Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 23, 2017 | Jun. 30, 2016 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | TRANS LUX CORP | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 1,710,671 | ||
Entity Public Float | $ 1,399,000 | ||
Amendment Flag | false | ||
Entity Central Index Key | 99,106 | ||
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 | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 606 | $ 547 |
Receivables, net | 3,118 | 2,888 |
Inventories | 1,893 | 1,876 |
Prepaids and other assets | 671 | 605 |
Total current assets | 6,288 | 5,916 |
Long-term assets: | ||
Rental equipment, net | 3,089 | 4,682 |
Property, plant and equipment, net | 2,292 | 1,156 |
Goodwill | 744 | 744 |
Restricted cash | 612 | 215 |
Other assets | 389 | 277 |
Total long-term assets | 7,126 | 7,074 |
TOTAL ASSETS | 13,414 | 12,990 |
Current liabilities: | ||
Accounts payable | 1,493 | 1,209 |
Accrued liabilities | 5,800 | 6,136 |
Current portion of long-term debt | 2,984 | 1,031 |
Total current liabilities | 10,277 | 8,376 |
Long-term liabilities: | ||
Long-term debt, less current portion | 57 | 262 |
Long-term debt - related party | 500 | |
Deferred pension liability and other | 3,856 | 4,508 |
Total long-term liabilities | 4,413 | 4,770 |
Total liabilities | 14,690 | 13,146 |
Commitments and contingencies (Note 17) | ||
Stockholders' deficit: | ||
Preferred Stock Series A - $20 stated value - 416,500 shares authorized; shares issued and outstanding: 0 in 2016 and 2015 and Preferred Stock Series B - $200 stated value - 51,000 shares authorized; shares issued and outstanding: 16,512 in 2016 and 2015 | 3,302 | 3,302 |
Common Stock - $0.001 par value - 10,000,000 shares authorized; shares issued: 1,738,511 in 2016 and 2015; shares outstanding: 1,710,671 in 2016 and 2015 | 2 | 2 |
Additional paid-in-capital | 27,935 | 27,914 |
Accumulated deficit | (23,842) | (23,054) |
Accumulated other comprehensive loss | (5,610) | (5,257) |
Treasury stock - at cost - 27,840 common shares in 2016 and 2015 | (3,063) | (3,063) |
Total stockholders' deficit | (1,276) | (156) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | 13,414 | 12,990 |
Series A Preferred Stock [Member] | Convertible Preferred Stock [Member] | ||
Stockholders' deficit: | ||
Preferred Stock Series A - $20 stated value - 416,500 shares authorized; shares issued and outstanding: 0 in 2016 and 2015 and Preferred Stock Series B - $200 stated value - 51,000 shares authorized; shares issued and outstanding: 16,512 in 2016 and 2015 | ||
Series B Preferred Stock [Member] | Convertible Preferred Stock [Member] | ||
Stockholders' deficit: | ||
Preferred Stock Series A - $20 stated value - 416,500 shares authorized; shares issued and outstanding: 0 in 2016 and 2015 and Preferred Stock Series B - $200 stated value - 51,000 shares authorized; shares issued and outstanding: 16,512 in 2016 and 2015 | $ 3,302 | $ 3,302 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Preferred stock, shares authorized | 500,000 | |
Common Stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common Stock, shares authorized | 10,000,000 | 10,000,000 |
Common Stock, shares issued | 1,738,511 | 1,738,511 |
Common Stock, shares outstanding | 1,710,671 | 1,710,671 |
Treasury Stock, shares | 27,840 | 27,840 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value (in Dollars per share) | $ 20 | |
Preferred stock, shares authorized | 416,500 | |
Series A Preferred Stock [Member] | Convertible Preferred Stock [Member] | ||
Preferred stock, par value (in Dollars per share) | $ 20 | $ 20 |
Preferred stock, shares authorized | 416,500 | 416,500 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Series B Preferred Stock [Member] | ||
Preferred stock, shares authorized | 51,000 | |
Preferred stock, shares outstanding | 16,512 | |
Series B Preferred Stock [Member] | Convertible Preferred Stock [Member] | ||
Preferred stock, par value (in Dollars per share) | $ 200 | $ 200 |
Preferred stock, shares authorized | 51,000 | 51,000 |
Preferred stock, shares issued | 16,512 | 16,512 |
Preferred stock, shares outstanding | 16,512 | 16,512 |
Preferred stock, liquidation preference (in Dollars) | $ 3,346,000 | $ 3,346,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATION - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues: | ||
Digital product sales | $ 18,138,000 | $ 19,994,000 |
Digital product lease and maintenance | 3,053,000 | 3,573,000 |
Total revenues | 21,191,000 | 23,567,000 |
Cost of revenues: | ||
Cost of digital product sales | 13,355,000 | 15,373,000 |
Cost of digital product lease and maintenance | 2,032,000 | 2,757,000 |
Total cost of revenues | 15,387,000 | 18,130,000 |
Gross profit | 5,804,000 | 5,437,000 |
General and administrative expenses | (6,624,000) | (7,589,000) |
Operating loss | (820,000) | (2,152,000) |
Interest expense, net | (374,000) | (306,000) |
(Loss) gain on foreign currency remeasurement | (45,000) | 478,000 |
Gain on extinguishment of debt | 462,000 | 314,000 |
Gain on sale/leaseback transaction | 121,000 | |
Warrant expense | (21,000) | (60,000) |
Loss before income taxes | (677,000) | (1,726,000) |
Income tax benefit (expense) | 66,000 | (23,000) |
Net loss | $ (611,000) | $ (1,749,000) |
Loss per share - basic and diluted (in Dollars per share) | $ (0.47) | $ (1.06) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Net loss | $ (611,000) | $ (1,749,000) |
Other comprehensive (loss) income: | ||
Unrealized foreign currency translation gain (loss) | 56,000 | (448,000) |
Change in unrecognized pension costs | (409,000) | 652,000 |
Total other comprehensive (loss) income, net of tax | (353,000) | 204,000 |
Comprehensive loss | $ (964,000) | $ (1,545,000) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS` EQUITY - USD ($) | Director [Member]Additional Paid-in Capital [Member] | Director [Member] | BFI [Member]Additional Paid-in Capital [Member] | BFI [Member] | Series A Preferred Stock [Member]Preferred Stock [Member] | Series B Preferred Stock [Member]Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
Balance at Dec. 31, 2014 | $ 2,000 | $ 27,959,000 | $ (21,305,000) | $ (5,461,000) | $ (3,063,000) | $ (1,868,000) | ||||||
Balance (in Shares) at Dec. 31, 2014 | 1,700,429 | |||||||||||
Net loss | (1,749,000) | (1,749,000) | ||||||||||
Common stock issued for exchange of 8.25% Notes | 152,000 | 152,000 | ||||||||||
Common stock issued for exchange of 8.25% Notes (in Shares) | 38,082 | |||||||||||
Preferred stock issued | $ 3,302,000 | (278,000) | 3,024,000 | |||||||||
Preferred stock issued (in Shares) | 16,512 | |||||||||||
Warrants issued | $ 60,000 | $ 60,000 | $ 21,000 | $ 21,000 | ||||||||
Other comprehensive loss, net of tax: | ||||||||||||
Unrealized foreign currency translation | (448,000) | (448,000) | ||||||||||
Change in unrecognized pension costs | 652,000 | 652,000 | ||||||||||
Balance at Dec. 31, 2015 | $ 3,302,000 | $ 2,000 | 27,914,000 | (23,054,000) | (5,257,000) | (3,063,000) | (156,000) | |||||
Balance (in Shares) at Dec. 31, 2015 | 16,512 | 1,738,511 | ||||||||||
Net loss | (611,000) | (611,000) | ||||||||||
Dividends paid on preferred stock | (177,000) | (177,000) | ||||||||||
Warrants issued | $ 21,000 | $ 21,000 | ||||||||||
Other comprehensive loss, net of tax: | ||||||||||||
Unrealized foreign currency translation | 56,000 | 56,000 | ||||||||||
Change in unrecognized pension costs | (409,000) | (409,000) | ||||||||||
Balance at Dec. 31, 2016 | $ 3,302,000 | $ 2,000 | $ 27,935,000 | $ (23,842,000) | $ (5,610,000) | $ (3,063,000) | $ (1,276,000) | |||||
Balance (in Shares) at Dec. 31, 2016 | 16,512 | 1,738,511 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities | ||
Net loss | $ (611,000) | $ (1,749,000) |
Adjustment to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 1,774,000 | 2,444,000 |
Amortization of gain on sale/leaseback transaction | (121,000) | |
Amortization of deferred financing fees | 72,000 | |
Loss on disposal of assets | 2,000 | |
Gain on extinguishment of debt | (462,000) | (314,000) |
Loss (gain) on foreign currency remeasurement | 45,000 | (478,000) |
Amortization of warrants - stock compensation expense | 21,000 | 60,000 |
Bad debt expense | 305,000 | 437,000 |
Changes in operating assets and liabilities: | ||
Receivables | (528,000) | (544,000) |
Inventories | (17,000) | (65,000) |
Prepaids and other assets | (125,000) | 141,000 |
Accounts payable | 284,000 | (589,000) |
Accrued liabilities | (337,000) | (1,421,000) |
Deferred pension liability and other | (1,072,000) | (485,000) |
Net cash used in operating activities | (772,000) | (2,561,000) |
Cash flows from investing activities | ||
Proceeds from sale/leaseback transaction | 1,100,000 | |
Equipment manufactured for rental | (44,000) | (61,000) |
Purchases of property, plant and equipment | (2,037,000) | (175,000) |
Restricted cash | (397,000) | |
Net cash used in investing activities | (1,378,000) | (236,000) |
Cash flows from financing activities | ||
Proceeds from long-term debt | 2,955,000 | 500,000 |
Proceeds from long-term debt - related parties | 500,000 | 500,000 |
Proceeds from issuance of preferred stock, net of costs | 3,024,000 | |
Payments of long-term debt | (682,000) | (790,000) |
Payments of long-term debt - related parties | (500,000) | |
Payments of dividends on preferred stock | (177,000) | |
Payments for deferred financing fees | (368,000) | (31,000) |
Payments for fees on extinguishment of debt | (27,000) | |
Net cash provided by financing activities | 2,201,000 | 2,703,000 |
Effect of exchange rate changes | 8,000 | (9,000) |
Net increase (decrease) in cash and cash equivalents | 59,000 | (103,000) |
Cash and cash equivalents at beginning of year | 547,000 | 650,000 |
Cash and cash equivalents at end of period | 606,000 | 547,000 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 232,000 | 102,000 |
Income taxes paid | $ 23,000 | 29,000 |
Warrants issued to BFI | 21,000 | |
Exchange of Debt for Common Stock | $ 152,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 1. Summary of Significant Accounting Policies Trans-Lux Corporation is a leading designer and manufacturer of digital signage displays and LED lighting solutions. The Company sells and leases its digital signage displays and LED lighting solutions. Principles of consolidation Use of estimates Cash and cash equivalents Accounts receivable The following is a summary of the allowance for uncollectible accounts at December 31: In thousands 2016 2015 Balance at beginning of year $ 559 $ 168 Provisions 305 437 Deductions (825) (46) Balance at end of year $ 39 $ 559 Concentrations of credit risk with respect to accounts receivable are limited due to the large number of customers, the relatively small account balances within the majority of the Company’s customer base and their dispersion across different businesses. In 2016, the Company’s revenues did not include any individual customer that exceeded 10% of total revenues. In 2015, one multinational customer accounted for 12.5% of total revenues. Inventories Rental equipment and property, plant and equipment, net The estimated useful lives are as follows: Years Indoor rental equipment 5 - 10 Outdoor rental equipment 15 Buildings and improvements 10 – 39 Machinery, fixtures and equipment 3 – 15 Leaseholds and improvements 3 When rental equipment and property, plant and equipment are fully depreciated, retired or otherwise disposed of, the cost and accumulated depreciation are eliminated from the accounts. Any gains or losses on disposals are recorded in the period incurred. Goodwill The Company annually evaluates the value of its goodwill on October 1 and determines if it is impaired by comparing the carrying value of goodwill to its estimated fair value. Changes in the assumptions used could materially impact the fair value estimates. Assumptions critical to our fair value estimates are: (i) discount rate used to derive the present value factors used in determining the fair value of the reporting unit, (ii) projected average revenue growth rates used in the reporting unit models and (iii) projected long-term growth rates used in the derivation of terminal year values. These and other assumptions are impacted by economic conditions and expectations of management and will change in the future based on period-specific facts and circumstances. The Company uses the income and the market approach when testing for goodwill impairment. The Company weighs these approaches by using a 67% factor for the income approach and a 33% factor for the market approach. Together these two factors estimate the fair value of the reporting unit. The Company uses a discounted cash flow model to determine the fair value under the income approach which contemplates a conservative overall weighted average revenue growth rate. If the Company were to reduce its revenue projections on the reporting unit by 14.5% within the income approach, the fair value of the reporting unit would be below carrying value. The gross profit margins used are consistent with historical margins achieved by the Company during previous years. If there is a margin decline of 12.5% or more, the model would yield results of a fair value less than carrying amount. The Company uses a market multiple approach based on revenue to determine the fair value under the market approach which includes a selection of and market price of a group of comparable companies and the performance of the guidelines of the comparable companies and of the reporting unit. The impairment test for goodwill is a two-step process. The first step of the goodwill impairment test compares the fair value of the reporting unit with its carrying amount. If the carrying amount of the reporting unit exceeds its fair value, a second step is performed to calculate the implied fair value of the goodwill of the reporting unit by deducting the fair value of all of the individual assets and liabilities of the reporting unit from the respective fair values of the reporting unit as a whole. To the extent the calculated implied fair value of the goodwill is less than the recorded goodwill, an impairment charge is recorded for the difference. Fair value is determined using cash flow and other valuation models (generally Level 3 inputs in the fair value hierarchy described in Note 3 – Fair Value). There was no impairment of goodwill in 2016 or 2015. Impairment or disposal of long-lived assets Restricted cash: Shipping Costs: Advertising/Marketing Costs: Revenue recognition Revenues on equipment sales with long-term receivables are recorded on the installment basis. At December 31, 2016, the future accounts receivables due to the Company under installment sales agreements aggregated $76,000 through 2018. Revenues on equipment sales, other than long-term equipment sales contracts, are recognized upon shipment when title and risk of loss passes to the customer. Warranty reserve: Taxes on income The Company considers whether it is more-likely-than-not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Once it is determined that a position meets the more-likely-than-not recognition threshold, the position is measured to determine the amount of benefit to recognize in the financial statements. The Company’s policy is to classify interest and penalties related to uncertain tax positions in income tax expense. To date, there have been no interest or penalties charged to the Company in relation to the underpayment of income taxes. The Company’s determinations regarding uncertain income tax positions may be subject to review and adjustment at a later date based upon factors including, but not limited to, an ongoing analysis of tax laws, regulations and interpretations thereof. Foreign currency Share-based compensation plans Consideration of Subsequent Events: Recent accounting pronouncements: Simplifying the Presentation of Debt Issuance Costs In November 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-18, Statement of Cash Flows (Topic 230) In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718) In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In August 2015, the FASB issued ASU 2015-14, which defers the effective date of ASU 2014-09, Revenue from Contracts with Customers In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern Reclassifications |
Going Concern
Going Concern | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Substantial Doubt about Going Concern [Text Block] | 2. Going Concern A fundamental principle of the preparation of financial statements in accordance with GAAP is the assumption that an entity will continue in existence as a going concern, which contemplates continuity of operations and the realization of assets and settlement of liabilities occurring in the ordinary course of business. This principle is applicable to all entities except for entities in liquidation or entities for which liquidation appears imminent. In accordance with this requirement, the Company has prepared its accompanying Consolidated Financial Statements assuming the Company will continue as a going concern. We do not have adequate liquidity, including access to the debt and equity capital markets, to operate our business over the next 12 months from the date of issuance of this Form 10-K. The Company incurred a net loss of $611,000 in 2016 and had a working capital deficiency of $4.0 million as of December 31, 2016. As such, there is substantial doubt about the Company’s ability to continue as a going concern for the next 12 months from the date of issuance of this Form 10-K. As a result, our short-term business focus has been to preserve our liquidity position. Unless we are successful in obtaining additional liquidity, we believe that we will not have sufficient cash and liquid assets to fund normal operations for the next 12 months from the date of issuance of this Form 10-K. In addition, the Company’s obligations under its pension plan exceeded plan assets by $4.4 million at December 31, 2016 and the Company has a significant amount due to its pension plan over the next 12 months. The Company is in default on its 8¼% Limited convertible senior subordinated notes due 2012 (the "Notes") and 9½% Subordinated debentures due 2012 (the "Debentures"), which have remaining principal balances of $387,000 and $220,000, respectively. As a result, if the Company is unable to (i) obtain additional liquidity for working capital, (ii) make the required minimum funding contributions to the defined benefit pension plan and/or (iii) make the required principal and interest payments on the Notes and the Debentures, there would be a significant adverse impact on the financial position and operating results of the Company. The accompanying financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amounts and classification of liabilities that may result from the outcome of this uncertainty. See Note 11 - Long-Term Debt for further details. The Company is seeking additional financing in order to provide enough cash to cover our remaining current fixed cash obligations as well as providing working capital. However, there can be no assurance as to the amounts, if any, the Company will receive in any additional financings or the terms thereof. To the extent the Company issues additional equity securities, it could be dilutive to existing shareholders. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 3. Fair Value The Company carries its money market funds and cash surrender value of life insurance related to its deferred compensation arrangements at fair value. Under ASC 820, the fair value of all assets and liabilities is determined using a three-tier fair value hierarchy. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows: · Level 1 – Inputs to the valuation methodology based on unadjusted quoted market prices in active markets that are accessible at the measurement date. · Level 2 – Inputs to the valuation methodology that include quoted market prices that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly. · Level 3 – Inputs to the valuation methodology that are unobservable and significant to the fair value measurement. Based on this hierarchy, the Company determined the fair value of its money market funds using quoted market prices, a Level 1 or an observable input, and the cash surrender value of life insurance, a Level 2 based on observable inputs primarily from the counter party. The Company’s money market funds and the cash surrender value of life insurance had carrying amounts of $1,000 and $55,000, respectively, at December 31, 2016 and 2015, and are included in Cash and cash equivalents and Other assets, respectively, in the Consolidated Balance Sheets. The carrying amounts of cash equivalents, receivables and accounts payable approximate fair value due to the short maturities of these items. The fair value of the Company’s Notes, using observable inputs, was $77,000 at December 31, 2016 and $164,000 at December 31, 2015. The fair value of the Company’s Debentures, using observable inputs, was $44,000 at December 31, 2016 and $33,000 at December 31, 2015. The fair value of the Company’s remaining long-term debt including current portion approximates its carrying value of $3.2 million at December 31, 2016 and $333,000 at December 31, 2015. The fair value of warrants is calculated using the Black-Scholes method at the time of issuance of the warrants, for which the Company’s warrants have been classified under the equity method. The Black-Scholes calculated values totaling $252,000 of the equity warrants issued to directors in 2013 were amortized over their vesting periods of one, two and three years. The equity warrants issued in 2015 were fully vested at the date of issuance, so their Black-Scholes calculated value of $21,000 was fully charged to the equity section at the date of issuance. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | 4. Inventories Inventories consist of the following: In thousands 2016 2015 Raw materials $ 1,245 $ 1,378 Work-in-progress 410 409 Finished goods 238 89 Total Inventory $ 1,893 $ 1,876 |
Rental Equipment, net
Rental Equipment, net | 12 Months Ended |
Dec. 31, 2016 | |
Rental Equipment [Abstract] | |
Rental Equipment [Text Block] | 5. Rental Equipment, net Rental equipment consists of the following In thousands 2016 2015 Rental equipment $ 15,354 $ 21,134 Less accumulated depreciation 12,265 16,452 Net rental equipment $ 3,089 $ 4,682 The Company entered into a Master Agreement for Sale and Assignment of Leases with AXIS Capital, Inc. (the “Assignment Agreement”) and financed the future receivables relating to certain lease contracts. A security interest was granted on the rental equipment underlying the lease contract receivables sold to AXIS Capital, Inc. by the Company pursuant to the Assignment Agreement. During 2016, $5.8 million of fully depreciated rental equipment was written off. Depreciation expense for rental equipment for the years ended December 31, 2016 and 2015 was $1.6 million and $2.3 million, respectively. |
Property, Plant and Equipment,
Property, Plant and Equipment, net | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 6. Property, Plant and Equipment, net Property, plant and equipment consists of the following: In thousands 2016 2015 Land, buildings and improvements $ - $ 1,256 Machinery, fixtures and equipment 2,839 878 Leaseholds and improvements 25 25 Property, plant and equipment, Gross 2,864 2,159 Less accumulated depreciation 572 1,003 Net property, plant and equipment $ 2,292 $ 1,156 Land, buildings and equipment having a net book value of $2.3 million and $1.1 million at December 31, 2016 and 2015, respectively, are pledged as collateral under various financing agreements. On February 1, 2016, the Company sold its Des Moines, Iowa facility for $1.1 million in a sale/leaseback transaction. The lease is for a two year period at an annual rental of $158,000. As a result of the sale, the remaining $329,000 mortgage was paid in full. Net proceeds of $661,000 were received after paying off the related mortgage. The Company calculated a gain of $267,000, which is being recognized over the 24 month term of the lease. The Company recognized $121,000 of the gain in the year ended December 31, 2016. During 2016 and 2015, $36,000 and $151,000, respectively, of fully depreciated property, plant and equipment was written off. Depreciation expense for property, plant and equipment for the years ended December 31, 2016 and 2015 was $137,000 and $123,000, respectively. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure Text Block Supplement [Abstract] | |
Other Assets Disclosure [Text Block] | 7. Other Assets Other assets consist of the following: In thousands 2016 2015 Deposits $ 255 $ 146 Prepaids 109 55 Long-term receivables 25 76 Total $ 389 $ 277 |
Taxes on Income
Taxes on Income | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 8. Taxes on Income The components of income tax (benefit) expense are as follows: In thousands 2016 2015 Current: Federal $ (89) $ - State and local - - Foreign 23 23 Income tax (expense) benefit, current $ (66) $ 23 Deferred: Federal $ - $ - State and local - - Income tax (expense) benefit, deferred - - Income tax (benefit) expense $ (66) $ 23 Loss before income taxes from the United States operations was $0.6 million and $2.2 million for the years ended December 31, 2016 and 2015, respectively. Income (loss) before income taxes from Canada was $0.1 million and ($0.5 million) for the years ended December 31, 2016 and 2015, respectively. The effective income tax rate differed from the expected federal statutory income tax benefit rate of 34.0% as follows: 2016 2015 Statutory federal income tax benefit rate 34.0 % 34.0 % State income taxes, net of federal benefit 3.1 4.8 Foreign income taxed at different rates 0.7 7.5 Deferred tax asset valuation allowance (29.4) (46.4) Other 1.3 (1.2) Effective income tax benefit (expense) rate 9.7 % (1.3) % Significant components of the Company’s deferred income tax assets and liabilities are as follows: In thousands 2016 2015 Deferred income tax asset: Tax credit carryforwards $ 808 $ 897 Operating loss carryforwards 6,533 6,253 Net pension costs 2,225 2,749 Accruals 240 250 Allowance for bad debts (10) 55 Other 438 415 Valuation allowance (8,318) (8,208) Deferred income tax asset, Total 1,916 2,411 Deferred income tax liability: Depreciation 1,071 1,600 Other 845 811 Deferred income tax liability, Total 1,916 2,411 Net deferred income taxes $ - $ - Tax credit carryforwards primarily relate to federal alternative minimum taxes of $0.8 million paid by the Company, which may be carried forward indefinitely and applied against regular federal taxes. Operating tax loss carryforwards primarily relate to U.S. federal net operating loss carryforwards of approximately $16.3 million, which begin to expire in 2032. The operating loss carryforwards have been limited by a change in ownership of the Company in 2012 as defined under Section 382 of the Internal Revenue Code. This change in ownership as of June 26, 2012 had limited our operating loss carryforwards at that point to $295,000 per year aggregating $5.9 million. Subsequent losses in the remainder of 2012 and in the years since have increased our operating loss carryforward to its current level. A valuation allowance has been established for the amount of deferred income tax assets as management has concluded that it is more-likely-than-not that the benefits from such assets will not be realized. The Company’s determinations regarding uncertain income tax positions may be subject to review and adjustment at a later date based upon factors including, but not limited to, an ongoing analysis of tax laws, regulations and interpretations thereof. The Company does not have any material uncertain tax positions in 2016 and 2015. The Company is subject to U.S. federal income tax as well as income tax in multiple state and local jurisdictions and Canadian federal and provincial income tax. Currently, no federal, state or provincial income tax returns are under examination. |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 9. Accrued Liabilities Accrued liabilities consist of the following: In thousands 2016 2015 Deferred revenues $ 915 $ 931 Directors fees 844 684 Current portion of pension liability (see Note 14) 660 1,010 Compensation and employee benefits 590 614 Accrued manufacturing equipment cost 590 - Taxes payable 583 1,059 Interest payable 408 522 Warranty reserve 303 389 Audit fees 135 137 Other 772 790 Accrued Liabilities, Total $ 5,800 $ 6,136 A summary of the warranty reserve for the years ended December 31, 2016 and 2015 is as follows: In thousands 2016 2015 Balance at beginning of year $ 389 $ 345 Provisions 354 492 Deductions (440) (448) Balance at end of year $ 303 $ 389 |
Warrant Issuances
Warrant Issuances | 12 Months Ended |
Dec. 31, 2016 | |
Warrant Liabilities [Abstract] | |
Warrant Liabilities [Text Block] | 10. Warrant Issuances On April 23, 2015, the Company entered into a credit agreement with BFI Capital Fund II, LLC (“BFI”) for a $1.5 million credit line at a fixed rate of interest of 12.00%, with a maturity date of May 1, 2016, which was satisfied and terminated on November 23, 2015. Mr. Elser, a director of the Company, provided $500,000 of the funding to BFI. In connection with the agreement, the Company also issued BFI a warrant to purchase 10,000 shares of Common Stock at an exercise price of $12.00 per share, which expires on April 23, 2020. The fair value of this warrant at the date of issuance was $21,000. This warrant does not include a potential adjustment of the strike price if the Company sells or grants any options or warrants at a price per share less than the strike price of the warrants, so they are considered indexed to the Company’s Common Stock and were accounted for as equity in Additional paid-in-capital in the Consolidated Balance Sheets. On June 27, 2014, the Company entered into a Securities Purchase Agreement (the “SPA”) with Transtech LED Company Limited (“Transtech”) (formerly known as Retop Industrial (Hong Kong) Limited), pursuant to which Transtech purchased 333,333 shares of the Company’s Common Stock. Yaozhong Shi, a director of the Company, is the Chairman of Transtech. In connection with the SPA, the Company issued warrants to purchase 33,333 shares of the Company’s Common Stock to Transtech at an exercise price of $8.00 per share, which expired on June 27, 2016. These warrants were part of a direct investment in our equity, so they were considered indexed to the Company’s Common Stock and were accounted for as equity. In November 2012, the Board of Directors approved the issuance to two board members, George W. Schiele and Salvatore J. Zizza, of warrants to purchase 20,000 shares of Common Stock at an exercise price of $12.50 per share. In April 2013, the Board of Directors approved the issuance to one board member, Jean Firstenberg, of warrants to purchase 2,000 shares of Common Stock at an exercise price of $12.50 per share. These warrants became fully vested on October 2, 2016 and expire on October 2, 2018. The Company recorded non-cash expenses of $21,000 and $60,000 in the years ended December 31, 2016 and 2015, respectively, related to the value of the warrants issued, which is included in Warrant expense in the Consolidated Statements of Operations. These warrants do not include a potential adjustment of the strike price if the Company sells or grants any options or warrants at a price per share less than the strike price of the warrants, so they are considered indexed to the Company’s Common Stock and were accounted for as equity. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | 11. Long-Term Debt Long-term debt consists of the following: In thousands 2016 2015 8¼% Limited convertible senior subordinated notes due 2012 $ 387 $ 626 9½% Subordinated debentures due 2012 220 334 Revolving credit line 1,805 - Term loans 872 - Term loan – related party 500 - Real estate mortgage – secured - 333 Total debt 3,784 1,293 Less deferred financing costs 243 - Net debt 3,541 1,293 Less portion due within one year 2,984 1,031 Net long-term debt $ 557 $ 262 Payments of long-term debt due for the next five years are: In thousands 2017 2018 2019 2020 2021 $ 2,984 $ 80 $ 720 $ - $ - . On July 12, 2016, the Company entered into the Credit Agreement. Under the Credit Agreement, the Company is able to borrow up to an aggregate of $4.0 million, which includes (i) up to $3.0 million of a revolving loan, at an interest rate of prime plus 4.0% (7.75% at December 31, 2016) , for an equipment purchase, repayment of certain outstanding obligations, including payments to the Company’s pension plan, the purchase of inventory/product and general working capital purposes, and (ii) a $1.0 million term loan, at an interest rate of prime plus 6.0% (9.75% at December 31, 2016), for the purchase of equipment. The availability under the revolving loan is calculated based on certain percentages of eligible receivables and inventory. Due to limited availability at the inception of the Credit Agreement, the Company capped the revolving loan at $2.0 million, while reserving the option to remove the cap when needed. During 2016, the Company had drawn $1.8 million on the revolving loan and $400,000 on the term loan, of which $1.8 million and $380,000, respectively, are outstanding as of December 31, 2016. Interest under the Credit Agreement is payable monthly in arrears. The Credit Agreement also requires the payment of certain fees, including, but not limited to a facility fee, an unused line fee and a collateral management fee. The Credit Agreement contains financial and other covenant requirements, including, but not limited to, financial covenants that require the Borrowers to maintain a fixed charge coverage ratio of at least 1.1 to 1.0 starting with their August 31, 2016 financial statements. As of December 31, 2016, the Company was in compliance with all covenants. The Credit Agreement allows the Company to continue to pay dividends on all its Preferred Stock or any other new preferred stock, if any, which dividends will be excluded as fixed charges for 18 months. The Credit Agreement is secured by substantially all of the Borrowers’ assets and expires July 12, 2019, unless earlier terminated by the parties in accordance with the termination provisions of the Credit Agreement. The foregoing description of the Credit Agreement is included to provide information regarding its terms. It does not purport to be a complete description and is qualified in its entirety by reference to the full text of the Credit Agreement. In connection with the BFI Agreement, defined hereafter, the Borrowers entered into a First Amendment to Credit and Security Agreement dated as of September 8, 2016 with SCM, to provide for certain amendments to the Credit and Security Agreement with SCM dated July 12, 2016 to allow for the Company’s entry into the BFI Agreement and the security interest granted to BFI thereunder. The Company, BFI and SCM also entered into a Mutual Lien Intercreditor Agreement, dated as of September 8, 2016, setting forth SCM’s senior lien position to all collateral of the Company, except for the purchase order securing the BFI Agreement, and the rights of each of SCM and BFI with respect to the collateral of the Company. On September 8, 2016, the Company entered into an agreement with BFI (the “BFI Agreement”), pursuant to which the Company can borrow up to $750,000 at a fixed rate of interest of 10.00%, with a maturity date of March 1, 2017. As of December 31, 2016, the Company had borrowed $750,000 under the BFI Agreement and had repaid $258,000, leaving an outstanding balance of $492,000. Subsequent to December 31, 2016, the Company repaid the BFI Agreement in full. Under the BFI Agreement, the Company granted BFI a security interest in accounts receivable, materials and intangibles relating to a certain purchase order for equipment issued in July 2016. The Company has outstanding $387,000 of Notes which are no longer convertible into common shares. The Notes matured as of March 1, 2012 and are currently in default. As of December 31, 2016 and 2015, the Company had accrued $234,000 and $327,000, respectively, of interest related to the Notes, which is included in Accrued liabilities in the Consolidated Balance Sheets. The trustee, by notice to the Company, or the holders of 25% of the principal amount of the Notes outstanding, by notice to the Company and the trustee, may declare the outstanding principal plus interest due and payable immediately. The Company has outstanding $220,000 of Debentures. The Debentures matured as of December 1, 2012 and are currently in default. As of December 31, 2016 and 2015, the Company had accrued $148,000 and $193,000, respectively, of interest related to the Debentures, which is included in Accrued liabilities in the Consolidated Balance Sheets. The trustee, by notice to the Company, or the holders of 25% of the principal amount of the Debentures outstanding, by notice to the Company and the trustee, may declare the outstanding principal plus interest due and payable immediately. On April 27, 2016, the Company received a $500,000 loan from Carlisle at a fixed interest rate of 12.00%, which is due to mature on April 27, 2019 with a bullet payment of all principal due at such time. Interest is payable monthly. Mr. Elser, a director of the Company, exercises voting and dispositive power as investment manager of Carlisle. As of December 31, 2015, the Company, through a subsidiary, had a $333,000 mortgage on its facility in Des Moines, Iowa, which was due to mature on March 1, 2020, had a fixed rate of interest of 5.95% and required an average minimum monthly compensating balance of $100,000. On February 1, 2016, the Des Moines facility was sold in a sale/leaseback transaction and the mortgage was satisfied. |
Stockholders' Deficit
Stockholders' Deficit | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 12. Stockholders’ Deficit During 2016 and 2015, the Board of Directors did not declare any quarterly cash dividends on the Company’s Common Stock. The Board of Directors declared cash dividends of $4.72 per share in April 2016 and $6.00 per share in October 2016 for each share of Preferred Stock. As described herein, the Preferred Stock carries a 6.0% cumulative annual dividend. The Company is authorized to issue 500,000 shares of preferred stock, of which (i) 416,500 shares are designated as SACPS, none of which are outstanding, (ii) 51,000 shares are designated as Preferred Stock, 16,512 of which are outstanding, and (iii) 32,500 shares are not yet designated. The SACPS had a stated price of $20.00 per share and were convertible into 2 shares of Common Stock. The Preferred Stock has a stated price of $200.00 per share and is convertible into 20 shares of Common Stock. The undesignated preferred stock would contain such rights, preferences, privileges and restrictions as may be fixed by our Board of Directors. Shares of the Company’s Common Stock reserved for future issuance in connection with convertible securities and stock option plans were 622,000 and 675,000 at December 31, 2016 and 2015, respectively. During 2016 and 2015, certain board members deferred payment of their director fees. In lieu of a cash payment, certain board members and former board members have agreed to receive restricted shares of Common Stock of the Company or a combination of cash and restricted shares of Common Stock of the Company, which such restricted shares shall contain a legend under the Securities Act of 1933 and shall not be transferable unless and until registered or otherwise in accordance with applicable securities laws. No restricted stock was issued in lieu of cash payments for directors’ fees in 2016 or 2015. Accumulated other comprehensive loss is comprised of approximately $5.7 million and $5.3 million of unrecognized pension costs at December 31, 2016 and 2015, respectively, and $112,000 and $56,000 of unrealized foreign currency translation gains at December 31, 2016 and 2015, respectively. The components of accumulated other comprehensive loss are as follows: In thousands Pension plan actuarial (loss) gain Foreign currency translation gain (loss) Total Balances at January 1, 2015 $ (5,965) $ 504 $ (5,461) Actuarial gain 652 - 652 Translation loss - (448) (448) Balances at December 31, 2015 (5,313) 56 (5,257) Actuarial loss (409) - (409) Translation gain - 56 56 Balances at December 31, 2016 $ (5,722) $ 112 $ (5,610) |
Rights Offering
Rights Offering | 12 Months Ended |
Dec. 31, 2016 | |
Rights Offering [Abstract] | |
Rights Offering [Text Block] | 13. Rights Offering On November 19, 2015, the Company completed a rights offering. The Company received subscriptions and over-subscriptions for a total of 16,512 shares of Preferred Stock, representing approximately 33% of the shares offered. All of the subscriptions and over-subscriptions were accepted, for aggregate gross proceeds to the Company of approximately $3.3 million. Costs associated with the offering were approximately $278,000, which were recorded within Additional Paid in Capital. The Company used the net proceeds for repayment of debt, required pension plan payments and for general corporate purposes. Under the terms of the rights offering, the Company distributed one non-transferrable right for each outstanding share of Common Stock to stockholders of record on September 28, 2015. Thirty-three non-transferable rights entitled the holder to purchase one share of Preferred Stock at a subscription price of $200.00 per share. The Preferred Stock carries a 6.0% cumulative annual dividend, which amounts to $198,000 on an annual basis. The Preferred Stock is convertible into shares of Common Stock at an initial conversion price of $10.00 per share, representing a conversion ratio of 20 shares of Common Stock for each share of Preferred Stock held at the time of conversion, subject to adjustment. For the years ended December 31, 2016 and 2015, the Company accumulated unpaid dividends related to Preferred Stock of $44,000 and $23,000, respectively. In the year ended December 31, 2016, the Company paid dividends related to Preferred Stock of $177,000. No dividends were paid in the year ended December 31, 2015. The shares of Preferred Stock may be subject to mandatory conversion after three years, or as early as one year if the closing sale price of the Common Stock has been greater than or equal to $15.00 for 30 consecutive trading days. As part of the rights offering, George W. Schiele, Alan K. Greene and Alberto Shaio, each a director of the Company, exercised rights to purchase 250, 252 and 252 shares of Preferred Stock, respectively. |
Pension Plan
Pension Plan | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 14. Pension Plan All eligible salaried employees of Trans-Lux Corporation and certain of its subsidiaries are covered by a non-contributory defined benefit pension plan. Pension benefits vest after five years of service and are based on years of service and final average salary. The Company’s general funding policy is to contribute at least the required minimum amounts sufficient to satisfy regulatory funding standards, but not more than the maximum tax-deductible amount. The benefit service under the pension plan had been frozen since 2003 and, accordingly, there is no service cost for the years ended December 31, 2016 and 2015. In 2009, the compensation increments were frozen, and accordingly, no additional benefits are being accrued under the plan. For 2016 and 2015, the accrued benefit obligation of the plan exceeded the fair value of plan assets, due primarily to the plan’s investment performance and updates to actuarial longevity tables. The Company’s obligations under its pension plan exceeded plan assets by $4.4 million at December 31, 2016. The Company employs a total return investment approach whereby a mix of equities and fixed income investments are used to maximize the long-term return of plan assets for a prudent level of risk. The intent of this strategy is to minimize plan expenses by outperforming plan liabilities over the long run. Risk tolerance is established through careful consideration of plan liabilities, plan funded status and corporate financial condition. The portfolio contains a diversified blend of equity and fixed income investments. Investment risk is measured and monitored on an ongoing basis through annual liability measurements, periodic asset/liability studies and quarterly investment portfolio reviews. At December 31, 2016 and 2015, the Company’s pension plan weighted-average asset allocations by asset category are as follows: 2016 2015 Equity and index funds 68.9% 68.5% Fixed income funds 31.1 31.5 100.0% 100.0% The pension plan asset information included below is presented at fair value as established by ASC 820. The following table presents the pension plan assets by level within the fair value hierarchy as of December 31, 2016 and 2015: In thousands 2016 2015 Level 1: Equity and index funds $ 6,186 $ 5,615 Fixed income funds 2,798 2,578 Total Level 1 8,984 8,193 Level 2 - - Level 3 - - Total pension plan assets $ 8,984 $ 8,193 The funded status of the plan as of December 31, 2016 and 2015 is as follows: In thousands 2016 2015 Change in benefit obligation: Projected benefit obligation at beginning of year $ 13,517 $ 14,679 Interest cost 487 573 Actuarial loss (gain) 369 (1,192) Benefits paid (965) (543) Projected benefit obligation at end of year 13,408 13,517 Change in plan assets: Fair value of plan assets at beginning of year 8,193 7,946 Actual return on plan assets 432 (451) Company contributions 1,324 1,241 Benefits paid (965) (543) Fair value of plan assets at end of Year 8,984 8,193 Funded status (underfunded) $ (4,424) $ (5,324) Amounts recognized in other accumulated comprehensive loss: Net actuarial loss $ 7,206 $ 6,797 Weighted average assumptions as of December 31: Discount rate: Components of cost 4.31% 4.00% Benefit obligations 4.16% 4.30% Expected return on plan assets 8.00% 8.00% Rate of compensation increase N/A N/A The Company determines the long-term rate of return for plan assets by studying historical markets and the long-term relationships between equity securities and fixed income securities, with the widely-accepted capital market principal that assets with higher volatility generate higher returns over the long run. The 8.0% expected long-term rate of return on plan assets is determined based on long-term historical performance of plan assets, current asset allocation and projected long-term rates of return. In 2017, the Company expects to amortize $217,000 of actuarial losses to pension expense. The accumulated benefit obligation at December 31, 2016 and 2015 was $13.4 million and $13.5 million, respectively. The minimum required contribution in 2017 is expected to be $660,000, which is included in Accrued liabilities in the Consolidated Balance Sheets. The long-term pension liability is $3.8 million and is included in Deferred pension liability and other in the Consolidated Balance Sheets. In March 2010, 2011 and 2013, the Company submitted to the Internal Revenue Service (the “IRS”) requests for waivers of the minimum funding standard for its defined benefit pension plan for the 2009, 2010 and 2012 plan years. The waiver requests were submitted as a result of the economic climate and the business hardship that the Company was experiencing. The waivers for the 2009, 2010 and 2012 plan years were approved and granted subject to certain conditions and have deferred payment of $285,000, $559,000 and $669,000 of the minimum funding standard for the 2009, 2010 and 2012 plan years, respectively. As of December 31, 2016, the Company has fully repaid the amounts deferred for the 2009 and 2010 plan years and has repaid $520,000 of the 2012 plan year waiver, leaving a balance due related to the waivers of $149,000, which is scheduled to be repaid in 2017. If the Company does not fulfill the conditions of the waivers, the Pension Benefit Guaranty Corporation (the “PBGC”) and the IRS have various enforcement remedies that can be implemented to protect the participant’s benefits, such as termination of the plan or a requirement that the Company make the unpaid contributions. In support of such enforcement remedies, the PBGC previously placed a lien on the Company’s assets with respect to amounts owed under the plan. When the Company made additional contributions to the plan in July 2016 above the minimum required contribution, the PBGC released its lien on our assets. In 2016, the Company made the minimum required $1.0 million of contributions to the plan, as well as additional contributions of $314,000. At this time, the Company is expecting to make its minimum required $660,000 of contributions remaining for 2017; however, there is no assurance that the Company will be able to make any or all such remaining payments. If we are unable to fulfill our related obligations, the implementation of any such enforcement remedies would have a material adverse impact on our financial condition, results of operations, and liquidity. The following estimated benefit payments are expected to be paid by the Company’s pension plan in the next 5 years: 2017 2018 2019 2020 2021 $ 648 $ 707 $ 866 $ 715 $ 1,187 . The following table presents the components of the net periodic pension cost for the years ended December 31, 2016 and 2015: In thousands 2016 2015 Interest cost $ 487 $ 573 Expected return on plan assets (672) (667) Amortization of net actuarial loss 199 579 Net periodic pension cost $ 14 $ 485 The following table presents the change in unrecognized pension costs recorded in other comprehensive loss as of December 31, 2016 and 2015: In thousands 2016 2015 Balance at beginning of year $ 6,797 $ 7,449 Net actuarial loss (gain) 608 (73) Recognized loss (199) (579) Balance at end of year $ 7,206 $ 6,797 In addition, the Company provided unfunded supplemental retirement benefits for the retired, former Chief Executive Officer. During 2009 the Company accrued $0.5 million for such benefits, which has not yet been paid, which is included in Accrued liabilities in the Consolidated Balance Sheets. The Company does not offer any post-retirement benefits other than the pension and supplemental retirement benefits described herein. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 15. Share-Based Compensation The Company accounts for all share-based payments to employees and directors, including grants of employee stock options, at fair value and expenses the benefit in the Consolidated Statements of Operations over the service period (generally the vesting period). The fair value of each stock option granted is estimated on the date of grant using the Black-Scholes pricing valuation model, which requires various assumptions including estimating stock price volatility, expected life of the stock option, risk free interest rate and estimated forfeiture rate. The Company has two stock option plans. As of December 31, 2016, 200,000 shares of Common Stock were available for grant under the 2012 Long-Term Incentive Plan; and 800 shares of Common Stock were available for grant under the Non-Employee Director Stock Option Plan. Changes in the stock option plans are as follows: Number of Shares Weighted Average Exercise Price Authorized Granted Available Balance January 1, 2015 200,840 40 200,800 $ 16.25 Authorized - - - Expired (40) (40) - Granted - - - - Balance December 31, 2015 200,800 - 200,800 Authorized - - - Expired - - - Granted - - - Balance December 31, 2016 200,800 - 200,800 Under the 2012 Long-Term Incentive Plan, option prices must be at least 100% of the market value of the Common Stock at the time of grant. Exercise periods are for ten years from the date of grant and terminate at a stipulated period of time after an employee’s termination of employment. At December 31, 2016, no options were outstanding or exercisable. During 2016 and 2015, no options were granted or exercised. Under the Non-Employee Director Stock Option Plan, option prices must be at least 100% of the market value of the Common Stock at the time of grant. No option may be exercised prior to one year after the date of grant and the optionee must be a director of the Company at the time of exercise, except in certain cases as permitted by the Compensation Committee. Exercise periods are for six years from the date of grant and terminate at a stipulated period of time after an optionee ceases to be a director. At December 31, 2016, there were no outstanding options to purchase shares. As of December 31, 2016, there was no unrecognized compensation cost related to non-vested options granted under the Plans. |
Loss Per Share
Loss Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 16. Loss Per Share The following table presents the calculation of loss per share for the years ended December 31, 2016 and 2015: In thousands, except per share data 2016 2015 Numerator: Net loss, as reported $ (611) $ (1,749) Dividends paid on preferred shares (177) - Change in dividends accumulated on preferred shares (21) (23) Net loss attributable to common shares $ (809) $ (1,772) Denominator: Weighted average shares outstanding 1,711 1,674 Basic and diluted loss per share $ (0.47) $ (1.06) At December 31, 2016 and 2015, dividends accumulated on preferred shares totals $44,000 and $23,000, respectively. Basic loss per common share is computed by dividing net loss attributable to common shares by the weighted average number of common shares outstanding for the period. Diluted loss per common share is computed by dividing net loss attributable to common shares, by the weighted average number of common shares outstanding, adjusted for shares that would be assumed outstanding after warrants and stock options vested under the treasury stock method. At December 31, 2016 and 2015, outstanding warrants convertible into 52,000 and 85,300 shares, respectively, of Common Stock were excluded from the calculation of diluted loss per share because their impact would have been anti-dilutive. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 17. Commitments and Contingencies Commitments: Contingencies: Operating leases: |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 18. Related Party Transactions In addition to the warrant issuances described in Note 10, the Company’s loan from Carlisle described in Note 11 and the participation of certain officers and directors in the Company’s rights offering described in Note 13, the Company has the following related party transactions: Yaozhong Shi, a director of the Company, is the Chairman of Transtech, which is our primary LED supplier. The Company purchased $3.6 million and $3.5 million of product from Transtech in 2016 and 2015, respectively. Amounts payable by the Company to Transtech were $0 and $145,000 as of December 31, 2016 and 2015, respectively. On June 30, 2016, the Company entered into a 1-year Trademark Licensing Agreement with Transtech, pursuant to which Transtech paid the Company $72,500 upon signing the agreement and will pay the Company a 3% royalty on any equipment sold using the Company’s trademark. There were no such sales in 2016. |
Business Segment Data
Business Segment Data | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 19. Business Segment Data Operating segments are based on the Company’s business components about which separate financial information is available and are evaluated regularly by the Company’s chief operating decision-maker in deciding how to allocate resources and in assessing performance of the business. The Company evaluates segment performance and allocates resources based upon operating income. The Company’s operations are managed in two reportable business segments: Digital product sales and Digital product lease and maintenance. Both design and produce large-scale, multi-color, real-time digital products and LED lighting, which has a line of energy-saving lighting solutions that provide facilities and public infrastructure with “green” lighting solutions that emit less heat, save energy and enable creative designs. Both operating segments are conducted on a global basis, primarily through operations in the United States. The Company also has operations in Canada. The Digital product sales segment sells equipment and the Digital product lease and maintenance segment leases and maintains equipment. Corporate general and administrative items relate to costs that are not directly identifiable with a segment. There are no intersegment sales. Foreign revenues represent less than 10% of the Company’s revenues for 2016 and 2015. The foreign operation does not manufacture its own equipment; the domestic operation provides the equipment that the foreign operation leases or sells. The foreign operation operates similarly to the domestic operation and has similar profit margins. Foreign assets are immaterial. Information about the Company’s operations in its two business segments for the years ended December 31, 2016 and 2015 and as of December 31, 2016 and 2015 were as follows: In thousands 2016 2015 Revenues: Digital product sales $ 18,138 $ 19,994 Digital product lease & maintenance 3,053 3,573 Total revenues $ 21,191 $ 23,567 Operating income (loss): Digital product sales $ 1,631 $ 574 Digital product lease & maintenance 825 660 Corporate general and administrative expenses (3,276) (3,386) Total operating loss (820) (2,152) Interest expense, net (374) (306) (Loss) gain on foreign currency remeasurement (45) 478 Gain on extinguishment of debt 462 314 Gain on sale/leaseback transaction 121 - Warrant expense (21) (60) Loss before income taxes (677) (1,726) Income tax benefit (expense) 66 (23) Net loss (611) (1,749) Assets: Digital product sales $ 8,753 $ 6,955 Digital product lease & maintenance 4,055 5,488 Total identifiable assets 12,808 12,443 General corporate 606 547 Total assets $ 13,414 $ 12,990 Depreciation and amortization: Digital product sales 115 100 Digital product lease & maintenance 1,638 2,268 General corporate 21 75 Total depreciation and amortization $ 1,774 $ 2,443 Capital expenditures: Digital product sales $ 2,033 $ 169 Digital product lease & maintenance 44 61 General corporate 4 5 Total capital expenditures $ 2,081 $ 235 |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of consolidation |
Use of Estimates, Policy [Policy Text Block] | Use of estimates |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents |
Receivables, Policy [Policy Text Block] | Accounts receivable The following is a summary of the allowance for uncollectible accounts at December 31: In thousands 2016 2015 Balance at beginning of year $ 559 $ 168 Provisions 305 437 Deductions (825) (46) Balance at end of year $ 39 $ 559 Concentrations of credit risk with respect to accounts receivable are limited due to the large number of customers, the relatively small account balances within the majority of the Company’s customer base and their dispersion across different businesses. In 2016, the Company’s revenues did not include any individual customer that exceeded 10% of total revenues. In 2015, one multinational customer accounted for 12.5% of total revenues. |
Inventory, Policy [Policy Text Block] | Inventories |
Property, Plant and Equipment, Policy [Policy Text Block] | Rental equipment and property, plant and equipment, net The estimated useful lives are as follows: Years Indoor rental equipment 5 - 10 Outdoor rental equipment 15 Buildings and improvements 10 – 39 Machinery, fixtures and equipment 3 – 15 Leaseholds and improvements 3 When rental equipment and property, plant and equipment are fully depreciated, retired or otherwise disposed of, the cost and accumulated depreciation are eliminated from the accounts. Any gains or losses on disposals are recorded in the period incurred. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill The Company annually evaluates the value of its goodwill on October 1 and determines if it is impaired by comparing the carrying value of goodwill to its estimated fair value. Changes in the assumptions used could materially impact the fair value estimates. Assumptions critical to our fair value estimates are: (i) discount rate used to derive the present value factors used in determining the fair value of the reporting unit, (ii) projected average revenue growth rates used in the reporting unit models and (iii) projected long-term growth rates used in the derivation of terminal year values. These and other assumptions are impacted by economic conditions and expectations of management and will change in the future based on period-specific facts and circumstances. The Company uses the income and the market approach when testing for goodwill impairment. The Company weighs these approaches by using a 67% factor for the income approach and a 33% factor for the market approach. Together these two factors estimate the fair value of the reporting unit. The Company uses a discounted cash flow model to determine the fair value under the income approach which contemplates a conservative overall weighted average revenue growth rate. If the Company were to reduce its revenue projections on the reporting unit by 14.5% within the income approach, the fair value of the reporting unit would be below carrying value. The gross profit margins used are consistent with historical margins achieved by the Company during previous years. If there is a margin decline of 12.5% or more, the model would yield results of a fair value less than carrying amount. The Company uses a market multiple approach based on revenue to determine the fair value under the market approach which includes a selection of and market price of a group of comparable companies and the performance of the guidelines of the comparable companies and of the reporting unit. The impairment test for goodwill is a two-step process. The first step of the goodwill impairment test compares the fair value of the reporting unit with its carrying amount. If the carrying amount of the reporting unit exceeds its fair value, a second step is performed to calculate the implied fair value of the goodwill of the reporting unit by deducting the fair value of all of the individual assets and liabilities of the reporting unit from the respective fair values of the reporting unit as a whole. To the extent the calculated implied fair value of the goodwill is less than the recorded goodwill, an impairment charge is recorded for the difference. Fair value is determined using cash flow and other valuation models (generally Level 3 inputs in the fair value hierarchy described in Note 3 – Fair Value). There was no impairment of goodwill in 2016 or 2015. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment or disposal of long-lived assets |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted cash: |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping Costs: |
Advertising Costs, Policy [Policy Text Block] | Advertising/Marketing Costs: |
Revenue Recognition, Policy [Policy Text Block] | Revenue recognition Revenues on equipment sales with long-term receivables are recorded on the installment basis. At December 31, 2016, the future accounts receivables due to the Company under installment sales agreements aggregated $76,000 through 2018. Revenues on equipment sales, other than long-term equipment sales contracts, are recognized upon shipment when title and risk of loss passes to the customer. |
Standard Product Warranty, Policy [Policy Text Block] | Warranty reserve: |
Income Tax, Policy [Policy Text Block] | Taxes on income The Company considers whether it is more-likely-than-not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Once it is determined that a position meets the more-likely-than-not recognition threshold, the position is measured to determine the amount of benefit to recognize in the financial statements. The Company’s policy is to classify interest and penalties related to uncertain tax positions in income tax expense. To date, there have been no interest or penalties charged to the Company in relation to the underpayment of income taxes. The Company’s determinations regarding uncertain income tax positions may be subject to review and adjustment at a later date based upon factors including, but not limited to, an ongoing analysis of tax laws, regulations and interpretations thereof. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign currency |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-based compensation plans |
Subsequent Events, Policy [Policy Text Block] | Consideration of Subsequent Events: |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent accounting pronouncements: Simplifying the Presentation of Debt Issuance Costs In November 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-18, Statement of Cash Flows (Topic 230) In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718) In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In August 2015, the FASB issued ASU 2015-14, which defers the effective date of ASU 2014-09, Revenue from Contracts with Customers In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern |
Reclassification, Policy [Policy Text Block] | Reclassifications |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | In thousands 2016 2015 Balance at beginning of year $ 559 $ 168 Provisions 305 437 Deductions (825) (46) Balance at end of year $ 39 $ 559 |
Schedule Of Property Plant And Equipment Estimated Useful Life [Table Text Block] | Years Indoor rental equipment 5 - 10 Outdoor rental equipment 15 Buildings and improvements 10 – 39 Machinery, fixtures and equipment 3 – 15 Leaseholds and improvements 3 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | In thousands 2016 2015 Raw materials $ 1,245 $ 1,378 Work-in-progress 410 409 Finished goods 238 89 Total Inventory $ 1,893 $ 1,876 |
Rental Equipment, net (Tables)
Rental Equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Rental Equipment [Abstract] | |
Rental Equipment [Table Text Block] | In thousands 2016 2015 Rental equipment $ 15,354 $ 21,134 Less accumulated depreciation 12,265 16,452 Net rental equipment $ 3,089 $ 4,682 |
Property, Plant and Equipment31
Property, Plant and Equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | In thousands 2016 2015 Land, buildings and improvements $ - $ 1,256 Machinery, fixtures and equipment 2,839 878 Leaseholds and improvements 25 25 Property, plant and equipment, Gross 2,864 2,159 Less accumulated depreciation 572 1,003 Net property, plant and equipment $ 2,292 $ 1,156 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Other Assets [Table Text Block] | In thousands 2016 2015 Deposits $ 255 $ 146 Prepaids 109 55 Long-term receivables 25 76 Total $ 389 $ 277 |
Taxes on Income (Tables)
Taxes on Income (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | In thousands 2016 2015 Current: Federal $ (89) $ - State and local - - Foreign 23 23 Income tax (expense) benefit, current $ (66) $ 23 Deferred: Federal $ - $ - State and local - - Income tax (expense) benefit, deferred - - Income tax (benefit) expense $ (66) $ 23 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2016 2015 Statutory federal income tax benefit rate 34.0 % 34.0 % State income taxes, net of federal benefit 3.1 4.8 Foreign income taxed at different rates 0.7 7.5 Deferred tax asset valuation allowance (29.4) (46.4) Other 1.3 (1.2) Effective income tax benefit (expense) rate 9.7 % (1.3) % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | In thousands 2016 2015 Deferred income tax asset: Tax credit carryforwards $ 808 $ 897 Operating loss carryforwards 6,533 6,253 Net pension costs 2,225 2,749 Accruals 240 250 Allowance for bad debts (10) 55 Other 438 415 Valuation allowance (8,318) (8,208) Deferred income tax asset, Total 1,916 2,411 Deferred income tax liability: Depreciation 1,071 1,600 Other 845 811 Deferred income tax liability, Total 1,916 2,411 Net deferred income taxes $ - $ - |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | In thousands 2016 2015 Deferred revenues $ 915 $ 931 Directors fees 844 684 Current portion of pension liability (see Note 14) 660 1,010 Compensation and employee benefits 590 614 Accrued manufacturing equipment cost 590 - Taxes payable 583 1,059 Interest payable 408 522 Warranty reserve 303 389 Audit fees 135 137 Other 772 790 Accrued Liabilities, Total $ 5,800 $ 6,136 |
Schedule of Product Warranty Liability [Table Text Block] | In thousands 2016 2015 Balance at beginning of year $ 389 $ 345 Provisions 354 492 Deductions (440) (448) Balance at end of year $ 303 $ 389 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | In thousands 2016 2015 8¼% Limited convertible senior subordinated notes due 2012 $ 387 $ 626 9½% Subordinated debentures due 2012 220 334 Revolving credit line 1,805 - Term loans 872 - Term loan – related party 500 - Real estate mortgage – secured - 333 Total debt 3,784 1,293 Less deferred financing costs 243 - Net debt 3,541 1,293 Less portion due within one year 2,984 1,031 Net long-term debt $ 557 $ 262 |
Schedule of Maturities of Long-term Debt [Table Text Block] | In thousands 2017 2018 2019 2020 2021 $ 2,984 $ 80 $ 720 $ - $ - . |
Stockholders' Deficit (Tables)
Stockholders' Deficit (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | In thousands Pension plan actuarial (loss) gain Foreign currency translation gain (loss) Total Balances at January 1, 2015 $ (5,965) $ 504 $ (5,461) Actuarial gain 652 - 652 Translation loss - (448) (448) Balances at December 31, 2015 (5,313) 56 (5,257) Actuarial loss (409) - (409) Translation gain - 56 56 Balances at December 31, 2016 $ (5,722) $ 112 $ (5,610) |
Pension Plan (Tables)
Pension Plan (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Pension Plan (Tables) [Line Items] | |
Schedule of Allocation of Plan Assets [Table Text Block] | 2016 2015 Equity and index funds 68.9% 68.5% Fixed income funds 31.1 31.5 100.0% 100.0% |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | In thousands 2016 2015 Level 1: Equity and index funds $ 6,186 $ 5,615 Fixed income funds 2,798 2,578 Total Level 1 8,984 8,193 Level 2 - - Level 3 - - Total pension plan assets $ 8,984 $ 8,193 |
Schedule of Net Funded Status [Table Text Block] | In thousands 2016 2015 Change in benefit obligation: Projected benefit obligation at beginning of year $ 13,517 $ 14,679 Interest cost 487 573 Actuarial loss (gain) 369 (1,192) Benefits paid (965) (543) Projected benefit obligation at end of year 13,408 13,517 Change in plan assets: Fair value of plan assets at beginning of year 8,193 7,946 Actual return on plan assets 432 (451) Company contributions 1,324 1,241 Benefits paid (965) (543) Fair value of plan assets at end of Year 8,984 8,193 Funded status (underfunded) $ (4,424) $ (5,324) Amounts recognized in other accumulated comprehensive loss: Net actuarial loss $ 7,206 $ 6,797 Weighted average assumptions as of December 31: Discount rate: Components of cost 4.31% 4.00% Benefit obligations 4.16% 4.30% Expected return on plan assets 8.00% 8.00% Rate of compensation increase N/A N/A |
Schedule of Expected Benefit Payments [Table Text Block] | 2017 2018 2019 2020 2021 $ 648 $ 707 $ 866 $ 715 $ 1,187 . |
Schedule of Net Benefit Costs [Table Text Block] | In thousands 2016 2015 Interest cost $ 487 $ 573 Expected return on plan assets (672) (667) Amortization of net actuarial loss 199 579 Net periodic pension cost $ 14 $ 485 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | In thousands Pension plan actuarial (loss) gain Foreign currency translation gain (loss) Total Balances at January 1, 2015 $ (5,965) $ 504 $ (5,461) Actuarial gain 652 - 652 Translation loss - (448) (448) Balances at December 31, 2015 (5,313) 56 (5,257) Actuarial loss (409) - (409) Translation gain - 56 56 Balances at December 31, 2016 $ (5,722) $ 112 $ (5,610) |
Pension Costs [Member] | |
Pension Plan (Tables) [Line Items] | |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | In thousands 2016 2015 Balance at beginning of year $ 6,797 $ 7,449 Net actuarial loss (gain) 608 (73) Recognized loss (199) (579) Balance at end of year $ 7,206 $ 6,797 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Number of Shares Weighted Average Exercise Price Authorized Granted Available Balance January 1, 2015 200,840 40 200,800 $ 16.25 Authorized - - - Expired (40) (40) - Granted - - - - Balance December 31, 2015 200,800 - 200,800 Authorized - - - Expired - - - Granted - - - Balance December 31, 2016 200,800 - 200,800 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | In thousands, except per share data 2016 2015 Numerator: Net loss, as reported $ (611) $ (1,749) Dividends paid on preferred shares (177) - Change in dividends accumulated on preferred shares (21) (23) Net loss attributable to common shares $ (809) $ (1,772) Denominator: Weighted average shares outstanding 1,711 1,674 Basic and diluted loss per share $ (0.47) $ (1.06) |
Business Segment Data (Tables)
Business Segment Data (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | In thousands 2016 2015 Revenues: Digital product sales $ 18,138 $ 19,994 Digital product lease & maintenance 3,053 3,573 Total revenues $ 21,191 $ 23,567 Operating income (loss): Digital product sales $ 1,631 $ 574 Digital product lease & maintenance 825 660 Corporate general and administrative expenses (3,276) (3,386) Total operating loss (820) (2,152) Interest expense, net (374) (306) (Loss) gain on foreign currency remeasurement (45) 478 Gain on extinguishment of debt 462 314 Gain on sale/leaseback transaction 121 - Warrant expense (21) (60) Loss before income taxes (677) (1,726) Income tax benefit (expense) 66 (23) Net loss (611) (1,749) Assets: Digital product sales $ 8,753 $ 6,955 Digital product lease & maintenance 4,055 5,488 Total identifiable assets 12,808 12,443 General corporate 606 547 Total assets $ 13,414 $ 12,990 Depreciation and amortization: Digital product sales 115 100 Digital product lease & maintenance 1,638 2,268 General corporate 21 75 Total depreciation and amortization $ 1,774 $ 2,443 Capital expenditures: Digital product sales $ 2,033 $ 169 Digital product lease & maintenance 44 61 General corporate 4 5 Total capital expenditures $ 2,081 $ 235 |
Summary of Significant Accoun41
Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Jul. 31, 2016 | Jul. 31, 2014 | |
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Cash, FDIC Insured Amount | $ 250,000 | |||
Concentration Risk, Percentage | 10.00% | 12.50% | ||
Goodwill | $ 744,000 | $ 744,000 | ||
Certificates of Deposit, at Carrying Value | $ 400,000 | $ 212,000 | ||
Shipping, Handling and Transportation Costs | 610,000 | 689,000 | ||
Advertising Expense | 147,000 | $ 437,000 | ||
Operating Leases, Future Minimum Payments Receivable | 4,398,000 | |||
Operating Leases, Future Minimum Payments Receivable, Current | 1,678,000 | |||
Operating Leases, Future Minimum Payments Receivable, in Two Years | 1,074,000 | |||
Operating Leases, Future Minimum Payments Receivable, in Three Years | 944,000 | |||
Operating Leases, Future Minimum Payments Receivable, in Four Years | 395,000 | |||
Operating Leases, Future Minimum Payments Receivable, in Five Years | 218,000 | |||
Operating Leases, Future Minimum Payments Receivable, Thereafter | 89,000 | |||
Accounts Receivable, Gross | 76,000 | |||
Digital Display Sales [Member] | ||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Goodwill | $ 744,000 |
Summary of Significant Accoun42
Summary of Significant Accounting Policies (Details) - Summary of the allowance for uncollectible accounts - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Summary of the allowance for uncollectible accounts [Abstract] | ||
Balance at beginning of year | $ 559 | $ 168 |
Provisions | 305 | 437 |
Deductions | (825) | (46) |
Balance at end of year | $ 39 | $ 559 |
Summary of Significant Accoun43
Summary of Significant Accounting Policies (Details) - Estimated useful lives | 12 Months Ended |
Dec. 31, 2016 | |
Outdoor Rental Equipment [Member] | |
Summary of Significant Accounting Policies (Details) - Estimated useful lives [Line Items] | |
Estimated Useful Lives | 15 years |
Leaseholds and Leasehold Improvements [Member] | |
Summary of Significant Accounting Policies (Details) - Estimated useful lives [Line Items] | |
Estimated Useful Lives | 3 years |
Minimum [Member] | Indoor Rental Equipment [Member] | |
Summary of Significant Accounting Policies (Details) - Estimated useful lives [Line Items] | |
Estimated Useful Lives | 5 years |
Minimum [Member] | Building and Building Improvements [Member] | |
Summary of Significant Accounting Policies (Details) - Estimated useful lives [Line Items] | |
Estimated Useful Lives | 10 years |
Minimum [Member] | Machinery Fixture And Equipment [Member] | |
Summary of Significant Accounting Policies (Details) - Estimated useful lives [Line Items] | |
Estimated Useful Lives | 3 years |
Maximum [Member] | Indoor Rental Equipment [Member] | |
Summary of Significant Accounting Policies (Details) - Estimated useful lives [Line Items] | |
Estimated Useful Lives | 10 years |
Maximum [Member] | Building and Building Improvements [Member] | |
Summary of Significant Accounting Policies (Details) - Estimated useful lives [Line Items] | |
Estimated Useful Lives | 39 years |
Maximum [Member] | Machinery Fixture And Equipment [Member] | |
Summary of Significant Accounting Policies (Details) - Estimated useful lives [Line Items] | |
Estimated Useful Lives | 15 years |
Going Concern (Details)
Going Concern (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Going Concern (Details) [Line Items] | ||
Net Income (Loss) Attributable to Parent | $ (611,000) | $ (1,749,000) |
Working Capital Deficit | 4,000,000 | |
Defined Benefit Plan, Funded Status of Plan | (4,424,000) | $ (5,324,000) |
8¼% Limited Convertible Senior Subordinated Notes Due 2012 [Member] | ||
Going Concern (Details) [Line Items] | ||
Debt Instrument, Debt Default, Amount | 387,000 | |
9½% Subordinated Debentures Due 2012 [Member] | ||
Going Concern (Details) [Line Items] | ||
Debt Instrument, Debt Default, Amount | $ 220,000 |
Fair Value (Details)
Fair Value (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value (Details) [Line Items] | ||
Money Market Funds, at Carrying Value | $ 1,000 | $ 55,000 |
Notes Payable, Fair Value Disclosure | 77,000 | 164,000 |
Long-term Debt, Fair Value | 44,000 | 33,000 |
Debt Instrument, Fair Value Disclosure | 3,200,000 | $ 333,000 |
Equity Warrants Issued to Directors [Member] | ||
Fair Value (Details) [Line Items] | ||
Warrants Not Settleable in Cash, Fair Value Disclosure | 252,000 | |
Equity Warrant Issued in 2015 [Member] | ||
Fair Value (Details) [Line Items] | ||
Warrants Not Settleable in Cash, Fair Value Disclosure | $ 21,000 |
Inventories (Details) - Invento
Inventories (Details) - Inventories - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Inventories [Abstract] | ||
Raw materials | $ 1,245 | $ 1,378 |
Work-in-progress | 410 | 409 |
Finished goods | 238 | 89 |
Total Inventory | $ 1,893 | $ 1,876 |
Rental Equipment, net (Details)
Rental Equipment, net (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Rental Equipment, net (Details) [Line Items] | ||
Property, Plant and Equipment, Disposals | $ 36,000 | $ 151,000 |
Depreciation | 137,000 | 123,000 |
Rental Equipment [Member] | ||
Rental Equipment, net (Details) [Line Items] | ||
Property, Plant and Equipment, Disposals | 5,800,000 | |
Depreciation | $ 1,600,000 | $ 2,300,000 |
Rental Equipment, net (Detail48
Rental Equipment, net (Details) - Schedule Of Rental Equipment - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule Of Rental Equipment [Abstract] | ||
Rental equipment | $ 15,354 | $ 21,134 |
Less accumulated depreciation | 12,265 | 16,452 |
Net rental equipment | $ 3,089 | $ 4,682 |
Property, Plant and Equipment49
Property, Plant and Equipment, net (Details) - USD ($) | Jun. 21, 2016 | Feb. 01, 2016 | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Abstract] | ||||
Land, Buildings and Equipment, Net | $ 2,300,000 | $ 1,100,000 | ||
Sale Leaseback Transaction, Gross Proceeds, Investing Activities | $ 1,100,000 | 1,100,000 | ||
Sale Leaseback Transaction Lease Period | 2 years | |||
Sale Leaseback Transaction, Annual Rental Payments | $ 317,000 | $ 158,000 | ||
Payments for Mortgage Deposits | $ 329,000 | |||
Sale Leaseback Transaction, Net Proceeds, Financing Activities | 661,000 | |||
Sale Leaseback Transaction, Deferred Gain, Gross | 267,000 | |||
Sale Leaseback Transaction, Current Period Gain Recognized | 121,000 | |||
Property, Plant and Equipment, Disposals | 36,000 | 151,000 | ||
Depreciation | $ 137,000 | $ 123,000 |
Property, Plant and Equipment50
Property, Plant and Equipment, net (Details) - Property, plant and equipment - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 2,864 | $ 2,159 |
Less accumulated depreciation | 572 | 1,003 |
Net property, plant and equipment | 2,292 | 1,156 |
Land Building And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 1,256 | |
Machinery Fixture And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 2,839 | 878 |
Leaseholds and Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 25 | $ 25 |
Other Assets (Details) - Schedu
Other Assets (Details) - Schedule of Other Assets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Other Assets [Abstract] | ||
Deposits | $ 255 | $ 146 |
Prepaids | 109 | 55 |
Long-term receivables | 25 | 76 |
Total | $ 389 | $ 277 |
Taxes on Income (Details)
Taxes on Income (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Jun. 26, 2012 | |
Taxes on Income (Details) [Line Items] | |||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | $ 600,000 | $ 2,200,000 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | 34.00% | |
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | $ 800,000 | ||
Operating Loss Carryforwards | $ 295,000 | ||
Deferred Tax Assets, Operating Loss Carryforwards | 6,533,000 | $ 6,253,000 | $ 5,900,000 |
CANADA | |||
Taxes on Income (Details) [Line Items] | |||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 100,000 | $ 500,000 | |
Domestic Tax Authority [Member] | |||
Taxes on Income (Details) [Line Items] | |||
Operating Loss Carryforwards | $ 16,300,000 |
Taxes on Income (Details) - Com
Taxes on Income (Details) - Components of income tax expense (benefit) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Current: | ||
Federal | $ (89) | |
State and local | ||
Foreign | 23 | 23 |
Income tax (expense) benefit, current | (66) | 23 |
Deferred: | ||
Federal | ||
State and local | ||
Income tax (expense) benefit, deferred | ||
Income tax (benefit) expense | $ (66) | $ 23 |
Taxes on Income (Details) - Inc
Taxes on Income (Details) - Income tax rate reconciliation | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income tax rate reconciliation [Abstract] | ||
Statutory federal income tax benefit rate | 34.00% | 34.00% |
State income taxes, net of federal benefit | 3.10% | 4.80% |
Foreign income taxed at different rates | 0.70% | 7.50% |
Deferred tax asset valuation allowance | (29.40%) | (46.40%) |
Other | 1.30% | (1.20%) |
Effective income tax benefit (expense) rate | 9.70% | (1.30%) |
Taxes on Income (Details) - Sig
Taxes on Income (Details) - Significant components of the Company`s deferred income tax assets and liabilities - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 26, 2012 |
Deferred income tax asset: | |||
Tax credit carryforwards | $ 808 | $ 897 | |
Operating loss carryforwards | 6,533 | 6,253 | $ 5,900 |
Net pension costs | 2,225 | 2,749 | |
Accruals | 240 | 250 | |
Allowance for bad debts | (10) | 55 | |
Other | 438 | 415 | |
Valuation allowance | (8,318) | (8,208) | |
Deferred income tax asset, Total | 1,916 | 2,411 | |
Deferred income tax liability: | |||
Depreciation | 1,071 | 1,600 | |
Other | 845 | 811 | |
Deferred income tax liability, Total | 1,916 | 2,411 | |
Net deferred income taxes |
Accrued Liabilities (Details) -
Accrued Liabilities (Details) - Accrued liabilities - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accrued liabilities [Abstract] | ||
Deferred revenues | $ 915 | $ 931 |
Directors fees | 844 | 684 |
Current portion of pension liability (see Note 14) | 660 | 1,010 |
Compensation and employee benefits | 590 | 614 |
Accrued manufacturing equipment cost | 590 | |
Taxes payable | 583 | 1,059 |
Interest payable | 408 | 522 |
Warranty reserve | 303 | 389 |
Audit fees | 135 | 137 |
Other | 772 | 790 |
Accrued Liabilities, Total | $ 5,800 | $ 6,136 |
Accrued Liabilities (Details)57
Accrued Liabilities (Details) - Warranty obligations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Warranty obligations [Abstract] | ||
Balance at beginning of year | $ 389 | $ 345 |
Balance at end of year | 303 | 389 |
Provisions | 354 | 492 |
Deductions | $ (440) | $ (448) |
Warrant Issuances (Details)
Warrant Issuances (Details) - USD ($) | Nov. 23, 2015 | Apr. 23, 2015 | Jun. 27, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Apr. 30, 2013 | Nov. 30, 2012 |
Warrant Issuances (Details) [Line Items] | |||||||
Other Noncash Expense | $ 21,000 | $ 60,000 | |||||
BFI Capital Fund IILLC [Member] | Common Stock [Member] | Warrant [Member] | |||||||
Warrant Issuances (Details) [Line Items] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 10,000 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 12 | ||||||
Warrants Not Settleable in Cash, Fair Value Disclosure | $ 21,000 | ||||||
Board Members [Member] | |||||||
Warrant Issuances (Details) [Line Items] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,000 | 20,000 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 12.50 | $ 12.50 | |||||
Credit Agreement [Member] | BFI Capital Fund IILLC [Member] | |||||||
Warrant Issuances (Details) [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500,000 | ||||||
Line of Credit Facility, Interest Rate During Period | 12.00% | ||||||
Debt Instrument, Maturity Date | May 1, 2016 | ||||||
Line of Credit Facility, Expiration Date | Nov. 23, 2015 | ||||||
Repayments of Lines of Credit | $ 500,000 | ||||||
Securities Purchase Agreement [Member] | Transtech [Member] | Common Stock [Member] | |||||||
Warrant Issuances (Details) [Line Items] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 33,333 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 8 | ||||||
Stock Issued During Period, Shares, New Issues | 333,333 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) | Jul. 15, 2016 | Jul. 12, 2016 | Apr. 27, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 08, 2016 | Dec. 01, 2012 |
Long-Term Debt (Details) [Line Items] | |||||||
Line of Credit Facility, Covenant Terms | The Credit Agreement contains financial and other covenant requirements, including, but not limited to, financial covenants that require the Borrowers to maintain a fixed charge coverage ratio of at least 1.1 to 1.0 starting with their August 31, 2016 financial statements. | ||||||
Line of Credit Facility, Covenant Compliance | As of December 31, 2016, the Company was in compliance with all covenants. | ||||||
Interest Payable, Current | $ 408,000 | $ 522,000 | |||||
Gain (Loss) on Extinguishment of Debt | $ 462,000 | 314,000 | |||||
Compensating Balance, Amount | 100,000 | ||||||
8¼% Limited Convertible Senior Subordinated Notes Due 2012 [Member] | |||||||
Long-Term Debt (Details) [Line Items] | |||||||
Debt Instrument, Maturity Date | Mar. 1, 2012 | ||||||
Notes Payable | $ 387,000 | ||||||
Interest Payable, Current | $ 234,000 | 327,000 | |||||
Debt Instrument, Debt Default Payable, Percentage | 25.00% | ||||||
Convertible Notes Payable | $ 239,000 | ||||||
Debt Exchange, Each Principal Amount Of Original Debt Exchanged | 1,000 | ||||||
Repayment Of Convertible Debt Principal | 200 | ||||||
Debt Exchanged Aggregate Payment | 48,000 | ||||||
Gain (Loss) on Extinguishment of Debt | $ 308,000 | ||||||
9½% Subordinated Debentures Due 2012 [Member] | |||||||
Long-Term Debt (Details) [Line Items] | |||||||
Debt Instrument, Maturity Date | Dec. 1, 2012 | ||||||
Interest Payable, Current | $ 148,000 | $ 193,000 | |||||
Debt Instrument, Debt Default Payable, Percentage | 25.00% | ||||||
Convertible Notes Payable | $ 114,000 | $ 220,000 | |||||
Debt Exchange, Each Principal Amount Of Original Debt Exchanged | 1,000 | ||||||
Repayment Of Convertible Debt Principal | 200 | ||||||
Debt Exchanged Aggregate Payment | $ 23,000 | ||||||
Gain (Loss) on Extinguishment of Debt | $ 154,000 | ||||||
Mortgages [Member] | |||||||
Long-Term Debt (Details) [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.95% | ||||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 333,000 | ||||||
Carlisle Investment Inc [Member] | |||||||
Long-Term Debt (Details) [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | ||||||
Debt Instrument, Maturity Date | Apr. 27, 2019 | ||||||
Proceeds from Loans | $ 500,000 | ||||||
Debt Instrument, Frequency of Periodic Payment | monthly | ||||||
BFI Agreement [Member] | |||||||
Long-Term Debt (Details) [Line Items] | |||||||
Line of Credit Facility, Current Borrowing Capacity | $ 750,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | ||||||
Debt Instrument, Maturity Date | Mar. 1, 2017 | ||||||
Proceeds from (Repayments of) Debt | $ 750,000 | ||||||
Repayments of Debt | 258,000 | ||||||
Short-term Debt | $ 492,000 | ||||||
Line of Credit [Member] | |||||||
Long-Term Debt (Details) [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,000,000 | ||||||
Revolving Credit Facility [Member] | |||||||
Long-Term Debt (Details) [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000,000 | ||||||
Debt Instrument, Interest Rate Terms | prime plus 4.0% | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 7.75% | ||||||
Line of Credit Facility, Current Borrowing Capacity | $ 2,000,000 | ||||||
Proceeds from Lines of Credit | 1,800,000 | ||||||
Long-term Line of Credit | $ 1,800,000 | ||||||
Term Loan [Member] | |||||||
Long-Term Debt (Details) [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000 | ||||||
Debt Instrument, Interest Rate Terms | prime plus 6.0% | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 9.75% | ||||||
Proceeds from Lines of Credit | $ 400,000 | ||||||
Long-term Line of Credit | $ 380,000 |
Long-Term Debt (Details) - Long
Long-Term Debt (Details) - Long-term debt - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Long-term debt, including current portion | $ 3,541 | $ 1,293 |
Less portion due within one year | 2,984 | 1,031 |
Net long-term debt | 557 | 262 |
Total debt | 3,784 | 1,293 |
Less deferred financing costs | 243 | |
8¼% Limited Convertible Senior Subordinated Notes Due 2012 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, including current portion | 387 | 626 |
9½% Subordinated Debentures Due 2012 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, including current portion | 220 | 334 |
Revolving Credit Line [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, including current portion | 1,805 | |
Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, including current portion | 872 | |
Related Party Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, including current portion | $ 500 | |
Real Estate Mortgage Secured [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, including current portion | $ 333 |
Long-Term Debt (Details) - Paym
Long-Term Debt (Details) - Payments of long-term debt due $ in Thousands | Dec. 31, 2016USD ($) |
Payments of long-term debt due [Abstract] | |
Long-term debt due | $ 2,984 |
Long-term debt due | 80 |
Long-term debt due | 720 |
Long-term debt due | |
Long-term debt due |
Stockholders' Deficit (Details)
Stockholders' Deficit (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2016 | Apr. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stockholders' Deficit (Details) [Line Items] | ||||
Preferred Stock, Shares Authorized | 500,000 | |||
Common Stock, Capital Shares Reserved for Future Issuance | 622,000 | 675,000 | ||
Defined Benefit Plan, Accumulated Other Comprehensive Income Minimum Pension Liability, after Tax (in Dollars) | $ 5,700,000 | $ 5,300,000 | ||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax (in Dollars) | $ 112,000 | $ 56,000 | ||
Preferred Stock [Member] | ||||
Stockholders' Deficit (Details) [Line Items] | ||||
Preferred Stock, Dividends Per Share, Declared (in Dollars per share) | $ 6 | $ 4.72 | ||
Preferred Stock, Dividend Rate, Percentage | 6.00% | |||
Series A Preferred Stock [Member] | ||||
Stockholders' Deficit (Details) [Line Items] | ||||
Preferred Stock, Shares Authorized | 416,500 | |||
Preferred Stock, Par or Stated Value Per Share (in Dollars per share) | $ 20 | |||
Convertible Preferred Stock, Shares Issued upon Conversion | 2 | |||
Series B Preferred Stock [Member] | ||||
Stockholders' Deficit (Details) [Line Items] | ||||
Preferred Stock, Dividend Rate, Percentage | 6.00% | |||
Preferred Stock, Shares Authorized | 51,000 | |||
Preferred Stock, Shares Outstanding | 16,512 | |||
Convertible Preferred Stock [Member] | ||||
Stockholders' Deficit (Details) [Line Items] | ||||
Preferred Stock, Shares Authorized but Unissued | 32,500 | |||
Preferred Stock, Par or Stated Value Per Share (in Dollars per share) | $ 200 | |||
Convertible Preferred Stock, Shares Issued upon Conversion | 20 |
Stockholders' Deficit (Detail63
Stockholders' Deficit (Details) - The components of accumulated other comprehensive loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stockholders' Deficit (Details) - The components of accumulated other comprehensive loss [Line Items] | |||
Balances | $ (1,276) | $ (156) | $ (1,868) |
Actuarial gain (loss) | 409 | (652) | |
Translation gain (loss) | 56 | (448) | |
Pension Plan Acturial Loss Gain [Member] | |||
Stockholders' Deficit (Details) - The components of accumulated other comprehensive loss [Line Items] | |||
Balances | (5,722) | (5,313) | (5,965) |
Actuarial gain (loss) | (409) | 652 | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||
Stockholders' Deficit (Details) - The components of accumulated other comprehensive loss [Line Items] | |||
Balances | 112 | 56 | 504 |
Translation gain (loss) | 56 | (448) | |
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | |||
Stockholders' Deficit (Details) - The components of accumulated other comprehensive loss [Line Items] | |||
Balances | (5,610) | (5,257) | $ (5,461) |
Actuarial gain (loss) | (409) | 652 | |
Translation gain (loss) | $ 56 | $ (448) |
Rights Offering (Details)
Rights Offering (Details) | Nov. 19, 2015USD ($)shares | Sep. 28, 2015$ / sharesshares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($) |
Rights Offering (Details) [Line Items] | ||||
Preferred Stock, Shares Subscribed but Unissued | shares | 16,512 | |||
Preferred Stock, Amount of Preferred Dividends in Arrears | $ | $ 44,000 | $ 23,000 | ||
Dividends, Preferred Stock, Cash | $ | $ 177,000 | |||
Convertible Preferred Stock [Member] | ||||
Rights Offering (Details) [Line Items] | ||||
Preferred Stock, Value, Subscriptions | $ | $ 3,300,000 | |||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ | $ 278,000 | |||
Series B Preferred Stock [Member] | ||||
Rights Offering (Details) [Line Items] | ||||
Rights Offering, Number of Non-Transferable Rights Required to Purchase One Preferred Stock | shares | 33 | |||
Rights Offering, Number of Non-Transferable Rights Distributed for Each Outstanding Common Share | shares | 1 | |||
Convertible Preferred Stock, Subscription Price | $ / shares | $ 200 | |||
Preferred Stock, Dividend Rate, Percentage | 6.00% | |||
Dividends, Preferred Stock | $ | $ 198,000 | |||
Convertible Preferred Stock, Initial Conversion Price Per Share (in Dollars per share) | $ / shares | $ 10 | |||
Convertible Preferred Stock, Conversion Ratio | 20 | |||
Preferred Stock, Amount of Preferred Dividends in Arrears | $ | $ 44,000 | |||
Convertible Preferred Stock, Stock Price Trigger | 15 | |||
Convertible Preferred Stock, Threshold Consecutive Trading Days | 30 days | |||
George W Schiele [Member] | ||||
Rights Offering (Details) [Line Items] | ||||
Rights Offering, Number of Shares Purchased Preferred Stock | shares | 250 | |||
Alan K Greene [Member] | ||||
Rights Offering (Details) [Line Items] | ||||
Rights Offering, Number of Shares Purchased Preferred Stock | shares | 252 | |||
Alberto Shaio [Member] | ||||
Rights Offering (Details) [Line Items] | ||||
Rights Offering, Number of Shares Purchased Preferred Stock | shares | 252 | |||
Maximum [Member] | Series B Preferred Stock [Member] | ||||
Rights Offering (Details) [Line Items] | ||||
Convertible Preferred Stock, Mandatory Conversion Period | 3 years | |||
Minimum [Member] | Series B Preferred Stock [Member] | ||||
Rights Offering (Details) [Line Items] | ||||
Convertible Preferred Stock, Mandatory Conversion Period | 1 year |
Pension Plan (Details)
Pension Plan (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Plan (Details) [Line Items] | ||
Defined Benefit Plan, Vesting Periods | 5 years | |
Defined Benefit Plan, Funded Status of Plan | $ (4,424,000) | $ (5,324,000) |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 8.00% | 8.00% |
Defined Benefit Plan, Future Amortization of Gain (Loss) | $ 217,000 | |
Defined Benefit Plan, Accumulated Benefit Obligation | 13,400,000 | $ 13,500,000 |
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | 660,000 | |
Defined Benefit Pension Plan, Liabilities, Noncurrent | 3,800,000 | |
Increase (Decrease) in Deferred Pension Costs | 1,072,000 | $ 485,000 |
Defined Benefit Plan, Expected Contributions in Current Fiscal Year | 1,000,000 | |
Pension Contributions | 314,000 | |
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year | 660,000 | |
Other Postretirement Benefits Payments | 500,000 | |
Two Thousand Nine Plan [Member] | ||
Pension Plan (Details) [Line Items] | ||
Increase (Decrease) in Deferred Pension Costs | 285,000 | |
Two Thousand Ten Plan [Member] | ||
Pension Plan (Details) [Line Items] | ||
Increase (Decrease) in Deferred Pension Costs | 559,000 | |
Two Thousand Twelve Plan [Member] | ||
Pension Plan (Details) [Line Items] | ||
Increase (Decrease) in Deferred Pension Costs | 669,000 | |
Payments for Postemployment Benefits | 520,000 | |
Defined Benefit Plan, Expected Future Benefit Payments, Rolling Year Two | $ 149,000 |
Pension Plan (Details) - Weight
Pension Plan (Details) - Weighted average asset allocations by asset category | Dec. 31, 2016 | Dec. 31, 2015 |
Pension Plan (Details) - Weighted average asset allocations by asset category [Line Items] | ||
Total pension plan assets | 100.00% | 100.00% |
Equity And Index Funds [Member] | ||
Pension Plan (Details) - Weighted average asset allocations by asset category [Line Items] | ||
Total pension plan assets | 68.90% | 68.50% |
Fixed Income Funds [Member] | ||
Pension Plan (Details) - Weighted average asset allocations by asset category [Line Items] | ||
Total pension plan assets | 31.10% | 31.50% |
Pension Plan (Details) - Pensio
Pension Plan (Details) - Pension plan assets by level within the fair value hierarchy - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value, Pension plan assets, Total | $ 8,984 | $ 8,193 | $ 7,946 |
Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value, Pension plan assets, Total | 8,984 | 8,193 | |
Fair Value, Inputs, Level 1 [Member] | Equity And Index Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value, Pension plan assets, Total | 6,186 | 5,615 | |
Fair Value, Inputs, Level 1 [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value, Pension plan assets, Total | 2,798 | 2,578 | |
Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value, Pension plan assets, Total | |||
Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value, Pension plan assets, Total |
Pension Plan (Details) - The fu
Pension Plan (Details) - The funded status of the plan - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
The funded status of the plan [Abstract] | |||
Projected benefit obligation at beginning of year | $ 13,517 | $ 14,679 | |
Interest cost | 487 | 573 | |
Actuarial loss (gain) | 369 | (1,192) | |
Benefits paid | (965) | (543) | |
Projected benefit obligation at end of year | 13,408 | 13,517 | |
Fair value of plan assets at beginning of year | 8,193 | 7,946 | |
Actual return on plan assets | 432 | (451) | |
Company contributions | 1,324 | 1,241 | |
Fair value of plan assets at end of Year | 8,984 | 8,193 | |
Funded status (underfunded) | (4,424) | (5,324) | |
Net actuarial loss | $ 7,206 | $ 6,797 | $ 7,449 |
Components of cost | 4.31% | 4.00% | |
Benefit obligations | 4.16% | 4.30% | |
Expected return on plan assets | 8.00% | 8.00% | |
Rate of compensation increase |
Pension Plan (Details) - Expect
Pension Plan (Details) - Expected projected benefit payments due $ in Thousands | Dec. 31, 2016USD ($) |
Expected projected benefit payments due [Abstract] | |
Estimated Benefit Payments | $ 648 |
Estimated Benefit Payments | 707 |
Estimated Benefit Payments | 866 |
Estimated Benefit Payments | 715 |
Estimated Benefit Payments | $ 1,187 |
Pension Plan (Details) - Compon
Pension Plan (Details) - Components of the net periodic pension cost - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Components of the net periodic pension cost [Abstract] | ||
Interest cost | $ 487 | $ 573 |
Expected return on plan assets | (672) | (667) |
Amortization of net actuarial loss | 199 | 579 |
Net periodic pension cost | $ 14 | $ 485 |
Pension Plan (Details) - Change
Pension Plan (Details) - Change in unrecognized pension costs recorded in other comprehensive loss - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Change in unrecognized pension costs recorded in other comprehensive loss [Abstract] | ||
Balance at beginning of year | $ 6,797 | $ 7,449 |
Net actuarial loss (gain) | 608 | (73) |
Recognized loss | (199) | (579) |
Balance at end of year | $ 7,206 | $ 6,797 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Jan. 01, 2015 | |
Share-Based Compensation (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 200,800 | 200,800 | 200,800 |
Employee Stock Option [Member] | 2012 Long Term Incentive Plan [Member] | |||
Share-Based Compensation (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 200,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 100.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Employee Stock Option [Member] | Non Employee Director Stock Option Plan [Member] | |||
Share-Based Compensation (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 800 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 100.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 6 years | ||
Minimum [Member] | Employee Stock Option [Member] | Non Employee Director Stock Option Plan [Member] | |||
Share-Based Compensation (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 1 year |
Share-Based Compensation (Det73
Share-Based Compensation (Details) - Activity of the Company`s stock options - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2016 | Jan. 01, 2015 | |
Activity of the Company`s stock options [Abstract] | |||
Balance, Number of Shares Authorized | 200,800 | 200,800 | 200,840 |
Balance , Number of Shares Granted | 40 | ||
Balance, Number of Shares Available | 200,800 | 200,800 | 200,800 |
Balance, Weighted Average Exercise Price (in Dollars per share) | $ 16.25 | ||
Number of Shares Authorized, Expired | (40) | ||
Number of Shares Granted, Expired | (40) |
Loss Per Share (Details)
Loss Per Share (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Loss Per Share (Details) [Line Items] | ||
Preferred Stock, Amount of Preferred Dividends in Arrears | $ 44,000 | $ 23,000 |
Warrant [Member] | ||
Loss Per Share (Details) [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 52,000 | 85,300 |
Loss Per Share (Details) - Calc
Loss Per Share (Details) - Calculation of Income (Loss) Per Common Share - USD ($) $ / shares in Units, shares in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Numerator: | ||
Net loss, as reported | $ (611,000) | $ (1,749,000) |
Dividends paid on preferred shares | (177,000) | |
Change in dividends accumulated on preferred shares | (21,000) | (23,000) |
Net loss attributable to common shares | $ (809,000) | $ (1,772,000) |
Denominator: | ||
Weighted average shares outstanding (in Shares) | 1,711 | 1,674 |
Basic and diluted loss per share (in Dollars per share) | $ (0.47) | $ (1.06) |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | Jun. 21, 2016 | Feb. 01, 2016 | Dec. 31, 2016 | Dec. 31, 2015 |
Commitments and Contingencies Disclosure [Abstract] | ||||
Commitment For Future Salaries | $ 650,000 | |||
Contractual Salaries Expense | 550,000 | $ 447,000 | ||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 7 years | 2 years | ||
Lease Agreement, Frequency of Rental Payments | annual | annual | ||
Sale Leaseback Transaction, Annual Rental Payments | $ 317,000 | $ 158,000 | ||
Operating Leases, Future Minimum Payments Due | 2,700,000 | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 685,000 | |||
Operating Leases, Future Minimum Payments, Due in Two Years | 342,000 | |||
Operating Leases, Future Minimum Payments, Due in Three Years | 335,000 | |||
Operating Leases, Future Minimum Payments, Due in Four Years | 337,000 | |||
Operating Leases, Future Minimum Payments, Due in Five Years | 342,000 | |||
Operating Leases, Future Minimum Payments, Due Thereafter | 657,000 | |||
Operating Leases, Rent Expense | $ 651,000 | $ 541,000 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 |
Related Party Transactions [Abstract] | |||
Related Party Transaction, Purchases from Related Party | $ 3,600,000 | $ 3,500,000 | |
Due to Related Parties | $ 0 | $ 145,000 | |
Revenue from Related Parties | $ 72,500 | ||
Related Party Transaction, Trademark Licensing Agreement, Royalty Percentage | 3.00% |
Business Segment Data (Details)
Business Segment Data (Details) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Business Segment Data (Details) [Line Items] | ||
Number of Reportable Segments | 2 | |
Concentration Risk, Percentage | 10.00% | 12.50% |
Sales Revenue, Net [Member] | Foreign [Member] | ||
Business Segment Data (Details) [Line Items] | ||
Concentration Risk, Percentage | 10.00% |
Business Segment Data (Detail79
Business Segment Data (Details) - Business Segment Data - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues: | ||
Revenues | $ 21,191,000 | $ 23,567,000 |
Operating income (loss): | ||
Operating Income (Loss) | (820,000) | (2,152,000) |
Interest expense, net | (374,000) | (306,000) |
(Loss) gain on foreign currency remeasurement | (45,000) | 478,000 |
Gain on extinguishment of debt | 462,000 | 314,000 |
Gain on sale/leaseback transaction | 121,000 | |
Warrant expense | (21,000) | (60,000) |
Loss before income taxes | (677,000) | (1,726,000) |
Income tax benefit (expense) | 66,000 | (23,000) |
Net loss | (611,000) | (1,749,000) |
Assets: | ||
Assets | 13,414,000 | 12,990,000 |
Depreciation and amortization: | ||
Depreciation and amortization | 1,774,000 | 2,443,000 |
Capital expenditures: | ||
Capital expenditures | 2,081,000 | 235,000 |
Operating Segments [Member] | ||
Assets: | ||
Assets | 12,808,000 | 12,443,000 |
Corporate, Non-Segment [Member] | ||
Operating income (loss): | ||
Operating Income (Loss) | (3,276,000) | (3,386,000) |
Assets: | ||
Assets | 606,000 | 547,000 |
Depreciation and amortization: | ||
Depreciation and amortization | 21,000 | 75,000 |
Capital expenditures: | ||
Capital expenditures | 4,000 | 5,000 |
Digital Display Sales [Member] | Operating Segments [Member] | ||
Revenues: | ||
Revenues | 18,138,000 | 19,994,000 |
Operating income (loss): | ||
Operating Income (Loss) | 1,631,000 | 574,000 |
Assets: | ||
Assets | 8,753,000 | 6,955,000 |
Depreciation and amortization: | ||
Depreciation and amortization | 115,000 | 100,000 |
Capital expenditures: | ||
Capital expenditures | 2,033,000 | 169,000 |
Digital Display Lease And Maintenance [Member] | Operating Segments [Member] | ||
Revenues: | ||
Revenues | 3,053,000 | 3,573,000 |
Operating income (loss): | ||
Operating Income (Loss) | 825,000 | 660,000 |
Assets: | ||
Assets | 4,055,000 | 5,488,000 |
Depreciation and amortization: | ||
Depreciation and amortization | 1,638,000 | 2,268,000 |
Capital expenditures: | ||
Capital expenditures | $ 44,000 | $ 61,000 |