Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 02, 2016 | Jun. 30, 2015 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | HUDSON TECHNOLOGIES INC /NY | ||
Entity Central Index Key | 925,528 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Accelerated Filer | ||
Entity Public Float | $ 91,785,154 | ||
Trading Symbol | HDSN | ||
Entity Common Stock, Shares Outstanding | 32,848,617 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 1,258 | $ 935 |
Trade accounts receivable - net | 4,414 | 3,968 |
Inventories | 61,897 | 37,017 |
Deferred tax asset | 376 | 397 |
Prepaid expenses and other current assets | 1,524 | 1,011 |
Total current assets | 69,469 | 43,328 |
Property, plant and equipment, less accumulated depreciation | 7,536 | 7,887 |
Other assets | 76 | 102 |
Deferred tax asset | 3,287 | 6,031 |
Goodwill | 856 | 265 |
Intangible assets, less accumulated amortization | 3,787 | 2,322 |
Total Assets | 85,011 | 59,935 |
Current liabilities: | ||
Trade accounts payable | 5,792 | 2,529 |
Accrued expenses and other current liabilities | 3,018 | 1,981 |
Accrued payroll | 1,577 | 384 |
Short-term debt and current maturities of long-term debt | 20,573 | 6,320 |
Total current liabilities | 30,960 | 11,214 |
Other liabilities | 333 | 333 |
Long-term debt, less current maturities | 4,293 | 4,389 |
Total Liabilities | $ 35,586 | $ 15,936 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, shares authorized 5,000,000: Series A Convertible preferred stock, $0.01 par value ($100 liquidation preference value); shares authorized 150,000; none issued or outstanding | $ 0 | $ 0 |
Common stock, $0.01 par value; shares authorized 100,000,000, and 50,000,000; issued and outstanding 32,804,617 and 32,312,276 | 328 | 323 |
Additional paid-in capital | 62,163 | 61,505 |
Accumulated deficit | (13,066) | (17,829) |
Total Stockholders' Equity | 49,425 | 43,999 |
Total Liabilities and Stockholders' Equity | $ 85,011 | $ 59,935 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 50,000,000 |
Common stock, issued | 32,804,617 | 32,312,276 |
Common stock, outstanding | 32,804,617 | 32,312,276 |
Preferred Stock | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Series A Convertible Preferred Stock | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, liquidation preference value | $ 100 | $ 100 |
Preferred stock, shares authorized | 150,000 | 150,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues | $ 79,722 | $ 55,810 |
Cost of sales | 61,233 | 49,364 |
Gross profit | 18,489 | 6,446 |
Operating expenses: | ||
Selling and marketing | 4,179 | 2,723 |
General and administrative | 6,129 | 4,708 |
Total operating expenses | 10,308 | 7,431 |
Operating Income (loss) | 8,181 | (985) |
Other income (expense): | ||
Interest expense | (776) | (641) |
Other income | 302 | 0 |
Total other income (expense) | (474) | (641) |
Income (loss) before income taxes | 7,707 | (1,626) |
Income tax expense (benefit) | 2,944 | (906) |
Net income (loss) | $ 4,763 | $ (720) |
Net income (loss) per common share - Basic | $ 0.15 | $ (0.02) |
Net income (loss) per common share - Diluted | $ 0.14 | $ (0.02) |
Weighted average number of shares outstanding - Basic | 32,546,840 | 29,122,746 |
Weighted average number of shares outstanding - Diluted | 33,936,099 | 29,122,746 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] |
Balance at Dec. 31, 2013 | $ 28,086 | $ 251 | $ 44,944 | $ (17,109) |
Balance (in shares) at Dec. 31, 2013 | 25,070,386 | |||
Sale of common stock | 15,616 | $ 69 | 15,547 | 0 |
Sale of common stock (in shares) | 6,900,000 | |||
Issuance of common stock upon exercise of stock options | 309 | $ 3 | 306 | 0 |
Issuance of common stock upon exercise of stock options (in shares) | 341,890 | |||
Value of share-based arrangements | 708 | $ 0 | 708 | 0 |
Value of share-based arrangements (in shares) | 0 | |||
Net income (loss) | (720) | $ 0 | 0 | (720) |
Balance at Dec. 31, 2014 | 43,999 | $ 323 | 61,505 | (17,829) |
Balance (in shares) at Dec. 31, 2014 | 32,312,276 | |||
Issuance of common stock upon exercise of stock options and warrants | 460 | $ 5 | 455 | 0 |
Issuance of common stock upon exercise of stock options and warrants (in shares) | 482,506 | |||
Issuance of common stock for services | 30 | $ 0 | 30 | 0 |
Issuance of common stock for services (in shares) | 9,835 | |||
Value of share-based arrangements | 173 | $ 0 | 173 | 0 |
Value of share-based arrangements (in shares) | 0 | |||
Net income (loss) | 4,763 | $ 0 | 0 | 4,763 |
Balance at Dec. 31, 2015 | $ 49,425 | $ 328 | $ 62,163 | $ (13,066) |
Balance (in shares) at Dec. 31, 2015 | 32,804,617 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 4,763 | $ (720) |
Adjustments to reconcile net income (loss) to cash provided (used) by operating activities: | ||
Depreciation and amortization | 2,072 | 979 |
Allowance for doubtful accounts | 99 | 31 |
Amortization of deferred finance cost | 75 | 112 |
Value of share-based payment arrangements | 203 | 708 |
Deferred tax expense (benefit) | 2,768 | (857) |
Other non cash (income) expenses | (302) | 414 |
Changes in assets and liabilities (net of acquisitions): | ||
Trade accounts receivable | (545) | (293) |
Inventories | (23,430) | (1,150) |
Prepaid and other assets | (465) | (548) |
Income taxes receivable | 0 | 2,709 |
Accounts payable and accrued expenses | 4,259 | 316 |
Cash provided (used) by operating activities | (10,503) | 1,701 |
Cash flows from investing activities: | ||
Payments for acquisitions | (2,424) | (7,368) |
Additions to patents | (12) | (10) |
Additions to property, plant and equipment | (889) | (716) |
Investment in affiliates | 0 | 63 |
Cash used by investing activities | (3,325) | (8,031) |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock | 460 | 15,925 |
Borrowing from (repayments of) of short-term debt - net | 14,172 | (9,024) |
Proceeds from long-term debt | 292 | 0 |
Repayment of long-term debt | (328) | (305) |
Payment of deferred acquisition cost | (445) | 0 |
Net cash provided by financing activities | 14,151 | 6,596 |
Increase in cash and cash equivalents | 323 | 266 |
Cash and cash equivalents at beginning of period | 935 | 669 |
Cash and cash equivalents at end of period | 1,258 | 935 |
Supplemental disclosure of cash flow information: | ||
Cash paid during period for interest | 701 | 529 |
Non cash investing activity: | ||
Deferred acquisition cost | $ 1,902 | $ 667 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1 - Summary of Significant Accounting Policies Hudson Technologies, Inc., incorporated under the laws of New York on January 11, 1991 TM In preparing the accompanying consolidated financial statements, and in accordance with ASC855-10 “Subsequent Events”, the Company’s management has evaluated subsequent events through the date that the financial statements were filed. In the opinion of management, all estimates and adjustments considered necessary for a fair presentation have been included and all such adjustments were normal and recurring. The consolidated financial statements represent all companies of which Hudson directly or indirectly has majority ownership or otherwise controls. Significant intercompany accounts and transactions have been eliminated. The Company's consolidated financial statements include the accounts of wholly-owned subsidiaries Hudson Holdings, Inc. and Hudson Technologies Company. The Company does not present a statement of comprehensive income as its comprehensive income is the same as its net income. The carrying values of financial instruments including trade accounts receivable and accounts payable approximate fair value at December 31, 2015 and December 31, 2014, because of the relatively short maturity of these instruments. The carrying value of short and long-term debt approximates fair value, due to the variable rate nature of the debt, as of December 31, 2015 and December 31, 2014. Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of temporary cash investments and trade accounts receivable. The Company maintains its temporary cash investments in highly-rated financial institutions and, at times, the balances exceed FDIC insurance coverage. The Company's trade accounts receivable are primarily due from companies throughout the United States. The Company reviews each customer's credit history before extending credit. The Company establishes an allowance for doubtful accounts based on factors associated with the credit risk of specific accounts, historical trends, and other information. The carrying value of the Company’s accounts receivable is reduced by the established allowance for doubtful accounts. The allowance for doubtful accounts includes any accounts receivable balances that are determined to be uncollectible, along with a general reserve for the remaining accounts receivable balances. The Company adjusts its reserves based on factors that affect the collectability of the accounts receivable balances. For the year ended December 31, 2015, two customers each accounted for 10% or more of the Company’s revenues 33 For the year ended December 31, 2014, two customers each accounted for 10% or more of the Company’s revenues 25 688,000 The loss of a principal customer or a decline in the economic prospects of and/or a reduction in purchases of the Company's products or services by any such customer could have a material adverse effect on the Company's operating results and financial position. Temporary investments with original maturities of ninety days or less are included in cash and cash equivalents. Inventories, consisting primarily of refrigerant products available for sale, are stated at the lower of cost, on a first-in first-out basis, or market. Where the market price of inventory is less than the related cost, the Company may be required to write down its inventory through a lower of cost or market adjustment, the impact of which would be reflected in cost of sales on the Consolidated Statements of Operations. Any such adjustment would be based on management’s judgment regarding future demand and market conditions and analysis of historical experience. Property, Plant and Equipment Property, plant and equipment are stated at cost, including internally manufactured equipment. The cost to complete equipment that is under construction is not considered to be material to the Company's financial position. Provision for depreciation is recorded (for financial reporting purposes) using the straight-line method over the useful lives of the respective assets. Leasehold improvements are amortized on a straight-line basis over the shorter of economic life or terms of the respective leases. Costs of maintenance and repairs are charged to expense when incurred. Due to the specialized nature of the Company's business, it is possible that the Company's estimates of equipment useful life periods may change in the future. Goodwill represents the excess of the purchase price over the fair value of the net assets acquired in business combinations accounted for under the purchase method of accounting. The Company performed the annual goodwill impairment assessment using a qualitative approach to determine whether it is more likely than not that the fair value of goodwill is less than its carrying value. In performing the qualitative assessment, we identify and consider the significance of relevant key factors, events, and circumstances that affect the fair value of our goodwill. These factors include external factors such as macroeconomic, industry, and market conditions, as well as entity-specific factors, such as our actual and planned financial performance. If the results of the qualitative assessment conclude that it is not more likely than not that the fair value of goodwill exceeds its carrying value, additional quantitative impairment testing is performed. Revenues are recorded upon completion of service or product shipment and passage of title to customers in accordance with contractual terms. The Company evaluates each sale to ensure collectability. In addition, each sale is based on an arrangement with the customer and the sales price to the customer is fixed. License fees are recognized over the period of the license based on the respective performance measurements associated with the license. Royalty revenues are recognized when earned. Cost of sales is recorded based on the cost of products shipped or services performed and related direct operating costs of the Company's facilities. To the extent that the Company charges its customers shipping fees, such amounts are included as a component of revenue and the corresponding costs are included as a component of cost of sales. Years Ended December 31, 2015 2014 (in thousands) Refrigerant and reclamation sales $ 75,154 $ 50,460 RefrigerantSide® Services 4,568 5,350 Total $ 79,722 $ 55,810 The Company utilizes the asset and liability method for recording deferred income taxes, which provides for the establishment of deferred tax asset or liability accounts based on the difference between tax and financial reporting bases of certain assets and liabilities. The tax benefit associated with the Company's net operating loss carry forwards (“NOLs”) is recognized to the extent that the Company is expected to recognize future taxable income. The Company assesses the recoverability of its deferred tax assets based on its expectation that it will recognize future taxable income and adjusts its valuation allowance accordingly. As of December 31, 2015 and 2014, the net deferred tax asset was $ 3,663 6,428 Certain states either do not allow or limit NOLs and as such the Company will be liable for certain state taxes. To the extent that the Company utilizes its NOLs, it will not pay tax on such income but may be subject to the federal alternative minimum tax. In addition, to the extent that the Company’s net income, if any, exceeds the annual NOL limitation it will pay income taxes based on existing statutory rates. Moreover, as a result of a “change in control”, as defined by the Internal Revenue Service, the Company’s ability to utilize its existing NOLs is subject to certain annual limitations. Approximately $6,750,000 of the Company’s $9,000,000 of NOLs are subject to annual limitations of $1,300,000. As a result of an Internal Revenue Service audit, the 2013 and prior federal tax years have been closed. The Company operates in many states throughout the United States and, as of December 31, 2015, the various states’ statutes of limitations remain open for tax years subsequent to 2009. The Company recognizes interest and penalties, if any, relating to income taxes as a component of the provision for income taxes. The Company evaluates uncertain tax positions, if any, by determining if it is more likely than not to be sustained upon examination by the taxing authorities. As of December 31, 2015 and 2014, the Company had no uncertain tax positions. If dilutive, common equivalent shares (common shares assuming exercise of options and warrants) utilizing the treasury stock method are considered in the presentation of diluted earnings per share. Years ended December 31, 2015 2014 Net income (loss) $ 4,763 $ (720) Weighted average number of shares - basic 32,546,840 29,122,746 Shares underlying warrants 300,846 0 Shares underlying options 1,088,413 0 Weighted average number of shares outstanding - diluted 33,936,099 29,122,746 During the years ended December 31, 2015 and 2014, certain options and warrants aggregating 106,290 4,449,624 Estimates and Risks The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect reported amounts of certain assets and liabilities, the disclosure of contingent assets and liabilities, and the results of operations during the reporting period. Actual results could differ from these estimates. The Company utilizes both internal and external sources to evaluate potential current and future liabilities for various commitments and contingencies. In the event that the assumptions or conditions change in the future, the estimates could differ from the original estimates. Several of the Company's accounting policies involve significant judgments, uncertainties and estimations. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from these estimates under different assumptions or conditions. To the extent that actual results differ from management's judgments and estimates, there could be a material adverse effect on the Company. On a continuous basis, the Company evaluates its estimates, including, but not limited to, those estimates related to its allowance for doubtful accounts, inventory reserves, and valuation allowance for the deferred tax assets relating to its NOLs and commitments and contingencies. With respect to accounts receivable, the Company estimates the necessary allowance for doubtful accounts based on both historical and anticipated trends of payment history and the ability of the customer to fulfill its obligations. For inventory, the Company evaluates both current and anticipated sales prices of its products to determine if a write down of inventory to net realizable value is necessary. In determining the Company’s valuation allowance for its deferred tax assets, the Company assesses its ability to generate taxable income in the future. The Company participates in an industry that is highly regulated, and changes in the regulations affecting our business could affect our operating results. Currently the Company purchases virgin hydrochlorofluorocarbon (“HCFC”) and hydrofluorocarbon (“HFC”) refrigerants and reclaimable, primarily HCFC, HFC and chlorofluorocarbon (“CFC”), refrigerants from suppliers and its customers. Effective January 1, 1996, the Clean Air Act (the “Act”) prohibited the production of virgin CFC refrigerants and limited the production of virgin HCFC refrigerants. Effective January 2004, the Act further limited the production of virgin HCFC refrigerants and federal regulations were enacted which established production and consumption allowances for HCFC refrigerants which imposed limitations on the importation of certain virgin HCFC refrigerants. Under the Act, production of certain virgin HCFC refrigerants is scheduled to be phased out during the period 2010 through 2020, and production of all virgin HCFC refrigerants is scheduled to be phased out by 2030. In April 2013, the Environmental Protection Agency (“EPA”) published a final rule providing for the production or importation of 63 51 22 million pounds in 2015 and reduces by approximately 4.5 million pounds each year and ends at zero in 2020. To the extent that the Company is unable to source sufficient quantities of refrigerants or is unable to obtain refrigerants on commercially reasonable terms or experiences a decline in demand and/or price for refrigerants sold by the Company, the Company could realize reductions in revenue from refrigerant sales, which could have a material adverse effect on its operating results and its financial position. The Company is subject to various legal proceedings. The Company assesses the merit and potential liability associated with each of these proceedings. In addition, the Company estimates potential liability, if any, related to these matters. To the extent that these estimates are not accurate, or circumstances change in the future, the Company could realize liabilities, which could have a material adverse effect on its operating results and its financial position. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to the future net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less the cost to sell. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The guidance also specifies the accounting for some costs to obtain or fulfill a contract with a customer. The new standard also will result in enhanced disclosures about revenue, provide guidance for transactions that were not previously addressed comprehensively (for example, service revenue and contract modifications) and improve guidance for multiple-element arrangements. For a public entity, the amendments in this Update are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early application is not permitted. An entity should apply the amendments in ASU 2014-09 either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application. The Company is currently evaluating the effects of ASU 2014-09 and therefore cannot estimate the effects, if any, on historical or future revenue recognition at this time. In April 2015, the FASB issued ASU 2015-03, “Interest - Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs.” ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. For public business entities, the amendments in ASU 2015-03 are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, with early adoption permitted for financial statements that have not been previously issued. An entity should apply the new guidance on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. Upon transition, an entity is required to comply with the applicable disclosures for a change in an accounting principle. These disclosures include the nature of and reason for the change in accounting principle, the transition method, a description of the prior-period information that has been retrospectively adjusted, and the effect of the change on the financial statement line items (that is, debt issuance cost asset and the debt liability). The adoption of ASU 2015-03 will have no impact on the Company’s results of operations and an immaterial impact on the Company’s Balance Sheets. In September 2015, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments, or ASU 2015-16. This amendment requires the acquirer in a business combination to recognize in the reporting period in which adjustment amounts are determined, any adjustments to provisional amounts that are identified during the measurement period, calculated as if the accounting had been completed at the acquisition date. Prior to the issuance of ASU 2015-16, an acquirer was required to restate prior period financial statements as of the acquisition date for adjustments to provisional amounts. The amendments in ASU 2015-16 are to be applied prospectively upon adoption. The Company adopted ASU 2015-16 in the fourth quarter of 2015. The adoption of the provisions of ASU 2015-16 did not have a material impact on its results of operations or financial position. In November 2015, the FASB issued ASU 2015-17, “Income Taxes (Topic 740) - Balance Sheet Classification of Deferred Taxes.” ASU 2015-17 requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amendments in ASU 2015-17 apply to all entities that present a classified statement of financial position. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected. For public business entities, the amendments in ASU 2015-17 are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Earlier application is permitted for all entities as of the beginning of an interim or annual reporting period. Under ASU 2016-02, a lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term. For finance leases, a lessee is required to do the following: 1. Recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the statement of financial position; 2. Recognize interest on the lease liability separately from amortization of the right-of-use asset in the statement of comprehensive income; and3. Classify repayments of the principal portion of the lease liability within financing activities and payments of interest on the lease liability and variable lease payments within operating activities in the statement of cash flows. For operating leases, a lessee is required to do the following:1. Recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the statement of financial position; 2. Recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis; and 3. Classify all cash payments within operating activities in the statement of cash flows. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients that entities may elect to apply. These practical expedients relate to the identification and classification of leases that commenced before the effective date, initial direct costs for leases that commenced before the effective date, and the ability to use hindsight in evaluating lessee options to extend or terminate a lease or to purchase the underlying asset. An entity that elects to apply the practical expedients will, in effect, continue to account for leases that commence before the effective date in accordance with previous GAAP unless the lease is modified, except that lessees are required to recognize a right-of-use asset and a lease liability for all operating leases at each reporting date based on the present value of the remaining minimum rental payments that were tracked and disclosed under previous GAAP. For public entities, ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application of the amendments in this Update is permitted. |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Note 2 - Income taxes Income tax expense (benefit) for the years ended December 31, 2015 and 2014 was $ 2,944,000 906,000 Years Ended December 31, 2015 2014 (in thousands) Current: Federal $ 174 $ 0 State and local 2 (49) 176 (49) Deferred: Federal 2,460 (767) State and local 308 (90) 2,768 (857) Expense (benefit) for income taxes $ 2,944 $ (906) Years ended December 31, 2015 2014 Income tax rates - Statutory U.S. federal rate 34 % 34 % - States, net U.S. benefits 4 % 4 % - Tax benefit from prior year 0 % 18 % Total 38 % 56 % As of December 31, 2015, the Company had NOL's of approximately $ 9,000,000 2034 Approximately $6,750,000 of the Company’s $9,000,000 of NOL’s are subject to annual limitations of $1,300,000. Elements of deferred income tax assets (liabilities) are as follows: December 31, 2015 2014 (in thousands) Deferred tax assets (liabilities) - Depreciation & amortization $ (412) $ (428) - Reserves for doubtful accounts 127 92 - Inventory reserve 250 305 - Non qualified stock options 108 215 - NOL 3,430 6,244 - AMT credit carryforward 160 0 Total $ 3,663 $ 6,428 The Company considered its projected future taxable income, and associated annual limitations, in determining the amount of deferred tax assets to recognize. The Company believes that given the extended time period that it may recognize its deferred tax assets, it is more likely than not it will realize the benefit of these assets prior to their expiration. |
Trade accounts receivable - net
Trade accounts receivable - net | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Trade accounts receivable - net | Note 3 - Trade accounts receivable - net At December 31, 2015 and 2014, trade accounts receivable are net of reserves for doubtful accounts of $ 335,000 244,000 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 4- Inventories December 31, 2015 2014 (in thousands) Refrigerant and cylinders $ 11,167 $ 8,152 Packaged refrigerants 50,730 28,865 Total $ 61,897 $ 37,017 |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment | Note 5 - Property, plant and equipment December 31, 2015 2014 Estimated Lives (in thousands) Property, plant and equipment - Land $ 535 $ 535 - Buildings 830 830 39 years - Building improvements 810 776 39 years - Equipment 13,206 12,429 3-7 years - Equipment under capital lease 234 100 5-7 years - Vehicles 1,311 1,281 5 years - Lab and computer equipment, software 2,499 2,377 3-5 years - Furniture & fixtures 276 265 7-8 years - Leasehold improvements 110 90 3 years - Equipment under construction 491 225 Subtotal 20,302 18,908 Accumulated depreciation 12,766 11,021 Total $ 7,536 $ 7,887 Depreciation expense for the years ended December 31, 2015 and 2014 was $ 1,560,000 900,000 |
Goodwill and intangible assets
Goodwill and intangible assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and intangible assets | Note 6 Goodwill and intangible assets Goodwill represents the excess of the purchase price over the fair value of the net assets acquired in business combinations accounted for under the purchase method of accounting. The Company performed the annual goodwill impairment assessment using a qualitative approach to determine whether it is more likely than not that the fair value of goodwill is less than its carrying value. In performing the qualitative assessment, we identify and consider the significance of relevant key factors, events, and circumstances that affect the fair value of our goodwill. These factors include external factors such as macroeconomic, industry, and market conditions, as well as entity-specific factors, such as our actual and planned financial performance. If the results of the qualitative assessment conclude that it is not more likely than not that the fair value of goodwill exceeds its carrying value, additional quantitative impairment testing is performed. The impairment test was performed at the operating segment level as the acquired businesses have been fully integrated into our existing structure. Based on the results of the impairment assessment performed, we concluded that it is more likely than not that the fair value of our goodwill significantly exceeds the carrying value. At December 31, 2015 the Company had $ 856,000 December 31, 2015 2014 (in thousands) Amortization Gross Gross Period Carrying Accumulated Carrying Accumulated (in years) Amount Amortization Net Amount Amortization Net Intangible Assets with determinable lives Patents 5 $ 387 $ 352 $ 35 $ 374 $ 332 $ 42 Covenant Not to Compete 6 - 10 1,270 171 1,099 1,000 16 984 Customer Relationships 3 - 10 2,000 236 1,764 227 13 214 Trade Name 2 30 24 6 108 9 99 Licenses 10 1,000 117 883 1,000 17 983 Totals identifiable intangible assets $ 4,687 $ 900 $ 3,787 $ 2,709 $ 387 $ 2,322 Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. No impairments were recognized for the years ended December 31, 2015 and December 31, 2014. The amortization of intangible assets for the years ended December 31, 2015 and December 31, 2014 was $ 512,000 79,000 503,000 478,000 444,000 444,000 444,000 1,474,000 |
Short-term and long-term debt
Short-term and long-term debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Short-term and long-term debt | Note 7 - Short-term and long-term debt December 31, 2015 2014 (in thousands) Short-term & long-term debt Short-term debt: - Bank credit line $ 20,227 $ 6,056 - Long-term debt: current 346 264 Subtotal 20,573 6,320 Long-term debt: - Bank credit line 4,000 4,000 - Building and land mortgage 260 437 - Vehicle and equipment loans 145 172 - Capital lease obligations 234 44 - Less: current maturities (346) (264) Subtotal 4,293 4,389 Total short-term & long-term debt $ 24,866 $ 10,709 Bank Credit Line On June 22, 2012, a subsidiary of Hudson entered into a Revolving Credit, Term Loan and Security Agreement (the “PNC Facility”) with PNC Bank, National Association, as agent (“Agent” or “PNC”), and such other lenders as may thereafter become a party to the PNC Facility. Under the terms of the PNC Facility, as amended by the First Amendment to the PNC Facility, dated February 15, 2013, Hudson may borrow up to a maximum of $ 40,000,000 4,000,000 36,000,000 38,000 24,227,000 15,773,000 3.75 Interest on loans under the PNC Facility is payable in arrears on the first day of each month with respect to loans bearing interest at the domestic rate (as set forth in the PNC Facility) and at the end of each interest period with respect to loans bearing interest at the Eurodollar Rate (as defined in the PNC Facility) or, for Eurodollar Rate Loans (as defined in the PNC Facility) with an interest period in excess of three months, at the earlier of (a) each three months from the commencement of such Eurodollar Rate Loan or (b) the end of the interest period. Interest charges with respect to loans are computed on the actual principal amount of loans outstanding during the month at a rate per annum equal to (A) with respect to Domestic Rate Loans (as defined in the PNC Facility), the sum of the Alternate Base Rate (as defined in the PNC Facility) plus one half of one percent (.50%) and (B) with respect to Eurodollar Rate Loans, the sum of the Eurodollar Rate plus two and one quarter of one percent ( 2.25 Hudson granted to PNC, for itself, and as agent for such other lenders as may thereafter become a lender under the PNC Facility, a security interest in Hudson’s receivables, intellectual property, general intangibles, inventory and certain other assets. The PNC Facility contains certain financial and non-financial covenants relating to Hudson, including limitations on Hudson’s ability to pay dividends on common stock or preferred stock, and also includes certain events of default, including payment defaults, breaches of representations and warranties, covenant defaults, cross-defaults to other obligations, events of bankruptcy and insolvency, certain ERISA events, judgments in excess of specified amounts, impairments to guarantees and a change of control. The PNC Facility contains a financial covenant to maintain at all times a Fixed Charge Coverage Ratio of not less than 1.10 1.00 On October 25, 2013, the Company entered into the Second Amendment to the PNC facility (the “Second PNC Amendment”) which, among other things, waived the requirement to comply with the minimum fixed charge coverage ratio covenant of 1.10 1.00 On July 2, 2014, the Company entered into the Third Amendment to the PNC Facility (the “Third PNC Amendment”) which, among other things, extended the term of PNC Facility. Pursuant to the Third PNC Amendment, which was effective June 30, 2014, the Termination Date of the PNC Facility (as defined in the PNC Facility) has been extended to June 30, 2018. On July 1, 2015, the Company entered into the Fourth Amendment to the PNC Facility (the “Fourth PNC Amendment”). The Fourth PNC Amendment redefined the “Revolving Interest Rate” as well as the “Term Loan Rate” (as defined in the PNC Facility) as follows: “Revolving Interest Rate” shall mean an interest rate per annum equal to (a) the sum of the Alternate Base Rate (as defined in the PNC Facility) plus one half of one percent Eurodollar Rate plus two and one quarter of one percent 2.25 “Term Loan Rate” shall mean an interest rate per annum equal to (a) the sum of the Alternate Base Rate plus one half of one percent Eurodollar Rate plus two and one quarter of one percent 2.25 The Company was in compliance with all covenants, as amended, under the PNC Facility as of December 31, 2015. The Company’s ability to comply with these covenants in future quarters may be affected by events beyond the Company’s control, including general economic conditions, weather conditions, regulations and refrigerant pricing. Although we expect to remain in compliance with all covenants in the PNC Facility, as amended, depending on our future operating performance and general economic conditions, we cannot make any assurance that we will continue to be in compliance. The commitments under the PNC Facility will expire and the full outstanding principal amount of the loans, together with accrued and unpaid interest, are due and payable in full on June 30, 2018 Building and Land Mortgage On June 1, 2012, the Company entered into a mortgage note with Busey Bank for $ 855,000 4 June 1, 2017 260,000 Vehicle and Equipment Loans The Company has entered into various vehicle and equipment loans. These loans are payable in 60 monthly payments through March 2020 and bear interest ranging from 2.9 6.7 Years ended December 31, Amount (in thousands) -2017 184 -2018 4,077 -2019 30 -2020 2 Total $ 4,293 Capital Lease Obligations The Company rents certain equipment with a net book value of approximately $ 296,000 Years ended December 31, Amount (in thousands) -2016 $ 85 -2017 75 -2018 75 -2019 25 Subtotal 260 Less interest expense (26) Total $ 234 |
Stockholders' equity
Stockholders' equity | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders equity | Note 8 - Stockholders' equity On July 7, 2010, the Company sold 2,737,500 2,737,500 1,368,750 2.00 2.60 4,900,000 1,300,000 Effective as of March 4, 2011, the Company re-purchased warrants to purchase 150,000 0.60 On March 7, 2011, the remaining 1,218,750 July 7, 2016 On June 6, 2014 the Company entered into an Underwriting Agreement with an investment banking firm for itself and as representative for two other investment banking firms (collectively, the “Underwriters”), in connection with an underwritten offering (the “Offering”) of 6,000,000 0.01 6,000,000 2.3375 2.50 900,000 The closing of the Offering was held on June 11, 2014, at which time, the Company sold 6,900,000 900,000 2.3375 16,128,750 150,000 400,000 In January 2016, 44,000 2.60 |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | Note 9 - Commitments and contingencies Rents and operating leases Properties Location Annual Rent Lease Expiration Date Auburn, Washington $ 51,000 8/2018 Baton Rouge, Louisiana $ 15,000 4/2017 Trousdale, Tennessee $ 36,000 3/2016 Champaign, Illinois $ 457,000 12/2017 Charlotte, North Carolina $ 63,000 3/2016 Escondido, California $ 36,000 Month to Month Hampstead, New Hampshire $ 28,000 8/2017 Nashville, Tennessee $ 162,000 3/2018 Ontario, California $ 87,000 12/2018 Pearl River, New York $ 93,000 8/2018 Pottsboro, Texas $ 9,600 8/2017 San Juan, Puerto Rico $ 151,000 11/2020 Stony Point, New York $ 117,000 6/2016 Tulsa, Oklahoma $ 27,000 12/2017 The Company rents properties and various equipment under operating leases. Rent expense for the years ended December 31, 2015 and 2014 totaled approximately $ 1,215,000 830,000 Years ended December 31, Amount (in thousands) -2016 $ 1,297 -2017 1,085 -2018 421 -2019 165 -2020 150 Total $ 3,118 Legal Proceedings On April 1, 1999, the Company reported a release of approximately 7,800 lbs. of R-11 refrigerant (the “1999 Release”), at its former leased facility in Hillburn, NY (the “Hillburn Facility”), which the Company vacated in June 2006. Since September 2000, last modified in March 2013, the Company signed an Order on Consent with the New York State Department of Environmental Conservation (“DEC”) whereby the Company agreed to operate a remediation system to reduce R-11 refrigerant levels in the groundwater under and around the Hillburn Facility and agreed to perform periodic testing at the Hillburn Facility until remaining groundwater contamination has been effectively abated. The Company accrued, as an expense in its consolidated financial statements, the costs that the Company believes it will incur in connection with its compliance with the Order of Consent through December 31, 2018. There can be no assurance that additional testing will not be required or that the Company will not incur additional costs and such costs in excess of the Company’s estimate may have a material adverse effect on the Company financial condition or results of operations. The Company has exhausted all insurance proceeds available for the 1999 Release under all applicable policies. In May 2000, the Hillburn facility as a result of the 1999 release, was nominated by EPA for listing on the National Priorities List (“NPL”) pursuant to CERCLA. In September 2003, the EPA advised the Company that it had no current plans to finalize the process for listing of the Hillburn facility on the NPL. During the year ended December 31, 2014 the Company incurred $ 53,000 There were no costs incurred during the year ended December 31, 2015. There can be no assurance that the ultimate outcome of the 1999 Release will not have a material adverse effect on the Company's financial condition and results of operations. There can be no assurance that the EPA will not change its current plans and seek to finalize the process of listing the Hillburn Facility on the NPL, or that the ultimate outcome of such a listing will not have a material adverse effect on the Company's financial condition and results of operations. Employment Agreement The Company has entered into a two-year employment agreement with its Chief Excutive Officer, Kevin J. Zugibe, which currently expires in October 2018 and is automatically renewable for successive two-year terms unless either party gives notice of termination at least ninety days prior to the then expiration date of the then current term. Pursuant to the agreement, Mr. Zugibe is receiving an annual base salary of $ 384,000 1,000,000 |
Share-based Compensation
Share-based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Share-Based Compensation [Abstract] | |
Share-Based Compensation | Note 10 - Share-Based Compensation Share-based compensation represents the cost related to share-based awards, typically stock options or stock grants, granted to employees, non-employees, officers and directors. Share-based compensation is measured at grant date, based on the estimated aggregate fair value of the award on the grant date, and such amount is charged to compensation expense on a straight-line basis (net of estimated forfeitures) over the requisite service period. For the years 2015 and 2014, the share-based compensation expense of $ 173,000 708,000 Share-based awards have historically been made as stock options, and recently during the third quarter 2015 as stock grants, issued pursuant to the terms of the Company’s stock option and stock incentive plans, (collectively, the “Plans”), described below. The Plans may be administered by the Board of Directors or the Compensation Committee of the Board or by another committee appointed by the Board from among its members as provided in the Plans. Presently, the Plans are administered by the Company’s Compensation Committee of the Board of Directors. As of December 31, 2015, the Plans authorized the issuance of stock options to purchase 6,000,000 4,439,023 Stock option awards, which allow the recipient to purchase shares of the Company’s common stock at a fixed price, are typically granted at an exercise price equal to the Company’s stock price at the date of grant. Typically, the Company’s stock option awards have vested from immediately to two During the years 2015 and 2014, the Company issued options to purchase 164,506 1,055,500 9,835 15,000 Effective July 25, 1997, the Company adopted its 1997 Employee Stock Option Plan, which was amended on August 19, 1999, (“1997 Plan”) pursuant to which 2,000,000 Effective September 10, 2004, the Company adopted its 2004 Stock Incentive Plan (“2004 Plan”) pursuant to which 2,500,000 September 10, 2014 Effective August 27, 2008, the Company adopted its 2008 Stock Incentive Plan (“2008 Plan”) pursuant to which 3,000,000 August 27, 2018 ISOs granted under the 2008 Plan may not be granted at a price less than the fair market value of the common stock on the date of grant (or 110 Effective September 17, 2014, the Company adopted its 2014 Stock Incentive Plan (“2014 Plan”) pursuant to which 3,000,000 ISOs granted under the 2014 Plan may not be granted at a price less than the fair market value of the common stock on the date of grant (or 110 All stock options have been granted to employees and non-employees at exercise prices equal to or in excess of the market value on the date of the grant. Years ended December 31, 2015 2014 Assumptions Dividend yield 0 % 0 % Risk free interest rate 0.83%-1.03 % 1.00%-1.69 % Expected volatility 49%-60 % 59%-66 % Expected lives 3 years 3-5 years Weighted Average Stock Option Plan Totals Shares Exercise Price Outstanding at December 31, 2013 2,517,911 $ 1.33 -Exercised (292,537) $ 1.03 -Granted 1,055,500 $ 3.28 Outstanding at December 31, 2014 3,280,874 $ 1.98 -Cancelled (132,500) $ 3.72 -Exercised (679,291) $ 1.65 -Granted 164,506 $ 3.28 Outstanding at December 31, 2015 2,633,589 $ 2.06 Weighted Average Number of Remaining Weighted Average Options Contractual Life Exercise Price Options outstanding 2,633,589 2.8 years $ 2.06 Options vested 2,612,755 2.8 years $ 2.05 : Options outstanding $ 2,754,000 Options vested in 2015 $ 5,000 Options exercised in 2015 $ 1,309,000 The intrinsic value of options exercised during the year ended December 31, 2014 was $ 793,000 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | Note 11 - Acquisitions On November 5, 2014 the Company purchased certain assets from Polar Technologies, LLC (“Polar”) related to its refrigerant reclamation business and facilities in Nashville, Tennessee; Ontario, California, and San Juan, Puerto Rico; hiring approximately thirty-two Polar employees associated with the business. The purchase price for this acquisition was $ 8,035,000 5,435,000 2,335,000 265,000 2 10 As of December 31, 2015 the valuation and allocation of the purchase price for Polar has been finalized resulting in an increase in tangible assets of $ 165,000 170,000 335,000 The results of the Polar operations are included in the Company’s consolidated statement of operations from the date of acquisition and are not material to the Company’s financial position or results of operations. On January 16, 2015, the Company acquired certain assets of a supplier of refrigerants and compressed gases, and also hired three employees associated with the business. The purchase price for this acquisition was $2,424,000 cash paid at closing and the assumption of a liability of $20,000, and a maximum of an additional $3,000,000 earn-out. 1,606,000 1,500,000 2,338,000 As of December 31, 2015 the valuation and allocation of the purchase price for this acquisition has been finalized. As part of that process it has been determined that the earn-out payable that had been previously recorded at the maximum earn out of $ 3,000,000 1,000,000 5,400,000 4,400,000 1,900,000 800,000 100,000 The adjusted earn-out payable of approximately $ 2,000,000 1,100,000 900,000 800,000 300,000 445,000 371,000 The earn out payable for the fiscal year ending December 31, 2016 of approximately $ 900,000 The intangible assets are being amortized over a period ranging from two to ten years. The goodwill recognized as part of the acquisition will be deductible for tax purposes. The transaction also provides for additional employee compensation for years 2017 through 2019, based on certain revenue performance. The total additional employee compensation, if any, cannot exceed $ 3,000,000 The results of the acquired business operations are included in the Company’s consolidated Statements of Operations from the date of acquisition, and are not material to the Company’s financial position or results of operations. Pro Forma Information Pro forma revenues and results of operations as if the businesses had been acquired on January 1, 2014 are not presented, as the acquisition is not material to our financial position or our results of operations. |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Business | Business Hudson Technologies, Inc., incorporated under the laws of New York on January 11, 1991 TM In preparing the accompanying consolidated financial statements, and in accordance with ASC855-10 “Subsequent Events”, the Company’s management has evaluated subsequent events through the date that the financial statements were filed. In the opinion of management, all estimates and adjustments considered necessary for a fair presentation have been included and all such adjustments were normal and recurring. |
Consolidation | Consolidation The consolidated financial statements represent all companies of which Hudson directly or indirectly has majority ownership or otherwise controls. Significant intercompany accounts and transactions have been eliminated. The Company's consolidated financial statements include the accounts of wholly-owned subsidiaries Hudson Holdings, Inc. and Hudson Technologies Company. The Company does not present a statement of comprehensive income as its comprehensive income is the same as its net income. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying values of financial instruments including trade accounts receivable and accounts payable approximate fair value at December 31, 2015 and December 31, 2014, because of the relatively short maturity of these instruments. The carrying value of short and long-term debt approximates fair value, due to the variable rate nature of the debt, as of December 31, 2015 and December 31, 2014. |
Credit Risk | Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of temporary cash investments and trade accounts receivable. The Company maintains its temporary cash investments in highly-rated financial institutions and, at times, the balances exceed FDIC insurance coverage. The Company's trade accounts receivable are primarily due from companies throughout the United States. The Company reviews each customer's credit history before extending credit. The Company establishes an allowance for doubtful accounts based on factors associated with the credit risk of specific accounts, historical trends, and other information. The carrying value of the Company’s accounts receivable is reduced by the established allowance for doubtful accounts. The allowance for doubtful accounts includes any accounts receivable balances that are determined to be uncollectible, along with a general reserve for the remaining accounts receivable balances. The Company adjusts its reserves based on factors that affect the collectability of the accounts receivable balances. For the year ended December 31, 2015, two customers each accounted for 10% or more of the Company’s revenues 33 For the year ended December 31, 2014, two customers each accounted for 10% or more of the Company’s revenues 25 688,000 The loss of a principal customer or a decline in the economic prospects of and/or a reduction in purchases of the Company's products or services by any such customer could have a material adverse effect on the Company's operating results and financial position. |
Cash and Cash Equivalents | Cash and Cash Equivalents Temporary investments with original maturities of ninety days or less are included in cash and cash equivalents. |
Inventories | Inventories Inventories, consisting primarily of refrigerant products available for sale, are stated at the lower of cost, on a first-in first-out basis, or market. Where the market price of inventory is less than the related cost, the Company may be required to write down its inventory through a lower of cost or market adjustment, the impact of which would be reflected in cost of sales on the Consolidated Statements of Operations. Any such adjustment would be based on management’s judgment regarding future demand and market conditions and analysis of historical experience. |
Property, Plant and Equipment | Property, plant and equipment are stated at cost, including internally manufactured equipment. The cost to complete equipment that is under construction is not considered to be material to the Company's financial position. Provision for depreciation is recorded (for financial reporting purposes) using the straight-line method over the useful lives of the respective assets. Leasehold improvements are amortized on a straight-line basis over the shorter of economic life or terms of the respective leases. Costs of maintenance and repairs are charged to expense when incurred. Due to the specialized nature of the Company's business, it is possible that the Company's estimates of equipment useful life periods may change in the future. |
Goodwill | Goodwill Goodwill represents the excess of the purchase price over the fair value of the net assets acquired in business combinations accounted for under the purchase method of accounting. The Company performed the annual goodwill impairment assessment using a qualitative approach to determine whether it is more likely than not that the fair value of goodwill is less than its carrying value. In performing the qualitative assessment, we identify and consider the significance of relevant key factors, events, and circumstances that affect the fair value of our goodwill. These factors include external factors such as macroeconomic, industry, and market conditions, as well as entity-specific factors, such as our actual and planned financial performance. If the results of the qualitative assessment conclude that it is not more likely than not that the fair value of goodwill exceeds its carrying value, additional quantitative impairment testing is performed. |
Revenues and Cost of Sales | Revenues and Cost of Sales Revenues are recorded upon completion of service or product shipment and passage of title to customers in accordance with contractual terms. The Company evaluates each sale to ensure collectability. In addition, each sale is based on an arrangement with the customer and the sales price to the customer is fixed. License fees are recognized over the period of the license based on the respective performance measurements associated with the license. Royalty revenues are recognized when earned. Cost of sales is recorded based on the cost of products shipped or services performed and related direct operating costs of the Company's facilities. To the extent that the Company charges its customers shipping fees, such amounts are included as a component of revenue and the corresponding costs are included as a component of cost of sales. Years Ended December 31, 2015 2014 (in thousands) Refrigerant and reclamation sales $ 75,154 $ 50,460 RefrigerantSide® Services 4,568 5,350 Total $ 79,722 $ 55,810 |
Income Taxes | Income Taxes The Company utilizes the asset and liability method for recording deferred income taxes, which provides for the establishment of deferred tax asset or liability accounts based on the difference between tax and financial reporting bases of certain assets and liabilities. The tax benefit associated with the Company's net operating loss carry forwards (“NOLs”) is recognized to the extent that the Company is expected to recognize future taxable income. The Company assesses the recoverability of its deferred tax assets based on its expectation that it will recognize future taxable income and adjusts its valuation allowance accordingly. As of December 31, 2015 and 2014, the net deferred tax asset was $ 3,663 6,428 Certain states either do not allow or limit NOLs and as such the Company will be liable for certain state taxes. To the extent that the Company utilizes its NOLs, it will not pay tax on such income but may be subject to the federal alternative minimum tax. In addition, to the extent that the Company’s net income, if any, exceeds the annual NOL limitation it will pay income taxes based on existing statutory rates. Moreover, as a result of a “change in control”, as defined by the Internal Revenue Service, the Company’s ability to utilize its existing NOLs is subject to certain annual limitations. Approximately $6,750,000 of the Company’s $9,000,000 of NOLs are subject to annual limitations of $1,300,000. As a result of an Internal Revenue Service audit, the 2013 and prior federal tax years have been closed. The Company operates in many states throughout the United States and, as of December 31, 2015, the various states’ statutes of limitations remain open for tax years subsequent to 2009. The Company recognizes interest and penalties, if any, relating to income taxes as a component of the provision for income taxes. The Company evaluates uncertain tax positions, if any, by determining if it is more likely than not to be sustained upon examination by the taxing authorities. As of December 31, 2015 and 2014, the Company had no uncertain tax positions. |
Income per Common and Equivalent Shares | Income per Common and Equivalent Shares If dilutive, common equivalent shares (common shares assuming exercise of options and warrants) utilizing the treasury stock method are considered in the presentation of diluted earnings per share. Years ended December 31, 2015 2014 Net income (loss) $ 4,763 $ (720) Weighted average number of shares - basic 32,546,840 29,122,746 Shares underlying warrants 300,846 0 Shares underlying options 1,088,413 0 Weighted average number of shares outstanding - diluted 33,936,099 29,122,746 During the years ended December 31, 2015 and 2014, certain options and warrants aggregating 106,290 4,449,624 |
Estimates and Risks | Estimates and Risks The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect reported amounts of certain assets and liabilities, the disclosure of contingent assets and liabilities, and the results of operations during the reporting period. Actual results could differ from these estimates. The Company utilizes both internal and external sources to evaluate potential current and future liabilities for various commitments and contingencies. In the event that the assumptions or conditions change in the future, the estimates could differ from the original estimates. Several of the Company's accounting policies involve significant judgments, uncertainties and estimations. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from these estimates under different assumptions or conditions. To the extent that actual results differ from management's judgments and estimates, there could be a material adverse effect on the Company. On a continuous basis, the Company evaluates its estimates, including, but not limited to, those estimates related to its allowance for doubtful accounts, inventory reserves, and valuation allowance for the deferred tax assets relating to its NOLs and commitments and contingencies. With respect to accounts receivable, the Company estimates the necessary allowance for doubtful accounts based on both historical and anticipated trends of payment history and the ability of the customer to fulfill its obligations. For inventory, the Company evaluates both current and anticipated sales prices of its products to determine if a write down of inventory to net realizable value is necessary. In determining the Company’s valuation allowance for its deferred tax assets, the Company assesses its ability to generate taxable income in the future. The Company participates in an industry that is highly regulated, and changes in the regulations affecting our business could affect our operating results. Currently the Company purchases virgin hydrochlorofluorocarbon (“HCFC”) and hydrofluorocarbon (“HFC”) refrigerants and reclaimable, primarily HCFC, HFC and chlorofluorocarbon (“CFC”), refrigerants from suppliers and its customers. Effective January 1, 1996, the Clean Air Act (the “Act”) prohibited the production of virgin CFC refrigerants and limited the production of virgin HCFC refrigerants. Effective January 2004, the Act further limited the production of virgin HCFC refrigerants and federal regulations were enacted which established production and consumption allowances for HCFC refrigerants which imposed limitations on the importation of certain virgin HCFC refrigerants. Under the Act, production of certain virgin HCFC refrigerants is scheduled to be phased out during the period 2010 through 2020, and production of all virgin HCFC refrigerants is scheduled to be phased out by 2030. In April 2013, the Environmental Protection Agency (“EPA”) published a final rule providing for the production or importation of 63 51 22 million pounds in 2015 and reduces by approximately 4.5 million pounds each year and end at zero in 2020. To the extent that the Company is unable to source sufficient quantities of refrigerants or is unable to obtain refrigerants on commercially reasonable terms or experiences a decline in demand and/or price for refrigerants sold by the Company, the Company could realize reductions in revenue from refrigerant sales, which could have a material adverse effect on its operating results and its financial position. The Company is subject to various legal proceedings. The Company assesses the merit and potential liability associated with each of these proceedings. In addition, the Company estimates potential liability, if any, related to these matters. To the extent that these estimates are not accurate, or circumstances change in the future, the Company could realize liabilities, which could have a material adverse effect on its operating results and its financial position. |
Impairment of Long-lived Assets | Impairment of Long-lived Assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to the future net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less the cost to sell. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The guidance also specifies the accounting for some costs to obtain or fulfill a contract with a customer. The new standard also will result in enhanced disclosures about revenue, provide guidance for transactions that were not previously addressed comprehensively (for example, service revenue and contract modifications) and improve guidance for multiple-element arrangements. For a public entity, the amendments in this Update are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early application is not permitted. An entity should apply the amendments in ASU 2014-09 either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application. The Company is currently evaluating the effects of ASU 2014-09 and therefore cannot estimate the effects, if any, on historical or future revenue recognition at this time. In April 2015, the FASB issued ASU 2015-03, “Interest - Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs.” ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. For public business entities, the amendments in ASU 2015-03 are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, with early adoption permitted for financial statements that have not been previously issued. An entity should apply the new guidance on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. Upon transition, an entity is required to comply with the applicable disclosures for a change in an accounting principle. These disclosures include the nature of and reason for the change in accounting principle, the transition method, a description of the prior-period information that has been retrospectively adjusted, and the effect of the change on the financial statement line items (that is, debt issuance cost asset and the debt liability). The adoption of ASU 2015-03 will have no impact on the Company’s results of operations and an immaterial impact on the Company’s Balance Sheets. In September 2015, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments, or ASU 2015-16. This amendment requires the acquirer in a business combination to recognize in the reporting period in which adjustment amounts are determined, any adjustments to provisional amounts that are identified during the measurement period, calculated as if the accounting had been completed at the acquisition date. Prior to the issuance of ASU 2015-16, an acquirer was required to restate prior period financial statements as of the acquisition date for adjustments to provisional amounts. The amendments in ASU 2015-16 are to be applied prospectively upon adoption. The Company adopted ASU 2015-16 in the fourth quarter of 2015. The adoption of the provisions of ASU 2015-16 did not have a material impact on its results of operations or financial position. In November 2015, the FASB issued ASU 2015-17, “Income Taxes (Topic 740) - Balance Sheet Classification of Deferred Taxes.” ASU 2015-17 requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amendments in ASU 2015-17 apply to all entities that present a classified statement of financial position. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected. For public business entities, the amendments in ASU 2015-17 are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Earlier application is permitted for all entities as of the beginning of an interim or annual reporting period. Under ASU 2016-02, a lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term. For finance leases, a lessee is required to do the following: 1. Recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the statement of financial position; 2. Recognize interest on the lease liability separately from amortization of the right-of-use asset in the statement of comprehensive income; and3. Classify repayments of the principal portion of the lease liability within financing activities and payments of interest on the lease liability and variable lease payments within operating activities in the statement of cash flows. For operating leases, a lessee is required to do the following:1. Recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the statement of financial position; 2. Recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis; and 3. Classify all cash payments within operating activities in the statement of cash flows. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients that entities may elect to apply. These practical expedients relate to the identification and classification of leases that commenced before the effective date, initial direct costs for leases that commenced before the effective date, and the ability to use hindsight in evaluating lessee options to extend or terminate a lease or to purchase the underlying asset. An entity that elects to apply the practical expedients will, in effect, continue to account for leases that commence before the effective date in accordance with previous GAAP unless the lease is modified, except that lessees are required to recognize a right-of-use asset and a lease liability for all operating leases at each reporting date based on the present value of the remaining minimum rental payments that were tracked and disclosed under previous GAAP. For public entities, ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application of the amendments in this Update is permitted. |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Company's revenues | The Company's revenues are derived from refrigerant and reclamation sales and RefrigerantSide® Services, including license and royalty revenues. The revenues for each of these lines are as follows: Years Ended December 31, 2015 2014 (in thousands) Refrigerant and reclamation sales $ 75,154 $ 50,460 RefrigerantSide® Services 4,568 5,350 Total $ 79,722 $ 55,810 |
Reconciliation of shares used to determine net income per share | The reconciliation of shares used to determine net income per share is as follows (dollars in thousands): Years ended December 31, 2015 2014 Net income (loss) $ 4,763 $ (720) Weighted average number of shares - basic 32,546,840 29,122,746 Shares underlying warrants 300,846 0 Shares underlying options 1,088,413 0 Weighted average number of shares outstanding - diluted 33,936,099 29,122,746 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The following summarizes the (benefit) / provision for income taxes: Years Ended December 31, 2015 2014 (in thousands) Current: Federal $ 174 $ 0 State and local 2 (49) 176 (49) Deferred: Federal 2,460 (767) State and local 308 (90) 2,768 (857) Expense (benefit) for income taxes $ 2,944 $ (906) |
Schedule of Effective Income Tax Rate Reconciliation | Reconciliation of the Company's actual tax rate to the U.S. Federal statutory rate is as follows: Years ended December 31, 2015 2014 Income tax rates - Statutory U.S. federal rate 34 % 34 % - States, net U.S. benefits 4 % 4 % - Tax benefit from prior year 0 % 18 % Total 38 % 56 % |
Schedule of Deferred Tax Assets and Liabilities | Elements of deferred income tax assets (liabilities) are as follows: December 31, 2015 2014 (in thousands) Deferred tax assets (liabilities) - Depreciation & amortization $ (412) $ (428) - Reserves for doubtful accounts 127 92 - Inventory reserve 250 305 - Non qualified stock options 108 215 - NOL 3,430 6,244 - AMT credit carryforward 160 0 Total $ 3,663 $ 6,428 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Noncurrent | Inventories consist of the following: December 31, 2015 2014 (in thousands) Refrigerant and cylinders $ 11,167 $ 8,152 Packaged refrigerants 50,730 28,865 Total $ 61,897 $ 37,017 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Elements of property, plant and equipment are as follows: December 31, 2015 2014 Estimated Lives (in thousands) Property, plant and equipment - Land $ 535 $ 535 - Buildings 830 830 39 years - Building improvements 810 776 39 years - Equipment 13,206 12,429 3-7 years - Equipment under capital lease 234 100 5-7 years - Vehicles 1,311 1,281 5 years - Lab and computer equipment, software 2,499 2,377 3-5 years - Furniture & fixtures 276 265 7-8 years - Leasehold improvements 110 90 3 years - Equipment under construction 491 225 Subtotal 20,302 18,908 Accumulated depreciation 12,766 11,021 Total $ 7,536 $ 7,887 |
Goodwill and intangible assets
Goodwill and intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Company's other intangible assets | The Company’s other intangible assets consist of the following: December 31, 2015 2014 (in thousands) Amortization Gross Gross Period Carrying Accumulated Carrying Accumulated (in years) Amount Amortization Net Amount Amortization Net Intangible Assets with determinable lives Patents 5 $ 387 $ 352 $ 35 $ 374 $ 332 $ 42 Covenant Not to Compete 6 - 10 1,270 171 1,099 1,000 16 984 Customer Relationships 3 - 10 2,000 236 1,764 227 13 214 Trade Name 2 30 24 6 108 9 99 Licenses 10 1,000 117 883 1,000 17 983 Totals identifiable intangible assets $ 4,687 $ 900 $ 3,787 $ 2,709 $ 387 $ 2,322 |
Short-term and long-term debt (
Short-term and long-term debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Short-term and long-term debt | Elements of short-term and long-term debt are as follows: December 31, 2015 2014 (in thousands) Short-term & long-term debt Short-term debt: - Bank credit line $ 20,227 $ 6,056 - Long-term debt: current 346 264 Subtotal 20,573 6,320 Long-term debt: - Bank credit line 4,000 4,000 - Building and land mortgage 260 437 - Vehicle and equipment loans 145 172 - Capital lease obligations 234 44 - Less: current maturities (346) (264) Subtotal 4,293 4,389 Total short-term & long-term debt $ 24,866 $ 10,709 |
Maturities of long-term debt and capital lease obligations | Scheduled maturities of the Company's long-term debt and capital lease obligations are as follows: Years ended December 31, Amount (in thousands) -2017 184 -2018 4,077 -2019 30 -2020 2 Total $ 4,293 |
Future minimum lease payments under capital leases | Scheduled future minimum lease payments under capital leases net of interest are as follows: Years ended December 31, Amount (in thousands) -2016 $ 85 -2017 75 -2018 75 -2019 25 Subtotal 260 Less interest expense (26) Total $ 234 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Rent Expense | Hudson utilizes leased facilities and operates equipment under non-cancelable operating leases through August 31, 2018 as follows: Properties Location Annual Rent Lease Expiration Date Auburn, Washington $ 51,000 8/2018 Baton Rouge, Louisiana $ 15,000 4/2017 Trousdale, Tennessee $ 36,000 3/2016 Champaign, Illinois $ 457,000 12/2017 Charlotte, North Carolina $ 63,000 3/2016 Escondido, California $ 36,000 Month to Month Hampstead, New Hampshire $ 28,000 8/2017 Nashville, Tennessee $ 162,000 3/2018 Ontario, California $ 87,000 12/2018 Pearl River, New York $ 93,000 8/2018 Pottsboro, Texas $ 9,600 8/2017 San Juan, Puerto Rico $ 151,000 11/2020 Stony Point, New York $ 117,000 6/2016 Tulsa, Oklahoma $ 27,000 12/2017 |
Summarized table of future commitments under operating leases | Future commitments under operating leases are summarized as follows: Years ended December 31, Amount (in thousands) -2016 $ 1,297 -2017 1,085 -2018 421 -2019 165 -2020 150 Total $ 3,118 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Share-Based Compensation [Abstract] | |
Weighted-average assumptions used in determining fair value of share based awards | The Company determines the fair value of share based awards at the grant date by using the Black-Scholes option-pricing model, and is incorporating the simplified method to compute expected lives of share based awards with the following weighted-average assumptions: Years ended December 31, 2015 2014 Assumptions Dividend yield 0 % 0 % Risk free interest rate 0.83%-1.03 % 1.00%-1.69 % Expected volatility 49%-60 % 59%-66 % Expected lives 3 years 3-5 years |
Summary of status of company's stock option plan | A summary of the activity for the Company's Plans for the indicated periods is presented below: Weighted Average Stock Option Plan Totals Shares Exercise Price Outstanding at December 31, 2013 2,517,911 $ 1.33 -Exercised (292,537) $ 1.03 -Granted 1,055,500 $ 3.28 Outstanding at December 31, 2014 3,280,874 $ 1.98 -Cancelled (132,500) $ 3.72 -Exercised (679,291) $ 1.65 -Granted 164,506 $ 3.28 Outstanding at December 31, 2015 2,633,589 $ 2.06 |
Weighted average contractual life and exercise price | The following is the weighted average contractual life in years and the weighted average exercise price at December 31, 2015 of: Weighted Average Number of Remaining Weighted Average Options Contractual Life Exercise Price Options outstanding 2,633,589 2.8 years $ 2.06 Options vested 2,612,755 2.8 years $ 2.05 |
Intrinsic value | The following is the intrinsic value at December 31, 2015 of : Options outstanding $ 2,754,000 Options vested in 2015 $ 5,000 Options exercised in 2015 $ 1,309,000 |
Summary of Significant Accoun27
Summary of Significant Accounting Policies - Company's Revenues (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Refrigerant and reclamation sales | $ 75,154 | $ 50,460 |
RefrigerantSide® Services | 4,568 | 5,350 |
Total | $ 79,722 | $ 55,810 |
Summary of Significant Accoun28
Summary of Significant Accounting Policies - Reconciliation of Shares Used to Determine Net Income per Share (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share Disclosure [Line Items] | ||
Net income (loss) | $ 4,763 | $ (720) |
Weighted average number of shares outstanding - basic | 32,546,840 | 29,122,746 |
Weighted average number of shares outstanding - diluted | 33,936,099 | 29,122,746 |
Warrants | ||
Earnings Per Share Disclosure [Line Items] | ||
Shares underlying | 300,846 | 0 |
Options | ||
Earnings Per Share Disclosure [Line Items] | ||
Shares underlying | 1,088,413 | 0 |
Summary of Significant Accoun29
Summary of Significant Accounting Policies - Additional Information (Detail) lb in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)lbshares | Dec. 31, 2013lb | |
Significant Accounting Policies [Line Items] | |||
Entity Incorporation Date Of Incorporation | Jan. 11, 1991 | ||
Concentration risk, customer | two customers each accounted for 10% or more of the Companys revenues | two customers each accounted for 10% or more of the Companys revenues | |
Aggregate percentage of revenue the from customers accounted for more than 10% | 33.00% | 25.00% | |
Deferred tax asset | $ 3,663,000 | $ 6,428,000 | |
Operating loss carryforwards, limitations on use | Approximately $6,750,000 of the Companys $9,000,000 of NOLs are subject to annual limitations of $1,300,000. | ||
Options and warrants excluded from the calculation of diluted shares | shares | 106,290 | 4,449,624 | |
Production and importation permission description | 22 million pounds in 2015 and reduces by approximately 4.5 million pounds each year and ends at zero in 2020. | ||
Production Or Importation Of Hcfc | lb | 51 | 63 | |
Customer | |||
Significant Accounting Policies [Line Items] | |||
Accounts receivable, net | $ 0 | $ 688,000 |
Provision for Income Taxes (Det
Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Current: | ||
Federal | $ 174 | $ 0 |
State and local | 2 | (49) |
Current Income Tax Expense (Benefit), Total | 176 | (49) |
Deferred: | ||
Federal | 2,460 | (767) |
State and local | 308 | (90) |
Deferred Income Tax Expense (Benefit) | 2,768 | (857) |
Expense (benefit) for income taxes | $ 2,944 | $ (906) |
Reconciliation of Company's Act
Reconciliation of Company's Actual Tax Rate to U.S. Federal Statutory Rate (Detail) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income tax rates | ||
- Statutory U.S. federal rate | 34.00% | 34.00% |
- States, net U.S. benefits | 4.00% | 4.00% |
- Tax benefit from prior year | 0.00% | 18.00% |
Total | 38.00% | 56.00% |
Elements of Deferred Income Tax
Elements of Deferred Income Tax Assets (Liabilities) (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets (liabilities) | ||
- Depreciation & amortization | $ (412) | $ (428) |
- Reserves for doubtful accounts | 127 | 92 |
- Inventory reserve | 250 | 305 |
- Non qualified stock options | 108 | 215 |
- NOL | 3,430 | 6,244 |
- AMT credit carryforward | 160 | 0 |
Total | $ 3,663 | $ 6,428 |
Income taxes - Additional Infor
Income taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax [Line Items] | ||
Operating Loss Carry forwards Expiration Period | 2,034 | |
Income Tax Expense (Benefit) | $ 2,944,000 | $ (906,000) |
Operating Loss Carryforwards | $ 9,000,000 | |
Operating Loss Carryforwards, Limitations On Use | Approximately $6,750,000 of the Companys $9,000,000 of NOLs are subject to annual limitations of $1,300,000. |
Trade accounts receivable - n34
Trade accounts receivable - net - Additional Information (Detail) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Receivables [Line Items] | ||
Trade accounts receivable are net of reserves for doubtful accounts | $ 335,000 | $ 244,000 |
Inventories (Detail)
Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory [Line Items] | ||
Inventories | $ 61,897 | $ 37,017 |
Refrigerant and cylinders | ||
Inventory [Line Items] | ||
Inventories | 11,167 | 8,152 |
Packaged refrigerants | ||
Inventory [Line Items] | ||
Inventories | $ 50,730 | $ 28,865 |
Property, plant and equipment36
Property, plant and equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 20,302 | $ 18,908 |
Accumulated depreciation | 12,766 | 11,021 |
Total | 7,536 | 7,887 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 535 | 535 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 830 | 830 |
Property, Plant and Equipment, Useful Life | 39 years | |
Building improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 810 | 776 |
Property, Plant and Equipment, Useful Life | 39 years | |
Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 13,206 | 12,429 |
Equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 7 years | |
Equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Equipment under capital lease | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 234 | 100 |
Equipment under capital lease | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 7 years | |
Equipment under capital lease | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 1,311 | 1,281 |
Property, Plant and Equipment, Useful Life | 5 years | |
Lab and computer equipment, software | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 2,499 | 2,377 |
Lab and computer equipment, software | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Lab and computer equipment, software | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Furniture & fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 276 | 265 |
Furniture & fixtures | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 8 years | |
Furniture & fixtures | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 7 years | |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 110 | 90 |
Property, Plant and Equipment, Useful Life | 3 years | |
Equipment under construction | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 491 | $ 225 |
Property, plant and equipment -
Property, plant and equipment - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation | $ 1,560,000 | $ 900,000 |
Goodwill and intangible asset38
Goodwill and intangible assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Indefinite-lived Intangible Assets [Line Items] | ||
GrossCarryingAmount | $ 4,687 | $ 2,709 |
AccumulatedAmortization | 900 | 387 |
Net | $ 3,787 | 2,322 |
License Agreement Terms [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Amortization Period(in years) | 10 years | |
GrossCarryingAmount | $ 1,000 | 1,000 |
AccumulatedAmortization | 117 | 17 |
Net | $ 883 | 983 |
Trade Names [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Amortization Period(in years) | 2 years | |
GrossCarryingAmount | $ 30 | 108 |
AccumulatedAmortization | 24 | 9 |
Net | $ 6 | 99 |
Patents [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Amortization Period(in years) | 5 years | |
GrossCarryingAmount | $ 387 | 374 |
AccumulatedAmortization | 352 | 332 |
Net | 35 | 42 |
Noncompete Agreements [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
GrossCarryingAmount | 1,270 | 1,000 |
AccumulatedAmortization | 171 | 16 |
Net | $ 1,099 | 984 |
Noncompete Agreements [Member] | Maximum [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Amortization Period(in years) | 10 years | |
Noncompete Agreements [Member] | Minimum [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Amortization Period(in years) | 6 years | |
Customer Relationships [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
GrossCarryingAmount | $ 2,000 | 227 |
AccumulatedAmortization | 236 | 13 |
Net | $ 1,764 | $ 214 |
Customer Relationships [Member] | Maximum [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Amortization Period(in years) | 10 years | |
Customer Relationships [Member] | Minimum [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Amortization Period(in years) | 3 years |
Goodwill and intangible asset39
Goodwill and intangible assets - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Goodwill | $ 856,000 | $ 265,000 |
Amortization of Intangible Assets | 512,000 | $ 79,000 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 503,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 478,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 444,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 444,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 444,000 | |
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 1,474,000 | |
Polar Technologies, LLC [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Goodwill | 435,000 | |
Supplier [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Goodwill | $ 421,000 |
Short-term and long-term debt40
Short-term and long-term debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Short-term debt: | ||
- Bank credit line | $ 20,227 | $ 6,056 |
- Long-term debt: current | 346 | 264 |
Subtotal | 20,573 | 6,320 |
Long-term debt: | ||
- Bank credit line | 4,000 | 4,000 |
- Building and land mortgage | 260 | 437 |
- Vehicle and equipment loans | 145 | 172 |
- Capital lease obligations | 234 | 44 |
- Less: current maturities | (346) | (264) |
Subtotal | 4,293 | 4,389 |
Total short-term & long-term debt | $ 24,866 | $ 10,709 |
Maturities of long-term debt an
Maturities of long-term debt and capital lease obligations (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
(2,017) | $ 184 | |
(2,018) | 4,077 | |
(2,019) | 30 | |
(2,020) | 2 | |
Total | $ 4,293 | $ 4,389 |
Future minimum lease payments u
Future minimum lease payments under capital leases (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Future Minimum Lease Payments Under Capital Leases [Line Items] | |
(2,016) | $ 85 |
(2,017) | 75 |
(2,018) | 75 |
(2,019) | 25 |
Subtotal | 260 |
Less interest expense | (26) |
Total | $ 234 |
Short-term and long-term debt -
Short-term and long-term debt - Additional Information (Detail) | Jul. 01, 2015 | Sep. 30, 2013 | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Feb. 15, 2013USD ($) | Jun. 01, 2012USD ($) |
Maximum borrowing under PNC facility | $ 40,000,000 | |||||
PNC Facility effective rate of interest | 3.75% | |||||
Capital leased assets gross | $ 296,000 | |||||
Interest rate description under PNC facility | Interest charges with respect to loans are computed on the actual principal amount of loans outstanding during the month at a rate per annum equal to (A) with respect to Domestic Rate Loans (as defined in the PNC Facility), the sum of the Alternate Base Rate (as defined in the PNC Facility) plus one half of one percent (.50%) and (B) with respect to Eurodollar Rate Loans, the sum of the Eurodollar Rate plus two and one quarter of one percent (2.25%). | |||||
Principal balance of this mortgage note | $ 260,000 | $ 437,000 | ||||
Deferred Finance Costs, Net | 38,000 | |||||
Long-term Line of Credit | 24,227,000 | |||||
Line of Credit Facility, Current Borrowing Capacity | $ 15,773,000 | |||||
Debt Instrument, Maturity Date | Jun. 30, 2018 | |||||
Revolving Credit Facility | ||||||
Maximum borrowing under PNC facility | 36,000,000 | |||||
Revolving Credit Facility | Base Rate | ||||||
Debt instrument, description of variable rate basis | Alternate Base Rate (as defined in the PNC Facility) plus one half of one percent | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | 0.50% | ||||
Revolving Credit Facility | Eurodollar | ||||||
Debt instrument, description of variable rate basis | Eurodollar Rate plus two and one quarter of one percent | |||||
Minimum | ||||||
Fixed charge coverage ratio | 1 | 1 | ||||
Maximum | ||||||
Fixed charge coverage ratio | 1.10 | 1.10 | ||||
Mortgage Note | ||||||
Maximum borrowing under PNC facility | $ 855,000 | |||||
PNC Facility effective rate of interest | 4.00% | |||||
Line of Credit Facility, Expiration Date | Jun. 1, 2017 | |||||
Vehicle and Equipment Loans | Minimum | ||||||
PNC Facility effective rate of interest | 2.90% | |||||
Vehicle and Equipment Loans | Maximum | ||||||
PNC Facility effective rate of interest | 6.70% | |||||
Term Loan | ||||||
Maximum borrowing under PNC facility | $ 4,000,000 | |||||
Term Loan | Base Rate | ||||||
Debt instrument, description of variable rate basis | Base Rate plus one half of one percent | |||||
Term Loan | Revolving Credit Facility | Base Rate | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||
Eurodollar Rates | Revolving Credit Facility | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | 2.25% | ||||
Eurodollar Rates | Term Loan | ||||||
Debt instrument, description of variable rate basis | Eurodollar Rate plus two and one quarter of one percent | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% |
Stockholders' equity - Addition
Stockholders' equity - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||
Jan. 31, 2016 | Jun. 11, 2014 | Jun. 06, 2014 | Mar. 07, 2011 | Mar. 04, 2011 | Jul. 07, 2010 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stockholders Equity [Line Items] | ||||||||
Common Stock, Shares, Issued | 32,804,617 | 32,312,276 | ||||||
Common Stock, Par Or Stated Value Per Share | $ 0.01 | $ 0.01 | ||||||
Proceeds From Issuance Of Common Stock | $ 460,000 | $ 15,925,000 | ||||||
Investment Warrant Expiration Date | Jul. 7, 2016 | |||||||
Common Stock | ||||||||
Stockholders Equity [Line Items] | ||||||||
Common Stock, Shares, Issued | 2,737,500 | |||||||
Stock Unit | ||||||||
Stockholders Equity [Line Items] | ||||||||
Common Stock, Shares, Issued | 2,737,500 | |||||||
2010 Offering | ||||||||
Stockholders Equity [Line Items] | ||||||||
Common Stock, Shares, Issued | 1,368,750 | |||||||
Common Stock, Par Or Stated Value Per Share | $ 2 | |||||||
Reimbursement Expense | $ 150,000 | |||||||
Proceeds from Issuance or Sale of Equity, Total | $ 4,900,000 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.60 | $ 2.60 | ||||||
Adjustment of Warrants Granted for Services | $ 1,300,000 | |||||||
Class Of Warrant Or Right Issued Unit During Period | 1,218,750 | |||||||
2010 Offering | Subsequent Event | ||||||||
Stockholders Equity [Line Items] | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2.60 | |||||||
Class Of Warrant Or Right Issued Unit During Period | 44,000 | |||||||
Underwritten Offering | ||||||||
Stockholders Equity [Line Items] | ||||||||
Common Stock, Shares, Issued | 6,000,000 | |||||||
Common Stock, Par Or Stated Value Per Share | $ 0.01 | |||||||
Additional Offering Expenses | $ 400,000 | |||||||
Underwriters | ||||||||
Stockholders Equity [Line Items] | ||||||||
Proceeds From Issuance Of Common Stock | $ 16,128,750 | |||||||
Stock Issued During Period, Shares, New Issues | 6,900,000 | 6,000,000 | ||||||
Share Price | $ 2.3375 | $ 2.3375 | ||||||
Purchase Of Additional Common Stock | 900,000 | 900,000 | ||||||
Reimbursement Expense | $ 150,000 | |||||||
Public | ||||||||
Stockholders Equity [Line Items] | ||||||||
Share Price | $ 2.50 |
Commitments and contingencies45
Commitments and contingencies (Detail) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Auburn, Washington | |
Rent Expense [Line Items] | |
Rent expense | $ 51,000 |
Lease Expiration Date | Aug. 31, 2018 |
Baton Rouge, Louisiana | |
Rent Expense [Line Items] | |
Rent expense | $ 15,000 |
Lease Expiration Date | Apr. 30, 2017 |
Trousdale, Tennessee | |
Rent Expense [Line Items] | |
Rent expense | $ 36,000 |
Lease Expiration Date | Mar. 31, 2016 |
Champaign, Illinois | |
Rent Expense [Line Items] | |
Rent expense | $ 457,000 |
Lease Expiration Date | Dec. 31, 2017 |
Charlotte, North Carolina | |
Rent Expense [Line Items] | |
Rent expense | $ 63,000 |
Lease Expiration Date | Mar. 31, 2016 |
Escondido, California | |
Rent Expense [Line Items] | |
Rent expense | $ 36,000 |
Lease Expiration Period Description | Month to Month |
Hampstead, New Hampshire | |
Rent Expense [Line Items] | |
Rent expense | $ 28,000 |
Lease Expiration Date | Aug. 31, 2017 |
Nashville, Tennessee | |
Rent Expense [Line Items] | |
Rent expense | $ 162,000 |
Lease Expiration Date | Mar. 31, 2018 |
Ontario, California | |
Rent Expense [Line Items] | |
Rent expense | $ 87,000 |
Lease Expiration Date | Dec. 31, 2018 |
Pearl River, New York | |
Rent Expense [Line Items] | |
Rent expense | $ 93,000 |
Lease Expiration Date | Aug. 31, 2018 |
Pottsboro, Texas | |
Rent Expense [Line Items] | |
Rent expense | $ 9,600 |
Lease Expiration Date | Aug. 31, 2017 |
San Juan, Puerto Rico | |
Rent Expense [Line Items] | |
Rent expense | $ 151,000 |
Lease Expiration Date | Nov. 30, 2020 |
Stony Point, New York | |
Rent Expense [Line Items] | |
Rent expense | $ 117,000 |
Lease Expiration Date | Jun. 30, 2016 |
Tulsa, Oklahoma | |
Rent Expense [Line Items] | |
Rent expense | $ 27,000 |
Lease Expiration Date | Dec. 31, 2017 |
Future Commitments under Operat
Future Commitments under Operating Leases (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Future Commitments Under Operating Leases [Line Items] | |
(2,016) | $ 1,297 |
(2,017) | 1,085 |
(2,018) | 421 |
(2,019) | 165 |
(2,020) | 150 |
Total | $ 3,118 |
Commitments and contingencies -
Commitments and contingencies - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Commitments And Contingencies [Line Items] | ||
Operating Leases, Rent Expense | $ 1,215,000 | $ 830,000 |
Remediation Costs Incurred | $ 53,000 | |
Officers' Compensation | 384,000 | |
Insurance Policy Amount | $ 1,000,000 |
Share-Based Compensation - Weig
Share-Based Compensation - Weighted Average Assumptions Used in Determining Fair Value of Share Based Awards at Grant Date by Using Black-Scholes Option Pricing Model (Detail) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Dividend yield | 0.00% | 0.00% |
Expected lives | 3 years | |
Minimum | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Risk free interest rate | 0.83% | 1.00% |
Expected volatility | 49.00% | 59.00% |
Expected lives | 3 years | |
Maximum | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Risk free interest rate | 1.03% | 1.69% |
Expected volatility | 60.00% | 66.00% |
Expected lives | 5 years |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Status of Company's Stock Option Plan (Detail) - Stock Option Plan - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Shares | ||
Outstanding at beginning of period | 3,280,874 | 2,517,911 |
-Cancelled | (132,500) | |
-Exercised | (679,291) | (292,537) |
-Granted | 164,506 | 1,055,500 |
Outstanding at end of period | 2,633,589 | 3,280,874 |
Weighted Average Exercise Price | ||
Outstanding at beginning of period | $ 1.98 | $ 1.33 |
-Cancelled | 3.72 | |
-Exercised | 1.65 | 1.03 |
-Granted | 3.28 | 3.28 |
Outstanding at end of period | $ 2.06 | $ 1.98 |
Share-Based Compensation - We50
Share-Based Compensation - Weighted Average Contractual Life and Exercise Price (Detail) - Stock Option Plan | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Number of Options | |
Options outstanding | shares | 2,633,589 |
Options vested | shares | 2,612,755 |
Weighted Average Remaining Contractual Life | |
Options outstanding | 2 years 9 months 18 days |
Options vested | 2 years 9 months 18 days |
Weighted Average Exercise Price | |
Options outstanding | $ / shares | $ 2.06 |
Options vested | $ / shares | $ 2.05 |
Share-Based Compensation - Intr
Share-Based Compensation - Intrinsic Value (Detail) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Schedule of Share based Compensation Arrangements by Share based Payment Award, Performance Options [Line Items] | |
Options outstanding | $ 2,754,000 |
Options vested in 2015 | 5,000 |
Options exercised in 2015 | $ 1,309,000 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) | Sep. 10, 2004 | Sep. 17, 2014 | Aug. 27, 2008 | Dec. 31, 2015 | Dec. 31, 2014 | Aug. 19, 1999 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Share based compensation expense | $ 173,000 | $ 708,000 | ||||
Issuance of stock option to purchase stock | 6,000,000 | |||||
Common stock reserved for issuance | 4,439,023 | |||||
Stock option awards vesting period | 2 years | |||||
Unrecognized compensation cost related to bon-vested | $ 15,000 | |||||
Intrinsic value of options exercised | $ 793,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 9,835 | |||||
Maximum | ||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Share-based compensation arrangement by share based payment award options granted contractual term | 10 years | |||||
Minimum | ||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Share-based compensation arrangement by share based payment award options granted contractual term | 3 years | |||||
2004 Stock Incentive Plan | ||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Common stock reserved for issuance | 2,500,000 | |||||
Plan expiration date | Sep. 10, 2014 | |||||
2008 Stock Incentive Plan | Maximum | ||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Expiration period of option awards | 10 years | |||||
2008 Stock Incentive Plan | Minimum | ||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Expiration period of option awards | 5 years | |||||
2014 Stock Incentive Plan | ||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Common stock reserved for issuance | 3,000,000 | |||||
Plan expiration date | Sep. 17, 2024 | |||||
Share based compensation arrangement by share based payment award percentage of fair market Person holding more then 10% voting stock | 110.00% | |||||
2014 Stock Incentive Plan | Maximum | ||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Expiration period of option awards | 10 years | |||||
2014 Stock Incentive Plan | Minimum | ||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Expiration period of option awards | 5 years | |||||
Stock Option Plan | ||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Options granted | 164,506 | 1,055,500 | ||||
2008 Stock Incentive Plan | ||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Common stock reserved for issuance | 3,000,000 | |||||
Plan expiration date | Aug. 27, 2018 | |||||
Share based compensation arrangement by share based payment award percentage of fair market Person holding more then 10% voting stock | 110.00% | |||||
1997 Employee Stock Option Plan | ||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Common stock reserved for issuance | 2,000,000 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) | Nov. 05, 2014USD ($) | Jan. 16, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Number Of Employees | 32 | 3 | ||
Business Acquisition Purchase Price Allocation Description | The purchase price for this acquisition was $2,424,000 cash paid at closing and the assumption of a liability of $20,000, and a maximum of an additional $3,000,000 earn-out. | |||
Tangible assets | $ 1,606,000 | $ 165,000 | $ 5,435,000 | |
Intangible assets | 1,500,000 | 335,000 | 2,335,000 | |
Goodwill | $ 2,338,000 | 170,000 | $ 265,000 | |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 3,000,000 | |||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 1,000,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total | $ 8,035,000 | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Goodwill | 1,900,000 | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | 800,000 | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory | 100,000 | |||
Business Combination, Contingent Consideration Arrangements, Change in Range of Outcomes, Contingent Consideration, Liability, Value, High | 1,100,000 | |||
Business Combination, Contingent Consideration, Liability, Noncurrent | 900,000 | |||
Business Combination Earnout Liability,cash paid | 445,000 | |||
Other Current Liabilities [Member] | ||||
Business Combination, Contingent Consideration, Liability, Current | 900,000 | |||
Current Liabilities [Member] | ||||
Business Combination, Contingent Consideration, Liability, Current | 371,000 | |||
Other Income [Member] | ||||
Business Combination, Contingent Consideration Arrangements, Change in Range of Outcomes, Contingent Consideration, Liability, Value, Low | $ 300,000 | |||
Minimum [Member] | ||||
Intangible assets amotized period | 2 years | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total | $ 4,400,000 | |||
Business Combination, Contingent Consideration, Liability | $ 800,000 | |||
Maximum [Member] | ||||
Intangible assets amotized period | 10 years | |||
Allocated Share Based Compensation Expense | $ 3,000,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total | 5,400,000 | |||
Business Combination, Contingent Consideration, Liability | $ 2,000,000 |