Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 31, 2018 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | IMAGE SENSING SYSTEMS INC | |
Entity Central Index Key | 943,034 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 5,273,873 | |
Entity Current Reporting Status | Yes | |
Entity Small Business | true | |
Entity Emerging Growth Company | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 3,545 | $ 3,190 |
Accounts receivable, net of allowance for doubtful accounts of $78 and $20, respectively | 3,722 | 3,339 |
Inventories | 779 | 335 |
Prepaid expenses and other current assets | 441 | 255 |
Total current assets | 8,487 | 7,119 |
Property and equipment: | ||
Furniture and fixtures | 163 | 164 |
Leasehold improvements | 8 | 26 |
Equipment | 1,114 | 998 |
Property and equipment, Gross | 1,285 | 1,188 |
Accumulated depreciation | 867 | 702 |
Property and equipment, Net | 418 | 486 |
Intangible assets, net | 3,239 | 3,485 |
Deferred income taxes | 37 | 38 |
TOTAL ASSETS | 12,181 | 11,128 |
Current liabilities: | ||
Accounts payable | 564 | 563 |
Warranty | 698 | 858 |
Accrued compensation | 200 | 288 |
Other current liabilities | 596 | 778 |
Total current liabilities | 2,058 | 2,487 |
TOTAL LIABILITIES | 2,058 | 2,487 |
Shareholders' equity: | ||
Preferred stock, $0.01 par value; 5,000,000 shares authorized, none issued or outstanding | 0 | 0 |
Common stock, $0.01 par value; 20,000,000 shares authorized, 5,273,873 and 5,210,448 issued and outstanding at September 30, 2018 and December 31, 2017, respectively | 52 | 51 |
Additional paid-in capital | 24,508 | 24,355 |
Accumulated other comprehensive loss | (327) | (310) |
Accumulated deficit | (14,110) | (15,455) |
Total shareholders' equity | 10,123 | 8,641 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 12,181 | $ 11,128 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Condensed Consolidated Balance Sheets [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 78 | $ 20 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock shares authorized | 5,000,000 | 5,000,000 |
Preferred stock shares issued | 0 | 0 |
Preferred stock shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock shares authorized | 20,000,000 | 20,000,000 |
Common stock shares issued | 5,273,873 | 5,210,448 |
Common stock shares outstanding | 5,273,873 | 5,210,448 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenue: | ||||
Total Revenue | $ 4,049 | $ 3,624 | $ 10,952 | $ 10,183 |
Cost of revenue: | ||||
Total Cost of revenue | 743 | 602 | 1,891 | 2,034 |
Gross profit | 3,306 | 3,022 | 9,061 | 8,149 |
Operating expenses: | ||||
Selling, general and administrative | 1,592 | 1,430 | 5,118 | 4,522 |
Research and development | 863 | 722 | 2,598 | 2,266 |
Total Operating expenses | 2,455 | 2,152 | 7,716 | 6,788 |
Operating income from operations | 851 | 870 | 1,345 | 1,361 |
Other, net | 0 | 0 | 0 | 33 |
Income from operations before income taxes | 851 | 870 | 1,345 | 1,394 |
Income tax expense | 0 | 0 | 0 | 4 |
Net income | $ 851 | $ 870 | $ 1,345 | $ 1,390 |
Net income per share: | ||||
Basic (in dollars per share) | $ 0.16 | $ 0.17 | $ 0.26 | $ 0.27 |
Diluted (in dollars per share) | $ 0.16 | $ 0.17 | $ 0.26 | $ 0.27 |
Weighted average number of common shares outstanding: | ||||
Basic (in shares) | 5,212 | 5,138 | 5,200 | 5,117 |
Diluted (in shares) | 5,244 | 5,151 | 5,206 | 5,121 |
Product sales [Member] | ||||
Revenue: | ||||
Total Revenue | $ 1,750 | $ 1,120 | $ 3,970 | $ 4,189 |
Cost of revenue: | ||||
Total Cost of revenue | 652 | 512 | 1,616 | 1,764 |
Royalties [Member] | ||||
Revenue: | ||||
Total Revenue | 2,299 | 2,504 | 6,982 | 5,994 |
Cost of revenue: | ||||
Total Cost of revenue | $ 91 | $ 90 | $ 275 | $ 270 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Condensed Consolidated Statements of Comprehensive Income [Abstract] | ||||
Net income | $ 851 | $ 870 | $ 1,345 | $ 1,390 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment | 0 | 16 | (17) | 47 |
Comprehensive income | $ 851 | $ 886 | $ 1,328 | $ 1,437 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Operating activities: | ||
Net income | $ 1,345,000 | $ 1,390,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 191,000 | 191,000 |
Software amortization | 380,000 | 270,000 |
Stock-based compensation | 164,000 | 229,000 |
Loss on disposal of assets | 5,000 | 2,000 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (383,000) | (80,000) |
Inventories | (444,000) | (285,000) |
Prepaid expenses and other current assets | (163,000) | (120,000) |
Accounts payable | 10,000 | 448,000 |
Accrued expenses and other current liabilities | (430,000) | 110,000 |
Net cash provided by operating activities | 675,000 | 2,155,000 |
Investing activities: | ||
Capitalized software development costs | (134,000) | (833,000) |
Purchases of property and equipment | (163,000) | (148,000) |
Net cash used for investing activities | (297,000) | (981,000) |
Financing activities: | ||
Stock for tax withholding | (10,000) | 0 |
Net cash used for financing activities | (10,000) | 0 |
Effect of exchange rate changes on cash | (13,000) | 35,000 |
Increase in cash and cash equivalents | 355,000 | 1,209,000 |
Cash and cash equivalents at beginning of period | 3,190,000 | 1,547,000 |
Cash and cash equivalents at end of period | 3,545,000 | 2,756,000 |
Non-Cash investing and financing activities: | ||
Purchase of property and equipment in accounts payable | 18,000 | 85,000 |
Capitalization of software development costs in accounts payable | $ 0 | $ 38,000 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2018 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | Note A: Basis of Presentation Image Sensing Systems, Inc. (referred to in this Quarterly Report on Form 10-Q as "we," "us," "our" and the "Company") develops and markets video and radar processing products for use in applications such as intersection control, highway, bridge and tunnel traffic management and traffic data collection. We sell our products primarily to distributors and also receive royalties under a license agreement with a manufacturer/distributor for certain of our products. Our products are used primarily by governmental entities. The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to the Quarterly Report on Form 10-Q, which require the Company to make estimates and assumptions that affect amounts reported. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to rules and regulations of the Securities and Exchange Commission (the "SEC"). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. It is the opinion of management that the unaudited condensed consolidated financial statements include all adjustments consisting of normal recurring accruals considered necessary for a fair presentation. All significant intercompany balances and transactions have been eliminated. Operating results for the three and nine September 30, 2018 December 31, 2018 December 31, 2017 Summary of Significant Accounting Policies The Company believes that of its significant accounting policies, the following are particularly important to the portrayal of the Company's results of operations and financial position and may require the application of a higher level of judgment by the Company's management and, as a result, are subject to an inherent degree of uncertainty. Revenue Recognition On January 1, 2018, we adopted Accounting Standards Update ("ASU") No. 2014 09 Revenue from Contracts with Customers (Topic 606 2014 09 Under ASU 2014 09 We determine revenue recognition through the following steps: ● Identification of a contract, or contracts, with a customer; ● Identification of performance obligations in the contract; ● Determination of the transaction price; ● Allocation of the transaction price to the performance obligations in the contract; and ● Recognition of revenue when, or as, we satisfy a performance obligation. Revenue disaggregated by revenue source for the three and nine September 30, 2018 2017 Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Product sales $ 1,750 $ 1,120 $ 3,970 $ 4,189 Royalties 2,299 2,504 6,982 5,994 Total revenue $ 4,049 $ 3,624 $ 10,952 $ 10,183 Product Sales: Product revenue is generated from the direct sales of our RTMS radar systems worldwide and our Autoscope video systems in Europe and Asia. Revenue is recognized when control of the promised goods or services is transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Certain product sales may contain multiple performance obligations for revenue recognition purposes. For performance obligations without observable stand-alone prices charged to customers Revenue from arrangements for services such as maintenance, repair, consulting and technical support are recognized either as the service is performed or ratably over the defined contractual period for service maintenance contracts. Our payment terms may vary by the type and location of our customer and the products or services offered. We record deferred revenues when cash payments are received or due in advance of our performance, including amounts which are refundable. We record provisions against sales revenue for estimated returns and allowances in the period when the related revenue is recorded based on historical sales returns and changes in end user demand. Royalties: Econolite Control Products, Inc. (“Econolite”) is our licensee that sells our Autoscope video system products in the United States, Mexico, Canada and the Caribbean. The royalty of approximately 50% of the gross profit on licensed products is recognized when the products are shipped or delivered by Econolite to its customers. Practical Expedients and Exemptions: We generally expense sales commissions when incurred because the amortization periods would have been one year We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year Inventories Inventories are primarily electronic components and finished goods and are valued at the lower of cost or net realizable value on the first-in, first-out accounting method. Income Taxes We record a tax provision for the anticipated tax consequences of the reported results of operations. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those deferred tax assets and liabilities are expected to be realized or settled. We record a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. We believe it is more likely than not that forecasted income, including income that may be generated as a result of certain tax planning strategies, together with the tax effects of the deferred tax liabilities, will be sufficient to fully recover the remaining net realizable value of deferred tax assets. In the event that all or part of the net deferred tax assets are determined not to be realizable in the future, an adjustment to the valuation allowance would be charged to earnings in the period such determination is made. In addition, the calculation of tax liabilities involves significant judgment in estimating the impact of uncertainties in the application of complex tax laws. Resolution of these uncertainties in a manner inconsistent with management’s expectations could have a material impact on our financial condition and operating results. We recognize penalties and interest expense related to unrecognized tax benefits in income tax expense. Intangible Assets We capitalize certain software development costs related to software to be sold, leased, or otherwise marketed. Capitalized software development costs include purchased materials, services, internal labor and other costs associated with the development of new products and services. Software development costs are expensed as incurred until technological feasibility has been established, at which time future costs incurred are capitalized until the product is available for general release to the public. Based on our product development process, technological feasibility is generally established once product and detailed program designs have been completed, uncertainties related to high-risk development issues have been resolved through coding and testing, and we have established that the necessary skills, hardware, and software technology are available for production of the product. Once a software product is available for general release to the public, capitalized development costs associated with that product will begin to be amortized to cost of sales over the product's estimated economic selling life, using the greater of the straight-line method or a method that results in cost recognition in future periods that is consistent with the anticipated timing of product revenue recognition. Capitalized software development costs are subject to an ongoing assessment of recoverability, which is impacted by estimates and assumptions of future revenues and expenses for these software products, as well as other factors such as changes in product technologies. Any portion of unamortized capitalized software development costs that is determined to be in excess of net realizable value has been expensed in the period in which such a determination is made. Subsequent to reaching technological feasibility for certain software products in a prior quarter, we capitalized approximately $32,000 and $305,000 of software development costs during the quarters ended September 30, 2018 2017 Intangible assets with finite lives are amortized on a straight - line basis over the expected period to be benefited by future cash flows and reviewed for impairment. At both September 30, 2018 December 31, 2017 September 30, 2018 2017 - lived intangible assets. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2018 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | Note B: Recent Accounting Pronouncements Accounting pronouncement recently adopted In May 2014, the Financial Accounting Standards Board (the "FASB") issued ASU 2014-09, which supersedes the revenue recognition requirements in Accounting Standards Codification (ASC) Topic 605, Revenue Recognition (Topic 605). Revenue Recognition Accounting pronouncements not yet adopted In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)". ASU 2016-02 provides guidance on how an entity should account for leases and recognize associated lease assets and liabilities. ASU 2016-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, and early adoption is permitted. ASU 2016-02 must be adopted using a modified retrospective transition, and it provides for certain practical expedients. In addition, the transition will require application of ASU 2016-02 at the beginning of the earliest comparative period presented. We are currently assessing the impact of ASU 2016-02 on the consolidated financial statements. In June 201 In August 2018, the SEC adopted the final rule under SEC Release No. 33-10532, "Disclosure Update and Simplification," amending certain disclosure requirements that were redundant, duplicative, overlapping, outdated or superseded. In addition, the amendments expanded the disclosure requirements on the analysis of stockholders' equity for interim financial statements. Under the amendments, an analysis of changes in each caption of stockholders' equity presented in the balance sheet must be provided in a note or separate statement. The analysis must present a reconciliation of the beginning balance to the ending balance for each period for which a statement of comprehensive income is required to be filed. We anticipate the first presentation of changes in consolidated stockholders' equity will be included in Form 10-Q for the quarter ended March 31, 2019. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note C: Fair Value Measurements The guidance for fair value measurements establishes the authoritative definition of fair value, sets out a framework for measuring fair value and outlines the required disclosures regarding fair value measurements. Fair value is the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. We use a three Level 1 - observable inputs such as quoted prices in active markets; Level 2 - inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3 - unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Nonfinancial Assets Measured at Fair Value on a Nonrecurring Basis Our intangible assets and other long-lived assets are nonfinancial assets that were acquired either as part of a business combination, individually or with a group of other assets. These nonfinancial assets were initially, and have historically been, measured and recognized at amounts equal to the fair value determined as of the date of acquisition. Financial Instruments not Measured at Fair Value Certain of our financial instruments are not measured at fair value and are recorded at carrying amounts approximating fair value, based on their short-term nature or variable interest rate. These financial instruments include cash and cash equivalents, accounts receivable, accounts payable and other current financial assets and liabilities. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2018 | |
Inventory [Abstract] | |
Inventories | Note D: Inventories Inventories consisted of the following (in thousands): September 30, 2018 December 31, 2017 Finished goods $ 642 $ 288 Components 137 47 Total $ 779 $ 335 |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2018 | |
Intangible Assets [Abstract] | |
Intangible Assets | Note E: Intangible Assets Intangible assets consisted of the following (dollars in thousands): September 30, 2018 Weighted Gross Net Average Carrying Accumulated Carrying Useful Life Amount Amortization Value (in Years) Developed technology $ 3,900 $ (3,900 ) $ — — Vision development costs 2,929 (727 ) 2,202 8.0 Software development in process costs 446 — 446 — IntellitraffiQ development costs 468 (29 ) 439 4.0 Wrong Way development costs 228 (76 ) 152 2.0 Total $ 7,971 $ (4,732 ) $ 3,239 7.1 December 31, 2017 Weighted Gross Net Average Carrying Accumulated Carrying Useful Life Amount Amortization Value (in Years) Developed technology $ 3,900 $ (3,900 ) $ — — Vision development costs 2,929 (452 ) 2,477 8.0 Software development in process costs 1,008 — 1,008 — Total $ 7,837 $ (4,352 ) $ 3,485 8.0 |
Credit Facilities
Credit Facilities | 9 Months Ended |
Sep. 30, 2018 | |
Credit Facilities [Abstract] | |
Credit Facilities | Note F: Credit Facilities In May 2014, the Company entered into a credit agreement and related documents with Alliance Bank which provided for a revolving line of credit for the Company. The credit agreement and related documents with Alliance Bank (collectively, the "Alliance Credit Agreement") provided up to a $5.0 million revolving line of credit bearing interest at a fixed annual rate of 3.95%. Any advances would have been secured by the Company's inventories, accounts receivable, cash, marketable securities, and equipment. |
Warranties
Warranties | 9 Months Ended |
Sep. 30, 2018 | |
Warranties [Abstract] | |
Warranties | Note G: Warranties We generally provide a 2 to 5 Warranty liability and related activity consisted of the following (in thousands): Nine-Month September 30, 2018 2017 Beginning balance $ 858 $ 1,223 Warranty provisions 103 38 Warranty claims (25 ) (111 ) Adjustments to preexisting warranties (231 ) (167 ) Currency (7 ) 4 Ending balance $ 698 $ 987 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2018 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | Note H: Stock-Based Compensation We compensate officers, directors, key employees and consultants with stock-based compensation under the Image Sensing Systems, Inc. 2005 Stock Incentive Plan (the "2005 Plan") and the Image Sensing Systems, Inc. 2014 Stock Option and Incentive Plan (the "2014 Plan"), both of which were approved by our shareholders and are administered under the supervision of our Board of Directors. Although stock options granted under the 2005 Plan are still outstanding, the 2005 Plan expired, and the Company can no longer grant options or other awards under the 2005 Plan. Stock option awards are granted at exercise prices equal to the closing price of our stock on the day before the date of grant. Generally, options vest proportionally over periods of 3 to 5 years from the dates of the grant, beginning one Compensation expense, net of estimated forfeitures, is recognized ratably over the vesting period. Stock-based compensation expense included in general and administrative expense for the three-month September 30, 2018 2017 76,000, Stock-based compensation expense included in general and administrative expense for the nine-month periods ended September 30, 2018 and 2017 was $ 164,000 and $229,000 , respectively. At September 30, 2018 Stock Options A summary of the option activity for the first nine 2018 Number of Shares Weighted Weighted Aggregate Options outstanding at December 31, 2017 85,750 $ 5.78 4.00 $ — Granted — $ — — $ — Exercised — $ — — $ — Expired (12,000 ) $ 5.76 — $ — Forfeited (34,750 ) $ 5.26 — $ 363 Options outstanding at September 30, 2018 39,000 $ 6.26 3.10 $ 31,480 Options exercisable at September 30, 2018 39,000 $ 6.26 3.10 $ 31,480 There were no options exercised during the three and nine September 30, 2018 September 30, 2017 nine September 30, 2018 September 30, 2017 September 30, 2018 Restricted Stock Awards and Stock Awards Restricted stock awards are granted under the 2014 Plan at the discretion of the Compensation Committee of our Board of Directors. We issue restricted stock awards to executive officers and key consultants. These awards may contain certain performance conditions or time-based vesting criteria. The restricted stock awards granted to executive officers vest if the various performance or time-based metrics are met. Stock-based compensation is recognized for the number of awards expected to vest at the end of the period and is expensed beginning on the grant date through the end of the vesting period. At the time of vesting of the restricted stock awards, the recipients of common stock may request to receive a net of the number of shares required for employee withholding taxes, which can be withheld up to the relevant jurisdiction's maximum statutory rate. Stock awards to consultants are recognized over the performance period based on the stock price on the date when the consultant's performance is complete. We also issue stock awards as a portion of the annual retainer for each director on a quarterly basis. The stock awards are fully vested at the time of issuance. Compensation expense related to stock awards to employees is determined on the grant date based on the publicly-quoted fair market value of our common stock and is charged to earnings on the grant date. The following table summarizes restricted stock award activity for the first nine 2018 Number of Weighted Awards outstanding December 31, 2017 32,000 $ 2.95 Granted 81,007 3.61 Vested (38,796 ) 3.93 Forfeited (15,334 ) 2.95 Awards outstanding at September 30, 2018 58,877 $ 3.22 As of September 30, 2018 nine-month September 30, 2018 nine-month September 30, 2018 nine-month September 30, 2018 September 30, 2017 |
Income per Common Share
Income per Common Share | 9 Months Ended |
Sep. 30, 2018 | |
Income per Common Share [Abstract] | |
Income per Common Share | Note I: Income per Common Share Net income per share is computed by dividing net income by the daily weighted average number of common shares outstanding during the applicable periods. Diluted net income per share includes the potentially dilutive effect of common shares subject to outstanding stock options and restricted stock awards using the treasury stock method. Under the treasury stock method, shares subject to certain outstanding stock options and restricted stock awards have been excluded from the diluted weighted average shares outstanding calculation because the exercise of those options or the vesting of those restricted stock awards would lead to a net reduction in common shares outstanding. As a result, stock options and restricted stock awards to acquire 22,065 and 100,196 weighted common shares have been excluded from the diluted weighted shares outstanding for the three-month September 30, 2018 2017 nine-month September 30, 2018 2017 A reconciliation of net income per share is as follows (in thousands, except per share data): Three-Month Periods Ended September 30, Nine-Month Periods Ended September 30, 2018 2017 2018 2017 Numerator: Net income $ 851 $ 870 $ 1,345 $ 1,390 Denominator: Weighted average common shares outstanding 5,212 5,138 5,200 5,117 Dilutive potential common shares 32 13 6 4 Shares used in diluted net income per common share calculations 5,244 5,151 5,206 5,121 Basic net income per common share $ 0.16 $ 0.17 $ 0.26 $ 0.27 Diluted net income per common share $ 0.16 $ 0.17 $ 0.26 $ 0.27 |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2018 | |
Segment Information [Abstract] | |
Segment Information | Note J: Segment Information The Company's Chief Executive Officer and management regularly review financial information for the Company's discrete operating segments. Based on similarities in the economic characteristics, nature of products and services, production processes, type or class of customer served, method of distribution and regulatory environments, the operating segments have been aggregated for financial statement purposes and categorized into two Autoscope video is our machine-vision product line, and revenue consists of royalties (all of which are received from Econolite), as well as a portion of international product sales. Video products are normally sold in the Intersection segment. RTMS is our radar product line, and revenue consists of international and North American product sales. Radar products are normally sold in the Highway segment. All segment revenues are derived from external customers. Operating expenses and total assets are not allocated to the segments for internal reporting purposes. Due to the changes in how we manage our business, we may reevaluate our segment definitions in the future. The following tables set forth selected unaudited financial information for each of our reportable segments (in thousands): Three Months Ended September 30, Intersection Highway Total 2018 2017 2018 2017 2018 2017 Revenue $ 2,599 $ 2,852 $ 1,450 $ 772 $ 4,049 $ 3,624 Gross profit 2,386 2,577 920 445 3,306 3,022 Amortization of intangible assets 91 90 58 — 149 90 Intangible assets 2,202 2,569 1,037 827 3,239 3,396 Nine Months Ended September 30, Intersection Highway Total 2018 2017 2018 2017 2018 2017 Revenue $ 7,858 $ 6,970 $ 3,094 $ 3,213 $ 10,952 $ 10,183 Gross profit 7,168 6,266 1,893 1,883 9,061 8,149 Amortization of intangible assets 275 270 105 — 380 270 Intangible assets 2,202 2,569 1,037 827 3,239 3,396 |
Restructuring and Exit Activiti
Restructuring and Exit Activities | 9 Months Ended |
Sep. 30, 2018 | |
Restructuring and Exit Activities [Abstract] | |
Restructuring and Exit Activities | Note K: Restructuring and Exit Activities In the third quarter of 2018 2018 three In the third quarter of 2016 three September 30, 2018 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note L: Commitments and Contingencies Litigation We are involved from time to time in various legal proceedings arising in the ordinary course of our business, including primarily commercial, product liability, employment and intellectual property claims. In accordance with GAAP, we record a liability in our Consolidated Financial Statements with respect to any of these matters when it is both probable that a liability has been incurred and the amount of the liability can be reasonably estimated. With respect to any currently pending legal proceedings, we have not established an estimated range of reasonably possible additional losses either because we believe that we have valid defenses to claims asserted against us or the proceeding has not advanced to a stage of discovery that would enable us to establish an estimate. We currently do not expect the outcome of these matters to have a material effect on our consolidated results of operations, financial position or cash flows. Litigation, however, is inherently unpredictable, and it is possible that the ultimate outcome of one |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Basis of Presentation [Abstract] | |
Revenue Recognition | Revenue Recognition On January 1, 2018, we adopted Accounting Standards Update ("ASU") No. 2014 09 Revenue from Contracts with Customers (Topic 606 2014 09 Under ASU 2014 09 We determine revenue recognition through the following steps: ● Identification of a contract, or contracts, with a customer; ● Identification of performance obligations in the contract; ● Determination of the transaction price; ● Allocation of the transaction price to the performance obligations in the contract; and ● Recognition of revenue when, or as, we satisfy a performance obligation. Revenue disaggregated by revenue source for the three and nine September 30, 2018 2017 Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Product sales $ 1,750 $ 1,120 $ 3,970 $ 4,189 Royalties 2,299 2,504 6,982 5,994 Total revenue $ 4,049 $ 3,624 $ 10,952 $ 10,183 Product Sales: Product revenue is generated from the direct sales of our RTMS radar systems worldwide and our Autoscope video systems in Europe and Asia. Revenue is recognized when control of the promised goods or services is transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Certain product sales may contain multiple performance obligations for revenue recognition purposes. For performance obligations without observable stand-alone prices charged to customers Revenue from arrangements for services such as maintenance, repair, consulting and technical support are recognized either as the service is performed or ratably over the defined contractual period for service maintenance contracts. Our payment terms may vary by the type and location of our customer and the products or services offered. We record deferred revenues when cash payments are received or due in advance of our performance, including amounts which are refundable. We record provisions against sales revenue for estimated returns and allowances in the period when the related revenue is recorded based on historical sales returns and changes in end user demand. Royalties: Econolite Control Products, Inc. (“Econolite”) is our licensee that sells our Autoscope video system products in the United States, Mexico, Canada and the Caribbean. The royalty of approximately 50% of the gross profit on licensed products is recognized when the products are shipped or delivered by Econolite to its customers. Practical Expedients and Exemptions: We generally expense sales commissions when incurred because the amortization periods would have been one year We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year |
Inventories | Inventories Inventories are primarily electronic components and finished goods and are valued at the lower of cost or net realizable value on the first-in, first-out accounting method. |
Income Taxes | Income Taxes We record a tax provision for the anticipated tax consequences of the reported results of operations. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those deferred tax assets and liabilities are expected to be realized or settled. We record a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. We believe it is more likely than not that forecasted income, including income that may be generated as a result of certain tax planning strategies, together with the tax effects of the deferred tax liabilities, will be sufficient to fully recover the remaining net realizable value of deferred tax assets. In the event that all or part of the net deferred tax assets are determined not to be realizable in the future, an adjustment to the valuation allowance would be charged to earnings in the period such determination is made. In addition, the calculation of tax liabilities involves significant judgment in estimating the impact of uncertainties in the application of complex tax laws. Resolution of these uncertainties in a manner inconsistent with management’s expectations could have a material impact on our financial condition and operating results. We recognize penalties and interest expense related to unrecognized tax benefits in income tax expense. |
Intangible Assets | Intangible Assets We capitalize certain software development costs related to software to be sold, leased, or otherwise marketed. Capitalized software development costs include purchased materials, services, internal labor and other costs associated with the development of new products and services. Software development costs are expensed as incurred until technological feasibility has been established, at which time future costs incurred are capitalized until the product is available for general release to the public. Based on our product development process, technological feasibility is generally established once product and detailed program designs have been completed, uncertainties related to high-risk development issues have been resolved through coding and testing, and we have established that the necessary skills, hardware, and software technology are available for production of the product. Once a software product is available for general release to the public, capitalized development costs associated with that product will begin to be amortized to cost of sales over the product's estimated economic selling life, using the greater of the straight-line method or a method that results in cost recognition in future periods that is consistent with the anticipated timing of product revenue recognition. Capitalized software development costs are subject to an ongoing assessment of recoverability, which is impacted by estimates and assumptions of future revenues and expenses for these software products, as well as other factors such as changes in product technologies. Any portion of unamortized capitalized software development costs that is determined to be in excess of net realizable value has been expensed in the period in which such a determination is made. Subsequent to reaching technological feasibility for certain software products in a prior quarter, we capitalized approximately $32,000 and $305,000 of software development costs during the quarters ended September 30, 2018 2017 Intangible assets with finite lives are amortized on a straight - line basis over the expected period to be benefited by future cash flows and reviewed for impairment. At both September 30, 2018 December 31, 2017 September 30, 2018 2017 - lived intangible assets. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Basis of Presentation [Abstract] | |
Schedule of revenue disaggregated by revenue source | Revenue disaggregated by revenue source for the three and nine September 30, 2018 2017 Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Product sales $ 1,750 $ 1,120 $ 3,970 $ 4,189 Royalties 2,299 2,504 6,982 5,994 Total revenue $ 4,049 $ 3,624 $ 10,952 $ 10,183 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Inventory [Abstract] | |
Schedule of Inventories | Inventories consisted of the following (in thousands): September 30, 2018 December 31, 2017 Finished goods $ 642 $ 288 Components 137 47 Total $ 779 $ 335 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Intangible Assets [Abstract] | |
Schedule of intangible assets | Intangible assets consisted of the following (dollars in thousands): September 30, 2018 Weighted Gross Net Average Carrying Accumulated Carrying Useful Life Amount Amortization Value (in Years) Developed technology $ 3,900 $ (3,900 ) $ — — Vision development costs 2,929 (727 ) 2,202 8.0 Software development in process costs 446 — 446 — IntellitraffiQ development costs 468 (29 ) 439 4.0 Wrong Way development costs 228 (76 ) 152 2.0 Total $ 7,971 $ (4,732 ) $ 3,239 7.1 December 31, 2017 Weighted Gross Net Average Carrying Accumulated Carrying Useful Life Amount Amortization Value (in Years) Developed technology $ 3,900 $ (3,900 ) $ — — Vision development costs 2,929 (452 ) 2,477 8.0 Software development in process costs 1,008 — 1,008 — Total $ 7,837 $ (4,352 ) $ 3,485 8.0 |
Warranties (Tables)
Warranties (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Warranties [Abstract] | |
Warranty liability and related activity | Warranty liability and related activity consisted of the following (in thousands): Nine-Month September 30, 2018 2017 Beginning balance $ 858 $ 1,223 Warranty provisions 103 38 Warranty claims (25 ) (111 ) Adjustments to preexisting warranties (231 ) (167 ) Currency (7 ) 4 Ending balance $ 698 $ 987 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Stock-Based Compensation [Abstract] | |
Schedule of stock option activity | A summary of the option activity for the first nine 2018 Number of Shares Weighted Weighted Aggregate Options outstanding at December 31, 2017 85,750 $ 5.78 4.00 $ — Granted — $ — — $ — Exercised — $ — — $ — Expired (12,000 ) $ 5.76 — $ — Forfeited (34,750 ) $ 5.26 — $ 363 Options outstanding at September 30, 2018 39,000 $ 6.26 3.10 $ 31,480 Options exercisable at September 30, 2018 39,000 $ 6.26 3.10 $ 31,480 |
Table summarizes restricted stock award activity | The following table summarizes restricted stock award activity for the first nine 2018 Number of Weighted Awards outstanding December 31, 2017 32,000 $ 2.95 Granted 81,007 3.61 Vested (38,796 ) 3.93 Forfeited (15,334 ) 2.95 Awards outstanding at September 30, 2018 58,877 $ 3.22 |
Income per Common Share (Tables
Income per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Income per Common Share [Abstract] | |
Schedule of reconciliation of net income per share | A reconciliation of net income per share is as follows (in thousands, except per share data): Three-Month Periods Ended September 30, Nine-Month Periods Ended September 30, 2018 2017 2018 2017 Numerator: Net income $ 851 $ 870 $ 1,345 $ 1,390 Denominator: Weighted average common shares outstanding 5,212 5,138 5,200 5,117 Dilutive potential common shares 32 13 6 4 Shares used in diluted net income per common share calculations 5,244 5,151 5,206 5,121 Basic net income per common share $ 0.16 $ 0.17 $ 0.26 $ 0.27 Diluted net income per common share $ 0.16 $ 0.17 $ 0.26 $ 0.27 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Information [Abstract] | |
Schedule of financial information by reportable segment | The following tables set forth selected unaudited financial information for each of our reportable segments (in thousands): Three Months Ended September 30, Intersection Highway Total 2018 2017 2018 2017 2018 2017 Revenue $ 2,599 $ 2,852 $ 1,450 $ 772 $ 4,049 $ 3,624 Gross profit 2,386 2,577 920 445 3,306 3,022 Amortization of intangible assets 91 90 58 — 149 90 Intangible assets 2,202 2,569 1,037 827 3,239 3,396 Nine Months Ended September 30, Intersection Highway Total 2018 2017 2018 2017 2018 2017 Revenue $ 7,858 $ 6,970 $ 3,094 $ 3,213 $ 10,952 $ 10,183 Gross profit 7,168 6,266 1,893 1,883 9,061 8,149 Amortization of intangible assets 275 270 105 — 380 270 Intangible assets 2,202 2,569 1,037 827 3,239 3,396 |
Basis of Presentation (Details
Basis of Presentation (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Basis of Presentation [Abstract] | |||
Amortization period for expense sales commissions incurred, maximum | 1 year | ||
Period for the value of unsatisfied performance obligations which are not disclosed | 1 year | ||
Royalty percentage of gross profit on licensed products | 50.00% | ||
Software development costs capitalized | $ 32,000 | $ 305,000 | |
Impairment of intangible assets | 0 | $ 0 | |
Indefinite‑lived intangible assets | $ 0 | $ 0 |
Basis of Presentation (Detail_2
Basis of Presentation (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Total Revenue | $ 4,049 | $ 3,624 | $ 10,952 | $ 10,183 |
Product sales [Member] | ||||
Total Revenue | 1,750 | 1,120 | 3,970 | 4,189 |
Royalties [Member] | ||||
Total Revenue | $ 2,299 | $ 2,504 | $ 6,982 | $ 5,994 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Inventory [Abstract] | ||
Finished goods | $ 642 | $ 288 |
Components | 137 | 47 |
Total | $ 779 | $ 335 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 7,971 | $ 7,837 |
Accumulated Amortization | (4,732) | (4,352) |
Net Carrying Value | $ 3,239 | $ 3,485 |
Weighted Average Useful Life | 7 years 1 month 6 days | 8 years |
Developed technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 3,900 | $ 3,900 |
Accumulated Amortization | (3,900) | (3,900) |
Net Carrying Value | 0 | 0 |
Vision development costs [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,929 | 2,929 |
Accumulated Amortization | (727) | (452) |
Net Carrying Value | $ 2,202 | $ 2,477 |
Weighted Average Useful Life | 8 years | 8 years |
Software development in process costs [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 446 | $ 1,008 |
Accumulated Amortization | 0 | 0 |
Net Carrying Value | 446 | $ 1,008 |
IntellitraffiQ development costs [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 468 | |
Accumulated Amortization | (29) | |
Net Carrying Value | $ 439 | |
Weighted Average Useful Life | 4 years | |
Wrong Way development costs [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 228 | |
Accumulated Amortization | (76) | |
Net Carrying Value | $ 152 | |
Weighted Average Useful Life | 2 years |
Credit Facilities (Details Narr
Credit Facilities (Details Narrative) - Alliance Credit Agreement [Member] - USD ($) $ in Millions | May 12, 2014 | Sep. 30, 2018 |
Line of Credit Facility [Line Items] | ||
Maximum borrowing line of credit capacity | $ 5 | |
Interest rate | 3.95% | |
Description of collateral | Inventories, accounts receivable, cash, marketable securities, and equipment | |
Expiration | May 12, 2017 |
Warranties (Details)
Warranties (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Product Warranty Liability [Line Items] | ||
Beginning balance | $ 858 | $ 1,223 |
Warranty provisions | 103 | 38 |
Warranty claims | (25) | (111) |
Adjustments to preexisting warranties | (231) | (167) |
Currency | (7) | 4 |
Ending balance | $ 698 | $ 987 |
Minimum [Member] | ||
Product Warranty Liability [Line Items] | ||
Product Warranty Period | 2 years | |
Maximum [Member] | ||
Product Warranty Liability [Line Items] | ||
Product Warranty Period | 5 years |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 41,000 | $ 76,000 | $ 164,000 | $ 229,000 |
Shares available for grant | 125,240 | 125,240 | ||
Stock-based compensation | $ 41,000 | $ 76,000 | $ 164,000 | 229,000 |
Stock option exercised | 0 | |||
Stock awards, weighted average grant date fair value | $ 3.61 | |||
Stock awards granted | 81,007 | |||
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option awards, vesting term | 3 years | |||
Stock option awards, contractual term | 9 years | |||
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option awards, vesting term | 5 years | |||
Stock option awards, contractual term | 10 years | |||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 1,000 | 16,000 | ||
Unrecognized compensation cost related to non-vested stock awards | $ 0 | 0 | ||
Stock-based compensation | $ 1,000 | $ 16,000 | ||
Stock option exercised | 0 | 0 | 0 | 0 |
Restricted Stock Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 163,000 | $ 213,000 | ||
Unrecognized compensation cost related to non-vested stock awards | $ 153,000 | 153,000 | ||
Stock-based compensation | $ 163,000 | $ 213,000 | ||
Period for recognition of unrecognized compensation cost related to non-vested stock awards | 2 years 4 months 24 days | |||
Stock awards, weighted average grant date fair value | $ 3.61 | |||
Vesting rights description of stock awards granted | The restricted stock awards granted to executive officers vest if the various performance or time-based metrics are met. | |||
Stock awards granted | 81,007 |
Stock-Based Compensation (Det_2
Stock-Based Compensation (Details) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | |
Number of Shares | ||
Outstanding - beginning of period | shares | 85,750 | |
Granted | shares | 0 | |
Exercised | shares | 0 | |
Expired | shares | (12,000) | |
Forfeited | shares | (34,750) | |
Outstanding - end of period | shares | 39,000 | 85,750 |
Exercisable - end of period | shares | 39,000 | |
Weighted Average Exercise Price | ||
Outstanding - beginning of period | $ / shares | $ 5.78 | |
Granted | $ / shares | 0 | |
Exercised | $ / shares | 0 | |
Expired | $ / shares | 5.76 | |
Forfeited | $ / shares | 5.26 | |
Outstanding - end of period | $ / shares | 6.26 | $ 5.78 |
Exercisable - end of period | $ / shares | $ 6.26 | |
Weighted Average Remaining Contractual Term | ||
Options outstanding | 3 years 1 month 6 days | 4 years |
Options exercisable | 3 years 1 month 6 days | |
Aggregate Intrinsic Value | ||
Outstanding - beginning of period | $ | $ 0 | |
Granted | $ | 0 | |
Exercised | $ | 0 | |
Expired | $ | 0 | |
Forfeited | $ | 363 | |
Outstanding - end of period | $ | 31,480 | $ 0 |
Options exercisable | $ | $ 31,480 |
Stock-Based Compensation (Det_3
Stock-Based Compensation (Details 2) | 9 Months Ended |
Sep. 30, 2018$ / sharesshares | |
Restricted Stock Awards Activity [Abstract] | |
Awards outstanding at beginning of year | shares | 32,000 |
Granted | shares | 81,007 |
Vested | shares | (38,796) |
Forfeited | shares | (15,334) |
Awards outstanding at end of year | shares | 58,877 |
Weighted Average grant date fair value | |
Outstanding at beginning of year | $ / shares | $ 2.95 |
Granted | $ / shares | 3.61 |
Vested | $ / shares | 3.93 |
Forfeited | $ / shares | 2.95 |
Outstanding at end of year | $ / shares | $ 3.22 |
Income per Common Share (Detail
Income per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income per Common Share [Abstract] | ||||
Basic net income per common share | $ 0.16 | $ 0.17 | $ 0.26 | $ 0.27 |
Diluted net income per common share | $ 0.16 | $ 0.17 | $ 0.26 | $ 0.27 |
Numerator: | ||||
Net income | $ 851 | $ 870 | $ 1,345 | $ 1,390 |
Denominator: | ||||
Weighted average common shares outstanding | 5,212 | 5,138 | 5,200 | 5,117 |
Dilutive potential common shares | 32 | 13 | 6 | 4 |
Shares used in diluted net income per common share calculations | 5,244 | 5,151 | 5,206 | 5,121 |
Shares excluded from diluted weighted shares outstanding | 22,065 | 100,196 | 64,041 | 132,247 |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of Reportable Segments | 2 | |||
Revenue | $ 4,049 | $ 3,624 | $ 10,952 | $ 10,183 |
Gross profit | 3,306 | 3,022 | 9,061 | 8,149 |
Amortization of intangible assets | 149 | 90 | 380 | 270 |
Intangible assets | 3,239 | 3,396 | 3,239 | 3,396 |
Intersection [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 2,599 | 2,852 | 7,858 | 6,970 |
Gross profit | 2,386 | 2,577 | 7,168 | 6,266 |
Amortization of intangible assets | 91 | 90 | 275 | 270 |
Intangible assets | 2,202 | 2,569 | 2,202 | 2,569 |
Highway [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,450 | 772 | 3,094 | 3,213 |
Gross profit | 920 | 445 | 1,893 | 1,883 |
Amortization of intangible assets | 58 | 0 | 105 | 0 |
Intangible assets | $ 1,037 | $ 827 | $ 1,037 | $ 827 |
Restructuring and Exit Activi_2
Restructuring and Exit Activities (Details Narrative) - USD ($) | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Restructuring and Exit Activities [Abstract] | ||
Estimated closure costs related to severance, disposal of fixed assets, and legal fees | $ 125,000 | |
Entity closures cost | $ 0 | $ 0 |