Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 10, 2023 | |
Document Information Line Items | ||
Entity Registrant Name | TRANS-LUX CORPORATION | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 13,496,276 | |
Amendment Flag | false | |
Entity Central Index Key | 0000099106 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 1-2257 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 13-1394750 | |
Entity Address, Address Line One | 254 West 31st Street | |
Entity Address, Address Line Two | 12th Floor | |
Entity Address, State or Province | NY | |
Entity Address, City or Town | New York | |
Entity Address, Postal Zip Code | 10001 | |
City Area Code | 800 | |
Local Phone Number | 243-5544 | |
Entity Interactive Data Current | Yes | |
Title of 12(g) Security | Common Stock - $0.001 Par Value |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 198,000 | $ 48,000 |
Receivables, net | 1,660,000 | 2,832,000 |
Inventories | 2,207,000 | 2,722,000 |
Prepaids and other assets | 961,000 | 1,071,000 |
Total current assets | 5,026,000 | 6,673,000 |
Long-term assets: | ||
Rental equipment, net | 168,000 | 225,000 |
Property, plant and equipment, net | 1,838,000 | 1,715,000 |
Right of use assets | 2,155,000 | 765,000 |
Restricted cash | 200,000 | |
Other assets | 34,000 | 34,000 |
Total long-term assets | 4,395,000 | 2,739,000 |
TOTAL ASSETS | 9,421,000 | 9,412,000 |
Current liabilities: | ||
Accounts payable | 6,608,000 | 6,339,000 |
Accrued liabilities | 4,375,000 | 4,279,000 |
Current portion of long-term debt | 3,768,000 | 3,768,000 |
Current lease liabilities | 497,000 | 393,000 |
Customer deposits | 1,009,000 | 1,183,000 |
Total current liabilities | 16,257,000 | 15,962,000 |
Long-term liabilities: | ||
Long-term debt, less current portion | 500,000 | 500,000 |
Long-term lease liabilities | 1,689,000 | 412,000 |
Deferred pension liability and other | 2,914,000 | 2,862,000 |
Total long-term liabilities | 5,103,000 | 3,774,000 |
Total liabilities | 21,360,000 | 19,736,000 |
Stockholders' deficit: | ||
Preferred Stock Series A - $20 stated value - 416,500 shares authorized; shares issued and outstanding: 0 in 2023 and 2022 and Preferred Stock Series B - $200 stated value - 51,000 shares authorized; shares issued and outstanding: 0 in 2023 and 2022 | ||
Common Stock - $0.001 par value - 30,000,000 shares authorized; shares issued: 13,524,116 in 2023 and 13,474,116 in 2022 shares outstanding: 13,496,276 in 2023 and 13,446,276 in 2022 | 13,000 | 13,000 |
Additional paid-in-capital | 41,508,000 | 41,444,000 |
Accumulated deficit | (44,385,000) | (42,652,000) |
Accumulated other comprehensive loss | (6,012,000) | (6,066,000) |
Treasury stock - at cost - 27,840 common shares in 2023 and 2022 | (3,063,000) | (3,063,000) |
Total stockholders' deficit | (11,939,000) | (10,324,000) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | 9,421,000 | 9,412,000 |
Convertible Preferred Stock [Member] | Series A Preferred Stock [Member] | ||
Stockholders' deficit: | ||
Preferred Stock Series A - $20 stated value - 416,500 shares authorized; shares issued and outstanding: 0 in 2023 and 2022 and Preferred Stock Series B - $200 stated value - 51,000 shares authorized; shares issued and outstanding: 0 in 2023 and 2022 | ||
Convertible Preferred Stock [Member] | Series B Preferred Stock [Member] | ||
Stockholders' deficit: | ||
Preferred Stock Series A - $20 stated value - 416,500 shares authorized; shares issued and outstanding: 0 in 2023 and 2022 and Preferred Stock Series B - $200 stated value - 51,000 shares authorized; shares issued and outstanding: 0 in 2023 and 2022 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Common Stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common Stock, shares authorized | 30,000,000 | 30,000,000 |
Common Stock, shares issued | 13,524,116 | 13,474,116 |
Common Stock, shares outstanding | 13,496,276 | 13,446,276 |
Treasury Stock, shares | 27,840 | 27,840 |
Convertible Preferred Stock [Member] | Series A 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 |
Convertible Preferred Stock [Member] | Series B 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 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues: | ||||
Revenues | $ 2,986,000 | $ 7,302,000 | $ 7,335,000 | $ 10,967,000 |
Cost of revenues: | ||||
Cost of revenues | 2,732,000 | 5,942,000 | 6,640,000 | 9,065,000 |
Gross income | 254,000 | 1,360,000 | 695,000 | 1,902,000 |
General and administrative expenses | (816,000) | (822,000) | (1,894,000) | (1,584,000) |
Operating (loss) income | (562,000) | 538,000 | (1,199,000) | 318,000 |
Interest expense, net | (194,000) | (130,000) | (338,000) | (272,000) |
(Loss) gain on foreign currency remeasurement | (51,000) | 76,000 | (59,000) | 60,000 |
Gain on forgiveness of PPP loan | 824,000 | |||
Pension (expense) benefit | (62,000) | 52,000 | (125,000) | 105,000 |
(Loss) income before income taxes | (869,000) | 536,000 | (1,721,000) | 1,035,000 |
Income tax expense | (6,000) | (6,000) | (12,000) | (12,000) |
Net (loss) income | (875,000) | 530,000 | (1,733,000) | 1,023,000 |
Digital Product Sales [Member] | ||||
Revenues: | ||||
Revenues | 2,767,000 | 7,016,000 | 6,888,000 | 10,253,000 |
Cost of revenues: | ||||
Cost of revenues | 2,617,000 | 5,800,000 | 6,420,000 | 8,758,000 |
Digital Product Lease And Maintenance [Member] | ||||
Revenues: | ||||
Revenues | 219,000 | 286,000 | 447,000 | 714,000 |
Cost of revenues: | ||||
Cost of revenues | $ 115,000 | $ 142,000 | $ 220,000 | $ 307,000 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net (loss) income | $ (875,000) | $ 530,000 | $ (1,733,000) | $ 1,023,000 |
Other comprehensive income: | ||||
Unrealized foreign currency translation gain (loss) | 47,000 | (71,000) | 54,000 | (44,000) |
Total other comprehensive income (loss), net of tax | 47,000 | (71,000) | 54,000 | (44,000) |
Comprehensive (loss) income | $ (828,000) | $ 459,000 | $ (1,679,000) | $ 979,000 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT (unaudited) - USD ($) | 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, Common [Member] | Total |
Balance at Dec. 31, 2021 | $ 13,000 | $ 41,330,000 | $ (42,975,000) | $ (6,253,000) | $ (3,063,000) | $ (10,948,000) | ||
Balance (in Shares) at Dec. 31, 2021 | 13,474,116 | |||||||
Net income (loss) | 1,023,000 | 1,023,000 | ||||||
Issuance of options | 38,000 | 38,000 | ||||||
Other comprehensive income, net of tax: | ||||||||
Unrealized foreign currency translation gain (loss) | (44,000) | (44,000) | ||||||
Balance at Jun. 30, 2022 | $ 13,000 | 41,368,000 | (41,952,000) | (6,297,000) | (3,063,000) | (9,931,000) | ||
Balance (in Shares) at Jun. 30, 2022 | 13,474,116 | |||||||
Balance at Mar. 31, 2022 | $ 13,000 | 41,330,000 | (42,482,000) | (6,226,000) | (3,063,000) | (10,428,000) | ||
Balance (in Shares) at Mar. 31, 2022 | 13,474,116 | |||||||
Net income (loss) | 530,000 | 530,000 | ||||||
Issuance of options | 38,000 | 38,000 | ||||||
Other comprehensive income, net of tax: | ||||||||
Unrealized foreign currency translation gain (loss) | (71,000) | (71,000) | ||||||
Balance at Jun. 30, 2022 | $ 13,000 | 41,368,000 | (41,952,000) | (6,297,000) | (3,063,000) | (9,931,000) | ||
Balance (in Shares) at Jun. 30, 2022 | 13,474,116 | |||||||
Balance at Dec. 31, 2022 | $ 13,000 | 41,444,000 | (42,652,000) | (6,066,000) | (3,063,000) | (10,324,000) | ||
Balance (in Shares) at Dec. 31, 2022 | 13,474,116 | |||||||
Net income (loss) | (1,733,000) | (1,733,000) | ||||||
Stock issued to directors/officers | 26,000 | 26,000 | ||||||
Stock issued to directors/officers (in Shares) | 50,000 | |||||||
Issuance of options | 38,000 | 38,000 | ||||||
Other comprehensive income, net of tax: | ||||||||
Unrealized foreign currency translation gain (loss) | 54,000 | 54,000 | ||||||
Balance at Jun. 30, 2023 | $ 13,000 | 41,508,000 | (44,385,000) | (6,012,000) | (3,063,000) | (11,939,000) | ||
Balance (in Shares) at Jun. 30, 2023 | 13,524,116 | |||||||
Balance at Mar. 31, 2023 | $ 13,000 | 41,482,000 | (43,510,000) | (6,059,000) | (3,063,000) | (11,137,000) | ||
Balance (in Shares) at Mar. 31, 2023 | 13,474,116 | |||||||
Net income (loss) | (875,000) | (875,000) | ||||||
Stock issued to directors/officers | 26,000 | 26,000 | ||||||
Stock issued to directors/officers (in Shares) | 50,000 | |||||||
Other comprehensive income, net of tax: | ||||||||
Unrealized foreign currency translation gain (loss) | 47,000 | 47,000 | ||||||
Balance at Jun. 30, 2023 | $ 13,000 | $ 41,508,000 | $ (44,385,000) | $ (6,012,000) | $ (3,063,000) | $ (11,939,000) | ||
Balance (in Shares) at Jun. 30, 2023 | 13,524,116 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities | ||||
Net (loss) income | $ (875,000) | $ 530,000 | $ (1,733,000) | $ 1,023,000 |
Adjustment to reconcile net (loss) income to net cash provided by (used in) operating activities: | ||||
Depreciation and amortization | 182,000 | 219,000 | ||
Amortization of right of use assets | 211,000 | 195,000 | ||
Gain on forgiveness of PPP loan | (824,000) | |||
Amortization of deferred financing fees and debt discount | 53,000 | |||
Loss on foreign currency remeasurement | 51,000 | (76,000) | 59,000 | (60,000) |
Issuance of common stock for compensation | 26,000 | |||
Amortization of stock options | 38,000 | 38,000 | ||
Allowance for credit losses | (25,000) | 14,000 | ||
Changes in operating assets and liabilities: | ||||
Accounts receivable | 1,197,000 | (1,321,000) | ||
Inventories | 515,000 | (1,509,000) | ||
Prepaids and other assets | 110,000 | 84,000 | ||
Accounts payable | 269,000 | (88,000) | ||
Accrued liabilities | 91,000 | 176,000 | ||
Operating lease liabilities | (220,000) | (188,000) | ||
Customer deposits | (174,000) | 1,187,000 | ||
Deferred pension liability and other | 52,000 | (105,000) | ||
Net cash provided by (used in) operating activities | 598,000 | (1,106,000) | ||
Cash flows from investing activities | ||||
Purchases of property, plant and equipment | (248,000) | (12,000) | ||
Net cash used in investing activities | (248,000) | (12,000) | ||
Cash flows from financing activities | ||||
Proceeds from long-term debt | 200,000 | 703,000 | ||
Payments of long-term debt | (200,000) | |||
Net cash provided by financing activities | 703,000 | |||
Effect of exchange rate changes | (1,000) | |||
Net increase (decrease) in cash, cash equivalents and restricted cash | 350,000 | (416,000) | ||
Cash, cash equivalents and restricted cash at beginning of year | 48,000 | 524,000 | ||
Cash, cash equivalents and restricted cash at end of period | 398,000 | 108,000 | 398,000 | 108,000 |
Supplemental disclosure of cash flow information: | ||||
Interest paid | 23,000 | |||
Income taxes paid | 10,000 | 10,000 | ||
Current assets | ||||
Cash and cash equivalents | 198,000 | 108,000 | 198,000 | 108,000 |
Long-term assets | ||||
Restricted cash | 200,000 | 200,000 | ||
Cash, cash equivalents and restricted cash at end of period | $ 398,000 | $ 108,000 | $ 398,000 | $ 108,000 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2023 | |
Basis of Presentation [Line Items] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1 – As used in this report, “Trans-Lux,” the “Company,” “we,” “us,” and “our” refer to Trans-Lux Corporation and its subsidiaries. Financial information included herein is unaudited, however, such information reflects all adjustments (of a normal and recurring nature), which are, in the opinion of management, necessary for the fair presentation of the Condensed Consolidated Financial Statements for the interim periods. The results for the interim periods are not necessarily indicative of the results to be expected for the full year. The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with rule 10-01 of Regulation S-X promulgated by the Securities and Exchange Commission (the “SEC”) and therefore do not include all information and footnote disclosures required under accounting principles generally accepted in the United States of America (“GAAP”). The Condensed Consolidated Financial Statements included herein should be read in conjunction with the Consolidated Financial Statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The Condensed Consolidated Balance Sheet at December 31, 2022 is derived from the December 31, 2022 audited financial statements. Critical Accounting Policies and Estimates Accounting policies used in the preparation of our financial statements may involve the use of management judgments and estimates. Certain of our accounting policies are considered critical as they are both important to the portrayal of our financial statements and require significant or complex judgments on the part of management. Our judgments and estimates are based on experience and assumptions that we believe are reasonable under the circumstances. Further, we evaluate our judgments and estimates from time to time as circumstances change. Actual financial results based on judgments or estimates may vary under different assumptions or circumstances. Our critical accounting policies are discussed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the Securities and Exchange Commission on March 31, 2023. Restricted cash: The following new accounting pronouncements were adopted in 2023: In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 requires that entities use a new forward looking “expected loss” model that generally will result in the earlier recognition of allowance for credit losses. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU No. 2016-13 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2022. The Company adopted the new guidance on January 1, 2023 and determined it did not have a material impact on its consolidated financial statements. The following new accounting pronouncements, and related impacts on adoption, are being evaluated by the Company: None. |
Liquidity and Going Concern
Liquidity and Going Concern | 6 Months Ended |
Jun. 30, 2023 | |
Liquidity and Going Concern [Line Items] | |
Substantial Doubt about Going Concern [Text Block] | Note 2 Liquidity and 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 Condensed Consolidated Financial Statements assuming the Company will continue as a going concern. The Company has incurred recurring operating losses and continues to have a working capital deficiency including being in default of several debt obligations. The Company recorded a loss of $1.7 million in the six months ended June 30, 2023, and had a working capital deficiency of $11.2 million as of June 30, 2023. As of December 31, 2022, the Company had a working capital deficiency of $9.3 million. The Company is dependent on future operating performance in order to generate sufficient cash flows in order to continue to run its businesses. Future operating performance is dependent on general economic conditions, as well as financial, competitive and other factors beyond our control, including the impact of the current economic environment, the spread of major epidemics (including coronavirus), increases in interest rates and other related uncertainties such as government-imposed travel restrictions, interruptions to supply chains, extended shut down of businesses and the impact of inflation. In order to more effectively manage its cash resources, the Company had, from time to time, increased the timetable of its payment of some of its payables, which delayed certain product deliveries from our vendors, which in turn delayed certain deliveries to our customers. If we are unable to (i) obtain additional liquidity for working capital, (ii) make the required minimum funding contributions to the defined benefit pension plan, (iii) make the required principal and interest payments on our outstanding 8¼% Limited convertible senior subordinated notes due 2012 (the “Notes”) and 9½% Subordinated debentures due 2012 (the “Debentures”), (iv) repay our obligations under our Loan Agreement (hereinafter defined) with Unilumin and/or (v) repay our obligations under our loan agreements with Carlisle, there would be a significant adverse impact on our financial position and operating results. The Company continually evaluates the need and availability of long-term capital in order to meet its cash requirements and fund potential new opportunities. Due to the above, there is substantial doubt as to whether we will have adequate liquidity, including access to the debt and equity capital markets, to continue as a going concern over the next 12 months from the date of issuance of this Form 10-Q. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2023 | |
Revenue Recognition [Line Items] | |
Revenue from Contract with Customer [Text Block] | Note 3 Revenue Recognition We recognize revenue in accordance with two different accounting standards: 1) Accounting Standards Codification (“ASC”) Topic 606 and 2) ASC Topic 842. Under Topic 606, revenue from contracts with customers is measured based on the consideration specified in the contract with the customer, and excludes any sales incentives and amounts collected on behalf of third parties. A performance obligation is a promise in a contract to transfer a distinct good or service to a customer, and is the unit of account under Topic 606. Our contracts with customers generally do not include multiple performance obligations. We recognize revenue when we satisfy a performance obligation by transferring control over a product or service to a customer. The amount of revenue recognized reflects the consideration we expect to be entitled to in exchange for such products or services. None of the Company’s contracts contained a significant financing component as of June 30, 2023. Revenue from the Company’s digital product and maintenance service is recognized ratably over the lease term in accordance with ASC Topic 842. Disaggregated Revenues The following table represents a disaggregation of revenue from contracts with customers for the three and six months ended June 30, 2023 and 2022, along with the reportable segment for each category: In thousands Three months ended Six months ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Digital product sales: Catalog and small customized products $ 2,767 $ 7,016 $ 6,888 $ 10,253 Large customized products - - - - Subtotal 2,767 7,016 6,888 10,253 Digital product lease and maintenance: Operating leases 117 140 248 311 Maintenance agreements ` 102 146 199 403 Subtotal 219 286 447 714 Total $ 2,986 $ 7,302 $ 7,335 $ 10,967 The Company has two primary revenue streams which are Digital product sales and Digital product lease and maintenance. Digital Product Sales The Company recognizes net revenue on digital product sales to its distribution partners and to end users related to digital display solutions and fixed digit scoreboards. For the Company’s catalog products, revenue is generally recognized when the customer obtains control of the Company’s product, which occurs at a point in time, and may be upon shipment or upon delivery based on the contractual shipping terms of a contract. For the Company’s customized products, revenue is either recognized at a point in time or over time depending on the length of the contract. For those customized product contracts that are smaller in size, revenue is generally recognized when the customer obtains control of the Company’s product, which occurs at a point in time, and may be upon shipment or upon delivery based on the contractual shipping terms of a contract. For those customized product contracts that are larger in size, revenue is recognized over time based on incurred costs as compared to projected costs using the input method, as this best reflects the Company’s progress in transferring control of the customized product to the customer. The Company may also contract with a customer to perform installation services of digital display products. Similar to the larger customized products, the Company recognizes the revenue associated with installation services using the input method, whereby the basis is the total contract costs incurred to date compared to the total expected costs to be incurred. Revenue on sales to distribution partners are recorded net of prompt-pay discounts, if offered, and other deductions. To the extent the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price utilizing the most likely amount method to which the Company expects to be entitled. In the case of prompt-pay discounts, there are only two possible outcomes: either the customer pays on-time or does not. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the Company’s anticipated performance and all information (historical, current and forecasted) that is reasonably available. The Company believes that the estimates it has established are reasonable based upon current facts and circumstances. Applying different judgments to the same facts and circumstances could result in the estimated amounts to vary. The Company offers an assurance-type warranty that the digital display products will conform to the published specifications. Returns may only be made subject to this warranty and not for convenience. Digital Product Lease and Maintenance Digital product lease revenues represent revenues from leasing equipment that we own. We do not generally provide an option for the lessee to purchase the rented equipment at the end of the lease and do not generate material revenue from sales of equipment under such options. Our lease revenues do not include material amounts of variable payments. Digital product maintenance revenues represent revenues from maintenance agreements for equipment that we do not own. Lease and maintenance contracts generally run for periods of one month to 10 years. A contract entered into by the Company with a customer may contain both lease and maintenance services (either or both services may be agreed upon based on the individual customer contract). Maintenance services may consist of providing labor, parts and software maintenance as may be required to maintain the customer’s equipment in proper operating condition at the customer’s service location. The Company concluded the lease and maintenance services represent a series of distinct services and the most representative method for measuring progress towards satisfying the performance obligation of these services is the input method. Additionally, maintenance services require the Company to “stand ready” to provide support to the customer when and if needed. As there is no discernable pattern of efforts other than evenly over the lease and maintenance terms, the Company will recognize revenue straight-line over the lease and maintenance terms of service. The Company has an enforceable right to payment for performance completed to date, as evidenced by the requirement that the customer pay upfront for each month of services. Lease and maintenance service amounts billed ahead of revenue recognition are recorded in deferred revenue and are included in accrued liabilities in the Condensed Consolidated Financial Statements. Revenues from equipment lease and maintenance contracts are recognized during the term of the respective agreements. At June 30, 2023, the future minimum lease payments due to the Company under operating leases that expire at varying dates through 2030 for its rental equipment and maintenance contracts, assuming no renewals of existing leases or any new leases, aggregating $1,421,000 are as follows: $247,000 – remainder of 2023, $391,000 – 2024, $305,000 – 2025, $235,000 – 2026, $176,000 – 2027 and $67,000 thereafter. Contract Balances with Customers Contract assets primarily relate to rights to consideration for goods or services transferred to the customer when the right is conditional on something other than the passage of time. The contract assets are transferred to the receivables when the rights become unconditional. As of June 30, 2023 and December 31, 2022, the Company had no contract assets. The contract liabilities primarily relate to the advance consideration received from customers for contracts prior to the transfer of control to the customer and therefore revenue is recognized on completion of delivery. Contract liabilities are classified as deferred revenue by the Company and are included in customer deposits and accrued liabilities in the Condensed Consolidated Balance Sheets The following table presents the balances in the Company’s receivables and contract liabilities with customers: In thousands June 30, 2023 December 31, 2022 Gross receivables $ 1,828 $ 3,123 Allowance for credit loss 168 291 Net receivables 1,660 2,832 Contract liabilities 1,109 1,229 During the three and six months ended June 30, 2023 and 2022, the Company recognized the following revenues as a result of changes in the contract asset and the contract liability balances in the respective periods: In thousands Three months ended Six months ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Revenue recognized in the period from: Amounts included in the contract liability at the $ 570 $ 1,397 $ 951 $ 1,868 Performance obligations satisfied in previous periods - - - - Transaction Price Allocated to Future Performance Obligations As of June 30, 2023, the aggregate amount of the transaction price allocated to remaining performance obligations for digital product sales was $3.2 million and digital product lease and maintenance was $1.4 million. The Company expects to recognize revenue on approximately 80%, 13% and 7% of the remaining performance obligations over the next 12 months, 13 to 36 months and 37 or more months, respectively. Costs to Obtain or Fulfill a Customer Contract The Company capitalizes incremental costs of obtaining customer contracts. Capitalized commissions are amortized based on the transfer of the products or services to which the assets relate. Applying the practical expedient, the Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less. These costs are included in General and administrative expenses. The Company accounts for shipping and handling activities related to contracts with customers as costs to fulfill the promise to transfer the associated products. When shipping and handling costs are incurred after a customer obtains control of the products, the Company also has elected to account for these as costs to fulfill the promise and not as a separate performance obligation. Shipping and handling costs associated with the distribution of finished products to customers are recorded in costs of goods sold and are recognized when the related finished product is shipped to the customer. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2023 | |
Inventories [Line Items] | |
Inventory Disclosure [Text Block] | Note 4 – Inventories Inventories consist of the following: In thousands June 30 2023 December 31 2022 Raw materials $ 1,808 $ 2,535 Work-in-progress - - Finished goods 399 187 $ 2,207 $ 2,722 |
Rental Equipment, net
Rental Equipment, net | 6 Months Ended |
Jun. 30, 2023 | |
Rental Equipment, net [Line Items] | |
Rental Equipment [Text Block] | Note 5 – Rental Equipment, net Rental equipment consists of the following: In thousands June 30 2023 December 31 2022 Rental equipment $ 2,077 $ 2,077 Less accumulated depreciation 1,909 1,852 Net rental equipment $ 168 $ 225 Depreciation expense for rental equipment for the six months ended June 30, 2023 and 2022 was $57,000 and $93,000, respectively. Depreciation expense for rental equipment for the three months ended June 30, 2023 and 2022 was $28,000 and $46,000, respectively. |
Property, Plant and Equipment,
Property, Plant and Equipment, net | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment, net [Line Items] | |
Property, Plant and Equipment Disclosure [Text Block] | Note 6 – Property, Plant and Equipment, net Property, plant and equipment consists of the following: In thousands June 30 2023 December 31 2022 Machinery, fixtures and equipment $ 3,104 $ 2,856 Leaseholds and improvements 23 23 3,127 2,879 Less accumulated depreciation 1,289 1,164 Net property, plant and equipment $ 1,838 $ 1,715 Machinery, fixtures and equipment having a net book value of $1.8 million and $1.7 million at June 30, 2023 and December 31, 2022, respectively, were pledged as collateral under various financing agreements. Depreciation expense for property, plant and equipment for the six months ended June 30, 2023 and 2022 was $125,000 and $126,000, respectively. Depreciation expense for property, plant and equipment for the three months ended June 30, 2023 and 2022 was $62,000 and $63,000, respectively. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2023 | |
Long-Term Debt [Line Items] | |
Long-Term Debt [Text Block] | Note 7 Long-Term Debt Long-term debt consists of the following: In thousands June 30 2023 December 31 2022 8¼% Limited convertible senior subordinated notes due 2012 $ 302 $ 302 9½% Subordinated debentures due 2012 220 220 Revolving credit line – related party 2,246 2,246 Term loans – related party 1,000 1,000 Term loans 500 500 Total debt 4,268 4,268 Less deferred financing costs and debt discount - - Net debt 4,268 4,268 Less portion due within one year 3,768 3,768 Net long-term debt $ 500 $ 500 On September 16, 2019, the Company entered into a loan agreement (the “Loan Agreement”) with MidCap, which was subsequently modified. The Company entered into a loan note (the “Loan Note”) with the SBA (“Lender”) as lender under their Economic Injury Disaster Loan (“EIDL”) program, dated as of December 10, 2021. Under the Loan Note, the Company borrowed $500,000 from Lender under the EIDL Program. As of June 30, 2023, $500,000 was outstanding. The loan matures on December 10, 2051 and carries an interest rate of 3.75%. As of June 30, 2023 and December 31, 2022, the Company had accrued $29,000 and $20,000, respectively, of interest related to the Loan Note, which is included in Accrued liabilities in the Consolidated Balance Sheets. On April 23, 2020, the Company entered into a loan note (the “Loan Note”) with Enterprise Bank and Trust (“Lender”) as lender under the CARES Act of the Small Business Administration of the United States of America (“SBA”), dated as of April 20, 2020. Under the Loan Note, the Company borrowed $811,000 from Lender under the Paycheck Protection Program (“PPP”) included in the SBA’s CARES Act. The Loan Note proceeds were forgivable as long as the Company uses the loan proceeds for eligible purposes including payroll costs, including salaries, commissions, and similar compensation, group health care benefits, and paid leave; rent; utilities; and maintains its payroll levels. In January 2022, the loan was forgiven in full and the payments that had previously been paid were refunded. Refund proceeds in the amount of $453,000 are included in proceeds from long-term debt in the accompanying condensed consolidated statements of Cash Flows for the six months ended June 30, 2022. The Company has a $500,000 loan from Carlisle Investments Inc. (“Carlisle”) at a fixed interest rate of 12.00%, which matured on April 27, 2019 with a bullet payment of all principal due at such time. Interest is payable monthly. As of June 30, 2023, the entire amount was outstanding and is included in current portion of long-term debt in the Consolidated Balance Sheets. As of June 30, 2023 and December 31, 2022, the Company had accrued $330,000 and $300,000, respectively, of interest related to this loan, which are included in accrued liabilities in the Condensed Consolidated Balance Sheets. Marco Elser, a director of the Company, exercises voting and dispositive power as investment manager of Carlisle. The Company has an additional $500,000 loan from Carlisle at a fixed interest rate of 12.00%, which matured on December 10, 2017 with a bullet payment of all principal due at such time (the “Second Carlisle Agreement”). Interest is payable monthly. As of June 30, 2022, the entire amount was outstanding and is included in current portion of long-term debt Consolidated Balance Sheets. As of June 30, 2023 and December 31, 2022, the Company had accrued $330,000 and $300,000, respectively, of interest related to this loan, which are included in accrued liabilities in the Condensed Consolidated Balance Sheets. Under the Second Carlisle Agreement, the Company granted a security interest to Carlisle in accounts receivable, materials and intangibles relating to a certain purchase order for equipment issued in April 2017. As of June 30, 2023 and December 31, 2022, the Company had outstanding $302,000 of Notes. The Notes matured as of March 1, 2012 and are currently in default. As of June 30, 2023 and December 31, 2022, the Company had accrued $345,000 and $332,000, 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. As of June 30, 2023 and December 31, 2022, the Company had outstanding $220,000 of Debentures. The Debentures matured as of December 1, 2012 and are currently in default. As of June 30, 2023 and December 31, 2022, the Company had accrued $284,000 and $273,000, 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. |
Pension Plan
Pension Plan | 6 Months Ended |
Jun. 30, 2023 | |
Pension Plan [Line Items] | |
Retirement Benefits [Text Block] | Note 8 Pension Plan As of December 31, 2003, the benefit service under the pension plan had been frozen and, accordingly, there is no service cost. As of April 30, 2009, the compensation increments had been frozen and, accordingly, no additional benefits are being accrued under the pension plan. The following table presents the components of net periodic pension cost for the three and six months ended June 30, 2023 and 2022: In thousands Three months ended June 30 Six months ended June 30 2023 2022 2023 2022 Interest cost $ 134 $ 76 $ 268 $ 152 Expected return on plan assets (146) (200) (291) (400) Amortization of net actuarial loss 74 72 148 143 Net periodic pension expense (benefit) $ 62 $ (52) $ 125 $ (105) As of June 30, 2023, the Company had recorded a current pension liability of $73,000, which is included in accrued liabilities in the Condensed Consolidated Balance Sheets, and a long-term pension liability of $2.9 million, which is included in deferred pension liability and other in the Condensed Consolidated Balance Sheets. As of December 31, 2022, all pension contributions were due more than one year from the reporting date, so the Company did not record a current pension liability, and the Company had recorded a long-term pension liability of $2.9 million. There is not expected to be a minimum required contribution in 2023. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Line Items] | |
Lessee, Operating Leases [Text Block] | Note 9 Leases The Company leases administrative and manufacturing facilities through operating lease agreements. The Company has no finance leases as of June 30, 2023. right of use (“ROU”) Operating leases result in the recognition of ROU assets and lease liabilities on the Condensed Consolidated Balance Sheets. ROU assets represent our right to use the leased asset for the lease term and lease liabilities represent our obligation to make lease payments. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our estimated incremental borrowing rate at the commencement date to determine the present value of lease payments. Most real estate leases include one or more options to renew, with renewal terms that can extend the lease term from 1 to 5 years or more. Lease expense is recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less are not recorded on the Condensed Consolidated Balance Sheets. The primary leases we enter into with initial terms of 12 months or less are for equipment. Supplemental information regarding leases: June 30 In thousands, unless otherwise noted 2023 Balance Sheet: ROU assets $ 2,155 Current lease liabilities – operating 497 Non-current lease liabilities - operating 1,689 Total lease liabilities 2,186 Weighted average remaining lease term (years) 4.0 Weighted average discount rate 10.1% Future minimum lease payments: Remainder of 2023 $ 223 2024 545 2025 560 2026 577 2027 451 Thereafter 414 Total 2,770 Less: Imputed interest 584 Total lease liabilities 2,186 Less: Current lease liabilities 497 Long-term lease liabilities $ 1,689 Supplemental cash flow information regarding leases: In thousands For the three months ended June 30, 2023 For the six months ended June 30, 2023 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 124 $ 248 Non-cash activity: ROU assets obtained in exchange for lease liabilities 1,601 1,601 Total operating lease expense was $237,000 and $239,000 for the six months ended June 30, 2023 and 2022, respectively. Total operating lease expense was $118,000 and $109,000 for the three months ended June 30, 2023 and 2022, respectively. There was no short-term lease expense for the six months ended June 30, 2023 and 2022. There was no short-term lease expense for the three months ended June 30, 2023 and 2022. |
Stockholders' Deficit and Incom
Stockholders' Deficit and Income (Loss) Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Stockholders' Deficit and Income (Loss) Per Share [Line Items] | |
Equity [Text Block] | Note 10 – Stockholders’ Deficit and (Loss) Income Per Share The following table presents the calculation of (loss) income per share for the three and six months ended June 30, 2023 and 2022: In thousands, except per share data Three months ended June 30 Six months ended June 30 2023 2022 2023 2022 Numerator: Net (loss) income, as reported $ (875) $ 530 $ (1,733) $ 1,023 Denominator: Weighted average shares outstanding - basic 13,491 13,446 13,469 13,446 Weighted average shares outstanding - diluted 13,491 13,489 13,469 13,489 (Loss) earnings per share – basic and diluted $ (0.06) $ 0.04 $ (0.13) $ 0.08 Basic (loss) earnings per common share is computed by dividing net (loss) income attributable to common shares by the weighted average number of common shares outstanding for the period. Diluted (loss) earnings per common share is computed by dividing net (loss) income 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. On March 28, 2022, the Company issued stock options to purchase 280,000 shares to executives and employees at an exercise price of $0.40 per share, which vested on March 28, 2023. The options were valued at the grant date using the Black-Scholes model with the following inputs: expiration date March 28, 2026; risk-free rate of return 2.55%; and volatility 108%. As of June 30, 2023, the Company excluded the effects of the outstanding stock options to purchase 235,000 shares in the calculation of diluted loss per share since their inclusion would have been anti-dilutive. As of June 30, 2023 and 2022, the Company had other warrants to purchase 1.6 million shares of Common Stock outstanding, which were excluded from the calculation of diluted income (loss) per share because their exercise price was greater than the average stock price for the period and their inclusion would have been anti-dilutive. A summary of the status of the Company’s stock options as of June 30, 2023 and the changes during the six months then ended is presented below: Number of Weighted Average Weighted average Average intrinsic value Outstanding at December 31, 2022 280,000 $ 0.40 3.3 $ 0.19 Granted - - Expired 45,000 $ 0.40 $ 0.19 Outstanding at June 30, 2023 235,000 $ 0.40 2.8 $ 0.19 Exercisable at the end of the period 235,000 $ 0.40 2.8 $ 0.19 Equity based compensation was $38,000 for each of the six months ended June 30, 2023 and 2022. There was no equity based compensation for the three months ended June 30, 2023. Equity based compensation was $38,000 for the three months ended June 30, 2022. There is no |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Contingencies [Line Items] | |
Commitments and Contingencies Disclosure [Text Block] | Note 11 – Contingencies The Company is subject to legal proceedings and claims which arise in the ordinary course of its business and/or which are covered by insurance. The Company has accrued reserves individually and in the aggregate for such legal proceedings. Should actual litigation results differ from the Company’s estimates, revisions to increase or decrease the accrued reserves may be required. There are no open matters that the Company deems material. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Line Items] | |
Related Party Transactions Disclosure [Text Block] | Note 12 – The Company has the following related party transactions: As of June 30, 2023, Unilumin USA (“Unilumin”) owns 51.8% of the Company’s Common Stock and beneficially owns 53.5% of the Company’s Common Stock. Nicholas J. Fazio, Jie Feng and Yantao Yu, each directors of the Company, are each directors and/or officers of Unilumin. Mr. Fazio and Mr. Yu are both executive officers of the Company, but had not yet been added to the Company’s payroll until January 2023 at annual rates of compensation of $125,000 and $26,000, respectively. In 2022 and prior, they had been compensated solely by Unilumin, with no charge to the Company. In 2023, they continue to receive some compensation directly from Unilumin. The Company purchased $1.1 million and $3.8 million of product from Unilumin in the six months ended June 30, 2023 and 2022, respectively, and purchased $587,000 and $2.7 million of product from Unilumin in the three months ended June 30, 2023 and 2022, respectively. The total amount payable by the Company to Unilumin, including accounts payable, accrued interest and long-term debt, was $8.2 million and $7.3 million as of June 30, 2023 and December 31, 2022, respectively. The Company occupies space at no cost in a New York office that is leased by Unilumin. Marco Elser, a director of the Company, exercises voting and dispositive power as investment manager of Carlisle. The total amount payable by the Company to Carlisle, including accrued interest and long-term debt, was $1.7 million and $1.6 million as of June 30, 2023 and December 31, 2022, respectively. |
Business Segment Data
Business Segment Data | 6 Months Ended |
Jun. 30, 2023 | |
Business Segment Data [Line Items] | |
Segment Reporting Disclosure [Text Block] | Note 13 – 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 makers 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 (loss). 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 displays. 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 in the six months ended June 30, 2023 and 2022. The Company’s 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 three and six months ended June 30, 2023 and 2022 is as follows: Three months ended June 30 Six months ended June 30 In thousands 2023 2022 2023 2022 Revenues: Digital product sales $ 2,767 $ 7,016 $ 6,888 $ 10,253 Digital product lease and maintenance 219 286 447 714 Total revenues $ 2,986 $ 7,302 $ 7,335 $ 10,967 Operating income (loss): Digital product sales $ (181) $ 831 $ (482) $ 760 Digital product lease and maintenance 109 133 232 390 Corporate general and administrative expenses (490) (426) (949) (832) Total operating (loss) income (562) 538 (1,199) 318 Interest expense, net (194) (130) (338) (272) (Loss) gain on foreign currency remeasurement (51) 76 (59) 60 Gain on forgiveness of PPP loan - - - 824 Pension (expense) benefit (62) 52 (125) 105 (Loss) income before income taxes (869) 536 (1,721) 1,035 Income tax expense (6) (6) (12) (12) Net (loss) income $ (875) $ 530 $ (1,733) $ 1,023 June 30 2023 December 31 2022 Assets Digital product sales $ 6,769 $ 8,221 Digital product lease and maintenance 2,454 1,143 Total identifiable assets 9,223 9,364 General corporate 198 48 Total assets $ 9,421 $ 9,412 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Line Items] | |
Subsequent Events [Text Block] | Note 14 – The Company has evaluated events and transactions subsequent to June 30, 2023 and through the date these Condensed Consolidated Financial Statements were included in this Form 10-Q and filed with the SEC. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Revenue Recognition (Tables) [Line Items] | |
Disaggregation of Revenue [Table Text Block] | In thousands Three months ended Six months ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Digital product sales: Catalog and small customized products $ 2,767 $ 7,016 $ 6,888 $ 10,253 Large customized products - - - - Subtotal 2,767 7,016 6,888 10,253 Digital product lease and maintenance: Operating leases 117 140 248 311 Maintenance agreements ` 102 146 199 403 Subtotal 219 286 447 714 Total $ 2,986 $ 7,302 $ 7,335 $ 10,967 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | In thousands June 30, 2023 December 31, 2022 Gross receivables $ 1,828 $ 3,123 Allowance for credit loss 168 291 Net receivables 1,660 2,832 Contract liabilities 1,109 1,229 |
Schedule of Changes In Contract Asset and Contract Liability [Table Text Block] | In thousands Three months ended Six months ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Revenue recognized in the period from: Amounts included in the contract liability at the $ 570 $ 1,397 $ 951 $ 1,868 Performance obligations satisfied in previous periods - - - - |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Inventories (Tables) [Line Items] | |
Schedule of Inventory, Current [Table Text Block] | In thousands June 30 2023 December 31 2022 Raw materials $ 1,808 $ 2,535 Work-in-progress - - Finished goods 399 187 $ 2,207 $ 2,722 |
Rental Equipment, net (Tables)
Rental Equipment, net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Rental Equipment, net (Tables) [Line Items] | |
Rental Equipment [Table Text Block] | In thousands June 30 2023 December 31 2022 Rental equipment $ 2,077 $ 2,077 Less accumulated depreciation 1,909 1,852 Net rental equipment $ 168 $ 225 |
Property, Plant and Equipment_2
Property, Plant and Equipment, net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment, net (Tables) [Line Items] | |
Property, Plant and Equipment [Table Text Block] | In thousands June 30 2023 December 31 2022 Machinery, fixtures and equipment $ 3,104 $ 2,856 Leaseholds and improvements 23 23 3,127 2,879 Less accumulated depreciation 1,289 1,164 Net property, plant and equipment $ 1,838 $ 1,715 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Long-Term Debt (Tables) [Line Items] | |
Schedule of Long-Term Debt Instruments [Table Text Block] | In thousands June 30 2023 December 31 2022 8¼% Limited convertible senior subordinated notes due 2012 $ 302 $ 302 9½% Subordinated debentures due 2012 220 220 Revolving credit line – related party 2,246 2,246 Term loans – related party 1,000 1,000 Term loans 500 500 Total debt 4,268 4,268 Less deferred financing costs and debt discount - - Net debt 4,268 4,268 Less portion due within one year 3,768 3,768 Net long-term debt $ 500 $ 500 |
Pension Plan (Tables)
Pension Plan (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Pension Plan (Tables) [Line Items] | |
Schedule of Net Benefit Costs [Table Text Block] | In thousands Three months ended June 30 Six months ended June 30 2023 2022 2023 2022 Interest cost $ 134 $ 76 $ 268 $ 152 Expected return on plan assets (146) (200) (291) (400) Amortization of net actuarial loss 74 72 148 143 Net periodic pension expense (benefit) $ 62 $ (52) $ 125 $ (105) |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Leases (Tables) [Line Items] | |
Schedule Of Future Minimum Rental Payment For Operating Leases [Table Text Block] | June 30 In thousands, unless otherwise noted 2023 Balance Sheet: ROU assets $ 2,155 Current lease liabilities – operating 497 Non-current lease liabilities - operating 1,689 Total lease liabilities 2,186 Weighted average remaining lease term (years) 4.0 Weighted average discount rate 10.1% Future minimum lease payments: Remainder of 2023 $ 223 2024 545 2025 560 2026 577 2027 451 Thereafter 414 Total 2,770 Less: Imputed interest 584 Total lease liabilities 2,186 Less: Current lease liabilities 497 Long-term lease liabilities $ 1,689 |
Schedule of Cash Flow Supplemental Disclosures Leases [Table Text Block] | In thousands For the three months ended June 30, 2023 For the six months ended June 30, 2023 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 124 $ 248 Non-cash activity: ROU assets obtained in exchange for lease liabilities 1,601 1,601 |
Stockholders' Deficit and Inc_2
Stockholders' Deficit and Income (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Stockholders' Deficit and Income (Loss) Per Share (Tables) [Line Items] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | In thousands, except per share data Three months ended June 30 Six months ended June 30 2023 2022 2023 2022 Numerator: Net (loss) income, as reported $ (875) $ 530 $ (1,733) $ 1,023 Denominator: Weighted average shares outstanding - basic 13,491 13,446 13,469 13,446 Weighted average shares outstanding - diluted 13,491 13,489 13,469 13,489 (Loss) earnings per share – basic and diluted $ (0.06) $ 0.04 $ (0.13) $ 0.08 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Number of Weighted Average Weighted average Average intrinsic value Outstanding at December 31, 2022 280,000 $ 0.40 3.3 $ 0.19 Granted - - Expired 45,000 $ 0.40 $ 0.19 Outstanding at June 30, 2023 235,000 $ 0.40 2.8 $ 0.19 Exercisable at the end of the period 235,000 $ 0.40 2.8 $ 0.19 |
Business Segment Data (Tables)
Business Segment Data (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Business Segment Data (Tables) [Line Items] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three months ended June 30 Six months ended June 30 In thousands 2023 2022 2023 2022 Revenues: Digital product sales $ 2,767 $ 7,016 $ 6,888 $ 10,253 Digital product lease and maintenance 219 286 447 714 Total revenues $ 2,986 $ 7,302 $ 7,335 $ 10,967 Operating income (loss): Digital product sales $ (181) $ 831 $ (482) $ 760 Digital product lease and maintenance 109 133 232 390 Corporate general and administrative expenses (490) (426) (949) (832) Total operating (loss) income (562) 538 (1,199) 318 Interest expense, net (194) (130) (338) (272) (Loss) gain on foreign currency remeasurement (51) 76 (59) 60 Gain on forgiveness of PPP loan - - - 824 Pension (expense) benefit (62) 52 (125) 105 (Loss) income before income taxes (869) 536 (1,721) 1,035 Income tax expense (6) (6) (12) (12) Net (loss) income $ (875) $ 530 $ (1,733) $ 1,023 June 30 2023 December 31 2022 Assets Digital product sales $ 6,769 $ 8,221 Digital product lease and maintenance 2,454 1,143 Total identifiable assets 9,223 9,364 General corporate 198 48 Total assets $ 9,421 $ 9,412 |
Basis of Presentation (Details)
Basis of Presentation (Details) | Jun. 30, 2023 USD ($) |
Basis of Presentation (Details) [Line Items] | |
Restricted Cash | $ 200,000 |
Liquidity and Going Concern (De
Liquidity and Going Concern (Details) - Liquidity and Going Concern - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Liquidity and Going Concern (Details) - Liquidity and Going Concern [Line Items] | |||||
Net Income (Loss) Attributable to Parent | $ (875,000) | $ 530,000 | $ (1,733,000) | $ 1,023,000 | |
Working Capita lDeficit | $ 11,200,000 | $ 11,200,000 | $ 9,300,000 |
Revenue Recognition (Details) -
Revenue Recognition (Details) - Performance Obligations | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Revenue Recognition (Details) - Performance Obligations [Line Items] | |
Segment Reporting Information, Description of Products and Services | The Company has two primary revenue streams which are Digital product sales and Digital product lease and maintenance |
Lessor, Operating Lease, Payment to be Received | $ 1,421,000 |
Lessor, Operating Lease, Payment to be Received, Remainder of Fiscal Year | 247,000 |
Lessor, Operating Lease, Payment to be Received, Year One | 391,000 |
Lessor, Operating Lease, Payment to be Received, Year Two | 305,000 |
Lessor, Operating Lease, Payment to be Received, Year Three | 235,000 |
Lessor, Operating Lease, Payment to be Received, Year Four | 176,000 |
Lessor, Operating Lease, Payment to be Received, Year Five | $ 67,000 |
Minimum [Member] | |
Revenue Recognition (Details) - Performance Obligations [Line Items] | |
Lease and Maintenance Term of Contract | 1 month |
Maximum [Member] | |
Revenue Recognition (Details) - Performance Obligations [Line Items] | |
Lease and Maintenance Term of Contract | 10 years |
Revenue Recognition (Details)_2
Revenue Recognition (Details) - Remaining Performance Obligations $ in Millions | Jun. 30, 2023 USD ($) |
Digital Product Sales [Member] | |
Revenue Recognition (Details) - Remaining Performance Obligations [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 3.2 |
Digital Product Lease And Maintenance [Member] | |
Revenue Recognition (Details) - Remaining Performance Obligations [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 1.4 |
Revenue Recognition (Details)_3
Revenue Recognition (Details) - Remaining Performance Obligations, Expected Timing of recognition | Jun. 30, 2023 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01 | |
Revenue Recognition (Details) - Remaining Performance Obligations, Expected Timing of recognition [Line Items] | |
Revenue, Remaining Performance Obligation, Percentage | 80% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | |
Revenue Recognition (Details) - Remaining Performance Obligations, Expected Timing of recognition [Line Items] | |
Revenue, Remaining Performance Obligation, Percentage | 13% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | Minimum [Member] | |
Revenue Recognition (Details) - Remaining Performance Obligations, Expected Timing of recognition [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 13 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | Maximum [Member] | |
Revenue Recognition (Details) - Remaining Performance Obligations, Expected Timing of recognition [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 36 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01 | |
Revenue Recognition (Details) - Remaining Performance Obligations, Expected Timing of recognition [Line Items] | |
Revenue, Remaining Performance Obligation, Percentage | 7% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 37 months |
Revenue Recognition (Details)_4
Revenue Recognition (Details) - Disaggregation of revenue from contracts with customers - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 2,986,000 | $ 7,302,000 | $ 7,335,000 | $ 10,967,000 |
Digital Product Sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 2,767,000 | 7,016,000 | 6,888,000 | 10,253,000 |
Digital Product Lease And Maintenance [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 219,000 | 286,000 | 447,000 | 714,000 |
Catalog and Small Customized Products [Member] | Digital Product Sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 2,767,000 | 7,016,000 | 6,888,000 | 10,253,000 |
Large Customized Products [Member] | Digital Product Sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | ||||
Operating Leases [Member] | Digital Product Lease And Maintenance [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 117,000 | 140,000 | 248,000 | 311,000 |
Maintenance Agreements [Member] | Digital Product Lease And Maintenance [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 102,000 | $ 146,000 | $ 199,000 | $ 403,000 |
Revenue Recognition (Details)_5
Revenue Recognition (Details) - Company`s receivables and contract liabilities with customers - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Revenue Recognition (Details) - Company`s receivables and contract liabilities with customers [Line Items] | ||
Gross receivables | $ 1,828,000 | $ 3,123,000 |
Allowance for credit losses | 168,000 | 291,000 |
Net receivables | 1,660,000 | 2,832,000 |
Contract liabilities | $ 1,109,000 | $ 1,229,000 |
Revenue Recognition (Details)_6
Revenue Recognition (Details) - Revenues as a result of changes in the contract asset and the contract liability - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue Recognition (Details) - Revenues as a result of changes in the contract asset and the contract liability [Line Items] | ||||
Amounts included in the contract liability at the beginning of the period | $ 570,000 | $ 1,397,000 | $ 951,000 | $ 1,868,000 |
Performance obligations satisfied in previous periods (for example, due to changes in transaction price) |
Inventories (Details) - Invento
Inventories (Details) - Inventories - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Inventory [Line Items] | ||
Raw materials | $ 1,808,000 | $ 2,535,000 |
Work-in-progress | ||
Finished goods | 399,000 | 187,000 |
Total inventory | $ 2,207,000 | $ 2,722,000 |
Rental Equipment, net (Details)
Rental Equipment, net (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Rental Equipment [Member] | ||||
Rental Equipment, net (Details) [Line Items] | ||||
Depreciation | $ 28,000 | $ 46,000 | $ 57,000 | $ 93,000 |
Rental Equipment, net (Detail_2
Rental Equipment, net (Details) - Schedule Of Rental Equipment - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Rental Equipment, net (Details) - Schedule Of Rental Equipment [Line Items] | ||
Rental equipment | $ 2,077,000 | $ 2,077,000 |
Less accumulated depreciation | 1,909,000 | 1,852,000 |
Net rental equipment | $ 168,000 | $ 225,000 |
Property, Plant and Equipment_3
Property, Plant and Equipment, net (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Property, Plant and Equipment, net (Details) [Line Items] | |||||
Property, Plant and Equipment, Net | $ 1,838,000 | $ 1,838,000 | $ 1,715,000 | ||
Depreciation | 62,000 | $ 63,000 | 125,000 | $ 126,000 | |
Machinery Fixtures and Equipment [Member] | Asset Pledged as Collateral [Member] | |||||
Property, Plant and Equipment, net (Details) [Line Items] | |||||
Property, Plant and Equipment, Net | $ 1,800,000 | $ 1,800,000 | $ 1,700,000 |
Property, Plant and Equipment_4
Property, Plant and Equipment, net (Details) - Property, plant and equipment - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 3,127,000 | $ 2,879,000 |
Less accumulated depreciation | 1,289,000 | 1,164,000 |
Net property, plant and equipment | 1,838,000 | 1,715,000 |
Machinery Fixtures and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 3,104,000 | 2,856,000 |
Leaseholds and Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 23,000 | $ 23,000 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) | 6 Months Ended | ||||||
Dec. 10, 2021 | Apr. 23, 2020 | Sep. 16, 2019 | Apr. 27, 2019 | Dec. 10, 2017 | Jun. 30, 2023 | Dec. 31, 2022 | |
Loan Agreement With MidCap [Member] | |||||||
Long-Term Debt (Details) [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,200,000 | ||||||
Debt Instrument, Basis Spread on Variable Rate | 4.75% | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 13% | ||||||
Long-Term Line of Credit | $ 2,200,000 | ||||||
First Carlisle Agreement [Member] | |||||||
Long-Term Debt (Details) [Line Items] | |||||||
Proceeds from Loans | $ 500,000 | ||||||
Debt Instrument, Maturity Date | Apr. 27, 2019 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 12% | ||||||
Interest Payable, Current | 330,000 | $ 300,000 | |||||
Second Carlisle Agreement [Member] | |||||||
Long-Term Debt (Details) [Line Items] | |||||||
Proceeds from Loans | $ 500,000 | ||||||
Debt Instrument, Maturity Date | Dec. 10, 2017 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 12% | ||||||
Interest Payable, Current | 330,000 | 300,000 | |||||
8¼% Limited Convertible Senior Subordinated Notes Due 2012 [Member] | |||||||
Long-Term Debt (Details) [Line Items] | |||||||
Long-Term Debt | 302,000 | 302,000 | |||||
Interest Payable, Current | 345,000 | 332,000 | |||||
9½% Subordinated Debentures Due 2012 [Member] | |||||||
Long-Term Debt (Details) [Line Items] | |||||||
Long-Term Debt | 220,000 | 220,000 | |||||
Interest Payable, Current | 284,000 | 273,000 | |||||
EIDL Loan Note [Member] | Loan Note [Member] | |||||||
Long-Term Debt (Details) [Line Items] | |||||||
Proceeds from Loans | $ 500,000 | ||||||
Long-Term Debt | $ 500,000 | ||||||
Debt Instrument, Maturity Date | Dec. 10, 2051 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | ||||||
Interest Payable, Current | $ 29,000 | $ 20,000 | |||||
Enterprise Bank and Trust [Member] | Loan Note [Member] | |||||||
Long-Term Debt (Details) [Line Items] | |||||||
Proceeds from Loans | $ 811,000 | ||||||
Proceeds From Loan Forgiveness | $ 453,000 |
Long-Term Debt (Details) - Long
Long-Term Debt (Details) - Long-term debt - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Long-term debt, including current portion | $ 4,268,000 | $ 4,268,000 |
Less portion due within one year | 3,768,000 | 3,768,000 |
Net long-term debt | 500,000 | 500,000 |
Total debt | 4,268,000 | 4,268,000 |
Less deferred financing costs and debt discount | ||
8¼% Limited Convertible Senior Subordinated Notes Due 2012 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, including current portion | 302,000 | 302,000 |
9½% Subordinated Debentures Due 2012 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, including current portion | 220,000 | 220,000 |
Revolving Credit Line - Related Party [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, including current portion | 2,246,000 | 2,246,000 |
Related Party Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, including current portion | 1,000,000 | 1,000,000 |
Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, including current portion | $ 500,000 | $ 500,000 |
Pension Plan (Details)
Pension Plan (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Pension Plan (Details) [Line Items] | |||
Liability, Defined Benefit Pension Plan, Noncurrent | $ 73,000 | $ 2,900,000 | $ 2,900,000 |
Pension Plan (Details) - Compon
Pension Plan (Details) - Components of net periodic pension cost - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pension Plan (Details) - Components of net periodic pension cost [Line Items] | ||||
Interest cost | $ 134,000 | $ 76,000 | $ 268,000 | $ 152,000 |
Expected return on plan assets | (146,000) | (200,000) | (291,000) | (400,000) |
Amortization of net actuarial loss | 74,000 | 72,000 | 148,000 | 143,000 |
Net periodic pension benefit | $ 62,000 | $ (52,000) | $ 125,000 | $ (105,000) |
Leases (Details)
Leases (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Apr. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Leases (Details) [Line Items] | |||||||
Operating Lease, Right-of-Use Asset | $ 2,155,000 | $ 2,155,000 | $ 1,600,000 | $ 765,000 | |||
Operating Lease, Expense | 118,000 | $ 109,000 | 237,000 | $ 239,000 | |||
Operating Lease, Liability | $ 2,186,000 | $ 2,186,000 | $ 1,600,000 | ||||
Minimum [Member] | |||||||
Leases (Details) [Line Items] | |||||||
Lessee, Operating Lease, Renewal Term | 1 year | ||||||
Maximum [Member] | |||||||
Leases (Details) [Line Items] | |||||||
Lessee, Operating Lease, Renewal Term | 5 years |
Leases (Details) - Supplemental
Leases (Details) - Supplemental information regarding leases - USD ($) | Jun. 30, 2023 | Apr. 30, 2023 | Dec. 31, 2022 |
Balance Sheet: | |||
ROU assets | $ 2,155,000 | $ 1,600,000 | $ 765,000 |
Current lease liabilities – operating | 497,000 | 393,000 | |
Non-current lease liabilities - operating | 1,689,000 | 412,000 | |
Total lease liabilities | $ 2,186,000 | 1,600,000 | |
Weighted average remaining lease term (years) | 4 years | ||
Weighted average discount rate | 10.10% | ||
Future minimum lease payments: | |||
Remainder of 2023 | $ 223,000 | ||
2024 | 545,000 | ||
2025 | 560,000 | ||
2026 | 577,000 | ||
2027 | 451,000 | ||
Thereafter | 414,000 | ||
Total | 2,770,000 | ||
Less: Imputed interest | 584,000 | ||
Total lease liabilities | 2,186,000 | $ 1,600,000 | |
Less: Current lease liabilities | 497,000 | 393,000 | |
Long-term lease liabilities | $ 1,689,000 | $ 412,000 |
Leases (Details) - Supplement_2
Leases (Details) - Supplemental cash flow information regarding leases - USD ($) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | |
Operating cash flow information: | ||
Cash paid for amounts included in the measurement of lease liabilities | $ 124,000 | $ 248,000 |
Non-cash activity: | ||
ROU assets obtained in exchange for lease liabilities | $ 1,601,000 | $ 1,601,000 |
Stockholders' Deficit and Inc_3
Stockholders' Deficit and Income (Loss) Per Share (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 28, 2022 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Stockholders' Deficit and Income (Loss) Per Share (Details) [Line Items] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in Shares) | 280,000 | |||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | $ 0.4 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.55% | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 108% | |||
Share-Based Payment Arrangement, Expense | $ 38,000 | $ 38,000 | $ 38,000 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | ||||
Share-Based Payment Arrangement, Option [Member] | ||||
Stockholders' Deficit and Income (Loss) Per Share (Details) [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares) | 235,000 | |||
Warrant [Member] | ||||
Stockholders' Deficit and Income (Loss) Per Share (Details) [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares) | 1,600,000 |
Stockholders' Deficit and Inc_4
Stockholders' Deficit and Income (Loss) Per Share (Details) - Calculation of income (loss) per share - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Numerator: | ||||
Net (loss) income, as reported (in Dollars) | $ (875,000) | $ 530,000 | $ (1,733,000) | $ 1,023,000 |
Denominator: | ||||
Weighted average shares outstanding – basic | 13,491,000 | 13,446,000 | 13,469,000 | 13,446,000 |
Weighted average shares outstanding – diluted | 13,491,000 | 13,489,000 | 13,469,000 | 13,489,000 |
(Loss) earnings per share – basic and diluted (in Dollars per share) | $ (0.06) | $ 0.04 | $ (0.13) | $ 0.08 |
Stockholders' Deficit and Inc_5
Stockholders' Deficit and Income (Loss) Per Share (Details) - Company`s stock options - Share-Based Payment Arrangement, Option [Member] - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2023 | |
Stockholders' Deficit and Income (Loss) Per Share (Details) - Company`s stock options [Line Items] | ||
Outstanding, Number of Options | 280,000 | |
Outstanding, Weighted Average Exercise Price | $ 0.4 | |
Outstanding, Weighted average remaining contractual life | 2 years 9 months 18 days | 3 years 3 months 18 days |
Outstanding, Average intrinsic value | $ 0.19 | |
Granted, Number of Options | ||
Granted, Weighted Average Exercise Price | ||
Expired, Number of Options | 45,000 | |
Expired, Weighted Average Exercise Price | $ 0.4 | |
Expired, Average intrinsic value | $ 0.19 | |
Outstanding, Number of Options | 235,000 | 235,000 |
Outstanding, Weighted Average Exercise Price | $ 0.4 | $ 0.4 |
Outstanding, Weighted average remaining contractual life | 2 years 9 months 18 days | 3 years 3 months 18 days |
Outstanding, Average intrinsic value | $ 0.19 | $ 0.19 |
Exercisable, Number of Options | 235,000 | 235,000 |
Exercisable, Weighted Average Exercise Price | $ 0.4 | $ 0.4 |
Exercisable, Weighted average remaining contractual life | 2 years 9 months 18 days | |
Exercisable, Average intrinsic value | $ 0.19 | $ 0.19 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Related Party Transactions (Details) [Line Items] | |||||
Related Party Transaction, Purchases from Related Party | $ 587,000 | $ 2,700,000 | $ 1,100,000 | $ 3,800,000 | |
Unilumin [Member] | |||||
Related Party Transactions (Details) [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 51.80% | 51.80% | |||
Benificial Owner [Member] | |||||
Related Party Transactions (Details) [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 53.50% | 53.50% | |||
Mr Fazio [Member] | |||||
Related Party Transactions (Details) [Line Items] | |||||
Salary and Wage, Officer, Excluding Cost of Good and Service Sold | $ 125,000 | ||||
Mr. Yu [Member] | |||||
Related Party Transactions (Details) [Line Items] | |||||
Salary and Wage, Officer, Excluding Cost of Good and Service Sold | 26,000 | ||||
Unilumin [Member] | Related Party [Member] | |||||
Related Party Transactions (Details) [Line Items] | |||||
Accounts Payable | $ 8,200,000 | 8,200,000 | $ 7,300,000 | ||
Carlisle [Member] | Related Party [Member] | |||||
Related Party Transactions (Details) [Line Items] | |||||
Accounts Payable | $ 1,700,000 | $ 1,700,000 | $ 1,600,000 |
Business Segment Data (Details)
Business Segment Data (Details) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Business Segment Data (Details) [Line Items] | ||
Number of Reportable Segments | 2 | |
Foreign [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | ||
Business Segment Data (Details) [Line Items] | ||
Concentration Risk, Percentage | 10% | 10% |
Business Segment Data (Detail_2
Business Segment Data (Details) - Business Segment Data - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Revenues: | |||||
Revenues | $ 2,986,000 | $ 7,302,000 | $ 7,335,000 | $ 10,967,000 | |
Operating income (loss): | |||||
Operating income (loss) | (562,000) | 538,000 | (1,199,000) | 318,000 | |
Interest expense, net | (194,000) | (130,000) | (338,000) | (272,000) | |
(Loss) gain on foreign currency remeasurement | (51,000) | 76,000 | (59,000) | 60,000 | |
Gain on forgiveness of PPP loan | 824,000 | ||||
Pension (expense) benefit | (62,000) | 52,000 | (125,000) | 105,000 | |
(Loss) income before income taxes | (869,000) | 536,000 | (1,721,000) | 1,035,000 | |
Income tax expense | (6,000) | (6,000) | (12,000) | (12,000) | |
Net (loss) income | (875,000) | 530,000 | (1,733,000) | 1,023,000 | |
Assets | |||||
Assets | 9,421,000 | 9,421,000 | $ 9,412,000 | ||
Operating Segments [Member] | |||||
Assets | |||||
Assets | 9,223,000 | 9,223,000 | 9,364,000 | ||
Corporate, Non-Segment [Member] | |||||
Operating income (loss): | |||||
Operating income (loss) | (490,000) | (426,000) | (949,000) | (832,000) | |
Assets | |||||
Assets | 198,000 | 198,000 | 48,000 | ||
Digital Product Sales [Member] | |||||
Revenues: | |||||
Revenues | 2,767,000 | 7,016,000 | 6,888,000 | 10,253,000 | |
Digital Product Sales [Member] | Operating Segments [Member] | |||||
Revenues: | |||||
Revenues | 2,767,000 | 7,016,000 | 6,888,000 | 10,253,000 | |
Operating income (loss): | |||||
Operating income (loss) | (181,000) | 831,000 | (482,000) | 760,000 | |
Assets | |||||
Assets | 6,769,000 | 6,769,000 | 8,221,000 | ||
Digital Product Lease And Maintenance [Member] | |||||
Revenues: | |||||
Revenues | 219,000 | 286,000 | 447,000 | 714,000 | |
Digital Product Lease And Maintenance [Member] | Operating Segments [Member] | |||||
Revenues: | |||||
Revenues | 219,000 | 286,000 | 447,000 | 714,000 | |
Operating income (loss): | |||||
Operating income (loss) | 109,000 | $ 133,000 | 232,000 | $ 390,000 | |
Assets | |||||
Assets | $ 2,454,000 | $ 2,454,000 | $ 1,143,000 |