Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 31, 2016 | |
Document Information [Line Items] | ||
Entity Registrant Name | TAITRON COMPONENTS INC | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Entity Central Index Key | 942,126 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Smaller Reporting Company | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 762,612 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 4,768,235 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Current Assets: | ||
Cash and cash equivalents | $ 3,664,000 | $ 3,692,000 |
Accounts receivable, less allowances of $48,000 and $47,000, respectively | 668,000 | 291,000 |
Inventories, less reserves for obsolescence of $6,037,000, and $5,674,000, respectively (Note 4) | 8,124,000 | 9,015,000 |
Prepaid expenses and other current assets | 209,000 | 160,000 |
Total current assets | 12,665,000 | 13,158,000 |
Property and equipment, net | 4,071,000 | 4,203,000 |
Other assets (Note 5) | 500,000 | 688,000 |
Total assets | 17,236,000 | 18,049,000 |
Current Liabilities: | ||
Accounts payable | 798,000 | 1,039,000 |
Accrued liabilities | 451,000 | 304,000 |
Current portion of long-term debt from related party (Note 6) | 500,000 | |
Total current liabilities | 1,249,000 | 1,843,000 |
Long-term debt from related party (Note 6) | 1,000,000 | 1,000,000 |
Total Liabilities | 2,249,000 | 2,843,000 |
Commitments and contingencies (Notes 7 and 9) | ||
Shareholders’ Equity: | ||
Preferred stock, $0.001 par value. Authorized 5,000,000 shares; None issued or outstanding | 0 | 0 |
Additional paid-in capital | 10,699,000 | 10,692,000 |
Accumulated other comprehensive income | 154,000 | 159,000 |
Retained earnings | 4,024,000 | 4,245,000 |
Total Shareholders’ Equity - Taitron Components Inc | 14,883,000 | 15,102,000 |
Noncontrolling interest in subsidiary | 104,000 | 104,000 |
Total Shareholders’ Equity | 14,987,000 | 15,206,000 |
Total Liabilities and Shareholders’ Equity | 17,236,000 | 18,049,000 |
Common Class A [Member] | ||
Shareholders’ Equity: | ||
Common Stock, value, issued | 5,000 | 5,000 |
Common Class B [Member] | ||
Shareholders’ Equity: | ||
Common Stock, value, issued | $ 1,000 | $ 1,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Accounts receivable, allowances (in Dollars) | $ 48,000 | $ 47,000 |
Inventories, reserves for obsolescence (in Dollars) | $ 6,037,000 | $ 5,674,000 |
Preferred stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common Class A [Member] | ||
Common stock par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 4,768,235 | 4,768,235 |
Common stock, shares outstanding | 4,768,235 | 4,768,235 |
Common Class B [Member] | ||
Common stock par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 762,612 | 762,612 |
Common stock, shares issued | 762,612 | 762,612 |
Common stock, shares outstanding | 762,612 | 762,612 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net sales | $ 1,621,000 | $ 1,672,000 | $ 5,223,000 | $ 4,484,000 |
Cost of goods sold | 1,036,000 | 1,150,000 | 3,382,000 | 3,151,000 |
Gross profit | 585,000 | 522,000 | 1,841,000 | 1,333,000 |
Selling, general and administrative expenses | 511,000 | 497,000 | 1,596,000 | 1,581,000 |
Operating income(loss) | 74,000 | 25,000 | 245,000 | (248,000) |
Interest expense, net | (17,000) | (12,000) | (39,000) | (32,000) |
Loss on investments | (62,000) | (66,000) | (196,000) | (208,000) |
Other income, net | 22,000 | 9,000 | 49,000 | 58,000 |
Income(loss) before income taxes | 17,000 | (44,000) | 59,000 | (430,000) |
Income tax provision | (4,000) | (4,000) | (10,000) | (11,000) |
Net income(loss) | 13,000 | (48,000) | 49,000 | (441,000) |
Net loss attributable to noncontrolling interest in subsidiary | (2,000) | (2,000) | (6,000) | (6,000) |
Net income(loss) attributable to Taitron Components Inc. | $ 15,000 | $ (46,000) | $ 55,000 | $ (435,000) |
Net income(loss) per share: Basic & Diluted (in Dollars per share) | $ 0.01 | $ (0.01) | $ 0.01 | $ (0.08) |
Cash dividends declared per common share (in Dollars per share) | $ 0.025 | $ 0 | $ 0.050 | $ 0 |
Weighted average common shares outstanding: Basic (in Shares) | 5,530,847 | 5,539,756 | 5,530,847 | 5,539,756 |
Weighted average common shares outstanding: Diluted (in Shares) | 5,902,847 | 5,539,756 | 5,940,847 | 5,539,756 |
Net income(loss) | $ 13,000 | $ (48,000) | $ 49,000 | $ (441,000) |
Other comprehensive income (loss) : | ||||
Foreign currency translation adjustment | 23,000 | 12,000 | (5,000) | 6,000 |
Comprehensive income(loss) | 36,000 | (36,000) | 44,000 | (435,000) |
Comprehensive income(loss) attributable to noncontrolling interests | (1,000) | 0 | 0 | (4,000) |
Comprehensive income(loss) attributable to Taitron Components Inc. | $ 37,000 | $ (36,000) | $ 44,000 | $ (431,000) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Operating activities: | ||
Net income(loss) | $ 49,000 | $ (441,000) |
Adjustments to reconcile net income(loss) to net cash provided by(used for) operating activities: | ||
Depreciation and amortization | 138,000 | 98,000 |
Provision for sales returns and doubtful accounts | 74,000 | 58,000 |
Stock based compensation | (1,000) | 14,000 |
Loss on investments | 196,000 | 208,000 |
Changes in assets and liabilities: | ||
Trade accounts receivable | (451,000) | (238,000) |
Inventory | 891,000 | (260,000) |
Prepaid expenses and other current assets | (49,000) | (13,000) |
Trade accounts payable | (241,000) | 512,000 |
Accrued liabilities | 147,000 | 41,000 |
Other assets and liabilities | 6,000 | 4,000 |
Total adjustments | 710,000 | 424,000 |
Net cash provided by(used for) operating activities | 759,000 | (17,000) |
Investing activities: | ||
Acquisition of property & equipment | (6,000) | (26,000) |
Net cash used for investing activities | (6,000) | (26,000) |
Financing activities: | ||
Repayment on notes payable | (500,000) | 0 |
Dividend payments | (276,000) | 0 |
Net cash used for investing activities | (776,000) | 0 |
Impact of exchange rates on cash | (5,000) | 6,000 |
Net decrease in cash and cash equivalents | (28,000) | (37,000) |
Cash and cash equivalents, beginning of period | 3,692,000 | 3,470,000 |
Cash and cash equivalents, end of period | 3,664,000 | 3,433,000 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 42,000 | 39,000 |
Cash paid for income taxes, net | $ 1,000 | $ 9,000 |
1 - ORGANIZATION
1 - ORGANIZATION | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure Text Block [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1 – ORGANIZATION In 1989, we were formed and incorporated in California. We maintain a majority-owned subsidiary in Mexico (since 1998) and two subsidiaries in each of Taiwan (since 1998) and China (since 2005). Our Mexico location closed all operations in May 2013 (final closure is pending sale of our local 15,000 sqft office and warehouse facility) and our Taiwan and China locations are for supporting overseas customers, inventory sourcing, purchases and coordinating the manufacture of our products. Our China location also serves as the engineering center responsible for designing circuits, arranging pre-production scheduling and mass production runs with joint venture partners for our projects, making component datasheets and test specifications, preparing samples, monitoring quality of shipments and performing failure analysis reports. |
2 - BASIS OF PRESENTATION
2 - BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure Text Block [Abstract] | |
Business Description and Basis of Presentation [Text Block] | 2 – BASIS OF PRESENTATION The unaudited consolidated interim financial statements include the accounts of the Company and all wholly owned subsidiaries, including its 60% majority-owned subsidiary, Taitron Components Mexico, S.A. de C.V. All significant intercompany accounts and transactions have been eliminated in consolidation. These unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments of a normal recurring nature and considered necessary for a fair presentation of its financial condition and results of operations for the interim periods presented in this Quarterly Report on Form 10-Q have been included. Operating results for the interim periods are not necessarily indicative of financial results for the full year. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. In preparing these financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements and the reported amount of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Significant estimates and assumptions included in the Company’s consolidated financial statements relate to the allowance for sales returns, doubtful accounts, inventory reserves, accrued liabilities and deferred income taxes. |
3 - RECENT ACCOUNTING DEVELOPME
3 - RECENT ACCOUNTING DEVELOPMENTS | 9 Months Ended |
Sep. 30, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 3 – RECENT ACCOUNTING DEVELOPMENTS New Accounting Pronouncements Not Yet Adopted From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the “FASB”), which are adopted by the Company as of the specified date. Unless otherwise discussed, management believes the impact of recently issued standards, some of which are not yet effective, will not have a material impact on its consolidated financial statements upon adoption. In March 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-09, Improvements to Employee Share-Based Payment Accounting , which affects entities that issue share-based payment awards to their employees. The guidance is designed to identify areas for simplification involving several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. This guidance is effective prospectively for interim and annual periods beginning after December 15, 2017. Early adoption is permitted. The Company is currently assessing the impact of this guidance. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which establishes the principles to report transparent and economically neutral information about the assets and liabilities that arise from leases. This guidance results in the Company providing a more faithful representation of the rights and obligations arising from operating and capital leases by requiring lessees to recognize the lease assets and lease liabilities that arise from leases in the statement of financial position and to disclose qualitative and quantitative information about lease transactions, such as information about variable lease payments and options to renew and terminate leases. This guidance is effective prospectively for interim and annual periods beginning after December 15, 2018. Early adoption is permitted. The Company is currently assessing the impact of this guidance. |
4 - INVENTORY
4 - INVENTORY | 9 Months Ended |
Sep. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | 4 – INVENTORY Inventory – Inventory, consisting principally of products held for resale, is recorded at the lower of cost (determined using the first in-first out method) or estimated market value. We had inventory balances in the amount of $8,124,000 and $9,015,000 at September 30, 2016 and December 31, 2015, respectively, which is presented net of valuation allowances of $6,037,000 and $5,674,000, respectively. We evaluate inventories to identify excess, high-cost, slow-moving or other factors rendering inventories as unmarketable at normal profit margins. Due to the large number of transactions and the complexity of managing and maintaining a large inventory of product offerings, estimates are made regarding adjustments to the cost of inventories. Based on our assumptions about future demand and market conditions, inventories are carried at the lower of cost or estimated market value. If our assumptions about future demand change, or market conditions are less favorable than those projected, additional write-downs of inventories may be required. In any case, actual amounts could be different from those estimated. |
5 - OTHER ASSETS
5 - OTHER ASSETS | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure Text Block Supplement [Abstract] | |
Other Assets Disclosure [Text Block] | 5 – OTHER ASSETS September 30, December 31, 2016 2015 (Unaudited) Investment in securities - Zowie Technology $ 100,000 $ 100,000 Investment in joint venture - Grand Shine Mgmt 375,000 571,000 Other 25,000 17,000 Other Assets $ 500,000 $ 688,000 Our $100,000 investment in securities as of September 30, 2016 relates to our ownership of 1,037,739 common shares of Zowie Technology Corporation (New Taipei City, Taiwan), a supplier of electronic component products. Our investment relates to approximately 9.2% of their total outstanding shares although we do not have significant influence or control. This investment is accounted for under the cost method basis of accounting. Our $375,000 investment in joint venture as of September 30, 2016, relates to our 49% ownership of Grand Shine Management Limited (Dong Guan, China), an electronic device contract manufacturer, and joint venture with its 51% owner, Teamforce Company Limited. This joint venture is not considered to be a “Variable Interest Entity”, and as such, is accounted for under the equity method basis of accounting. As of September 30, 2016 and December 31, 2015, we have recorded cumulative unrealized loss from the inception of our investment in Grand Shine Management of $801,000 and $605,000, respectively. |
6 - LONG-TERM DEBT FROM RELATED
6 - LONG-TERM DEBT FROM RELATED PARTY | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | 6 – LONG-TERM DEBT FROM RELATED PARTY Secured credit facility - On April 21, 2008 we entered into a $3,000,000 credit facility, collateralized by real property, from K.S. Best International Co. Ltd., a company controlled by the brother of our Chief Executive Officer. Credit is available in $500,000 advances, each advance payable in monthly interest only installments, at the rate of Prime + 0.25% per annum. As of September 30, 2016 and December 31, 2015, the aggregate outstanding balance on this credit facility was $1,500,000. Effective on September 30, 2016, we executed a fourth amendment to the secured credit facility agreement extending the due dates of the unpaid balances to periods from between June 30, 2017 to June 30, 2019. |
7 - RELATED PARTY TRANSACTIONS
7 - RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 7 – RELATED PARTY TRANSACTIONS We made payments to K.S. Best International Co. Ltd., a company controlled by the brother of our Chief Executive Officer of approximately $6,000 for both of the quarters ending September 30, 2016 and 2015 and approximately $18,000 for both the nine months ended September 30, 2016 and 2015. These payments were for professional fees related to the operational management of our Taiwan office. In addition, we also made payments of approximately $14,000 for both of the quarters ended September 30, 2016 and 2015 and approximately $42,000 and $39,000 for the nine months ended September 30, 2016 and 2015, respectively, for interest expense on our credit facility from K.S. Best International Co. Ltd. See Note 6. We have a $3,000,000 credit facility, collateralized by real property, from K.S. Best International Co. Ltd., a company controlled by the brother of our Chief Executive Officer. See Note 6 for additional details. |
8 - SHARE BASED COMPENSATION
8 - SHARE BASED COMPENSATION | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 8 – SHARE BASED COMPENSATION Accounting for stock options issued to employees measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. That cost is recognized over the period during which an employee is required to provide service in exchange for the award. Outstanding options to purchase Class A common stock (“the Options”) vest in three equal annual installments beginning one year from the date of grant and are subject to termination provisions as defined in our 2005 Stock Incentive Plan. The option activity during the nine months ended September 30, 2016 is as follows: Number of Shares Weighted Average Exercise Price Weighted Average Years Remaining Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2015 456,000 $ 1.20 4.3 $ 17,000 Grants - Forfeited (45,000 ) 1.33 Outstanding at September 30, 2016 411,000 1.19 4.0 $ 58,300 Exercisable at September 30, 2016 333,333 $ 1.23 3.5 $ 34,100 At September 30, 2016 the range of individual outstanding weighted average exercise prices was $0.98 to $1.37. |
9 - COMMITMENTS AND CONTINGENCI
9 - COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 9 – COMMITMENTS AND CONTINGENCIES Inventory Purchasing Outstanding commitments to purchase inventory from suppliers aggregated $1,500,000 as of September 30, 2016. |
10 - SUBSEQUENT EVENTS
10 - SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 10 – SUBSEQUENT EVENTS On November 4, 2016, the Company’s Board of Directors declared a quarterly cash dividend in the amount of $0.025 per share of Class A and Class B common stock for a total amount of $138,000. The dividend will be paid on November 30, 2016 to stockholders of record as of November 14, 2016. Under the existing dividend policy announced in May 2016, the Company will target a cash dividend to the Company's stockholders in the amount of $0.10 per share per annum, payable in equal quarterly installments. Subsequent dividend declarations and the establishment of record and payment dates for such future dividend payments, if any, are subject to the Board of Directors' continuing determination that the dividend policy is in the best interests of the Company's stockholders. The dividend policy may be suspended or cancelled at the discretion of the Board of Directors at any time. |
5 - OTHER ASSETS (Tables)
5 - OTHER ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Other Assets [Table Text Block] | September 30, December 31, 2016 2015 (Unaudited) Investment in securities - Zowie Technology $ 100,000 $ 100,000 Investment in joint venture - Grand Shine Mgmt 375,000 571,000 Other 25,000 17,000 Other Assets $ 500,000 $ 688,000 |
8 - SHARE BASED COMPENSATION (T
8 - SHARE BASED COMPENSATION (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The option activity during the nine months ended September 30, 2016 is as follows: Number of Shares Weighted Average Exercise Price Weighted Average Years Remaining Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2015 456,000 $ 1.20 4.3 $ 17,000 Grants - Forfeited (45,000 ) 1.33 Outstanding at September 30, 2016 411,000 1.19 4.0 $ 58,300 Exercisable at September 30, 2016 333,333 $ 1.23 3.5 $ 34,100 |
2 - BASIS OF PRESENTATION (Deta
2 - BASIS OF PRESENTATION (Details) | 9 Months Ended |
Sep. 30, 2016 | |
Taitron Components Mexico [Member] | |
2 - BASIS OF PRESENTATION (Details) [Line Items] | |
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 60.00% |
4 - INVENTORY (Details)
4 - INVENTORY (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Inventory, Net | $ 8,124,000 | $ 9,015,000 |
Inventory Valuation Reserves | $ 6,037,000 | $ 5,674,000 |
5 - OTHER ASSETS (Details)
5 - OTHER ASSETS (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Grand Shine Management Limited [Member] | ||
5 - OTHER ASSETS (Details) [Line Items] | ||
Equity Method Investments | $ 375,000 | |
Zowie Technology [Member] | ||
5 - OTHER ASSETS (Details) [Line Items] | ||
Equity Method Investments | $ 100,000 | $ 100,000 |
Equity Method Investment, Ownership Percentage | 9.20% | |
Zowie Technology [Member] | Common Stock [Member] | ||
5 - OTHER ASSETS (Details) [Line Items] | ||
Investment Owned, Balance, Shares (in Shares) | 1,037,739 | |
Grand Shine Management Limited [Member] | ||
5 - OTHER ASSETS (Details) [Line Items] | ||
Equity Method Investments | $ 375,000 | 571,000 |
Equity Method Investment, Ownership Percentage | 49.00% | |
Unrealized Gain (Loss) on Investments | $ (801,000) | $ (605,000) |
Grand Shine Management Limited [Member] | Teamforce Company Limited [Member] | ||
5 - OTHER ASSETS (Details) [Line Items] | ||
Equity Method Investment, Ownership Percentage | 51.00% |
5 - OTHER ASSETS (Details) -
5 - OTHER ASSETS (Details) - Schedule of Other Assets - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
5 - OTHER ASSETS (Details) - Schedule of Other Assets [Line Items] | ||
Other | $ 25,000 | $ 17,000 |
Other Assets | 500,000 | 688,000 |
Zowie Technology [Member] | ||
5 - OTHER ASSETS (Details) - Schedule of Other Assets [Line Items] | ||
Investments | 100,000 | 100,000 |
Grand Shine Management Limited [Member] | ||
5 - OTHER ASSETS (Details) - Schedule of Other Assets [Line Items] | ||
Investments | $ 375,000 | $ 571,000 |
6 - LONG-TERM DEBT FROM RELAT22
6 - LONG-TERM DEBT FROM RELATED PARTY (Details) - Line of Credit [Member] - Immediate Family Member of Management or Principal Owner [Member] - USD ($) | Apr. 21, 2008 | Sep. 30, 2016 | Dec. 31, 2015 |
6 - LONG-TERM DEBT FROM RELATED PARTY (Details) [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000,000 | $ 3,000,000 | |
Line of Credit Facility, Collateral | collateralized by real property, from K.S. Best International Co. | ||
Line of Credit Facility, Description | Credit is available in $500,000 advances | ||
Line of Credit Facility, Frequency of Payment and Payment Terms | each advance payable in monthly interest only installments | ||
Long-term Line of Credit | $ 1,500,000 | $ 1,500,000 | |
Prime Rate [Member] | |||
6 - LONG-TERM DEBT FROM RELATED PARTY (Details) [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | ||
Minimum [Member] | |||
6 - LONG-TERM DEBT FROM RELATED PARTY (Details) [Line Items] | |||
Debt Instrument, Maturity Date | Jun. 30, 2017 | ||
Maximum [Member] | |||
6 - LONG-TERM DEBT FROM RELATED PARTY (Details) [Line Items] | |||
Debt Instrument, Maturity Date | Jun. 30, 2019 |
7 - RELATED PARTY TRANSACTIONS
7 - RELATED PARTY TRANSACTIONS (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Apr. 21, 2008 | |
7 - RELATED PARTY TRANSACTIONS (Details) [Line Items] | |||||
Interest Paid | $ 42,000 | $ 39,000 | |||
Immediate Family Member of Management or Principal Owner [Member] | |||||
7 - RELATED PARTY TRANSACTIONS (Details) [Line Items] | |||||
Costs and Expenses, Related Party | $ 6,000 | $ 6,000 | $ 18,000 | $ 18,000 | |
Related Party Transaction, Description of Transaction | professional fees related to the operational management of our Taiwan office | professional fees related to the operational management of our Taiwan office | |||
Line of Credit [Member] | Immediate Family Member of Management or Principal Owner [Member] | |||||
7 - RELATED PARTY TRANSACTIONS (Details) [Line Items] | |||||
Interest Paid | 14,000 | $ 14,000 | $ 42,000 | $ 39,000 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000,000 | $ 3,000,000 | $ 3,000,000 |
8 - SHARE BASED COMPENSATION (D
8 - SHARE BASED COMPENSATION (Details) | 9 Months Ended |
Sep. 30, 2016$ / shares | |
8 - SHARE BASED COMPENSATION (Details) [Line Items] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $ 0.98 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 1.37 |
2005 Stock Incentive Plan [Member] | |
8 - SHARE BASED COMPENSATION (Details) [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | vest in three equal annual installments beginning one year from the date of grant and are subject to termination provisions as defined in our 2005 Stock Incentive Plan. |
8 - SHARE BASED COMPENSATION
8 - SHARE BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Stock Options, Activity - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Schedule of Share-based Compensation, Stock Options, Activity [Abstract] | ||
Number of Shares Outstanding | 411,000 | 456,000 |
Weighted Average Exercise Price of Shares Outstanding (in Dollars per share) | $ 1.19 | $ 1.20 |
Weighted Average Years Remaining Contractual Term of Shares Outstanding | 4 years | 4 years 109 days |
Aggregate Intrinsic Value of Shares Outstanding (in Dollars) | $ 58,300 | $ 17,000 |
Exercisable at September 30, 2016 | 333,333 | |
Exercisable at September 30, 2016 (in Dollars per share) | $ 1.23 | |
Exercisable at September 30, 2016 | 3 years 6 months | |
Exercisable at September 30, 2016 (in Dollars) | $ 34,100 | |
Grants | 0 | |
Forfeited | (45,000) | |
Forfeited (in Dollars per share) | $ 1.33 |
9 - COMMITMENTS AND CONTINGEN26
9 - COMMITMENTS AND CONTINGENCIES (Details) | Sep. 30, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Purchase Commitment, Remaining Minimum Amount Committed | $ 1,500,000 |
10 - SUBSEQUENT EVENTS (Details
10 - SUBSEQUENT EVENTS (Details) - Subsequent Event [Member] | Nov. 04, 2016USD ($)$ / shares |
10 - SUBSEQUENT EVENTS (Details) [Line Items] | |
Dividends Payable, Date Declared | Nov. 4, 2016 |
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.025 |
Dividends Payable | $ | $ 138,000 |
Dividends Payable, Date to be Paid | Nov. 30, 2016 |
Dividends Payable, Date of Record | Nov. 14, 2016 |
Dividends Payable, Nature | Under the existing dividend policy announced in May 2016, the Company will target a cash dividend to the Company's stockholders in the amount of $0.10 per share per annum, payable in equal quarterly installments. Subsequent dividend declarations and the establishment of record and payment dates for such future dividend payments, if any, are subject to the Board of Directors' continuing determination that the dividend policy is in the best interests of the Company's stockholders. The dividend policy may be suspended or cancelled at the discretion of the Board of Directors at any time. |