due on April 1, 2019 (1) $ 4,000 $ 5,000 Promissory notes payable to LSV Co-Invest I, unsecured, 10% per annum interest payable semi-annually in July and January, with any unpaid principal and interest due on April 1, 2019 (2) 4,500 4,500 Promissory note payable, unsecured, payable in monthly installments of $100,000 through July 2017, interest imputed at 9.5% (3) 1,497 1,757 Installment payment agreement, 8.0% per annum interest, payable in monthly installments of $1,199 through September 2020 (4) 54 56 Notes payable, secured by equipment, 6.6% per annum interest, with varying maturity dates through September 2018 7 44 Total long-term debt 10,058 11,357 Current portion (1,122 ) (1,105 ) Noncurrent portion $ 8,936 $ 10,252 (1) In April 2014, we issued the promissory note to LSVI in the original principal amount of $6.0 million. The proceeds from the note were used to finance a portion of the purchase price for the acquisition of KBS. ATRM made principal payments on the note of $1.0 million on each of December 30, 2014 and February 25, 2016. The note is subordinate to obligations under the Loan Agreement. (2) In 2014, in order to provide additional working capital to ATRM, we issued two promissory notes to LSV Co-Invest I in the amounts of $2.5 million and $2.0 million, respectively. The notes are subordinate to obligations under the Loan Agreement. (3) Promissory note payable to the principal seller of KBS. The note does not accrue interest unless it is in default, in which case the annual interest rate would be 10%. The Company has imputed interest at an annual rate of 9.5%. (4) Agreement to finance the purchase of software license rights and consulting services related to the implementation of enterprise management information system. |
Stock Incentive Plan and Shar28
Stock Incentive Plan and Share-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity | The following table summarizes stock option activity under the 2003 Plan for the three months ended March 31, 2016: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contract Term Aggregate Intrinsic Value (in thousands) Outstanding, January 1, 2016 27,500 $ 6.88 No activity during the three months ended March 31, 2016 Outstanding, March 31, 2016 27,500 $ 6.88 1.2 years $ 0 Exercisable, March 31, 2016 27,500 $ 6.88 1.2 years $ 0 |
Financial Position, Liquidity29
Financial Position, Liquidity and Capital Resources (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2016 | Feb. 23, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 30, 2014 | |
Accumulated deficit | $ 75,365 | $ 73,651 | |||
Line of credit, current, net of deferred financing costs | 2,733 | ||||
Gerber Finance Inc [Member] | Loan And Security Agreement [Member] | |||||
Line of credit with maximum borrowing availability | $ 4,000 | ||||
Line of credit, current, net of deferred financing costs | $ 2,700 | ||||
KBS Builders [Member] | |||||
Outstanding debt | 12,800 | ||||
Line of credit, current, net of deferred financing costs | 2,900 | ||||
KBS Builders [Member] | Unsecured Promissory Note [Member] | |||||
Debt principal amount | 1,600 | ||||
Notes payable monthly installment | $ 100 | ||||
Debt imputed interest rate | 9.50% | ||||
Debt due date | Jul. 1, 2017 | ||||
Lone Star Value Investors, LP [Member] | |||||
Debt principal amount | $ 6,000 | ||||
Lone Star Value Investors, LP [Member] | Promissory Notes [Member] | |||||
Debt principal amount | $ 4,000 | ||||
Lone Star Value Co-Invest I, LP [Member] | |||||
Debt due date | Apr. 1, 2019 | ||||
Lone Star Value Co-Invest I, LP [Member] | Promissory Notes [Member] | |||||
Debt principal amount | $ 4,500 | $ 2,500 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value of Financial Assets Measured on Recurring Basis (Details) $ in Thousands | Mar. 31, 2016USD ($) |
Level 1 [Member] | |
Contingent earn-out receivable, Current portion | |
Contingent earn-out receivable, Noncurrent portion | |
Contingent earn out receivable, Total | |
Level 2 [Member] | |
Contingent earn-out receivable, Current portion | |
Contingent earn-out receivable, Noncurrent portion | |
Contingent earn out receivable, Total | |
Level 3 [Member] | |
Contingent earn-out receivable, Current portion | $ 379 |
Contingent earn-out receivable, Noncurrent portion | 461 |
Contingent earn out receivable, Total | $ 840 |
Fair Value Measurements - Sch31
Fair Value Measurements - Schedule of Fair Value of Assets Activity (Details) - Earn-Out Receivable [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Balance, beginning | $ 877 |
Add - adjustment based on fair value assessment at March 31, 2016 | 1 |
Subtract - settlements | (38) |
Balance, ending | $ 840 |
Fair Value Measurements - Sch32
Fair Value Measurements - Schedule of Quantitative Information Level 3 Fair Value Measurements (Details) - Fair Value, Measurements, Recurring [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Fair Value Asset | Contingent earn-out receivable related to transfer of former product line |
Fair value of assets, valuation technique | Discounted cash flow |
Unobservable input projected revenue | $ 13,000 |
Unobservable input Revenue growth rate | 0.00% |
Unobservable input performance weighted average, Minimum | 60.00% |
Unobservable input performance weighted average, Maximum | 125.00% |
Unobservable input discount rate | 10.00% |
Accounts Receivable, Net - Sche
Accounts Receivable, Net - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Receivables [Abstract] | ||
Contract billings | $ 1,024 | $ 2,586 |
Retainage | 347 | 347 |
Subtotal | 1,371 | 2,933 |
Less - allowance for doubtful accounts | (300) | (370) |
Accounts receivable, net | $ 1,071 | $ 2,563 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 869 | $ 1,120 |
Finished goods | 75 | 121 |
Total inventories | $ 944 | $ 1,241 |
Goodwill and Intangible Asset35
Goodwill and Intangible Assets, Net (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 51 | $ 200 |
Goodwill and Intangible Asset36
Goodwill and Intangible Assets, Net - Schedule of Intangible Assets Net (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Total finite-lived intangible assets Net Carrying Value | $ 1,014 | |
Gross Carrying Amount | 4,433 | $ 4,433 |
Accumulated Amortization | (1,396) | (1,345) |
Net Carrying Value | 3,037 | 3,088 |
Indefinite Lived Intangible Assets [Member] | ||
Indefinite-lived intangible assets Gross Carrying Amount | $ 2,023 | $ 2,023 |
Indefinite-lived intangible assets Gross Accumulated Amortization | ||
Indefinite-lived intangible assets Gross Net Carrying Value | $ 2,023 | $ 2,023 |
Indefinite Lived Intangible Assets [Member] | Trademarks [Member] | ||
Indefinite-lived intangible assets Gross Carrying Amount | $ 290 | $ 290 |
Indefinite-lived intangible assets Gross Accumulated Amortization | ||
Indefinite-lived intangible assets Gross Net Carrying Value | $ 290 | $ 290 |
Finite Lived Intangible Assets [Member] | ||
Finite lived intangible assets Gross Carrying Amount | 2,410 | 2,410 |
Finite lived intangible assets Accumulated Amortization | (1,396) | (1,345) |
Total finite-lived intangible assets Net Carrying Value | 1,014 | 1,065 |
Finite Lived Intangible Assets [Member] | Customer Relationships [Member] | ||
Finite lived intangible assets Gross Carrying Amount | 1,420 | 1,420 |
Finite lived intangible assets Accumulated Amortization | (406) | (355) |
Total finite-lived intangible assets Net Carrying Value | 1,014 | 1,065 |
Finite Lived Intangible Assets [Member] | Purchased Backlog [Member] | ||
Finite lived intangible assets Gross Carrying Amount | 990 | 990 |
Finite lived intangible assets Accumulated Amortization | $ (990) | $ (990) |
Total finite-lived intangible assets Net Carrying Value | ||
Goodwill [Member] | Indefinite Lived Intangible Assets [Member] | ||
Indefinite-lived intangible assets Gross Carrying Amount | $ 1,733 | $ 1,733 |
Indefinite-lived intangible assets Gross Accumulated Amortization | ||
Indefinite-lived intangible assets Gross Net Carrying Value | $ 1,733 | $ 1,733 |
Goodwill and Intangible Asset37
Goodwill and Intangible Assets, Net - Summary of Estimated Amortization of Intangible Assets (Details) $ in Thousands | Mar. 31, 2016USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2016 (nine months) | $ 152 |
2,017 | 203 |
2,018 | 203 |
2,019 | 203 |
2,020 | 203 |
Thereafter | 50 |
Total finite-lived intangible assets | $ 1,014 |
Uncompleted Construction Cont38
Uncompleted Construction Contracts (Details Narrative) $ in Thousands | Mar. 31, 2016USD ($) |
Contractors [Abstract] | |
Amount of remaining contract | $ 4,200 |
Uncompleted Construction Cont39
Uncompleted Construction Contracts - Schedule of Uncompleted Contracts (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Contractors [Abstract] | ||
Costs incurred on uncompleted contracts | $ 1,214 | $ 1,155 |
Inventory purchased for specific contracts | 618 | 1,819 |
Estimated profit | 201 | 142 |
Subtotal | 2,033 | 3,116 |
Less billings to date | (1,827) | (3,409) |
Total | 206 | (293) |
Costs and estimated profit in excess of billings | 746 | 472 |
Billings in excess of costs and estimated profit | (540) | (765) |
Total | $ 206 | $ (293) |
Accounts Payable Retainage (Det
Accounts Payable Retainage (Details Narrative) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Accounts payable | $ 2,419 | $ 3,491 |
Subcontractors [Member] | ||
Accounts payable retainage | $ 500 | $ 500 |
Other Accrued Liabilities (Deta
Other Accrued Liabilities (Details Narrative) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($) | Sep. 30, 2015Employees | |
Severance charge | $ | $ 225 | |
KBS Operations [Member] | ||
Number of employees terminated during the period | Employees | 6 |
Other Accrued Liabilities - Sch
Other Accrued Liabilities - Schedule of Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Payables and Accruals [Abstract] | ||
Accrued interest expense | $ 242 | $ 502 |
Accrued severance and related costs | 225 | 331 |
Accrued sales taxes | 498 | 562 |
Accrued health insurance costs | 228 | 133 |
Accrued sales rebates | 77 | 402 |
Accrued warranty | 39 | 39 |
Other | 6 | 8 |
Total other current accrued liabilities | $ 1,315 | $ 1,984 |
Other Accrued Liabilities - S43
Other Accrued Liabilities - Schedule of Changes in Accrued Warranty (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Payables and Accruals [Abstract] | ||
Accrual balance, beginning of period | $ 39 | $ 78 |
Accruals for warranties | 29 | 7 |
Settlements made | (29) | (20) |
Accrual balance, end of period | $ 39 | $ 65 |
Notes Payable (Details Narrativ
Notes Payable (Details Narrative) - USD ($) $ in Thousands | Feb. 23, 2016 | Apr. 30, 2014 | Mar. 31, 2016 |
Line of credit, current, net deferred financing costs | $ 2,733 | ||
KBS Builders [Member] | |||
Notes payable maturity date | Dec. 1, 2014 | ||
Line of credit | $ 2,600 | ||
Unsecured promissory note, principal amount | $ 5,500 | ||
Debt forgiveness amount | 2,500 | ||
Notes payable monthly installment | $ 100 | ||
KBS Builders [Member] | |||
Line of credit, current, net deferred financing costs | 2,900 | ||
Debt issuance costs | $ 210 | ||
Loan Agreement [Member] | Gerber Finance Inc [Member] | |||
Line of credit with maximum borrowing availability | $ 4,000 | ||
Notes payable maturity date | Feb. 22, 2018 | ||
Loan Agreement [Member] | Gerber Finance Inc [Member] | December 31, 2016 [Member] | |||
Note payable maximum leverage ratio | 7:1 | ||
Loan Agreement [Member] | Gerber Finance Inc [Member] | Prime Rate [Member] | |||
Borrowing bearing variable interest rate | 2.75% |
Notes Payable - Schedule of Net
Notes Payable - Schedule of Net Carrying Value of Line of Credit (Details) $ in Thousands | Mar. 31, 2016USD ($) |
Debt Disclosure [Abstract] | |
Line of credit balance | $ 2,934 |
Unamortized debt issuance costs | (201) |
Line of credit balance, net | $ 2,733 |
Long-Term Debt (Details Narrati
Long-Term Debt (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2016 | Feb. 25, 2016 | Dec. 31, 2014 | Dec. 30, 2014 | Apr. 30, 2014 | |
LSVI [Member] | |||||
Number of shares owned | 1,067,885 | ||||
Percentage of outstanding shares | 47.10% | ||||
Loan Agreement [Member] | |||||
Debt principal payments | $ 1,000 | $ 1,000 | |||
Lone Star Value Investors, LP [Member] | |||||
Debt principal amount | $ 6,000 | ||||
Lone Star Value Investors, LP [Member] | Promissory Notes [Member] | |||||
Debt principal amount | $ 4,000 | ||||
Lone Star Value Co-Invest I, LP [Member] | Promissory Notes [Member] | |||||
Debt principal amount | $ 4,500 | $ 2,500 | |||
Lone Star Value Co-Invest I, LP [Member] | Promissory Notes Two [Member] | |||||
Debt principal amount | $ 2,000 | ||||
KBS Builders [Member] | |||||
Note payable, bears interest percentage | 10.00% | ||||
Promissory note imputed interest rate | 9.50% |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Total long-term debt | $ 10,058 | $ 11,357 | |
Current portion | (1,122) | (1,105) | |
Noncurrent portion | 8,936 | 10,252 | |
Promissory note payable to LSVI, issued on April 1, 2014, unsecured, 10% per annum interest payable semi-annually in July and January, with any unpaid principal and interest due on April 1, 2019 [Member] | |||
Total long-term debt | [1] | 4,000 | 5,000 |
Promissory notes payable to LSV Co-Invest I, unsecured, 10% per annum interest payable semi-annually in July and January, with any unpaid principal and interest due on April 1, 2019 [Member] | |||
Total long-term debt | [2] | 4,500 | 4,500 |
Promissory note payable, unsecured, payable in monthly installments of $100,000 through July 2017, interest imputed at 9.5% [Member] | |||
Total long-term debt | [3] | 1,497 | 1,757 |
Installment payment agreement, 8.0% per annum interest, payable in monthly installments of $1,199 through September 2020 [Member] | |||
Total long-term debt | [4] | 54 | 56 |
Notes payable, secured by equipment, 6.6% per annum interest, with varying maturity dates through September 2018 [Member] | |||
Total long-term debt | $ 7 | $ 44 | |
[1] | In April 2014, we issued the promissory note to LSVI in the original principal amount of $6.0 million. The proceeds from the note were used to finance a portion of the purchase price for the acquisition of KBS. ATRM made principal payments on the note of $1.0 million on each of December 30, 2014 and February 25, 2016. The note is subordinate to obligations under the Loan Agreement. | ||
[2] | In 2014, in order to provide additional working capital to ATRM, we issued two promissory notes to LSV Co-Invest I in the amounts of $2.5 million and $2.0 million, respectively. The notes are subordinate to obligations under the Loan Agreement. | ||
[3] | Promissory note payable to the principal seller of KBS. The note does not accrue interest unless it is in default, in which case the annual interest rate would be 10%. The Company has imputed interest at an annual rate of 9.5%. | ||
[4] | Agreement to finance the purchase of software license rights and consulting services related to the implementation of enterprise management information system. |
Long-Term Debt - Schedule of 48
Long-Term Debt - Schedule of Long-Term Debt (Details) (Parenthetical) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Promissory note payable to LSVI, issued on April 1, 2014, unsecured, 10% per annum interest payable semi-annually in July and January, with any unpaid principal and interest due on April 1, 2019 [Member] | ||
Long-term debt, interest percentage, per annum | 10.00% | 10.00% |
Notes payable maturity date | Apr. 1, 2019 | Apr. 1, 2019 |
Promissory notes payable to LSV Co-Invest I, unsecured, 10% per annum interest payable semi-annually in July and January, with any unpaid principal and interest due on April 1, 2019 [Member] | ||
Long-term debt, interest percentage, per annum | 10.00% | 10.00% |
Notes payable maturity date | Apr. 1, 2019 | Apr. 1, 2019 |
Promissory note payable, unsecured, payable in monthly installments of $100,000 through July 2017, interest imputed at 9.5% [Member] | ||
Long-term debt, interest percentage, per annum | 9.50% | 9.50% |
Notes payable maturity date | Jul. 31, 2017 | Jul. 31, 2017 |
Promissory note, payable in monthly installments | $ 100,000 | $ 100,000 |
Installment payment agreement, 8.0% per annum interest, payable in monthly installments of $1,199 through September 2020 [Member] | ||
Long-term debt, interest percentage, per annum | 8.00% | 8.00% |
Notes payable maturity date | Sep. 30, 2020 | Sep. 30, 2020 |
Promissory note, payable in monthly installments | $ 1,199 | $ 1,199 |
Notes payable, secured by equipment, 6.6% per annum interest, with varying maturity dates through September 2018 [Member] | ||
Long-term debt, interest percentage, per annum | 6.60% | 6.60% |
Notes payable maturity date | Sep. 30, 2018 | Sep. 30, 2018 |
Stock Incentive Plan and Shar49
Stock Incentive Plan and Share-Based Compensation (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Jun. 05, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 04, 2014 |
Share-based compensation expense | $ 67 | |||
June 30, 2016 [Member] | ||||
Recognized remaining compensation expense | $ 47 | |||
Directors And Chief Financial Officer [Member] | ||||
Restricted stock awards | 60,000 | |||
Fair value of stock awards | $ 4.48 | |||
2014 Incentive Plan [Member] | ||||
Shares authorized for incentive plan | 100,000 |
Stock Incentive Plan and Shar50
Stock Incentive Plan and Share-Based Compensation - Schedule of Share-based Compensation, Stock Options, Activity (Details) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($)$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Number of Shares, Outstanding, Beginning balance | shares | 27,500 |
Number of Shares, No activity during the three months ended March 31, 2016 | shares | |
Number of Shares, Outstanding, Ending balance | shares | 27,500 |
Number of Shares, Exercisable, Balance | shares | 27,500 |
Weighted Average Exercise Price, Outstanding, Beginning balance | $ / shares | $ 6.88 |
Weighted Average Exercise Price, No activity during the three months ended March 31, 2016 | $ / shares | |
Weighted Average Exercise Price, Outstanding, Ending balance | $ / shares | $ 6.88 |
Weighted Average Exercise Price, Exercisable, Balance | $ / shares | $ 6.88 |
Weighted Average Remaining Contract Term, Outstanding, Ending balance | 1 year 2 months 12 days |
Weighted Average Remaining Contract Term, Exercisable, Balance | 1 year 2 months 12 days |
Aggregate Intrinsic Value, Outstanding, Balance | $ | $ 0 |
Aggregate Intrinsic Value, Exercisable, Balance | $ | $ 0 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) $ in Thousands | Mar. 31, 2016USD ($) |
Income Tax Disclosure [Abstract] | |
Deferred tax liability | $ 15 |