Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 28, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Interactive Data Current | Yes | ||
ICFR Auditor Attestation Flag | false | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Information [Line Items] | |||
Entity Registrant Name | TRANS-LUX CORPORATION | ||
Entity Central Index Key | 0000099106 | ||
Entity File Number | 1-2257 | ||
Entity Tax Identification Number | 13-1394750 | ||
Entity Incorporation, State or Country Code | DE | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Public Float | $ 1,025,000 | ||
Entity Contact Personnel [Line Items] | |||
Entity Address, Address Line One | 254 West 31st Street | ||
Entity Address, Address Line Two | 13th Floor | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10001 | ||
Entity Phone Fax Numbers [Line Items] | |||
City Area Code | 800 | ||
Local Phone Number | 243-5544 | ||
Entity Listings [Line Items] | |||
Title of 12(g) Security | Common Stock, $0.001 par value | ||
Entity Common Stock, Shares Outstanding | 13,496,276 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor [Table] | |
Auditor Name | Marcum llp |
Auditor Firm ID | 688 |
Auditor Location | New Haven, CT |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 185,000 | $ 48,000 |
Receivables, net | 1,531,000 | 2,832,000 |
Inventories | 2,372,000 | 2,722,000 |
Prepaids and other assets | 148,000 | 1,071,000 |
Total current assets | 4,236,000 | 6,673,000 |
Long-term assets: | ||
Rental equipment, net | 111,000 | 225,000 |
Property, plant and equipment, net | 1,778,000 | 1,715,000 |
Right of use assets | 1,971,000 | 765,000 |
Restricted cash | 200,000 | |
Other assets | 34,000 | 34,000 |
Total long-term assets | 4,094,000 | 2,739,000 |
TOTAL ASSETS | 8,330,000 | 9,412,000 |
Current liabilities: | ||
Accounts payable | 8,420,000 | 6,339,000 |
Accrued liabilities | 5,352,000 | 4,279,000 |
Current portion of long-term debt | 3,776,000 | 3,768,000 |
Current lease liabilities | 352,000 | 393,000 |
Customer deposits | 213,000 | 1,183,000 |
Total current liabilities | 18,113,000 | 15,962,000 |
Long-term liabilities: | ||
Long-term debt, less current portion | 535,000 | 500,000 |
Long-term lease liabilities | 1,644,000 | 412,000 |
Deferred pension liability and other | 2,248,000 | 2,862,000 |
Total long-term liabilities | 4,427,000 | 3,774,000 |
Total liabilities | 22,540,000 | 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 | (46,719,000) | (42,652,000) |
Accumulated other comprehensive loss | (5,949,000) | (6,066,000) |
Treasury stock - at cost - 27,840 common shares in 2023 and 2022 | (3,063,000) | (3,063,000) |
Total stockholders' deficit | (14,210,000) | (10,324,000) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | 8,330,000 | 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 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Dec. 31, 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 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenues: | ||
Revenues | $ 15,552,000 | $ 21,661,000 |
Cost of revenues: | ||
Cost of revenues | 14,549,000 | 18,743,000 |
Gross income | 1,003,000 | 2,918,000 |
General and administrative expenses | (3,988,000) | (3,307,000) |
Operating loss | (2,985,000) | (389,000) |
Interest expense, net | (702,000) | (410,000) |
(Loss) gain on foreign currency remeasurement | (60,000) | 191,000 |
Gain on forgiveness of PPP loan | 824,000 | |
Pension (expense) benefit | (289,000) | 142,000 |
(Loss) income before income taxes | (4,036,000) | 358,000 |
Income tax expense | (31,000) | (35,000) |
Net (loss) income | (4,067,000) | 323,000 |
Digital Product Sales [Member] | ||
Revenues: | ||
Revenues | 14,683,000 | 20,386,000 |
Cost of revenues: | ||
Cost of revenues | 14,118,000 | 18,196,000 |
Digital Product Lease and Maintenance [Member] | ||
Revenues: | ||
Revenues | 869,000 | 1,275,000 |
Cost of revenues: | ||
Cost of revenues | $ 431,000 | $ 547,000 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net (loss) income | $ (4,067,000) | $ 323,000 |
Other comprehensive income (loss): | ||
Unrealized foreign currency translation gain (loss) | 54,000 | (165,000) |
Change in unrecognized pension costs | 63,000 | 352,000 |
Total other comprehensive income, net of tax | 117,000 | 187,000 |
Comprehensive (loss) income | $ (3,950,000) | $ 510,000 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS` DEFICIT - 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) | 323,000 | 323,000 | ||||||
Issuance of options | 114,000 | 114,000 | ||||||
Other comprehensive income, net of tax: | ||||||||
Unrealized foreign currency translation | (165,000) | (165,000) | ||||||
Change in unrecognized pension costs | 352,000 | 352,000 | ||||||
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) | (4,067,000) | (4,067,000) | ||||||
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 | 54,000 | 54,000 | ||||||
Change in unrecognized pension costs | 63,000 | 63,000 | ||||||
Balance at Dec. 31, 2023 | $ 13,000 | $ 41,508,000 | $ (46,719,000) | $ (5,949,000) | $ (3,063,000) | $ (14,210,000) | ||
Balance (in Shares) at Dec. 31, 2023 | 13,524,116 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flows from operating activities | ||
Net (loss) income | $ (4,067,000) | $ 323,000 |
Adjustment to reconcile net (loss) income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 378,000 | 439,000 |
Amortization of right of use assets | 395,000 | 397,000 |
Gain on forgiveness of PPP loan | (824,000) | |
Amortization of deferred financing fees and debt discount | 52,000 | |
Loss (gain) on foreign currency remeasurement | 60,000 | (191,000) |
Issuance of common stock for compensation | 26,000 | |
Amortization of stock options | 38,000 | 114,000 |
Allowance for credit losses | (90,000) | (113,000) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 1,391,000 | (570,000) |
Inventories | 350,000 | (1,851,000) |
Prepaids and other assets | 923,000 | 479,000 |
Accounts payable | 2,081,000 | 1,091,000 |
Accrued liabilities | 1,068,000 | (7,000) |
Operating lease liabilities | (410,000) | (397,000) |
Customer deposits | (970,000) | (768,000) |
Deferred pension liability and other | (551,000) | (142,000) |
Net cash provided by (used in) operating activities | 622,000 | (1,968,000) |
Cash flows from investing activities | ||
Purchases of property, plant and equipment | (327,000) | (18,000) |
Net cash used in investing activities | (327,000) | (18,000) |
Cash flows from financing activities | ||
Proceeds from long-term debt | 243,000 | 1,057,000 |
Proceeds from forgiveness of PPP loan | 453,000 | |
Payments of long-term debt | (201,000) | |
Net cash provided by financing activities | 42,000 | 1,510,000 |
Effect of exchange rate changes | ||
Net increase (decrease) in cash, cash equivalents and restricted cash | 337,000 | (476,000) |
Cash, cash equivalents and restricted cash at beginning of year | 48,000 | 524,000 |
Cash, cash equivalents and restricted cash at end of period | 385,000 | 48,000 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 24,000 | |
Income taxes paid | 10,000 | 10,000 |
Supplemental non-cash financing activities: | ||
Lease assets added in exchange for lease liabilities | 1,601,000 | |
Current assets | ||
Cash and cash equivalents | 185,000 | 48,000 |
Long-term assets | ||
Restricted cash | 200,000 | |
Cash, cash equivalents and restricted cash at end of period | $ 385,000 | $ 48,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Policies [Line Items] | |
Significant Accounting Policies [Text Block] | 1. Summary of Significant Accounting Policies Trans-Lux Corporation is a leading designer and manufacturer of digital signage display solutions. The Company sells and leases its digital signage display solutions. Principles of consolidation : The Consolidated Financial Statements include the accounts of Trans-Lux Corporation, a Delaware corporation, and all wholly-owned subsidiaries (collectively, the “Company”). Intercompany balances and transactions have been eliminated in consolidation. Use of estimates : The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates and assumptions are reviewed periodically and the effects of revisions are reflected in the financial statements in the period in which the change is determined. Estimates are used when accounting for such items as costs of long-term sales contracts, reserves for expected credit losses, inventory valuation allowances, depreciation and amortization, valuation of pension obligations, valuation of warrants, income taxes, warranty reserve, management’s assessment of going concern, contingencies, impairment of long-lived assets and litigation. Cash and cash equivalents : The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. The Company has deposits in United States financial institutions that maintain Federal Deposit Insurance Corporation (“FDIC”) deposit insurance on all interest and non-interest-bearing accounts, collectively, with an aggregate coverage up to $250,000 per depositor per financial institution. At times, the amount of the deposits exceeds the FDIC limits. The portion of the deposits in excess of FDIC limits represents a credit risk of the Company. The Company has no cash equivalents at December 31, 2023 and 2022. Accounts receivable, net : Accounts receivable are carried at net realizable value. Credit is extended based on an evaluation of each customer’s financial condition; collateral is generally not required. Reserves for expected credit losses are provided based on historical experience and current trends. The Company evaluates the adequacy of these reserves regularly. The following is a summary of the reserve for expected credit loss accounts at December 31: In thousands 2023 2022 Balance at beginning of year $ 291 $ 423 Provisions (90) (113) Write-offs (47) (19) Balance at end of year $ 154 $ 291 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. At December 31, 2023, two customers accounted for 25.0% of the balance in Accounts receivable, net. At December 31, 2022, two customers accounted for 26.9% of the balance in Accounts receivable, net. In 2023, no customers accounted for at least 10% of our total revenues. In 2022, one customer accounted for 13.3% of our total revenues. Inventories : Inventories are stated at the lower of cost (first-in, first-out method) or net realizable value. Valuation allowances for slow-moving and obsolete inventories are provided based on historical experience and demand for servicing of the displays. The Company evaluates the adequacy of these valuation allowances regularly. Rental equipment and property, plant and equipment, net : Rental equipment and property, plant and equipment are stated at cost and depreciated over their respective useful lives using the straight-line method. Leaseholds and improvements are amortized over the lesser of the useful lives or term of the lease. Repairs and maintenance costs related to rental equipment and property, plant and equipment are expensed in the period incurred. The estimated useful lives are as follows: Years Indoor rental equipment 10 Outdoor rental equipment 15 Machinery, fixtures and equipment 5 – 15 Leaseholds and improvements 7 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. Impairment or disposal of long-lived assets : The Company evaluates whether there has been an impairment in value of its long-lived assets if certain circumstances indicate that a possible impairment may exist. An impairment in value may exist when the carrying value of a long-lived asset exceeds its undiscounted cash flows. If it is determined that an impairment in value has occurred, the carrying value is written down to its fair value as determined by a discounted cash flow model. There were no impairments of long-lived assets in 2023 or 2022. Shipping Costs: The costs of shipping product to our customers of $694,000 and $677,000 in 2023 and 2022, respectively, are included in Cost of digital product sales. Advertising/Marketing Costs: The Company expenses the costs of advertising and marketing at the time that the related advertising takes place. Advertising and marketing costs of $29,000 and $25,000 in 2023 and 2022, respectively, are included in General and administrative expenses. Revenue recognition : See Note 3 – Revenue Recognition. Warranty reserve: The Company provides for the estimated cost of product warranties at the time revenue is recognized. While the Company engages in product quality programs and processes, including evaluating the quality of the component suppliers, the warranty obligation is affected by product failure rates. Should actual product failure rates differ from the Company’s estimates, revisions to increase or decrease the estimated warranty liability may be required. Taxes on income : Deferred income tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities at tax rates expected to be in effect when such temporary differences are expected to reverse and for operating loss carryforwards. The temporary differences are primarily attributable to operating loss carryforwards, depreciation and the actuarial differences between the calculations of expenses compared to the calculations of contribution requirements of the pension plan. The Company records a valuation allowance against net deferred income tax assets if, based upon the available evidence, it is more-likely-than-not that the deferred income tax assets will not be realized. 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 : The functional currency of the Company’s Canadian business operation is the Canadian dollar. The assets and liabilities of such operation are translated into U.S. dollars at the year-end rate of exchange, and the operating and cash flow statements are converted at the average annual rate of exchange. The resulting translation adjustment is recorded in Accumulated other comprehensive loss in the Consolidated Balance Sheets and as a separate item in the Consolidated Statements of Comprehensive (Loss) Income. In relation to intercompany balances, these have been classified as short-term in nature and therefore the changes in the foreign currency remeasurement adjustment for intercompany balances are recorded as (Loss) gain on foreign currency remeasurement in the Consolidated Statements of Operations. Share-based compensation : The Company measures share-based payments to employees, directors and non-employees at the grant date fair value of the instrument. The fair value is estimated on the date of grant using the Black-Scholes valuation model, which requires various assumptions including estimating stock price volatility, expected life of the instrument, estimated forfeiture rate and risk free interest rate. 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: In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which amends ASC 280. The intent of ASU 2023-07 is to improve the disclosures around a public entity’s reportable segments and address requests from investors for additional, more detailed information about a reportable segment’s expenses, by requiring entities to disclose on an annual and interim basis: (i) significant segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of segment profit or loss and (ii) an amount for other segment items by reportable segment and a description of its composition, which represents the difference between segment revenue less segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss. Furthermore, entities will be required to: (i) provide all annual disclosures about a segment’s profit or loss and assets currently required under ASC 280 on an interim basis as well, (ii) clarify that an entity is not precluded from reporting additional measures of a segment’s profit or loss that are used by the CODM in assessing segment performance and deciding how to allocate resources, and (iii) disclose the title and position of the CODM and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the potential impact of ASU 2023-07 on its consolidated financial statements and disclosures. |
Liquidity and Going Concern
Liquidity and Going Concern | 12 Months Ended |
Dec. 31, 2023 | |
Liquidity and Going Concern [Line Items] | |
Substantial Doubt about Going Concern [Text Block] | 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 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. The Company recorded a loss of $4.1 million in the year ended December 31, 2023, and had a working capital deficiency of $13.9 million as of December 31, 2023. The Company recorded income of $323,000 in the year ended December 31, 2022, which included the gain on forgiveness of the PPP loan of $824,000, and had a working capital deficiency of $9.3 million as of December 31, 2022 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) and other related uncertainties such as government-imposed travel restrictions, interruptions to supply chains and extended shut down of businesses. 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. Our Consolidated Financial Statements were prepared assuming we will continue as a going concern. Our continuing operating losses and uncertainty regarding our ability to make the required minimum funding contributions to the defined benefit pension plan and the past due principal and payments on our outstanding 8¼% Limited convertible senior subordinated notes due 2012 (the “Notes”) and 9½% Subordinated debentures due 2012 (the “Debentures”) raise substantial doubt about our ability to continue as a going concern for a period of 12 months from the date of issuance of this Form 10-K. In addition, 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 the Notes and the Debentures and/or (iv) repay our obligations under our Credit Agreement (hereinafter defined) with Unilumin, 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. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2023 | |
Revenue Recognition [Line Items] | |
Revenue from Contract with Customer [Text Block] | 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. Disaggregated Revenues The following table represents a disaggregation of revenue from contracts with customers for the years ended December 31, 2023 and 2022, along with the reportable segment for each category: In thousands 2023 2022 Digital product sales: Catalog and small $ 14,683 $ 20,386 Large customized - - Subtotal 14,683 20,386 Digital product lease and maintenance: Operating leases 465 579 Maintenance agreements 404 696 Subtotal 869 1,275 Total $ 15,552 $ 21,661 Performance Obligations 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 scope 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 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 Consolidated Balance Sheets. Revenues from equipment lease and maintenance contracts are recognized during the term of the respective agreements. At December 31, 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 $1,500,000 are as follows: $583,000 – 2024, $359,000 – 2025, $271,000 – 2026, $202,000 – 2027, $62,000 – 2028, and $23,000 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 December 31, 2023 and 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 and included in Accrued liabilities in the Consolidated Balance Sheets. The following table presents the balances in the Company’s receivables and contract liabilities with customers as of December 31, 2023 and 2022: In thousands 2023 2022 Gross receivables $ 1,685 $ 3,123 Allowance for credit 154 291 Net receivables 1,531 2,832 Contract liabilities 225 1,229 During the years ended December 31, 2023 and 2022, the Company recognized increases in the allowance for credit losses of $90,000 and $113,000, respectively. During the years ended December 31, 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 period: In thousands 2023 2022 Revenue recognized in the period Amounts included in the contract $ 1,128 $ 1,951 Performance obligations satisfied in - - Transaction Price Allocated to Future Performance Obligations Remaining performance obligations represent the transaction price of contracts for which work has not been performed (or has been partially performed). ASC 606 provides certain practical expedients that limit this requirement and, therefore, the Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which revenue is recognized at the amount to which the Company has the right to invoice for services performed. As of December 31, 2023, the aggregate amount of the transaction price allocated to remaining performance obligations for digital product sales was $2.3 million and digital product lease and maintenance was $1.5 million. The Company expects to recognize revenue on approximately 76%, 17% 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. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value [Line Items] | |
Fair Value Disclosures [Text Block] | 4. Fair Value The Company carries the 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 the cash surrender value of life insurance, a Level 2 based on observable inputs primarily from the counter party. The Company’s cash surrender value of life insurance had a carrying amounts of $34,000 and $33,000 at December 31, 2023 and 2022, respectively, which was included in Other Assets 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 Notes, using observable inputs, was $121,000 at December 31, 2023 and 2022. The fair value of the Debentures, using observable inputs, was $88,000 at December 31, 2023 and 2022, respectively. The fair value of the Company’s remaining long-term debt including current portion approximates its carrying value of $3.8 million at December 31, 2023 and $3.7 million at December 31, 2022. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Inventories [Line Items] | |
Inventory Disclosure [Text Block] | 5. Inventories Inventories consist of the following: In thousands 2023 2022 Raw materials $ 2,102 $ 2,535 Work-in-progress 18 - Finished goods 252 187 Total inventory $ 2,372 $ 2,722 |
Rental Equipment, net
Rental Equipment, net | 12 Months Ended |
Dec. 31, 2023 | |
Rental Equipment, net [Line Items] | |
Rental Equipment [Text Block] | 6. Rental Equipment, net Rental equipment consists of the following: In thousands 2023 2022 Rental equipment $ 1,049 $ 2,077 Less accumulated depreciation 938 1,852 Net rental equipment $ 111 $ 225 During 2023, $1.0 million of fully depreciated rental equipment was written off. Depreciation expense for rental equipment for the years ended December 31, 2023 and 2022 was $114,000 and $186,000, respectively. |
Property, Plant and Equipment,
Property, Plant and Equipment, net | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment, net [Line Items] | |
Property, Plant and Equipment Disclosure [Text Block] | 7. Property, Plant and Equipment, net Property, plant and equipment consists of the following: In thousands 2023 2022 Machinery, fixtures and equipment $ 3,177 $ 2,856 Leaseholds and improvements 23 23 3,200 2,879 Less accumulated depreciation 1,422 1,164 Net property, plant and equipment $ 1,778 $ 1,715 Equipment having a net book value of $1.7 million at December 31, 2023 and 2022 are pledged as collateral under various financing agreements. During 2023 and 2022, $6,000 and $70,000, respectively, of fully depreciated property, plant and equipment was written off. Depreciation expense for property, plant and equipment for the years ended December 31, 2023 and 2022 was $264,000 and $253,000, respectively. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2023 | |
Other Assets [Line Items] | |
Other Assets Disclosure [Text Block] | 8. Other Assets Other assets consist of the following: In thousands 2023 2022 Prepaids $ 34 $ 34 Total other assets $ 34 $ 34 |
Taxes on Income
Taxes on Income | 12 Months Ended |
Dec. 31, 2023 | |
Taxes on Income [Line Items] | |
Income Tax Disclosure [Text Block] | 9. Taxes on Income The components of income tax expense are as follows: In thousands 2023 2022 Current: Federal $ - $ - State and local 25 25 Foreign 6 10 $ 31 $ 35 Deferred: Federal $ - $ - State and local - - - - Income tax expense $ 31 $ 35 (Loss) income before income taxes from the United States activities was a loss of ($3.9 million) and income of $185,000 for the years ended December 31, 2023 and 20 was The effective income tax rate differed from the expected federal statutory income tax benefit rate of 21.0% as follows: 2023 2022 Statutory federal income tax expense rate 21.0 % 21.0 % State income taxes, net of federal benefit 2.8 (0.3) PPP debt forgiven - (47.6) Foreign income taxed at different rates (0.8) (7.3) Deferred tax asset valuation allowance (17.5) 31.6 Section 382 adjustment to deferred net operating loss (0.8) 8.7 Other (4.5) 3.7 Effective income tax expense rate 0.2 % 9.8 % Deferred income taxes reflect the net effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred income tax assets and liabilities are as follows: In thousands 2023 2022 Deferred income tax asset: Tax credit carryforwards $ - $ - Operating loss carryforwards 5,252 4,348 Net pension costs 2,127 2,049 Allowance for credit losses 26 65 Other 1 7 Valuation allowance (6,801) (6 102) 605 367 Deferred income tax liability: Depreciation 326 120 Other 279 247 605 367 Net deferred income taxes $ - $ - Operating tax loss carryforwards primarily relate to U.S. federal net operating loss carryforwards of approximately $18.8 million, which, for years beginning before 2018, began to expire in 2019. Additionally, net operating losses created after 2020 do not expire. The operating loss carryforwards have been limited by changes in ownership, as defined under Section 382 of the Internal Revenue Code. The change in ownership as of April 10, 2019 limited our operating loss carryforwards at that time to $148,000 per year aggregating $2.9 million. Losses subsequent to April 10, 2019, have increased the operating loss carryforwards. Carryforward losses of $591,000 and contribution carryforward expense of $22,000 have expired as of December 31, 2023. 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 2023 and 2022. 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, 2023 | |
Accrued Liabilities [Line Items] | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 10. Accrued Liabilities Accrued liabilities consist of the following: In thousands 2023 2022 Interest payable $ 1,966 $ 1,513 Taxes payable 1,259 1,179 Current portion of pension liability 840 - Compensation and employee benefits 355 311 Warranty reserve 287 562 Deferred revenues 94 140 Audit fees 74 134 Other 477 440 $ 5,352 $ 4,279 A summary of the warranty reserve for the years ended December 31, 2023 and 2022 is as follows: In thousands 2023 2022 Balance at beginning of year $ 554 $ 380 Provisions 8 232 Deductions (275) (58) Balance at end of year $ 287 $ 554 |
Warrant and Stock Option Issuan
Warrant and Stock Option Issuances | 12 Months Ended |
Dec. 31, 2023 | |
Warrant and Stock Option Issuances [Line Items] | |
Warrant and Stock Option Issuances [Text Block] | 11. Warrant and Stock Option Issuances On June 4, 2020, the Company entered into a Contract Manufacturing Agreement (the “CMA”) with Craftsmen Industries Inc. (“Craftsmen”), which commenced June 15, 2020 and terminated as of October 15, 2021. The CMA provided that all payments owed by the Company to Craftsmen under the CMA are secured by a second lien on company assets and had been guaranteed by Unilumin USA LLC (“Unilumin USA”) through December 31, 2020. Unilumin USA is wholly owned by Unilumin North America, who owns 52.0% of the Company’s outstanding Common Stock and beneficially owns 53.7% of the Company’s outstanding Common Stock. In connection with the Unilumin guarantee in the CMA, the Company issued warrants (the “Warrants”) to purchase 500,000 shares of the Company’s Common Stock to Unilumin USA at an exercise price of $1.00 per share. The Warrants are exercisable until June 4, 2024. The Company calculated the fair value of the Warrants as $94,000 utilizing the Black-Scholes method, using a volatility of 151% and a risk free rate of 0.28%. The Company recorded the entire expense of $94,000 in general and administrative expenses at the date of issuance, so there were no related expenses recorded in the years ended December 31, 2023 or 2022. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2023 | |
Long-Term Debt [Line Items] | |
Long-Term Debt [Text Block] | 12. Long-Term Debt Long-term debt consists of the following: In thousands 2023 2022 8¼% Limited convertible senior $ 302 $ 302 9½% Subordinated debentures 220 220 Revolving credit line – related party 2,247 2,246 Term loans – related party 1,000 1,000 Term loans 542 500 Total debt 4,311 4,268 Less portion due within one year 3,776 3,768 Net long-term debt $ 535 $ 500 Payments of long-term debt due for the next five years are: In 2024 2025 2026 2027 2028 Thereafter $ 3,776 $ 8 $ 9 $ 10 $ 19 $ 489 On September 16, 2019, the Company entered into a loan agreement (the “Loan Agreement”) with MidCap. On June 3, 2020, March 23, 2021 and May 31, 2021, the Company and MidCap entered into modification agreements to the Loan Agreement. On July 30, 2021, MidCap assigned the loan to Unilumin. On March 20, 2023, the Company and Unilumin entered into a modification agreement to the Loan Agreement effective December 31, 2022. The Loan Agreement matured on December 31, 2023 so the Company is currently in default. The Loan Agreement allowed the Company to borrow up to an aggregate of $2.2 million at an interest rate of the Prime Rate as published in the Wall Street Journal plus 4.75% (13.25% at December 31, 2023) on a revolving credit loan based on accounts receivable, inventory and equipment for general working capital purposes. As of December 31, 2023, the balance outstanding under the Loan Agreement was $2.2 million. The Loan Agreement is secured by substantially all of the Company’s assets. 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 December 31, 2023 and 2022, $500,000 was outstanding. The loan matures on December 10, 2051 and carries an interest rate of 3.75%. As of December 31, 2023 and 2022, the Company had accrued $38,000 and $20,000, respectively, of interest related to the Loan Note, which is included in Accrued liabilities in the Consolidated Balance Sheets. 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 December 31, 2023 and 2022, the entire amount was outstanding and is included in current portion of long-term debt in the Consolidated Balance Sheets. As of December 31, 2023 and 2022, the Company had accrued $360,000 and $300,000, respectively, of interest related to this loan, which are included in accrued liabilities in the 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 December 31, 2023 and 2022, the entire amount was outstanding and was included in current portion of long-term debt Consolidated Balance Sheets. As of December 31, 2023 and 2022, the Company had accrued $360,000 and $300,000, respectively, of interest related to this loan, which are included in accrued liabilities in the 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 December 31, 2023 and 2022, the Company had outstanding $302,000 of Notes. The Notes matured as of March 1, 2012 and are currently in default. As of December 31, 2023 and 2022, the Company had accrued $357,000 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 December 31, 2023 and 2022, the Company had outstanding $220,000 of Debentures. The Debentures matured as of December 1, 2012 and are currently in default. As of December 31, 2023 and 2022, the Company had accrued $294,000 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. The Company entered into a vehicle retail installment contract with Ford Credit dated as of August 24, 2023 for $43,000. Principal and interest are payable monthly. As of December 31, 2023, $42,000 was outstanding. The loan matures on September 9, 2028 and carries an interest rate of 10.84%. On April 23, 2020, the Company entered into a loan note (the “CARES Loan Note”) with Enterprise Bank and Trust (“CARES Lender”) as lender under the CARES Act of the SBA, dated as of April 20, 2020. Under the CARES Loan Note, the Company borrowed $811,000 from CARES Lender under the Paycheck Protection Program (“PPP”) included in the SBA’s CARES Act. The CARES 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 Consolidated Statements of Cash Flows for the year ended December 31, 2022. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Line Items] | |
Lessee, Operating Leases [Text Block] | 13. Leases Certain premises are occupied under operating leases that expire at varying dates through 2028. Certain of these leases provide for the payment of real estate taxes and other occupancy costs. On December 1, 2021, the Company entered into a lease for an office and manufacturing facility in Des Moines, Iowa. The lease was for a five-year lease period at an initial annual rental of approximately $140,000. On June 21, 2016, the Company entered into a lease for a manufacturing facility in Hazelwood, Missouri for a seven-year lease period at an initial annual rental of approximately $317,000. In April 2023, the Company exercised its 5-year renewal option at its Hazelwood, MO facility. In connection with the renewal, the Company remeasured its lease liability, which increased the ROU asset and lease liability by $1.6 million on the remeasurement date. Operating lease expense aggregated $483,000 and $477,000 for the years ended December 31, 2023 and 2022, respectively. The Company has no finance leases as of December 31, 2023. Our leases include both lease (e.g., fixed payments including rent) and non-lease components (e.g., common area or other maintenance costs). The facility leases include one or more options to renew. The exercise of lease renewal options is typically at our sole discretion, therefore, the renewals to extend the lease terms are not included in our ROU assets or lease liabilities as they are not reasonably certain of exercise. We regularly evaluate the renewal options and, when they are reasonably certain of exercise, we include the renewal period in our lease term. Operating leases result in the recognition of ROU assets and lease liabilities on the 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. Operating 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 Consolidated Balance Sheets. The primary leases we enter into with initial terms of 12 months or less are for equipment. Supplemental information regarding leases: In thousands, unless otherwise noted 2023 Balance Sheet: ROU assets $ 1,971 Current lease liabilities 352 Non-current lease liabilities 1,644 Total lease liabilities 1,996 Weighted average remaining lease term (years) 4.4 Weighted average discount rate 10.4% Future minimum lease payments: 2024 545 2025 560 2026 577 2027 451 2028 414 Thereafter - Total 2,547 Less: Imputed interest 551 Total lease liabilities 1,996 Less: Current lease liabilities 352 Long-term lease liabilities $ 1,644 Supplemental cash flow information regarding leases: In thousands 2023 Operating cash flow information: Cash paid for amounts included in the measurement $ 471 Non-cash activity: ROU assets obtained in exchange for lease 1,601 Total operating lease expense was $483,000 for the year ended December 31, 2023. There was no short-term lease expense for the year ended December 31, 2023. Total operating lease expense was $477,000 for the year ended December 31, 2022. There was no short-term lease expense for the year ended December 31, 2022. |
Stockholders` Deficit
Stockholders` Deficit | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders` Deficit [Line Items] | |
Equity [Text Block] | 14. Stockholders’ Deficit During 2023 and 2022, the Board of Directors did not declare any quarterly cash dividends on the Company’s Common Stock. The Company was authorized to issue 2,500,000 shares of preferred stock as of December 31, 2023, of which (i) 416,500 shares were designated as Series A Convertible Preferred Stock, none of which were outstanding, (ii) 51,000 shares were designated as Series B Convertible Preferred Stock (“SBCPS”), none of which were outstanding, and (iii) 2,032,500 shares were not yet designated. 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 1.8 million and 1.9 million at December 31, 2023 and 2022, respectively. Accumulated other comprehensive loss is comprised of approximately $6.1 million and $6.2 million of unrecognized pension costs at December 31, 2023 and 2022, respectively, and $153,000 and $98,000 of unrealized foreign currency translation gains at December 31, 2023 and 2022, respectively. The components of accumulated other comprehensive loss are as follows: In thousands Pension Foreign Total Balances at January 1, 2022 $ (6,516) $ 263 $ (6,253) Actuarial gain 352 - 352 Translation loss - (165) (165) Balances at December 31, 2022 (6,164) 98 (6,066) Actuarial gain 63 - 63 Translation gain - 54 54 Balances at December 31, 2023 $ (6,101) $ 152 $ (5,949) |
Pension Plan
Pension Plan | 12 Months Ended |
Dec. 31, 2023 | |
Pension Plan [Line Items] | |
Retirement Benefits [Text Block] | 15. 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 service benefit under the pension plan had been frozen since 2003 and, accordingly, there was no service cost for the years ended December 31, 2023 and 2022. In 2009, the compensation increments were frozen, and accordingly, no additional benefits are being accrued under the plan. For 2023 and 2022, 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 $3.1 million at December 31, 2023. 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, 2023 and 2022, the Company’s pension plan weighted-average asset allocations by asset category are as follows: 2023 2022 Equity and index funds 69.3% 69.0% Fixed income funds 30.7 31.0 100.0% 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, 2023 and 2022: In thousands 2023 2022 Level 1: $ 5,460 $ 5,299 Fixed income funds 2,419 2,383 Total Level 1 7,879 7,682 Level 2 - - Level 3 - - Total pension plan assets $ 7,879 $ 7,682 The funded status of the plan as of December 31, 2023 and 2022 is as follows: In thousands 2023 2022 Change in benefit obligation: $ 10,545 $ 14,055 Interest cost 546 372 Actuarial loss (gain) 541 (3,163) Benefits paid (664) (719) Projected benefit obligation at end of year 10,968 10,545 Change in plan assets: 7,682 10,561 Actual return on plan assets 861 (2,298) Company contributions - 138 Benefits paid (664) (719) Fair value of plan assets at end of 7,879 7,682 Funded status (underfunded) $ (3,089) $ (2,863) Amounts recognized in other Net actuarial loss $ 7,585 $ 7,649 Weighted average assumptions as of Discount rate: Components of cost 5.40% 2.75% Benefit obligations 5.01% 5.40% 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 2024, the Company expects to amortize $301,000 of actuarial losses to pension expense. The accumulated benefit obligation at December 31, 2023 and 2022 was $11.0 million and $10.5 million, respectively. The minimum required contribution in 2024 is expected to be $840,000 which is included in Accrued liabilities in the Consolidated Balance Sheets. The long-term pension liability is $2.2 million and is included in Deferred pension liability and other in the Consolidated Balance Sheets. There were no minimum required contributions owed to the pension benefit plan in 2023. The minimum required pension plan contribution for 2024 is $840,000, which the Company expects to fully contribute. 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: In thousands 2024 2025 2026 2027 2028 $ 952 $ 898 $ 979 $ 950 $ 895 The following table presents the components of the net periodic pension cost for the years ended December 31, 2023 and 2022: In thousands 2023 2022 Interest cost $ 546 $ 372 Expected return on plan assets (564) (804) Recognized loss due to settlements - - Amortization of net actuarial loss 307 290 Net periodic pension cost (benefit) $ 289 $ (142) The following table presents the change in unrecognized pension costs recorded in other comprehensive loss as of December 31, 2023 and 2022: In thousands 2023 2022 Balance at beginning of year $ 7,649 $ 8,001 Net actuarial loss (gain) 243 (62) Recognized loss (307) (290) Balance at end of year $ 7,585 $ 7,649 |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Compensation [Line Items] | |
Share-Based Payment Arrangement [Text Block] | 16. 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. On March 28, 2022, the Company granted 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%. The Company currently has one stock option plan. As of December 31, 2023, 800 shares of Common Stock were available for grant under the Non-Employee Director Stock Option Plan. Changes in the stock option plan are as follows: Number of Shares Weighted Authorized Granted Available Price Balance 800 - 800 N/A Authorized - - - Expired - - - Granted - - - Balance 800 - 800 Authorized - - - Expired - - - Granted - - - Balance 800 - 800 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, 2023, there were no outstanding options to purchase shares. As of December 31, 2023, there was no unrecognized compensation cost related to non-options granted under the Plans. The Company issued 280,000 stock options to certain employees on March 28, 2022. The options vested on March 28, 2023 and are exercisable until March 28, 2026 at a price of $0.40 per share. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings (Loss) Per Share [Line Items] | |
Earnings Per Share [Text Block] | 17. (Loss) Earnings Per Share The following table presents the calculation of (loss) earnings per share for the years ended December 31, 2023 and 2022: In thousands, except per share data 2023 2022 Numerator: Net (loss) income, as reported $ (4,067) $ 323 Denominator: Weighted average shares outstanding - basic 13,483 13,446 Weighted average shares outstanding - diluted 13,483 13,675 Basic and diluted (loss) earnings per share $ (0.30) $ 0.02 At December 31, 2023 and 2022, there were no dividends accumulated on the Company’s SBCPS. Basic earnings (loss) per common share is computed by dividing net income (loss) attributable to common shares by the weighted average number of common shares outstanding for the period. Diluted income (loss) per common share is computed by dividing net income (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 are accounted for under the treasury stock method. At December 31, 2023 and 2022, outstanding warrants exercisable into 1.8 million and 1.9 million shares of Common Stock, respectively, 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, 2023 | |
COMMITMENTS AND CONTINGENCIES [Line Items] | |
Commitments and Contingencies Disclosure [Text Block] | 18. Commitments and Contingencies Commitments: At December 31, 2023 and 2022, the Company had no employment agreements with its executive officers. 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 believes that it has accrued adequate 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 | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Line Items] | |
Related Party Transactions Disclosure [Text Block] | 19. Related Party Transactions As of December 31, 2023, 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 and received compensation of $125,000 and $26,000, respectively. The Company purchased $3.8 million and $6.0 million of product from Unilumin in the years ended December 31, 2023 and 2022, respectively. Beginning January 1, 2023, the Company has accrued interest payable to Unilumin based on the Company’s accounts payable to Unilumin. The amount payable by the Company to Unilumin, including accounts payable, accrued interest and long-term debt, was $10.0 million and $7.3 million as of December 31, 2023 and 2022, respectively. In connection with the Unilumin Guarantee in the CMA, the Company issued Warrants to purchase 500,000 shares of the Company’s Common Stock to Unilumin USA at an exercise price of $1.00 per share (see Note 11). The Company occupies space in a New York office that is leased by Unilumin at no cost. |
Business Segment Data
Business Segment Data | 12 Months Ended |
Dec. 31, 2023 | |
Business Segment Data [Line Items] | |
Segment Reporting Disclosure [Text Block] | 20. 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. 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 2023 and 2022. 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, 2023 and 2022 and as of December 31, 2023 and 2022 were as follows: In thousands 2023 2022 Revenues: Digital product sales $ 14,683 $ 20,386 Digital product lease & maintenance 869 1,275 Total revenues $ 15,552 $ 21,661 Operating (loss) income: Digital product sales $ (1,528) $ 394 Digital product lease & maintenance 441 799 Corporate general and (1,898) (1,582) Total operating loss (2,985) (389) Interest expense, net (702) (410) (Loss) gain on foreign currency (60) 191 Gain on forgiveness of PPP loan - 824 Pension (expense) benefit (289) 142 (Loss) income before income taxes (4,036) 358 Income tax expense (31) (35) Net (loss) income $ (4,067) $ 323 Assets: Digital product sales $ 7,502 $ 8,221 Digital product lease & 643 1,143 Total identifiable assets 8,145 9,364 General corporate 185 48 Total assets $ 8,330 $ 9,412 Depreciation and amortization: Digital product sales $ 259 $ 252 Digital product lease & 144 186 General corporate 5 1 Total depreciation and amortization $ 378 $ 439 Capital expenditures: Digital product sales $ 284 $ 18 Digital product lease & - - General corporate 43 - Total capital expenditures $ 327 $ 18 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Line Items] | |
Subsequent Events [Text Block] | 21. Subsequent Events The Company has evaluated events and transactions subsequent to December 31, 2023 and through the date these Consolidated Financial Statements were included in this Form 10-K and filed with the SEC. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ (4,067,000) | $ 323,000 |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies, by Policy (Policies) [Line Items] | |
Consolidation, Policy [Policy Text Block] | Principles of consolidation : The Consolidated Financial Statements include the accounts of Trans-Lux Corporation, a Delaware corporation, and all wholly-owned subsidiaries (collectively, the “Company”). Intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of estimates : The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates and assumptions are reviewed periodically and the effects of revisions are reflected in the financial statements in the period in which the change is determined. Estimates are used when accounting for such items as costs of long-term sales contracts, reserves for expected credit losses, inventory valuation allowances, depreciation and amortization, valuation of pension obligations, valuation of warrants, income taxes, warranty reserve, management’s assessment of going concern, contingencies, impairment of long-lived assets and litigation. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents : The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. The Company has deposits in United States financial institutions that maintain Federal Deposit Insurance Corporation (“FDIC”) deposit insurance on all interest and non-interest-bearing accounts, collectively, with an aggregate coverage up to $250,000 per depositor per financial institution. At times, the amount of the deposits exceeds the FDIC limits. The portion of the deposits in excess of FDIC limits represents a credit risk of the Company. The Company has no cash equivalents at December 31, 2023 and 2022. |
Receivable [Policy Text Block] | Accounts receivable, net : Accounts receivable are carried at net realizable value. Credit is extended based on an evaluation of each customer’s financial condition; collateral is generally not required. Reserves for expected credit losses are provided based on historical experience and current trends. The Company evaluates the adequacy of these reserves regularly. The following is a summary of the reserve for expected credit loss accounts at December 31: In thousands 2023 2022 Balance at beginning of year $ 291 $ 423 Provisions (90) (113) Write-offs (47) (19) Balance at end of year $ 154 $ 291 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. At December 31, 2023, two customers accounted for 25.0% of the balance in Accounts receivable, net. At December 31, 2022, two customers accounted for 26.9% of the balance in Accounts receivable, net. In 2023, no customers accounted for at least 10% of our total revenues. In 2022, one customer accounted for 13.3% of our total revenues. |
Inventory, Policy [Policy Text Block] | Inventories : Inventories are stated at the lower of cost (first-in, first-out method) or net realizable value. Valuation allowances for slow-moving and obsolete inventories are provided based on historical experience and demand for servicing of the displays. The Company evaluates the adequacy of these valuation allowances regularly. |
Property, Plant and Equipment, Policy [Policy Text Block] | Rental equipment and property, plant and equipment, net : Rental equipment and property, plant and equipment are stated at cost and depreciated over their respective useful lives using the straight-line method. Leaseholds and improvements are amortized over the lesser of the useful lives or term of the lease. Repairs and maintenance costs related to rental equipment and property, plant and equipment are expensed in the period incurred. The estimated useful lives are as follows: Years Indoor rental equipment 10 Outdoor rental equipment 15 Machinery, fixtures and equipment 5 – 15 Leaseholds and improvements 7 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. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment or disposal of long-lived assets : The Company evaluates whether there has been an impairment in value of its long-lived assets if certain circumstances indicate that a possible impairment may exist. An impairment in value may exist when the carrying value of a long-lived asset exceeds its undiscounted cash flows. If it is determined that an impairment in value has occurred, the carrying value is written down to its fair value as determined by a discounted cash flow model. There were no impairments of long-lived assets in 2023 or 2022. |
Cost of Goods and Service [Policy Text Block] | Shipping Costs: The costs of shipping product to our customers of $694,000 and $677,000 in 2023 and 2022, respectively, are included in Cost of digital product sales. |
Advertising Cost [Policy Text Block] | Advertising/Marketing Costs: The Company expenses the costs of advertising and marketing at the time that the related advertising takes place. Advertising and marketing costs of $29,000 and $25,000 in 2023 and 2022, respectively, are included in General and administrative expenses. |
Revenue [Policy Text Block] | Revenue recognition : See Note 3 – Revenue Recognition. |
Standard Product Warranty, Policy [Policy Text Block] | Warranty reserve: The Company provides for the estimated cost of product warranties at the time revenue is recognized. While the Company engages in product quality programs and processes, including evaluating the quality of the component suppliers, the warranty obligation is affected by product failure rates. Should actual product failure rates differ from the Company’s estimates, revisions to increase or decrease the estimated warranty liability may be required. |
Income Tax, Policy [Policy Text Block] | Taxes on income : Deferred income tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities at tax rates expected to be in effect when such temporary differences are expected to reverse and for operating loss carryforwards. The temporary differences are primarily attributable to operating loss carryforwards, depreciation and the actuarial differences between the calculations of expenses compared to the calculations of contribution requirements of the pension plan. The Company records a valuation allowance against net deferred income tax assets if, based upon the available evidence, it is more-likely-than-not that the deferred income tax assets will not be realized. 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 : The functional currency of the Company’s Canadian business operation is the Canadian dollar. The assets and liabilities of such operation are translated into U.S. dollars at the year-end rate of exchange, and the operating and cash flow statements are converted at the average annual rate of exchange. The resulting translation adjustment is recorded in Accumulated other comprehensive loss in the Consolidated Balance Sheets and as a separate item in the Consolidated Statements of Comprehensive (Loss) Income. In relation to intercompany balances, these have been classified as short-term in nature and therefore the changes in the foreign currency remeasurement adjustment for intercompany balances are recorded as (Loss) gain on foreign currency remeasurement in the Consolidated Statements of Operations. |
Share-Based Payment Arrangement [Policy Text Block] | Share-based compensation : The Company measures share-based payments to employees, directors and non-employees at the grant date fair value of the instrument. The fair value is estimated on the date of grant using the Black-Scholes valuation model, which requires various assumptions including estimating stock price volatility, expected life of the instrument, estimated forfeiture rate and risk free interest rate. |
New Accounting Pronouncements, Policy [Policy Text Block] | 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: In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which amends ASC 280. The intent of ASU 2023-07 is to improve the disclosures around a public entity’s reportable segments and address requests from investors for additional, more detailed information about a reportable segment’s expenses, by requiring entities to disclose on an annual and interim basis: (i) significant segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of segment profit or loss and (ii) an amount for other segment items by reportable segment and a description of its composition, which represents the difference between segment revenue less segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss. Furthermore, entities will be required to: (i) provide all annual disclosures about a segment’s profit or loss and assets currently required under ASC 280 on an interim basis as well, (ii) clarify that an entity is not precluded from reporting additional measures of a segment’s profit or loss that are used by the CODM in assessing segment performance and deciding how to allocate resources, and (iii) disclose the title and position of the CODM and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the potential impact of ASU 2023-07 on its consolidated financial statements and disclosures. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Policies (Tables) [Line Items] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | In thousands 2023 2022 Balance at beginning of year $ 291 $ 423 Provisions (90) (113) Write-offs (47) (19) Balance at end of year $ 154 $ 291 |
Schedule Of Property Plant And Equipment Estimated Useful Life [Table Text Block] | Years Indoor rental equipment 10 Outdoor rental equipment 15 Machinery, fixtures and equipment 5 – 15 Leaseholds and improvements 7 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue Recognition (Tables) [Line Items] | |
Disaggregation of Revenue [Table Text Block] | In thousands 2023 2022 Digital product sales: Catalog and small $ 14,683 $ 20,386 Large customized - - Subtotal 14,683 20,386 Digital product lease and maintenance: Operating leases 465 579 Maintenance agreements 404 696 Subtotal 869 1,275 Total $ 15,552 $ 21,661 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | In thousands 2023 2022 Gross receivables $ 1,685 $ 3,123 Allowance for credit 154 291 Net receivables 1,531 2,832 Contract liabilities 225 1,229 |
Schedule of Changes In Contract Asset and Contract Liability [Table Text Block] | In thousands 2023 2022 Revenue recognized in the period Amounts included in the contract $ 1,128 $ 1,951 Performance obligations satisfied in - - |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventories (Tables) [Line Items] | |
Schedule of Inventory, Current [Table Text Block] | In thousands 2023 2022 Raw materials $ 2,102 $ 2,535 Work-in-progress 18 - Finished goods 252 187 Total inventory $ 2,372 $ 2,722 |
Rental Equipment, net (Tables)
Rental Equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Rental Equipment, net (Tables) [Line Items] | |
Rental Equipment [Table Text Block] | In thousands 2023 2022 Rental equipment $ 1,049 $ 2,077 Less accumulated depreciation 938 1,852 Net rental equipment $ 111 $ 225 |
Property, Plant and Equipment_2
Property, Plant and Equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment, net (Tables) [Line Items] | |
Property, Plant and Equipment [Table Text Block] | In thousands 2023 2022 Machinery, fixtures and equipment $ 3,177 $ 2,856 Leaseholds and improvements 23 23 3,200 2,879 Less accumulated depreciation 1,422 1,164 Net property, plant and equipment $ 1,778 $ 1,715 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Assets (Tables) [Line Items] | |
Schedule of Other Assets [Table Text Block] | In thousands 2023 2022 Prepaids $ 34 $ 34 Total other assets $ 34 $ 34 |
Taxes on Income (Tables)
Taxes on Income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Taxes on Income (Tables) [Line Items] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | In thousands 2023 2022 Current: Federal $ - $ - State and local 25 25 Foreign 6 10 $ 31 $ 35 Deferred: Federal $ - $ - State and local - - - - Income tax expense $ 31 $ 35 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2023 2022 Statutory federal income tax expense rate 21.0 % 21.0 % State income taxes, net of federal benefit 2.8 (0.3) PPP debt forgiven - (47.6) Foreign income taxed at different rates (0.8) (7.3) Deferred tax asset valuation allowance (17.5) 31.6 Section 382 adjustment to deferred net operating loss (0.8) 8.7 Other (4.5) 3.7 Effective income tax expense rate 0.2 % 9.8 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | In thousands 2023 2022 Deferred income tax asset: Tax credit carryforwards $ - $ - Operating loss carryforwards 5,252 4,348 Net pension costs 2,127 2,049 Allowance for credit losses 26 65 Other 1 7 Valuation allowance (6,801) (6 102) 605 367 Deferred income tax liability: Depreciation 326 120 Other 279 247 605 367 Net deferred income taxes $ - $ - |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accrued Liabilities (Tables) [Line Items] | |
Schedule of Accrued Liabilities [Table Text Block] | In thousands 2023 2022 Interest payable $ 1,966 $ 1,513 Taxes payable 1,259 1,179 Current portion of pension liability 840 - Compensation and employee benefits 355 311 Warranty reserve 287 562 Deferred revenues 94 140 Audit fees 74 134 Other 477 440 $ 5,352 $ 4,279 |
Schedule of Product Warranty Liability [Table Text Block] | In thousands 2023 2022 Balance at beginning of year $ 554 $ 380 Provisions 8 232 Deductions (275) (58) Balance at end of year $ 287 $ 554 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Long-Term Debt (Tables) [Line Items] | |
Schedule of Long-Term Debt Instruments [Table Text Block] | In thousands 2023 2022 8¼% Limited convertible senior $ 302 $ 302 9½% Subordinated debentures 220 220 Revolving credit line – related party 2,247 2,246 Term loans – related party 1,000 1,000 Term loans 542 500 Total debt 4,311 4,268 Less portion due within one year 3,776 3,768 Net long-term debt $ 535 $ 500 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | In 2024 2025 2026 2027 2028 Thereafter $ 3,776 $ 8 $ 9 $ 10 $ 19 $ 489 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases (Tables) [Line Items] | |
Schedule Of Future Minimum Rental Payment For Operating Leases [TableText Block] | In thousands, unless otherwise noted 2023 Balance Sheet: ROU assets $ 1,971 Current lease liabilities 352 Non-current lease liabilities 1,644 Total lease liabilities 1,996 Weighted average remaining lease term (years) 4.4 Weighted average discount rate 10.4% Future minimum lease payments: 2024 545 2025 560 2026 577 2027 451 2028 414 Thereafter - Total 2,547 Less: Imputed interest 551 Total lease liabilities 1,996 Less: Current lease liabilities 352 Long-term lease liabilities $ 1,644 |
Schedule Of Cash Flow Supplemental Disclosures Leases [Table Text Block] | In thousands 2023 Operating cash flow information: Cash paid for amounts included in the measurement $ 471 Non-cash activity: ROU assets obtained in exchange for lease 1,601 |
Stockholders` Deficit (Tables)
Stockholders` Deficit (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders` Deficit (Tables) [Line Items] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | In thousands Pension Foreign Total Balances at January 1, 2022 $ (6,516) $ 263 $ (6,253) Actuarial gain 352 - 352 Translation loss - (165) (165) Balances at December 31, 2022 (6,164) 98 (6,066) Actuarial gain 63 - 63 Translation gain - 54 54 Balances at December 31, 2023 $ (6,101) $ 152 $ (5,949) |
Pension Plan (Tables)
Pension Plan (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Pension Plan (Tables) [Line Items] | |
Schedule of Allocation of Plan Assets [Table Text Block] | 2023 2022 Equity and index funds 69.3% 69.0% Fixed income funds 30.7 31.0 100.0% 100.0% |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | In thousands 2023 2022 Level 1: $ 5,460 $ 5,299 Fixed income funds 2,419 2,383 Total Level 1 7,879 7,682 Level 2 - - Level 3 - - Total pension plan assets $ 7,879 $ 7,682 |
Schedule of Net Funded Status [Table Text Block] | In thousands 2023 2022 Change in benefit obligation: $ 10,545 $ 14,055 Interest cost 546 372 Actuarial loss (gain) 541 (3,163) Benefits paid (664) (719) Projected benefit obligation at end of year 10,968 10,545 Change in plan assets: 7,682 10,561 Actual return on plan assets 861 (2,298) Company contributions - 138 Benefits paid (664) (719) Fair value of plan assets at end of 7,879 7,682 Funded status (underfunded) $ (3,089) $ (2,863) Amounts recognized in other Net actuarial loss $ 7,585 $ 7,649 Weighted average assumptions as of Discount rate: Components of cost 5.40% 2.75% Benefit obligations 5.01% 5.40% 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] | In thousands 2024 2025 2026 2027 2028 $ 952 $ 898 $ 979 $ 950 $ 895 |
Schedule of Net Benefit Costs [Table Text Block] | In thousands 2023 2022 Interest cost $ 546 $ 372 Expected return on plan assets (564) (804) Recognized loss due to settlements - - Amortization of net actuarial loss 307 290 Net periodic pension cost (benefit) $ 289 $ (142) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | In thousands 2023 2022 Balance at beginning of year $ 7,649 $ 8,001 Net actuarial loss (gain) 243 (62) Recognized loss (307) (290) Balance at end of year $ 7,585 $ 7,649 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Compensation (Tables) [Line Items] | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Number of Shares Weighted Authorized Granted Available Price Balance 800 - 800 N/A Authorized - - - Expired - - - Granted - - - Balance 800 - 800 Authorized - - - Expired - - - Granted - - - Balance 800 - 800 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings (Loss) Per Share (Tables) [Line Items] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | In thousands, except per share data 2023 2022 Numerator: Net (loss) income, as reported $ (4,067) $ 323 Denominator: Weighted average shares outstanding - basic 13,483 13,446 Weighted average shares outstanding - diluted 13,483 13,675 Basic and diluted (loss) earnings per share $ (0.30) $ 0.02 |
Business Segment Data (Tables)
Business Segment Data (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Segment Data (Tables) [Line Items] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | In thousands 2023 2022 Revenues: Digital product sales $ 14,683 $ 20,386 Digital product lease & maintenance 869 1,275 Total revenues $ 15,552 $ 21,661 Operating (loss) income: Digital product sales $ (1,528) $ 394 Digital product lease & maintenance 441 799 Corporate general and (1,898) (1,582) Total operating loss (2,985) (389) Interest expense, net (702) (410) (Loss) gain on foreign currency (60) 191 Gain on forgiveness of PPP loan - 824 Pension (expense) benefit (289) 142 (Loss) income before income taxes (4,036) 358 Income tax expense (31) (35) Net (loss) income $ (4,067) $ 323 Assets: Digital product sales $ 7,502 $ 8,221 Digital product lease & 643 1,143 Total identifiable assets 8,145 9,364 General corporate 185 48 Total assets $ 8,330 $ 9,412 Depreciation and amortization: Digital product sales $ 259 $ 252 Digital product lease & 144 186 General corporate 5 1 Total depreciation and amortization $ 378 $ 439 Capital expenditures: Digital product sales $ 284 $ 18 Digital product lease & - - General corporate 43 - Total capital expenditures $ 327 $ 18 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Summary of Significant Accounting Policies (Details) [Line Items] | ||
Cash, FDIC Insured Amount | $ 250,000 | |
Cash Equivalents, at Carrying Value | 0 | $ 0 |
Cost Of Shipping Products | 694,000 | 677,000 |
Advertising Expense | $ 29,000 | $ 25,000 |
Two Customers [Member] | Accounts Receivable [Member] | Credit Concentration Risk [Member] | ||
Summary of Significant Accounting Policies (Details) [Line Items] | ||
Concentration Risk, Percentage | 25% | 26.90% |
No Customers [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | ||
Summary of Significant Accounting Policies (Details) [Line Items] | ||
Concentration Risk, Percentage | 10% | |
One Customer [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | ||
Summary of Significant Accounting Policies (Details) [Line Items] | ||
Concentration Risk, Percentage | 13.30% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Summary of the allowance for uncollectible accounts - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance at beginning of year | $ 291,000 | $ 423,000 |
Provisions | (90,000) | (113,000) |
Write-offs | (47,000) | (19,000) |
Balance at end of year | $ 154,000 | $ 291,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details) - Estimated useful lives | Dec. 31, 2023 |
Indoor Rental Equipment [Member] | |
Summary of Significant Accounting Policies (Details) - Estimated useful lives [Line Items] | |
Estimated Useful Lives | 10 years |
Outdoor Rental Equipment [Member] | |
Summary of Significant Accounting Policies (Details) - Estimated useful lives [Line Items] | |
Estimated Useful Lives | 15 years |
Machinery Fixture and Equipment [Member] | Minimum [Member] | |
Summary of Significant Accounting Policies (Details) - Estimated useful lives [Line Items] | |
Estimated Useful Lives | 5 years |
Machinery Fixture and Equipment [Member] | Maximum [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 | 7 years |
Liquidity and Going Concern (De
Liquidity and Going Concern (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Liquidity and Going Concern (Details) [Line Items] | ||
Net Income (Loss) Available to Common Stockholders, Basic | $ (4,100,000) | $ 323,000 |
Working Capital Deficit | 13,900,000 | 9,300,000 |
Gain Loss On Debt Forgiveness | $ 824,000 |
Revenue Recognition (Details) -
Revenue Recognition (Details) - Performance Obligations | 12 Months Ended |
Dec. 31, 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 | $ 1,500,000 |
Lessor, Operating Lease, Payment to be Received, Year One | 583,000 |
Lessor, Operating Lease, Payment to be Received, Year Two | 359,000 |
Lessor, Operating Lease, Payment to be Received, Year Three | 271,000 |
Lessor, Operating Lease, Payment to be Received, Year Four | 202,000 |
Lessor, Operating Lease, Payment to be Received, Year Five | 62,000 |
Lessor, Operating Lease, Payment to be Received, after Year Five | $ 23,000 |
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) - Contract Balances with Customers - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue Recognition (Details) - Contract Balances with Customers [Line Items] | ||
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | $ 90,000 | $ 113,000 |
Revenue Recognition (Details)_3
Revenue Recognition (Details) - Remaining Performance Obligations $ in Millions | Dec. 31, 2023 USD ($) |
Digital Product Sales [Member] | |
Revenue Recognition (Details) - Remaining Performance Obligations [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 2.3 |
Digital Product Lease and Maintenance [Member] | |
Revenue Recognition (Details) - Remaining Performance Obligations [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 1.5 |
Revenue Recognition (Details)_4
Revenue Recognition (Details) - Remaining Performance Obligations, Expected Timing of recognition | 12 Months Ended |
Dec. 31, 2023 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue Recognition (Details) - Remaining Performance Obligations, Expected Timing of recognition [Line Items] | |
Revenue, Remaining Performance Obligation, Percentages | 76% |
Revenue Remaining Performance Obligation, Expected Timing Of Satisfaction Periods | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue Recognition (Details) - Remaining Performance Obligations, Expected Timing of recognition [Line Items] | |
Revenue, Remaining Performance Obligation, Percentages | 17% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Minimum [Member] | |
Revenue Recognition (Details) - Remaining Performance Obligations, Expected Timing of recognition [Line Items] | |
Revenue Remaining Performance Obligation, Expected Timing Of Satisfaction Periods | 13 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Maximum [Member] | |
Revenue Recognition (Details) - Remaining Performance Obligations, Expected Timing of recognition [Line Items] | |
Revenue Remaining Performance Obligation, Expected Timing Of Satisfaction Periods | 36 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue Recognition (Details) - Remaining Performance Obligations, Expected Timing of recognition [Line Items] | |
Revenue, Remaining Performance Obligation, Percentages | 7% |
Revenue Remaining Performance Obligation, Expected Timing Of Satisfaction Periods | 37 months |
Revenue Recognition (Details)_5
Revenue Recognition (Details) - Disaggregation of revenue from contracts with customers - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Digital product sales: | ||
Revenue from contracts with customers | $ 15,552,000 | $ 21,661,000 |
Digital Product Sales [Member] | ||
Digital product sales: | ||
Revenue from contracts with customers | 14,683,000 | 20,386,000 |
Digital Product Lease and Maintenance [Member] | ||
Digital product sales: | ||
Revenue from contracts with customers | 869,000 | 1,275,000 |
Catalog and Small Customized Products [Member] | Digital Product Sales [Member] | ||
Digital product sales: | ||
Revenue from contracts with customers | 14,683,000 | 20,386,000 |
Large Customized Products [Member] | Digital Product Sales [Member] | ||
Digital product sales: | ||
Revenue from contracts with customers | ||
Operating Leases [Member] | Digital Product Lease and Maintenance [Member] | ||
Digital product sales: | ||
Revenue from contracts with customers | 465,000 | 579,000 |
Maintenance Agreements [Member] | Digital Product Lease and Maintenance [Member] | ||
Digital product sales: | ||
Revenue from contracts with customers | $ 404,000 | $ 696,000 |
Revenue Recognition (Details)_6
Revenue Recognition (Details) - Company`s receivables and contract liabilities with customers - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Revenue Recognition (Details) - Company`s receivables and contract liabilities with customers [Line Items] | ||
Gross receivables | $ 1,685,000 | $ 3,123,000 |
Allowance for credit losses | 154,000 | 291,000 |
Net receivables | 1,531,000 | 2,832,000 |
Contract liabilities | $ 225,000 | $ 1,229,000 |
Revenue Recognition (Details)_7
Revenue Recognition (Details) - Revenues as a result of changes in the contract asset and the contract liability - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 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 | $ 1,128,000 | $ 1,951,000 |
Performance obligations satisfied in previous periods (for example, due to changes in transaction price) |
Fair Value (Details)
Fair Value (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value (Details) [Line Items] | ||
Cash Surrender Value of Life Insurance | $ 34,000 | $ 33,000 |
Notes Payable, Fair Value Disclosure | 121,000 | |
Debt Instrument, Fair Value Disclosure | 88,000 | 88,000 |
Long-Term Debt, Fair Value | $ 3,800,000 | $ 3,700,000 |
Inventories (Details) - Invento
Inventories (Details) - Inventories - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory [Line Items] | ||
Raw materials | $ 2,102,000 | $ 2,535,000 |
Work-in-progress | 18,000 | |
Finished goods | 252,000 | 187,000 |
Total inventory | $ 2,372,000 | $ 2,722,000 |
Rental Equipment, net (Details)
Rental Equipment, net (Details) - Rental Equipment [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Rental Equipment, net (Details) [Line Items] | ||
Property, Plant and Equipment, Disposals | $ 1,000,000 | |
Depreciation | $ 114,000 | $ 186,000 |
Rental Equipment, net (Detail_2
Rental Equipment, net (Details) - Schedule Of Rental Equipment - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Rental Equipment, net (Details) - Schedule Of Rental Equipment [Line Items] | ||
Rental equipment | $ 1,049,000 | $ 2,077,000 |
Less accumulated depreciation | 938,000 | 1,852,000 |
Net rental equipment | $ 111,000 | $ 225,000 |
Property, Plant and Equipment_3
Property, Plant and Equipment, net (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment, net (Details) [Line Items] | ||
Property, Plant and Equipment, Net | $ 1,778,000 | $ 1,715,000 |
Tangible Asset Impairment Charges | 6,000 | 70,000 |
Depreciation | 264,000 | 253,000 |
Equipment [Member] | Asset Not Pledged as Collateral [Member] | ||
Property, Plant and Equipment, net (Details) [Line Items] | ||
Property, Plant and Equipment, Net | $ 1,700,000 | $ 1,700,000 |
Property, Plant and Equipment_4
Property, Plant and Equipment, net (Details) - Property, plant and equipment consists of the following: - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 3,200,000 | $ 2,879,000 |
Less accumulated depreciation | 1,422,000 | 1,164,000 |
Net property, plant and equipment | 1,778,000 | 1,715,000 |
Machinery Fixture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 3,177,000 | 2,856,000 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 23,000 | $ 23,000 |
Other Assets (Details) - Schedu
Other Assets (Details) - Schedule of Other Assets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Other Assets (Details) - Schedule of Other Assets [Line Items] | ||
Prepaids | $ 34,000 | $ 34,000 |
Total other assets | $ 34,000 | $ 34,000 |
Taxes on Income (Details)
Taxes on Income (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Jun. 26, 2012 | |
Taxes on Income (Details) [Line Items] | |||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | $ 3,900,000 | $ 185,000 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | |
Operating Loss Carryforwards | $ 591,000 | $ 148,000 | |
Deferred Tax Assets, Operating Loss Carryforwards | 5,252,000 | $ 4,348,000 | $ 2,900,000 |
Operating Loss Carry forwards Contribution | 22,000 | ||
CANADA | |||
Taxes on Income (Details) [Line Items] | |||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | (116,000) | $ 173,000 | |
Domestic Tax Authority [Member] | |||
Taxes on Income (Details) [Line Items] | |||
Operating Loss Carryforwards | $ 18,800,000 |
Taxes on Income (Details) - Com
Taxes on Income (Details) - Components of income tax expense - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Current: | ||
Federal | ||
State and local | 25,000 | 25,000 |
Foreign | 6,000 | 10,000 |
Income tax (expense) benefit, current | 31,000 | 35,000 |
Deferred: | ||
Federal | ||
State and local | ||
Income tax (expense) benefit, deferred | ||
Income tax expense | $ 31,000 | $ 35,000 |
Taxes on Income (Details) - Inc
Taxes on Income (Details) - Income tax rate reconciliation | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Taxes on Income (Details) - Income tax rate reconciliation [Line Items] | ||
Statutory federal income tax expense rate | 21% | 21% |
State income taxes, net of federal benefit | 2.80% | (0.30%) |
PPP debt forgiven | (47.60%) | |
Foreign income taxed at different rates | (0.80%) | (7.30%) |
Deferred tax asset valuation allowance | (17.50%) | 31.60% |
Section 382 adjustment to deferred net operating loss | (0.80%) | 8.70% |
Other | (4.50%) | 3.70% |
Effective income tax expense rate | 0.20% | 9.80% |
Taxes on Income (Details) - Sig
Taxes on Income (Details) - Significant components of the Company`s deferred income tax assets and liabilities - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Jun. 26, 2012 |
Deferred income tax asset: | |||
Tax credit carryforwards | |||
Operating loss carryforwards | 5,252,000 | 4,348,000 | $ 2,900,000 |
Net pension costs | 2,127,000 | 2,049,000 | |
Allowance for credit losses | 26,000 | 65,000 | |
Other | 1,000 | 7,000 | |
Valuation allowance | (6,801,000) | (6,102,000) | |
Deferred income tax asset, Total | 605,000 | 367,000 | |
Deferred income tax liability: | |||
Depreciation | 326,000 | 120,000 | |
Other | 279,000 | 247,000 | |
Deferred income tax asset, Total | 605,000 | 367,000 | |
Net deferred income taxes |
Accrued Liabilities (Details) -
Accrued Liabilities (Details) - Accrued Liabilities - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Accrued Liabilities (Details) - Accrued Liabilities [Line Items] | ||
Interest payable | $ 1,966,000 | $ 1,513,000 |
Taxes payable | 1,259,000 | 1,179,000 |
Current portion of pension liability (see Note 15 – Pension Plan) | 840,000 | |
Compensation and employee benefits | 355,000 | 311,000 |
Warranty reserve | 287,000 | 562,000 |
Deferred revenues | 94,000 | 140,000 |
Audit fees | 74,000 | 134,000 |
Other | 477,000 | 440,000 |
Accrued Liabilities, Total | $ 5,352,000 | $ 4,279,000 |
Accrued Liabilities (Details)_2
Accrued Liabilities (Details) - A summary of the warranty reserve - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Product Warranty Liability [Line Items] | ||
Balance at beginning of year | $ 554,000 | $ 380,000 |
Provisions | 8,000 | 232,000 |
Deductions | (275,000) | (58,000) |
Balance at end of year | $ 287,000 | $ 554,000 |
Warrant and Stock Option Issu_2
Warrant and Stock Option Issuances (Details) - USD ($) | 12 Months Ended | ||
Jun. 04, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | |
Warrant and Stock Option Issuances (Details) [Line Items] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 108% | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.55% | ||
Unilumin [Member] | |||
Warrant and Stock Option Issuances (Details) [Line Items] | |||
Equity Method Investment, Ownership Percentage | 52% | 51.80% | |
Benificial Owner [Member] | Unilumin [Member] | |||
Warrant and Stock Option Issuances (Details) [Line Items] | |||
Equity Method Investment, Ownership Percentage | 53.70% | ||
Unilumin [Member] | |||
Warrant and Stock Option Issuances (Details) [Line Items] | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) | 500,000 | 500,000 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ 1 | $ 1 | |
Warrants Not Settleable in Cash, Fair Value Disclosure (in Dollars) | $ 94,000 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 151% | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.28% | ||
Unilumin [Member] | General and Administrative Expense [Member] | |||
Warrant and Stock Option Issuances (Details) [Line Items] | |||
Share-Based Payment Arrangement, Expense (in Dollars) | $ 94,000 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) | 12 Months Ended | ||||||
Dec. 10, 2021 | Apr. 23, 2020 | Apr. 27, 2019 | Dec. 10, 2017 | Dec. 31, 2023 | Aug. 24, 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 | 13.25% | ||||||
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 | 360,000 | $ 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 | 360,000 | 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 | 357,000 | 332,000 | |||||
9½% Subordinated Debentures Due 2012 [Member] | |||||||
Long-Term Debt (Details) [Line Items] | |||||||
Long-Term Debt | 220,000 | 220,000 | |||||
Interest Payable, Current | 294,000 | 273,000 | |||||
Contract with Ford Credit [Member] | |||||||
Long-Term Debt (Details) [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 43,000 | ||||||
Long-Term Line of Credit | $ 42,000 | ||||||
Debt Instrument, Maturity Date | Sep. 09, 2028 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.84% | ||||||
EIDL Loan Note [Member] | SBA Loan Note [Member] | |||||||
Long-Term Debt (Details) [Line Items] | |||||||
Proceeds from Loans | $ 500,000 | ||||||
Long-Term Debt | $ 500,000 | 500,000 | |||||
Debt Instrument, Maturity Date | Dec. 10, 2051 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | ||||||
Interest Payable, Current | $ 38,000 | $ 20,000 | |||||
Enterprise Bank and Trust [Member] | CARES Loan Note [Member] | |||||||
Long-Term Debt (Details) [Line Items] | |||||||
Proceeds from Issuance of Long-Term Debt | $ 811,000 | ||||||
Proceeds From Loan Forgiveness | $ 453,000 |
Long-Term Debt (Details) - Long
Long-Term Debt (Details) - Long-term debt - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Long-term debt, including current portion | $ 4,311,000 | $ 4,268,000 |
Less portion due within one year | 3,776,000 | 3,768,000 |
Net long-term debt | 535,000 | 500,000 |
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 | 2,247,000 | 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 | $ 542,000 | $ 500,000 |
Long-Term Debt (Details) - Paym
Long-Term Debt (Details) - Payments of long-term debt due for the next five years | Dec. 31, 2023 USD ($) |
Long-Term Debt (Details) - Payments of long-term debt due for the next five years [Line Items] | |
2024 | $ 3,776,000 |
2025 | 8,000 |
2026 | 9,000 |
2027 | 10,000 |
2028 | 19,000 |
Thereafter | $ 489,000 |
Leases (Details)
Leases (Details) - USD ($) | 12 Months Ended | ||||
Dec. 01, 2021 | Jun. 21, 2016 | Dec. 31, 2023 | Dec. 31, 2022 | Apr. 30, 2023 | |
Leases (Details) [Line Items] | |||||
Operating Lease, Expense | $ 483,000 | $ 477,000 | |||
Operating Leases Rental Expense | 483,000 | 477,000 | |||
Operating Lease, Liability | 1,996,000 | $ 1,600,000 | |||
Operating Lease, Right-of-Use Asset | $ 1,971,000 | 765,000 | $ 1,600,000 | ||
Short-Term Lease Payments | $ 0 | ||||
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 | ||||
Manufacturing Facility in Des Moines, IOWA [Member] | |||||
Leases (Details) [Line Items] | |||||
Lease Expiration Period | 5 years | ||||
Operating Lease, Expense | $ 140,000 | ||||
Manufacturing Facility In Hazelwood Missouri [Member] | |||||
Leases (Details) [Line Items] | |||||
Lease Expiration Period | 7 years | ||||
Operating Leases Rental Expense | $ 317,000 |
Leases (Details) - Supplemental
Leases (Details) - Supplemental information regarding leases - USD ($) | Dec. 31, 2023 | Apr. 30, 2023 | Dec. 31, 2022 |
Balance Sheet: | |||
ROU assets | $ 1,971,000 | $ 1,600,000 | $ 765,000 |
Current lease liabilities | 352,000 | 393,000 | |
Non-current lease liabilities | 1,644,000 | 412,000 | |
Total lease liabilities | $ 1,996,000 | 1,600,000 | |
Weighted average remaining lease term (years) | 4 years 4 months 24 days | ||
Weighted average discount rate | 10.40% | ||
Future minimum lease payments: | |||
2024 | $ 545,000 | ||
2025 | 560,000 | ||
2026 | 577,000 | ||
2027 | 451,000 | ||
2028 | 414,000 | ||
Thereafter | |||
Total | 2,547,000 | ||
Less: Imputed interest | 551,000 | ||
Total lease liabilities | 1,996,000 | $ 1,600,000 | |
Less: Current lease liabilities | 352,000 | 393,000 | |
Non-current lease liabilities | $ 1,644,000 | $ 412,000 |
Leases (Details) - Supplement_2
Leases (Details) - Supplemental cash flow information regarding leases | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Operating cash flow information: | |
Cash paid for amounts included in the measurement of lease liabilities | $ 471,000 |
Non-cash activity: | |
ROU assets obtained in exchange for lease liabilities | $ 1,601,000 |
Stockholders` Deficit (Details)
Stockholders` Deficit (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Stockholders` Deficit (Details) [Line Items] | ||
Common Stock, Capital Shares Reserved for Future Issuance | 1,800,000 | 1,900,000 |
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax (in Dollars) | $ 6,100,000 | $ 6,200,000 |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax (in Dollars) | $ 153,000 | $ 98,000 |
Preferred Stock [Member] | ||
Stockholders` Deficit (Details) [Line Items] | ||
Preferred Stock, Shares Authorized | 2,500,000 | |
Convertible Preferred Stock [Member] | ||
Stockholders` Deficit (Details) [Line Items] | ||
Preferred Stock Shares Authorized But Unissued | 2,032,500 | |
Convertible Preferred Stock [Member] | Series A Preferred Stock [Member] | ||
Stockholders` Deficit (Details) [Line Items] | ||
Preferred Stock, Shares Authorized | 416,500 | 416,500 |
Convertible Preferred Stock [Member] | Series B Preferred Stock [Member] | ||
Stockholders` Deficit (Details) [Line Items] | ||
Preferred Stock, Shares Authorized | 51,000 | 51,000 |
Stockholders` Deficit (Detail_2
Stockholders` Deficit (Details) - Components of accumulated other comprehensive loss - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balances | $ (6,066,000) | $ (6,253,000) |
Actuarial gain | 63,000 | 352,000 |
Translation gain (loss) | 54,000 | (165,000) |
Balances | (5,949,000) | (6,066,000) |
Pension Plan Acturial Loss Gain [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balances | (6,164,000) | (6,516,000) |
Actuarial gain | 63,000 | 352,000 |
Translation gain (loss) | ||
Balances | (6,101,000) | (6,164,000) |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balances | 98,000 | 263,000 |
Actuarial gain | ||
Translation gain (loss) | 54,000 | (165,000) |
Balances | $ 152,000 | $ 98,000 |
Pension Plan (Details)
Pension Plan (Details) - USD ($) | 12 Months Ended | ||
Jan. 01, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | |
Pension Plan (Details) [Line Items] | |||
Defined Benefit Plan Vesting Periods | 5 years | ||
Defined Benefit Plan, Funded (Unfunded) Status of Plan | $ 3,089,000 | $ 2,863,000 | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-Term Rate of Return on Plan Assets | 8% | 8% | |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | $ 541,000 | $ (3,163,000) | |
Defined Benefit Plan, Accumulated Benefit Obligation | 11,000,000 | $ 10,500,000 | |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 840,000 | ||
Liability, Defined Benefit Pension Plan, Noncurrent | $ 2,200,000 | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year, Description | The minimum required pension plan contribution for 2024 is $840,000, which the Company expects to fully contribute | ||
Subsequent Event [Member] | |||
Pension Plan (Details) [Line Items] | |||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | $ 301,000 |
Pension Plan (Details) - Weight
Pension Plan (Details) - Weighted-average asset allocations by asset category | Dec. 31, 2023 | Dec. 31, 2022 |
Pension Plan (Details) - Weighted-average asset allocations by asset category [Line Items] | ||
Total pension plan assets | 100% | 100% |
Equity And Index Funds [Member] | ||
Pension Plan (Details) - Weighted-average asset allocations by asset category [Line Items] | ||
Total pension plan assets | 69.30% | 69% |
Fixed Income Funds [Member] | ||
Pension Plan (Details) - Weighted-average asset allocations by asset category [Line Items] | ||
Total pension plan assets | 30.70% | 31% |
Pension Plan (Details) - Pensio
Pension Plan (Details) - Pension plan assets by level within the fair value hierarchy - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value, Pension plan assets, Total | $ 7,879,000 | $ 7,682,000 | $ 10,561,000 |
Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value, Pension plan assets, Total | 7,879,000 | 7,682,000 | |
Fair Value, Inputs, Level 1 [Member] | Equity And Index Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value, Pension plan assets, Total | 5,460,000 | 5,299,000 | |
Fair Value, Inputs, Level 1 [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value, Pension plan assets, Total | 2,419,000 | 2,383,000 | |
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 ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension Plan (Details) - The funded status of the plan [Line Items] | |||
Change in benefit obligation: Projected benefit obligation at beginning of year | $ 10,545,000 | $ 14,055,000 | |
Interest cost | 546,000 | 372,000 | |
Actuarial loss (gain) | 541,000 | (3,163,000) | |
Benefits paid | (664,000) | (719,000) | |
Projected benefit obligation at end of year | 10,968,000 | 10,545,000 | |
Change in plan assets: Fair value of plan assets at beginning of year | 7,682,000 | 10,561,000 | |
Actual return on plan assets | 861,000 | (2,298,000) | |
Company contributions | 138,000 | ||
Benefits paid | (664,000) | (719,000) | |
Fair value of plan assets at end of year | 7,879,000 | 7,682,000 | |
Funded status (underfunded) | (3,089,000) | (2,863,000) | |
Net actuarial loss | $ 7,585,000 | $ 7,649,000 | $ 8,001,000 |
Discount rate: | |||
Components of cost | 5.40% | 2.75% | |
Benefit obligations | 5.01% | 5.40% | |
Expected return on plan assets | 8% | 8% | |
Rate of compensation increase |
Pension Plan (Details) - Expect
Pension Plan (Details) - Expected projected benefit payments due | Dec. 31, 2023 USD ($) |
Pension Plan (Details) - Expected projected benefit payments due [Line Items] | |
2024 | $ 952,000 |
2025 | 898,000 |
2026 | 979,000 |
2027 | 950,000 |
2028 | $ 895,000 |
Pension Plan (Details) - Compon
Pension Plan (Details) - Components of the net periodic pension cost - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Pension Plan (Details) - Components of the net periodic pension cost [Line Items] | ||
Interest cost | $ 546,000 | $ 372,000 |
Expected return on plan assets | (564,000) | (804,000) |
Recognized loss due to settlements | ||
Amortization of net actuarial loss | 307,000 | 290,000 |
Net periodic pension cost (benefit) | $ 289,000 | $ (142,000) |
Pension Plan (Details) - Change
Pension Plan (Details) - Change in unrecognized pension costs recorded in other comprehensive loss - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Pension Plan (Details) - Change in unrecognized pension costs recorded in other comprehensive loss [Line Items] | ||
Balance at beginning of year | $ 7,649,000 | $ 8,001,000 |
Net actuarial loss (gain) | 243,000 | (62,000) |
Recognized loss | (307,000) | (290,000) |
Balance at end of year | $ 7,585,000 | $ 7,649,000 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - $ / shares | 12 Months Ended | |||
Mar. 28, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation (Details) [Line Items] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross | 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, Expiration Date | Mar. 28, 2023 | |||
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 Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant | 800 | 800 | 800 | |
Shares Issued, Shares, Share-Based Payment Arrangement, before Forfeiture | 280,000 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in Dollars per share) | $ 0.4 | |||
Minimum [Member] | ||||
Share-Based Compensation (Details) [Line Items] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period | 1 year | |||
Maximum [Member] | ||||
Share-Based Compensation (Details) [Line Items] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period | 6 years |
Share-Based Compensation (Det_2
Share-Based Compensation (Details) - Changes in the stock option plan are as follows - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Share-Based Compensation (Details) - Changes in the stock option plan are as follows [Line Items] | ||
Balance, Number of Shares Authorized | 800 | 800 |
Balance, Number of Shares Available | 800 | 800 |
Balance, Weighted Average Exercise Price (in Dollars per share) | ||
Balance, Number of Shares Authorized | 800 | 800 |
Balance, Number of Shares Available | 800 | 800 |
Earnings (Loss) Per Share (Deta
Earnings (Loss) Per Share (Details) - USD ($) shares in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Warrant [Member] | ||
Earnings (Loss) Per Share (Details) [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1.8 | 1.9 |
Convertible Preferred Stock [Member] | Series B Preferred Stock [Member] | ||
Earnings (Loss) Per Share (Details) [Line Items] | ||
Convertible Preferred Dividends, Net of Tax | $ 0 | $ 0 |
Earnings (Loss) Per Share (De_2
Earnings (Loss) Per Share (Details) - Calculation of earnings (loss) per share - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Earnings (Loss) Per Share (Details) - Calculation of earnings (loss) per share [Line Items] | ||
Net (loss) income, as reported (in Dollars) | $ (4,067,000) | $ 323,000 |
Weighted average shares outstanding - basic | 13,483,000 | 13,446,000 |
Weighted average shares outstanding - diluted | 13,483,000 | 13,675,000 |
Basic and diluted (loss) earnings per share (in Dollars per share) | $ (0.3) | $ 0.02 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Jun. 04, 2020 | |
Unilumin [Member] | |||
Related Party Transactions (Details) [Line Items] | |||
Equity Method Investment, Ownership Percentage | 51.80% | 52% | |
Mr. Fazio [Member] | |||
Related Party Transactions (Details) [Line Items] | |||
Related Party Transaction, Amounts of Transaction | $ 125,000 | ||
Mr. Yu [Member] | |||
Related Party Transactions (Details) [Line Items] | |||
Related Party Transaction, Amounts of Transaction | 26,000 | ||
Unilumin [Member] | |||
Related Party Transactions (Details) [Line Items] | |||
Related Party Transaction, Purchases from Related Party | 3,800,000 | $ 6,000,000 | |
Accounts Payable, Related Parties | $ 10,000,000 | $ 7,300,000 | |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) | 500,000 | 500,000 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ 1 | $ 1 | |
Beneficial Owner [Member] | Unilumin [Member] | |||
Related Party Transactions (Details) [Line Items] | |||
Equity Method Investment, Ownership Percentage | 53.50% |
Business Segment Data (Details)
Business Segment Data (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 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 ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenues: | ||
Revenues | $ 15,552,000 | $ 21,661,000 |
Operating (loss) income: | ||
Operating income (loss) | (2,985,000) | (389,000) |
Interest expense, net | (702,000) | (410,000) |
(Loss) gain on foreign currency remeasurement | (60,000) | 191,000 |
Gain on forgiveness of PPP loan | 824,000 | |
Pension (expense) benefit | (289,000) | 142,000 |
(Loss) income before income taxes | (4,036,000) | 358,000 |
Income tax expense | (31,000) | (35,000) |
Net (loss) income | (4,067,000) | 323,000 |
Assets: | ||
Assets | 8,330,000 | 9,412,000 |
Depreciation and amortization: | ||
Depreciation and amortization | 378,000 | 439,000 |
Capital expenditures: | ||
Capital expenditures | 327,000 | 18,000 |
Operating Segments [Member] | ||
Assets: | ||
Assets | 8,145,000 | 9,364,000 |
Corporate, Non-Segment [Member] | ||
Operating (loss) income: | ||
Operating income (loss) | (1,898,000) | (1,582,000) |
Assets: | ||
Assets | 185,000 | 48,000 |
Depreciation and amortization: | ||
Depreciation and amortization | 5,000 | 1,000 |
Capital expenditures: | ||
Capital expenditures | 43,000 | |
Digital Product Sales [Member] | ||
Revenues: | ||
Revenues | 14,683,000 | 20,386,000 |
Digital Product Sales [Member] | Operating Segments [Member] | ||
Revenues: | ||
Revenues | 14,683,000 | 20,386,000 |
Operating (loss) income: | ||
Operating income (loss) | (1,528,000) | 394,000 |
Assets: | ||
Assets | 7,502,000 | 8,221,000 |
Depreciation and amortization: | ||
Depreciation and amortization | 259,000 | 252,000 |
Capital expenditures: | ||
Capital expenditures | 284,000 | 18,000 |
Digital Product Lease and Maintenance [Member] | ||
Revenues: | ||
Revenues | 869,000 | 1,275,000 |
Digital Product Lease and Maintenance [Member] | Operating Segments [Member] | ||
Revenues: | ||
Revenues | 869,000 | 1,275,000 |
Operating (loss) income: | ||
Operating income (loss) | 441,000 | 799,000 |
Assets: | ||
Assets | 643,000 | 1,143,000 |
Depreciation and amortization: | ||
Depreciation and amortization | 144,000 | 186,000 |
Capital expenditures: | ||
Capital expenditures |