Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 31, 2016 | |
Document And Entity Information Abstract | ||
Entity Registrant Name | SPECIAL DIVERSIFIED OPPORTUNITIES INC. | |
Entity Central Index Key | 911,649 | |
Trading Symbol | sdoi | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 21,037,640 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 |
CONSOLIDATED BALANCE SHEETS (un
CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Current Assets : | ||
Cash and cash equivalents | $ 13,112 | $ 23,467 |
Marketable securities, available for sale | 9,981 | |
Other current assets | 36 | 46 |
Total current assets | 23,129 | 23,513 |
Total assets | 23,129 | 23,513 |
Current Liabilities : | ||
Accrued expenses | 433 | 351 |
Total current liabilities | 433 | 351 |
Stockholders' Equity: | ||
Preferred stock, $.01 par value, 20,920,648 shares authorized, no shares issued or outstanding | ||
Common stock, $.01 par value, 50,000,000 shares authorized, 21,444,267 and 21,436,767 shares issued at September 30, 2016 and December 31, 2015, respectively | 217 | 217 |
Additional paid-in capital | 44,307 | 44,172 |
Treasury stock, 406,627 common shares at cost at September 30, 2016 and December 31, 2015 | (555) | (555) |
Accumulated deficit | (21,273) | (20,672) |
Total stockholders' equity | 22,696 | 23,162 |
Total liabilities and stockholders' equity | $ 23,129 | $ 23,513 |
CONSOLIDATED BALANCE SHEETS (u3
CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares | Sep. 30, 2016 | Dec. 31, 2015 |
Statement Of Financial Position [Abstract] | ||
Preferred stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 20,920,648 | 20,920,648 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 21,444,267 | 21,436,767 |
Treasury stock, common shares | 406,627 | 406,627 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Operating expenses: | ||||
Selling, general and administrative | $ 274 | $ 268 | $ 610 | $ 810 |
Total operating expenses | 274 | 268 | 610 | 810 |
Operating loss | (274) | (268) | (610) | (810) |
Interest income, net | 8 | 9 | ||
Loss before taxes | (266) | (268) | (601) | (810) |
Income tax expense | ||||
Net loss | $ (266) | $ (268) | $ (601) | $ (810) |
Basic and diluted net loss per share (in dollars per share) | $ (0.01) | $ (0.01) | $ (0.03) | $ (0.04) |
Shares used in computing basic and diluted net loss per share (in share) | 21,037,640 | 21,027,640 | 21,035,973 | 21,027,640 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (601) | $ (810) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Share-based compensation expense | 2 | 6 |
(Increase) decrease in: | ||
Other current assets | 10 | (25) |
Increase (decrease) in: | ||
Accrued expenses | 82 | (81) |
Net cash used in operating activities | (507) | (910) |
Purchase of marketable securities | (9,981) | |
Net cash used in investing activities | (9,981) | |
Cash Flows from Financing Activities: | ||
Proceeds from disgorgement of profit realized by an insider on short-swing transaction | 133 | |
Net cash provided by financing activities | 133 | |
Net decrease in Cash and Cash Equivalents | (10,355) | (910) |
Cash and Cash Equivalents, Beginning of Period | 23,467 | 24,818 |
Cash and Cash Equivalents, End of Period | 13,112 | 23,908 |
Supplemental Cash Flow Disclosure: | ||
Cash paid for taxes, net of tax refunds | $ 20 | $ 22 |
ASSET SALE
ASSET SALE | 9 Months Ended |
Sep. 30, 2016 | |
Asset Sale [Abstract] | |
ASSET SALE | 1. ASSET SALE On April 5, 2013, Special Diversified Opportunities Inc. (f/k/a Strategic Diagnostics Inc.) (“SDOI” or the “Company”), SDIX LLC, a Delaware limited liability company (the “Purchaser”) and OriGene Technologies, Inc., a Delaware corporation and the sole equity holder of the Purchaser, entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”) pursuant to which the Company agreed, subject to certain terms and conditions including approval of the Company's stockholders, to sell to the Purchaser substantially all of the Company’s rights, title and interest in substantially all of the Company’s non-cash assets related to the Life Sciences Business (the “Asset Sale”). At a special meeting of the stockholders of the Company held on July 10, 2013, the stockholders approved the Asset Sale as contemplated by the Asset Purchase Agreement. On July 12, 2013 the Company completed the Asset Sale. |
DESCRIPTION OF BUSINESS AND SUM
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business The Company is a shell company as defined in Rule 12b-2 of the Securities Exchange Act of 1934. The Company's board of directors has been exploring strategic alternatives to maximize shareholder value going forward including deploying the proceeds of the Asset Sale in business acquisition opportunities, merging with another company, or other actions to redeploy our capital, including, without limitation, distribution of cash to our shareholders. Basis of Presentation and Interim Financial Statements The accompanying unaudited consolidated interim financial statements of the Company have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, they do not include all the information and footnotes required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements and should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015. In the opinion of management, the accompanying consolidated interim financial statements include all adjustments (all of which are of a normal recurring nature) necessary for a fair presentation of the results of operations. The interim operating results are not necessarily indicative of the results to be expected for the entire year. Use of Estimates The preparation of the consolidated interim financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated interim financial statements, and the reported amounts of expenses during the period. These estimates include those made in connection with assessing the valuation of deferred tax assets. Actual results could differ from these estimates. Cash and Cash Equivalents The Company considers all highly liquid investments that have maturities of three months or less when acquired to be cash equivalents. As of September 30, 2016 and December 31, 2015, cash and cash equivalents consisted of the following: September 30, 2016 December 31, 2015 Bank checking operating accounts $ 3,092 $ 23,467 Money market funds 27 - U.S. Treasury Bills and U.S Government Agencies 9,993 - Total Cash and cash equivalents $ 13,112 $ 23,467 Marketable Securities, Available for Sale Marketable securities consist of securities with original maturities greater than three months, and are comprised of U.S. Treasury Bills and securities issued by U.S. government agencies. Marketable securities have been classified as current assets in the accompanying Consolidated Balance Sheet as of September 30, 2016 based upon the nature of the securities and their intended use to fund operations. Management determines the appropriate classification of securities at the time of purchase. The Company has classified its investment portfolio as available for sale in accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 320, Investments-Debt and Equity Securities. Stock-Based Compensation The Company accounts for stock-based compensation using the fair value method, which requires that compensation costs related to employee share based payment transactions are measured in the financial statements at the fair value on the date of grant and are recognized over the vesting period of the award. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3 Fair Value Measurements The Company measures certain assets at fair value in accordance with Accounting Standards Codification ("ASC") 820 , Fair Value Measurements and Disclosures · Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets. · Level 2—Valuations based on observable inputs other than Level 1 and quoted prices in active markets for similar assets. · Level 3—Valuations based on inputs that are unobservable. The Company has used Level 1 inputs to determine the fair value of its cash equivalents and marketable securities available for sale. As of September 30, 2016, cost represented fair value of the Company's cash equivalents and marketable securities. |
BASIC AND DILUTED LOSS PER SHAR
BASIC AND DILUTED LOSS PER SHARE | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
BASIC AND DILUTED LOSS PER SHARE | 4. BASIC AND DILUTED LOSS PER SHARE Basic loss per share (EPS) is computed by dividing net loss available for common stockholders by the weighted-average number of common shares outstanding during the period. Diluted EPS is similar to basic EPS, except that the dilutive effect of converting or exercising all potentially dilutive securities is also included in the denominator such as stock options and restricted stock units. Basic loss per share excludes potentially dilutive securities. For the three and nine month periods ended September 30, 2016 and 2015, outstanding common stock options representing 674,570 and 1,034,570 shares, respectively, and 342,500 and 15,000 unvested restricted shares, respectively, were excluded from the computation of diluted EPS. Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Weighted average common shares outstanding 21,037,640 21,027,640 21,035,973 21,027,640 Shares used in computing basic and diluted loss per share 21,037,640 21,027,640 21,035,973 21,027,640 |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
SHARE-BASED COMPENSATION | 5. SHARE-BASED COMPENSATION Under various plans, executives, key employees and outside directors receive awards of options to purchase common stock. The Company has a stock option plan (the “2000 Plan”) which authorizes the granting of incentive and nonqualified stock options and restricted stock units. Incentive stock options are granted at not less than 100% of fair market value at the date of grant (110% for stockholders owning more than 10% of the Company’s common stock). Nonqualified stock options are granted at not less than 85% of fair market value at the date of grant. A maximum of 8,000,000 shares of common stock are issuable under the 2000 Plan. Certain additional options have been granted outside the 2000 Plan. These options generally follow the provisions of the 2000 Plan. The Company issues new shares to satisfy option exercises and the vesting of restricted stock awards. The Company also has an Employee Stock Purchase Plan (the “ESPP”). The ESPP allows eligible full-time employees to purchase shares of common stock at 90 percent of the lower of the fair market value of a share of common stock on the first or last day of the quarter. Eligible employees are provided the opportunity to acquire Company common stock during each quarter. No more than 661,157 shares of common stock may be issued under the ESPP. Such stock may be unissued shares or treasury shares of the Company or may be outstanding shares purchased in the open market or otherwise on behalf of the ESPP. The Company’s ESPP is compensatory and therefore, the Company is required to recognize compensation expense related to the discount from market value of shares sold under the ESPP. The Company issues new shares to satisfy shares purchased under the ESPP. Share-based compensation expense recorded in the three and nine month periods ended September 30, 2016 and 2015 is summarized as follows: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Stock options $ - $ 2 $ - $ 4 Restricted Stock Awards 1 2 2 2 Total share-based compensation expense $ 1 $ 4 $ 2 $ 6 Share-based compensation expense is a component of selling, general and administrative expense, and is recorded as a non-cash expense in the operating activities section of the Company’s consolidated statements of cash flows. No options were exercised in the nine month periods ended September 30, 2016 and 2015. Information with respect to the activity of outstanding stock options granted under the 2000 Plan and options granted separately from the 2000 Plan for the nine months ended September 30, 2016 is summarized as follows: Weighted Aggregate Number Average Remaining Instrinsic of Shares Price Range Contractual term Value Balance, January 1, 2016 684,570 $ 1.24 - $ 3.74 Granted - Cancelled / Forfeited (10,000 ) $ 1.24 Balance, September 30, 2016 674,570 $ 1.24 - $ 3.74 3.4 years $ - Vested and excercisable at 664,570 $ 1.24 - $ 3.74 3.3 years $ - The following table provides additional information about the Company’s stock options outstanding and exercisable at September 30, 2016: Options Outstanding Options Exercisable Weighted Average Wtd. Average Range of Number of Remaining Exercise Number of Exercise Exercise Prices Shares Contractual Life Price Shares Price $ 1.24 - $ 1.85 467,528 3.3 Years $ 1.51 457,528 $ 1.52 $ 2.00 - $ 2.25 175,000 4.0 Years $ 2.13 175,000 $ 2.13 $ 3.69 - $ 3.74 32,042 1.6 Years $ 3.72 32,042 $ 3.72 $ 1.24 - $ 3.74 674,570 3.4 Years $ 1.78 664,570 $ 1.79 The Company grants restricted stock awards ("RSA"), which is the right to receive shares of common stock. In May 2016, the Company issued to non-employee directors RSA's aggregating 340,000 shares with performance based vesting. These shares vest upon the achievement of certain corporate goals within 18 months of the grant date. No expense has been recognized for these awards at September 30, 2016; the expense will be recognized when the corporate goals are achieved. The Company had 342,500 and 7,500 shares of unvested restricted stock as of September 30, 2016 and December 31, 2015, respectively. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax | |
INCOME TAXES | 6. INCOME TAXES The Company evaluates its deferred tax assets on a regular basis to determine if a valuation allowance against the net deferred tax assets is required. The Company had a full valuation allowance offsetting its U.S. federal and state net deferred tax assets which primarily represent net operating loss carryforwards (“NOLs”) at December 31, 2015. During the nine month period ended September 30, 2016, the Company’s management concluded that the full valuation allowance for U.S. federal and state net deferred tax assets is appropriate as the facts and circumstances during the first nine months of 2016 did not change management’s conclusion that a full valuation allowance is necessary. The Company is subject to U.S. federal income tax, as well as income taxes of multiple state jurisdictions. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. At September 30, 2016, the Company had no interest or penalties accrued related to uncertain tax positions due to the available NOLs. As of September 30, 2016, the Company had approximately $628 of unrecognized tax benefits, $622 of which were recorded as a reduction to existing net operating loss and tax credit carryforwards, and therefore require no accrual for interest or penalty. The remaining $6 includes de minimis interest and penalties where required. For the nine months ended September 30, 2016, unrecognized tax benefits did not change. For federal purposes, post-1992 tax years remain open to examination as a result of earlier net operating losses being utilized in subsequent years. For state purposes, the statute of limitations remains open in a similar manner for states that have generated net operating losses. The Company does not expect that the total amount of unrecognized tax benefits related to positions taken in prior periods will change significantly during the next 12 months. |
DISGORGEMENT OF SHORT SWING PRO
DISGORGEMENT OF SHORT SWING PROFIT | 9 Months Ended |
Sep. 30, 2016 | |
Disgorgement Of Short Swing Profit [Abstract] | |
DISGORGEMENT OF SHORT SWING PROFIT | 7. DISGORGEMENT OF SHORT SWING PROFIT On February 29, 2016, the Company was informed by B. Riley & Co., LLC ("B. Riley") that it had sold 3,504,172 shares of the Company's common stock in a transaction that is matchable against B. Riley's purchase of 742,344 shares of the Company's common stock in December 2015. In accordance with Section 16(b) of the Securities Exchange Act of 1934 which provides that any profit realized by an insider on short-swing transactions must be disgorged to the Company, B. Riley paid the Company $133 for the disgorgement of profits in connection with these matchable transactions. This amount was credited to additional paid-in capital during the quarter ended March 31, 2016. |
RIGHTS PLAN
RIGHTS PLAN | 9 Months Ended |
Sep. 30, 2016 | |
Rights Plan [Abstract] | |
RIGHTS PLAN | 8. RIGHTS PLAN On April 27, 2016 (the “Rights Dividend Declaration Date”), the Company's Board of Directors (the “Board of Directors”) adopted a Section 382 rights plan (the “Section 382 Rights Plan”) and declared a dividend distribution of one Right (as defined below) for each outstanding share of common stock of the Company to stockholders of record at the close of business on May 16, 2016. The Section 382 Rights Plan is intended to act as a deterrent to any person (an “Acquiring Person”) acquiring (together with all affiliates and associates of such person) beneficial ownership of 4.99% or more of the Company’s outstanding Common Stock within the meaning of Section 382 of the Code, without the approval of the Board of Directors. Stockholders who beneficially own 4.99% or more of the Company’s outstanding Common Stock as of the Rights Dividend Declaration Date will not be deemed to be an Acquiring Person, but such person will be deemed an Acquiring Person if such person (together with all affiliates and associates of such person) becomes the beneficial owner of securities representing a percentage of the Common Stock that exceeds by 1.0% or more the lowest percentage of beneficial ownership of the Common Stock that such person had at any time since the Rights Dividend Declaration Date. The Rights |
DESCRIPTION OF BUSINESS AND S14
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Interim Financial Statements | Basis of Presentation and Interim Financial Statements The accompanying unaudited consolidated interim financial statements of the Company have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, they do not include all the information and footnotes required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements and should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015. In the opinion of management, the accompanying consolidated interim financial statements include all adjustments (all of which are of a normal recurring nature) necessary for a fair presentation of the results of operations. The interim operating results are not necessarily indicative of the results to be expected for the entire year. |
Use of Estimates | Use of Estimates The preparation of the consolidated interim financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated interim financial statements, and the reported amounts of expenses during the period. These estimates include those made in connection with assessing the valuation of deferred tax assets. Actual results could differ from these estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments that have maturities of three months or less when acquired to be cash equivalents. As of September 30, 2016 and December 31, 2015, cash and cash equivalents consisted of the following September 30, 2016 December 31, 2015 Bank checking operating accounts $ 3,092 $ 23,467 Money market funds 27 - U.S. Treasury Bills and U.S Government Agencies 9,993 - Total Cash and cash equivalents $ 13,112 $ 23,467 |
Marketable Securities, Available for Sale | Marketable Securities, Available for Sale Marketable securities consist of securities with original maturities greater than three months, and are comprised of U.S. Treasury Bills and securities issued by U.S. government agencies. Marketable securities have been classified as current assets in the accompanying Consolidated Balance Sheet as of September 30, 2016 based upon the nature of the securities and their intended use to fund operations. Management determines the appropriate classification of securities at the time of purchase. The Company has classified its investment portfolio as available for sale in accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 320, Investments-Debt and Equity Securities. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for stock-based compensation using the fair value method, which requires that compensation costs related to employee share based payment transactions are measured in the financial statements at the fair value on the date of grant and are recognized over the vesting period of the award. |
DESCRIPTION OF BUSINESS AND S15
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Schedule of cash and cash equivalents | September 30, 2016 December 31, 2015 Bank checking operating accounts $ 3,092 $ 23,467 Money market funds 27 - U.S. Treasury Bills and U.S Government Agencies 9,993 - Total Cash and cash equivalents $ 13,112 $ 23,467 |
BASIC AND DILUTED LOSS PER SH16
BASIC AND DILUTED LOSS PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of basic and diluted loss per share | Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Weighted average common shares outstanding 21,037,640 21,027,640 21,035,973 21,027,640 Shares used in computing basic and diluted loss per share 21,037,640 21,027,640 21,035,973 21,027,640 |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of share-based compensation expense | Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Stock options $ - $ 2 $ - $ 4 Restricted Stock Awards 1 2 2 2 Total share-based compensation expense $ 1 $ 4 $ 2 $ 6 |
Schedule of activity of outstanding stock options granted | Weighted Aggregate Number Average Remaining Instrinsic of Shares Price Range Contractual term Value Balance, January 1, 2016 684,570 $ 1.24 - $ 3.74 Granted - Cancelled / Forfeited (10,000 ) $ 1.24 Balance, September 30, 2016 674,570 $ 1.24 - $ 3.74 3.4 years $ - Vested and excercisable at 664,570 $ 1.24 - $ 3.74 3.3 years $ - |
Schedule of additional information about stock options outstanding and exercisable | Options Outstanding Options Exercisable Weighted Average Wtd. Average Range of Number of Remaining Exercise Number of Exercise Exercise Prices Shares Contractual Life Price Shares Price $ 1.24 - $ 1.85 467,528 3.3 Years $ 1.51 457,528 $ 1.52 $ 2.00 - $ 2.25 175,000 4.0 Years $ 2.13 175,000 $ 2.13 $ 3.69 - $ 3.74 32,042 1.6 Years $ 3.72 32,042 $ 3.72 $ 1.24 - $ 3.74 674,570 3.4 Years $ 1.78 664,570 $ 1.79 |
DESCRIPTION OF BUSINESS AND S18
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Accounting Policy [Line Items] | ||||
Total Cash and cash equivalents | $ 13,112 | $ 23,467 | $ 23,908 | $ 24,818 |
Bank checking operating accounts | ||||
Accounting Policy [Line Items] | ||||
Total Cash and cash equivalents | 3,092 | 23,467 | ||
Money market funds | ||||
Accounting Policy [Line Items] | ||||
Total Cash and cash equivalents | 27 | |||
U.S. Treasury Bills and U.S Government Agencies | ||||
Accounting Policy [Line Items] | ||||
Total Cash and cash equivalents | $ 9,993 |
BASIC AND DILUTED LOSS PER SH19
BASIC AND DILUTED LOSS PER SHARE (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Weighted average common shares outstanding | 21,037,640 | 21,027,640 | 21,035,973 | 21,027,640 |
Shares used in computing basic and diluted loss per share | 21,037,640 | 21,027,640 | 21,035,973 | 21,027,640 |
BASIC AND DILUTED LOSS PER SH20
BASIC AND DILUTED LOSS PER SHARE (Detail Textuals) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Stock options | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Number of shares excluded from computation of diluted EPS | 674,570 | 1,034,570 | 674,570 | 1,034,570 |
Unvested restricted shares | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Number of shares excluded from computation of diluted EPS | 342,500 | 15,000 | 342,500 | 15,000 |
SHARE-BASED COMPENSATION (Detai
SHARE-BASED COMPENSATION (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total share-based compensation expense | $ 1 | $ 4 | $ 2 | $ 6 |
Stock options | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total share-based compensation expense | 2 | 4 | ||
Restricted Stock Awards | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total share-based compensation expense | $ 1 | $ 2 | $ 2 | $ 2 |
SHARE-BASED COMPENSATION (Det22
SHARE-BASED COMPENSATION (Details 1) - Stock Options - Price Range $1.24 - $3.74 | 9 Months Ended |
Sep. 30, 2016USD ($)$ / sharesshares | |
Number of Shares | |
Balance, January 1, 2016 | shares | 684,570 |
Granted | shares | |
Cancelled / Forfeited | shares | (10,000) |
Balance, September 30, 2016 | shares | 674,570 |
Vested and exercisable at September 30, 2016 | shares | 664,570 |
Price Range | |
Lower limit | $ / shares | $ 1.24 |
Upper limit | $ / shares | 3.74 |
Cancelled / Forfeited | $ / shares | 1.24 |
Lower limit, vested and exercisable at September 30, 2016 | $ / shares | 1.24 |
Upper limit, vested and exercisable at September 30, 2016 | $ / shares | $ 3.74 |
Weighted Average Remaining Contractual term | |
Balance, September 30, 2016 | 3 years 4 months 24 days |
Vested and exercisable at September 30, 2016 | 3 years 3 months 18 days |
Aggregate Intrinsic Value | |
Balance, September 30, 2016 | $ | |
Vested and exercisable at September 30, 2016 | $ |
SHARE-BASED COMPENSATION (Det23
SHARE-BASED COMPENSATION (Details 2) - Stock Options | 9 Months Ended |
Sep. 30, 2016$ / sharesshares | |
Range of Exercise Prices $ 1.24 - $ 1.85 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower limit | $ 1.24 |
Upper limit | $ 1.85 |
Options Outstanding, Number of Shares | shares | 467,528 |
Options Outstanding, Weighted Average Remaining Contractual Life | 3 years 3 months 18 days |
Options Outstanding, Weighted Average Exercise Price | $ 1.51 |
Options Exercisable, Number of Shares | shares | 457,528 |
Options Exercisable, Wtd. Average Exercise Price | $ 1.52 |
Range of Exercise Prices $ 2.00 - $ 2.25 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower limit | 2 |
Upper limit | $ 2.25 |
Options Outstanding, Number of Shares | shares | 175,000 |
Options Outstanding, Weighted Average Remaining Contractual Life | 4 years |
Options Outstanding, Weighted Average Exercise Price | $ 2.13 |
Options Exercisable, Number of Shares | shares | 175,000 |
Options Exercisable, Wtd. Average Exercise Price | $ 2.13 |
Range of Exercise Prices $ 3.69 - $ 3.74 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower limit | 3.69 |
Upper limit | $ 3.74 |
Options Outstanding, Number of Shares | shares | 32,042 |
Options Outstanding, Weighted Average Remaining Contractual Life | 1 year 7 months 6 days |
Options Outstanding, Weighted Average Exercise Price | $ 3.72 |
Options Exercisable, Number of Shares | shares | 32,042 |
Options Exercisable, Wtd. Average Exercise Price | $ 3.72 |
Range of Exercise Prices $ 1.24 - $ 3.74 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower limit | 1.24 |
Upper limit | $ 3.74 |
Options Outstanding, Number of Shares | shares | 674,570 |
Options Outstanding, Weighted Average Remaining Contractual Life | 3 years 4 months 24 days |
Options Outstanding, Weighted Average Exercise Price | $ 1.78 |
Options Exercisable, Number of Shares | shares | 664,570 |
Options Exercisable, Wtd. Average Exercise Price | $ 1.79 |
SHARE-BASED COMPENSATION (Det24
SHARE-BASED COMPENSATION (Detail Textuals) - shares | 1 Months Ended | 9 Months Ended | |
May 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | |
Restricted stock awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares issued to non-employee directors | 340,000 | ||
Term for restricted stock awards | 18 months | ||
Unvested restricted stock (in shares) | 342,500 | 7,500 | |
Employee Stock Purchase Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Purchase price as percentage of fair market value of share of common stock on first or last day of quarter | 90.00% | ||
Maximum number of issuable common stock under the plan | 661,157 | ||
2000 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum number of issuable common stock under the plan | 8,000,000 | ||
2000 Plan | On a 100% basis matching contributions | Stockholders owning more than 10% of common stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Purchase price as a percentage of fair market value at date of grant | 110.00% | ||
2000 Plan | Incentive stock options | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Purchase price as a percentage of fair market value at date of grant | 100.00% | ||
2000 Plan | Nonqualified Stock Options | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Purchase price as a percentage of fair market value at date of grant | 85.00% |
INCOME TAXES (Detail Textuals)
INCOME TAXES (Detail Textuals) $ in Thousands | Sep. 30, 2016USD ($) |
Income Tax | |
Unrecognized tax benefits | $ 628 |
Reduction in existing net operating loss and tax credit carryforwards | 622 |
Amount of minimis interest and penalties included in unrecognized tax benefits | $ 6 |
DISGORGEMENT OF SHORT SWING P26
DISGORGEMENT OF SHORT SWING PROFIT (Detail Textuals) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended |
Feb. 29, 2016 | Sep. 30, 2016 | |
Disgorgement Of Short Swing Profit [Line Items] | ||
Proceeds from disgorgement of profit realized by an insider | $ 133 | |
B. Riley & Co., LLC | ||
Disgorgement Of Short Swing Profit [Line Items] | ||
Number of shares sold by an insider in a matchable transaction under Section 16(b) | 3,504,172 | |
Number of shares purchased by an insider | 742,344 | |
Proceeds from disgorgement of profit realized by an insider | $ 133 |
RIGHTS PLAN (Detail Textuals)
RIGHTS PLAN (Detail Textuals) | 1 Months Ended | |||
May 16, 2016Right$ / shares | Apr. 27, 2016Right | Sep. 30, 2016$ / shares | Dec. 31, 2015$ / shares | |
Rights Plan [Line Items] | ||||
Common stock dividend right | Right | 1 | |||
Maximum beneficial ownership percentage | 4.99% | |||
Additional maximum ownership percentage allowed | 1.00% | |||
Preferred stock par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Series B Junior Participating Preferred Stock | ||||
Rights Plan [Line Items] | ||||
Common stock dividend right | Right | 1 | |||
Preferred stock par value (in dollars per share) | $ 0.01 | |||
Purchase price (in dollars per share) | $ 5 |