Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 24, 2021 | Jun. 30, 2020 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | BLONDER TONGUE LABORATORIES INC | ||
Entity Central Index Key | 0001000683 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Entity Current Reporting Status | Yes | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Shell Company | false | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 11,874,045 | ||
Entity File Number | 1-14120 | ||
Entity Interactive Data Current | Yes | ||
Entity Incorporation State Country Code | DE | ||
Entity Public Float | $ 3,323,352 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash | $ 69 | $ 572 |
Accounts receivable, net of allowance for doubtful accounts of $275 and $27 as of December 31, 2020 and 2019, respectively | 1,741 | 2,505 |
Inventories | 4,063 | 8,484 |
Prepaid benefit costs | 89 | |
Prepaid and other current assets | 231 | 524 |
Total current assets | 6,104 | 12,174 |
Property, plant and equipment, net | 429 | 392 |
License agreements, net | 10 | 20 |
Intangible assets, net | 927 | 1,098 |
Goodwill | 493 | 493 |
Right of use assets, net | 2,411 | 3,167 |
Other assets, net | 756 | 1,003 |
Total assets | 11,130 | 18,347 |
Current liabilities: | ||
Line of credit | 2,145 | 2,705 |
Current portion of long-term debt | 28 | 33 |
Current portion of lease liability | 794 | 751 |
Accounts payable | 2,014 | 4,313 |
Accrued compensation | 370 | 397 |
Accrued benefit pension liability | 17 | |
Income taxes payable | 28 | 26 |
Other accrued expenses | 138 | 144 |
Total current liabilities | 5,534 | 8,369 |
Subordinated convertible debt with related parties | 791 | |
Lease liability, net of current portion | 1,771 | 2,568 |
Long-term debt, net of current portion | 1,797 | 47 |
Total liabilities | 9,893 | 10,984 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $.001 par value; authorized 5,000 shares; no shares outstanding as of December 31, 2020 and 2019, respectively | ||
Common stock, $.001 par value; authorized 25,000 shares, 11,558 and 9,766 shares issued and outstanding as of December 31, 2020 and 2019, respectively | 12 | 10 |
Paid-in capital | 29,571 | 28,158 |
Accumulated deficit | (27,394) | (19,920) |
Accumulated other comprehensive loss | (952) | (885) |
Total stockholders’ equity | 1,237 | 7,363 |
Total liabilities and stockholders' equity | $ 11,130 | $ 18,347 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 275 | $ 27 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000 | 5,000 |
Preferred stock, shares outstanding | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 25,000 | 25,000 |
Common stock, shares issued | 11,558 | 9,766 |
Common stock, shares outstanding | 11,558 | 9,766 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | ||
Net sales | $ 16,379 | $ 19,842 |
Cost of goods sold | 13,361 | 16,411 |
Gross profit | 3,018 | 3,431 |
Operating expenses: | ||
Selling expenses | 2,458 | 3,002 |
General and administrative | 5,150 | 5,004 |
Research and development | 2,524 | 3,066 |
Total operating expenses | 10,132 | 11,072 |
Gain on building sale | 7,175 | |
Loss from operations | (7,114) | (466) |
Interest expense, net | (345) | (261) |
Loss before income taxes | (7,459) | (727) |
Provision for income taxes | 15 | 15 |
Net loss | $ (7,474) | $ (742) |
Net loss per share, basic and diluted | $ (0.76) | $ (0.08) |
Weighted average shares outstanding, basic and diluted | 9,898 | 9,603 |
Statements of Comprehensive Loss | ||
Net loss | $ (7,474) | $ (742) |
Changes in accumulated unrealized pension losses, net of taxes | (67) | (53) |
Comprehensive loss | $ (7,541) | $ (795) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock | Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Treasury Stock | Total |
Balance at Dec. 31, 2018 | $ 9 | $ 27,910 | $ (19,178) | $ (832) | $ (742) | $ 7,167 |
Balance, Shares at Dec. 31, 2018 | 9,508 | |||||
Net loss | (742) | (742) | ||||
Recognized pension loss, net of taxes | (53) | (53) | ||||
Issuance of stock awards from treasury stock | (598) | 735 | 137 | |||
Stock awards for directors’ fees and employee compensation | 87 | 87 | ||||
Exercised stock options and issued common stock from treasury stock | 7 | 7 | ||||
Conversion of subordinated convertible debt | $ 1 | 140 | 141 | |||
Conversion of subordinated convertible debt, Shares | 258 | |||||
Stock-based Compensation | 619 | 619 | ||||
Balance at Dec. 31, 2019 | $ 10 | 28,158 | (19,920) | (885) | 7,363 | |
Balance, Shares at Dec. 31, 2019 | 9,766 | |||||
Net loss | (7,474) | (7,474) | ||||
Recognized pension loss, net of taxes | (67) | (67) | ||||
Issuance of stock, net of offering costs | $ 2 | 810 | 812 | |||
Issuance of stock, net of offering costs, shares | 1,429 | |||||
Exercised stock options | 13 | 13 | ||||
Exercised stock options, shares | 25 | |||||
Conversion of subordinated convertible debt | 186 | 186 | ||||
Conversion of subordinated convertible debt, Shares | 338 | |||||
Stock-based Compensation | 404 | 404 | ||||
Balance at Dec. 31, 2020 | $ 12 | $ 29,571 | $ (27,394) | $ (952) | $ 1,237 | |
Balance, Shares at Dec. 31, 2020 | 11,558 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flows From Operating Activities: | ||
Net loss | $ (7,474) | $ (742) |
Adjustments to reconcile net loss to cash used in operating activities: | ||
Gain on building sale | (7,175) | |
Gain on equipment sale | (20) | |
Depreciation | 138 | 171 |
Amortization | 207 | 216 |
Stock-based compensation expense | 404 | 619 |
Provision for doubtful accounts | 248 | |
Issuance of stock from treasury | 137 | |
Issuance of stock for directors’ fees | 87 | |
Non cash pension expense | 39 | 146 |
Amortization of loan fees | 60 | 154 |
Recovery of bad debt expense | (26) | |
Non cash interest expense | 77 | 1 |
Amortization of right to use assets | 756 | 722 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 516 | 175 |
Inventories | 4,421 | (1,761) |
Prepaid and other current assets | 293 | 31 |
Lease liability | (754) | (570) |
Other assets | 188 | (999) |
Income taxes payable | 2 | (2) |
Accounts payable, accrued expenses and accrued compensation | (2,333) | 2,298 |
Net cash used in operating activities | (3,212) | (6,538) |
Cash Flows From Investing Activities: | ||
Capital expenditures | (165) | (263) |
Proceeds on building sale. | 9,765 | |
Proceeds on sale of vehicles | 25 | |
Acquisition of licenses | (26) | (53) |
Net cash (used in) provided by investing activities | (191) | 9,474 |
Cash Flows From Financing Activities: | ||
Net (repayments) borrowings on line of credit | (560) | 2,705 |
Repayment of former line of credit | (2,603) | |
Repayments of debt | (34) | (3,032) |
Proceeds from exercise of stock options | 13 | 7 |
Borrowings of long-term debt | 1,769 | |
Borrowings of subordinated convertible debt | 900 | |
Proceeds of stock offering, net of offering costs | 812 | |
Net cash provided by (used in) financing activities | 2,900 | (2,923) |
Net (decrease) increase in cash | (503) | 13 |
Cash, beginning of year | 572 | 559 |
Cash, end of year | 69 | 572 |
Supplemental Cash Flow Information: | ||
Cash paid for interest | 220 | 122 |
Cash paid for income taxes | ||
Non cash investing and financing activities: | ||
Capital expenditures financed by notes payable | 10 | 5 |
Conversion of subordinated convertible debt to common stock | 186 | 141 |
Right of uses assets obtained by lease obligations | $ 3,917 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1 - Summary of Significant Accounting Policies (a) The Company and Basis of Consolidation Blonder Tongue Laboratories, Inc. (together with its consolidated subsidiaries, the " Company (b) Cash and Cash Equivalents The Company considers all highly liquid debt investments with a maturity of less than three months at purchase to be cash equivalents. The Company did not have any cash equivalents at December 31, 2020 and 2019. Cash balances at financial institutions are insured by the Federal Deposit Insurance Corporation (" FDIC (c) Accounts Receivable and Allowance for Doubtful accounts Accounts receivable are customer obligations due under normal trade terms. The Company sells its products primarily to distributors and private cable operators. The Company performs continuing credit evaluations of its customers' financial condition and although the Company generally does not require collateral, letters of credit may be required from its customers in certain circumstances. Senior management reviews accounts receivable on a monthly basis to determine if any receivables will potentially be uncollectible. The Company includes any accounts receivable balances that are determined to be uncollectible, along with a general reserve based on historical experience, in its overall allowance for doubtful accounts. (d) Inventories Inventories are stated at the lower of cost, determined by the first-in, first-out (" FIFO The Company periodically analyzes anticipated product sales based on historical results, current backlog and marketing plans. Based on these analyses, the Company anticipates that certain products will not be sold during the next twelve months. Inventories that are not anticipated to be sold in the next twelve months, have been classified as non-current. The Company continually analyzes its slow-moving and excess inventories. Based on historical and projected sales volumes and anticipated selling prices, the Company establishes reserves. Inventory that is in excess of current and projected use is reduced by an allowance to a level that approximates its estimate of future demand. Products that are determined to be obsolete are written down to net realizable value. (e) Property, Plant and Equipment, Net Property, plant and equipment are stated at cost less accumulated depreciation. The Company provides for depreciation generally on the straight-line method based upon estimated useful lives of 3 to 5 years for office equipment, 5 to 7 years for furniture and fixtures, and 6 to 10 years for machinery and equipment. (f) Goodwill and Other Intangible Assets The Company accounts for goodwill and intangible assets in accordance with Accounting Standards Codification (" ASC ASC 350 Goodwill represents the excess of the purchase price over the fair value of net assets acquired in business combinations. Accounting principles generally accepted in the United States (" GAAP The Company's business includes one goodwill reporting unit. The Company annually reviews goodwill for possible impairment by comparing the fair value of the reporting unit to the carrying value of the assets. If the fair value exceeds the carrying value of the net asset, no goodwill impairment is deemed to exist. If the fair value does not exceed the carrying value, goodwill is tested for impairment and written down to its implied fair value if it is determined to be impaired. The Company performed its annual goodwill impairment test on December 31, 2020. Based upon its qualitative assessment, the Company determined that goodwill was not impaired. The Company considers its trade name to have an indefinite life and in accordance with ASC 350, will not be amortized and will be reviewed annually for impairment. The components of intangible assets that are carried at cost less accumulated amortization at December 31, 2020 are as follows: Description Cost Accumulated Net Amount Customer relationships $ 1,365 $ 1,217 $ 148 Proprietary technology 349 311 38 Amortized intangible assets 1,714 1,528 186 Non-Amortized Trade name 741 - 741 Total $ 2,455 $ 1,528 $ 927 The components of intangible assets that are carried at cost less accumulated amortization at December 31, 2019 are as follows: Description Cost Accumulated Net Amount Customer relationships $ 1,365 $ 1,081 $ 284 Proprietary technology 349 276 73 Amortized intangible assets 1,714 1,357 357 Non-Amortized Trade name 741 - 741 Total $ 2,455 $ 1,357 $ 1,098 Amortization is computed utilizing the straight-line method over the estimated useful lives of 10 years for customer relationships and 10 years for proprietary technology. Amortization expense for intangible assets was $171 for both years ended December 31, 2020 and 2019, respectively. Intangible asset amortization is projected to be approximately $171 in 2021 and $15 in 2022. (g) Long-Lived Assets The Company continually monitors events and changes in circumstances that could indicate carrying amounts of the long-lived assets, including intangible assets may not be recoverable. When such events or changes in circumstances occur, the Company assesses recoverability by determining whether the carrying value of such assets will be recovered through the undiscounted expected future cash flows. If the future undiscounted cash flows are less than the carrying amount of these assets, an impairment loss is recognized based on the excess of the carrying amount over the fair value of the assets. The Company did not recognize any intangible asset impairment charges in 2020 and 2019. (h) Treasury Stock Treasury Stock is recorded at cost. Gains and losses on subsequent reissuance are recorded as increases or decreases to additional paid-in capital with losses in excess of previously recorded gains charged directly to retained earnings. During 2019, 173 shares of common stock were reissued from treasury. (i) Use of Estimates The preparation of financial statements in conformity with 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. The Company's significant estimates include stock compensation and reserves related to accounts receivable, inventory and deferred tax assets. Actual results could differ from those estimates. (j) Royalty and License Expense The Company records royalty expense, as applicable, when the related products are sold. Royalty expense is recorded as a component of selling expenses. Royalty expense was zero and $25 for the years ended December 31, 2020 and 2019, respectively. The Company amortizes license fees over the life of the relevant contract. The components of intangible assets consisting of license agreements that are carried at cost less accumulated amortization are as follows: December 31, 2020 2019 License agreements $ 6,084 $ 6,058 Accumulated amortization (6,074 ) (6,038 ) $ 10 $ 20 Amortization of license fees is computed utilizing the straight-line method over the estimated useful life of 1 to 2 years. Amortization expense for license fees was $36 and $45 in the years ended December 31, 2020 and 2019, respectively. Amortization expense for license fees is projected to be approximately $10 in the year ending December 31, 2021. (k) Foreign Exchange The Company uses the United States dollar as its functional and reporting currency since the majority of the Company's revenues, expenses, assets and liabilities are in the United States and the focus of the Company's operations is in that country. Assets and liabilities in foreign currencies are translated using the exchange rate at the balance sheet date. Revenues and expenses are translated at average rates of exchange during the year. Gains and losses from foreign currency transactions and translation for the years ended December 31, 2020 and 2019 and cumulative translation gains and losses as of December 31, 2020 and 2019 were not material to the financial statements taken as a whole. (l) Research and Development Research and development expenditures for the Company's projects are expensed as incurred. (m) Revenue Recognition The Company generates revenue through the sale of products and services. Revenue is recognized based on the following steps: (i) identification of contract with customer; (ii) determination of performance obligations; (iii) measurement of the transaction price; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. Revenue from the sale of products and services is recorded when the performance obligation is fulfilled, usually at the time of shipment or when the service is provided, at the net sales price (transaction price). Estimates of variable consideration, such as volume discounts and rebates, are reviewed and revised periodically by management. The Company elected to present revenue net of sales tax and other similar taxes and account for shipping and handling activities as fulfillment costs rather than separate performance obligations. Payments are typically due in 30 days, following delivery of products or completion of services. The Company provides a three-year warranty on most products. Warranty expense was de minimis (n) Stock-based compensation The Company computes stock-based compensation in accordance with authoritative guidance. The Company uses the Black-Scholes-Merton option pricing model to determine the fair value of its stock options. The Black-Scholes-Merton option-pricing model includes various assumptions, including the fair market value of the common stock of the Company, expected life of stock options, the expected volatility and the expected risk-free interest rate, among others. These assumptions reflect the Company's best estimates, but they involve inherent uncertainties based on market conditions generally outside the control of the Company. Forfeitures are recorded when they occur. (o) Income Taxes The Company accounts for income taxes under the provisions of the Financial Accounting Standards Board (" FASB ASC Topic 740 The Company will classify as income tax expense any interest and penalties recognized in accordance with ASC Topic 740. The Company files income tax returns primarily in the United States and New Jersey, along with certain other jurisdictions. (p) Loss Per Share Loss per share are calculated in accordance with ASC Topic 260 "Earnings Per Share," which provides for the calculation of "basic" and "diluted" loss per share. Basic loss per share includes no dilution and is computed by dividing net earnings by the weighted average number of common shares outstanding for the period. Diluted loss per share reflect, in periods in which they have a dilutive effect, the effect of potential issuances of common shares. The diluted share base excludes the following potential common shares due to their antidilutive effect for the years ended December 31, 2020 and 2019: December 31, 2020 2019 Stock options 2,848 2,846 Warrants 737 - Convertible debt 1,337 - 4,922 2,846 (q) Other Comprehensive loss Comprehensive loss is a measure of income which includes both net loss and other comprehensive loss. Other comprehensive loss results from items deferred from recognition into the statement of operations and principally consists of unrecognized pension losses net of taxes. Accumulated other comprehensive loss is separately presented on the Company's consolidated balance sheet as part of stockholders' equity. (r) Leases The Company accounts for leases under FASB ASU No. 2016-02, Leases Topic 842 (s) Subsequent Events The Company evaluates events that have occurred after the balance sheet date but before the financial statements are issued. Based upon the evaluation, the Company did not identify any additional recognized or non-recognized subsequent events that would require adjustment to or disclosure in the consolidated financial statements. (t) Adoption of Recent Accounting Pronouncements In January 2017, the Financial Accounting Standards Board (" FASB Intangibles—Goodwill and Other Topic 350 Simplifying the Test for Goodwill Impairment SEC In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses ("Topic 326" (u) Accounting Pronouncements Issued But Not Yet Effective In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes Topic 740 (v) Going Concern and COVID-19 Our business has been materially and adversely affected by the outbreak of the Coronavirus or COVID-19. COVID-19, which has been declared by the World Health Organization to be a "pandemic," has spread to many countries, including the United States, and is impacting domestic and worldwide economic activity. Since being declared a "pandemic", COVID-19 has interfered with our ability to meet with certain customers and has impacted and may continue to impact many of our customers. There are developments regarding the COVID-19 outbreak on a daily basis that may impact our customers, employees and business partners. As a result, it is not possible at this time to estimate the duration or the scope of the impact COVID-19 could have on the Company's business. However, the continued spread of COVID-19 and actions taken by our customers, suppliers and business partners, actions we take to protect the health and welfare of our employees, and measures taken by governmental authorities in response to COVID-19 could disrupt our manufacturing activities, the shipment of our products, the supply chain and purchasing decisions of our customers. The Company has experienced and is continuing to experience a significant reduction in sales as a result of the decreased business activities of our customers related to the COVID-19 outbreak and it remains unclear when or whether our customers will resume their activities at a level where our sales to them will return to historical levels. In addition, government officials in our region have imposed measures that restrict "non-essential" business activities, and although we are currently considered to be involved in an "essential" business activity, it is possible that those measures or others may be extended to cover "essential" business activities. If such restrictions were to be imposed, it is likely that we would not be able to continue all or a portion of our manufacturing, shipping and billing operations. Similar restrictions affecting the places where our customers do business would likely further reduce their business activities. These and other developments may have a material adverse impact on our business. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities and commitments in the normal course of business. During the year ended December 31, 2020, the Company experienced a decline in sales, a reduction in working capital, reported a loss from operations and net cash used in operating activities, in conjunction with liquidity constraints. The above factors raise substantial doubt about the Company's ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern. The Company's primary sources of liquidity have been its existing cash balances, cash generated from operations, amounts available under the MidCap Facility (see Note 5 below), amounts available under the Subordinated Loan Facility (see Note 6 below) and cash generated from the private placement of common stock (see Note 15 below). As of December 31, 2020, the Company had approximately $2,145 outstanding under the MidCap Facility (as defined in Note 5 below) and $609 of additional availability for borrowing under the MidCap Facility. If anticipated operating results are not achieved and/or the Company is unable to obtain additional financing, it may be required to take additional measures to reduce costs in order to conserve its cash in amounts sufficient to sustain operations and meet its obligations, which measures could have a material adverse effect on the Company's ability to achieve its intended business objectives and may be insufficient to enable the Company to continue as a going concern for at least twelve months from the date these financial statements are made available to be issued. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2020 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue Recognition | Note 2 - Revenue The Company recognized revenue when it satisfies a performance obligation by transferring the product or service to the customer, typically at a point in time. Disaggregation of Revenue The Company is a technology-development and manufacturing company that delivers a wide range of products and services to the cable entertainment and media industry. Digital video headend products (including encoders) are used by a system operator for acquisition, processing, compression, encoding and management of digital video. DOCSIS data products give service providers, integrators, and premises owners a means to deliver data, video, and voice-over-coaxial in locations such as hospitality, MDU's, and college campuses, using IP technology. HFC distribution products are used to transport signals from the headend to their ultimate destination in a home, apartment unit, hotel room, office or other terminal location along a fiber optic, coax or HFC distribution network. Analog video headend products are used by a system operator for signal acquisition, processing and manipulation to create an analog channel lineup for further transmission. Contract-manufactured products provide manufacturing, research and development and product support services for other companies' products. CPE products are used by cable operators to provide video delivery to customers using IP technology. NXG is a two-way forward-looking platform that is used to deliver next-generation entertainment services in both enterprise and residential locations. Transcoders convert video files from one format to another to allow the video to be viewed across different platforms and devices. The Company also provides technical services, including hands-on training, system design engineering, on-site field support and complete system verification testing. The following table presents the Company's disaggregated revenues by revenue source: Years ended 2020 2019 Digital video headend products $ 3,607 $ 6,714 DOCSIS data products 2,227 2,817 CPE products 4,165 3,977 NXG products 705 913 HFC distribution products 2,133 2,509 Analog video headend products 1,232 1,532 Contract manufactured products 145 602 Transcoders 1,543 71 Other 622 707 $ 16,379 $ 19,842 All of the Company's sales are to customers located in North America. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 3 - Inventories Inventories, net of reserves, are summarized as follows: December 31, 2020 2019 Raw materials $ 1,706 $ 2,891 Work in process 1,144 1,252 Finished goods 1,213 4,341 $ 4,063 $ 8,484 The Company recorded a provision to reduce the carrying amount of inventories to their net realizable value in the amount of $3,789 and $3,877 at December 31, 2020 and 2019, respectively. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Note 4 - Property, Plant and Equipment Property, plant and equipment are summarized as follows: December 31, 2020 2019 Machinery and equipment $ 10,761 $ 10,620 Furniture and fixtures 440 440 Office equipment 2,472 2,456 Building improvements 121 103 13,794 13,619 Less: Accumulated depreciation and amortization (13,365 ) (13,227 ) $ 429 $ 392 Depreciation expense amounted to approximately $138 and $171 during the years ended December 31, 2020 and 2019, respectively. On February 1, 2019, the Company completed the sale of the Old Bridge Facility to Jake Brown Road, LLC (the " Buyer Lease The sale of the Old Bridge Facility was made pursuant to an Agreement of Sale dated as of August 3, 2018 as amended and extended (collectively, the " Sale Agreement The Lease has an initial term of five years and allows the Company to extend the term for an additional five years following the initial term. The Company was obligated to pay base rent of approximately $837 for the first year of the lease with the amount of base rent adjusted for each subsequent year to equal 102.5% of the preceding year's base rent. In 2020, the Company was obligated to pay base rent of $856 and in 2021 the Company is obligated to pay base rent of $877. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Note 5 – Debt Line of Credit On October 25, 2019, the Company entered into a Loan and Security Agreement (All Assets) (the " Loan Agreement MidCap MidCap Facility The Loan Agreement contains customary covenants, including restrictions on the incurrence of additional indebtedness, the payment of cash dividends or similar distributions, the repayment of any subordinated indebtedness and the encumbrance, sale or other disposition of assets. In addition, the Company was initially required to maintain minimum availability of $500, with the minimum availability to be reduced to $400 upon the deliverance of an inventory appraisal satisfactory to MidCap, which occurred during the fourth quarter 2019. On April 7, 2020, the Company entered into a certain Consent and Amendment to Loan Agreement and Loan Documents with Midcap (the "MidCap First Amendment"), which amended the MidCap Facility to, among other things, remove the existing $400 availability block, subject to the same being re-imposed at the rate of approximately $7 per month commencing June 1, 2020. The operative provisions relating to the removal of the availability block under the MidCap First Amendment became effective on April 8, 2020, following the consummation by the Company of the transactions contemplated by the Subordinated Loan Facility (See Note 6). On January 8, 2021, the parties entered into a Second Amendment to Loan Agreement (the "Second Amendment"), which amendment, revised the Loan Agreement to, among other things, modify the Loan Agreement's definition of "Minimum EBITDA Covenant Trigger Event." The Second Amendment amends the definition, retroactive to and as of December 1, 2020, and also includes certain additional non-substantive changes. Long-Term Debt On April 10, 2020, the Company received loan proceeds of approximately $1,769 (" PPP Loan PPP CARES Act Covered Period The PPP Loan is evidenced by a promissory note, dated as of April 5, 2020 (the " Note Lender Deferral Period As noted above, the principal and accrued interest under the Note evidencing the PPP Loan are forgivable after twenty-four weeks as long the Company has used the loan proceeds for eligible purposes, including payroll, benefits, rent and utilities, and maintains its payroll levels. The amount of loan forgiveness will be reduced if the Company terminates employees or reduces salaries during the eight-week period. The Company used the proceeds for purposes consistent with the PPP. While the Company currently believes that its use of the PPP Loan proceeds will meet the conditions for forgiveness of the PPP Loan, we cannot assure you that we will not take actions that could cause the Company to be ineligible for forgiveness of the PPP Loan, in whole or in part. In order to obtain full or partial forgiveness of the PPP Loan, the Company must request forgiveness and must provide satisfactory documentation in accordance with applicable Small Business Administration (" SBA Beginning one month following expiration of the Deferral Period, and continuing monthly until 24 months from the date of the Note (the " Maturity Date Long-term debt consists of the following: December 31, 2020 2019 Financing leases (Note 7) $ 56 $ 80 PPP Loan 1,769 - 1,825 80 Less: Current portion (28 ) (33 ) $ 1,797 $ 47 Annual maturities of long term debt at December 31, 2020 are, $28 in 2021, $899 in 2022, $894 in 2023 and $4 in 2024. |
Subordinated Convertible Debt w
Subordinated Convertible Debt with Related Parties | 12 Months Ended |
Dec. 31, 2020 | |
Subordinated Borrowings [Abstract] | |
Subordinated Convertible Debt with Related Parties | Note 6 – Subordinated Convertible Debt with Related Parties On January 24, 2019, the Company and Drake (with the Company, collectively, the " Borrower Conversion and Termination Agreement RJP Initial Lenders Supplemental Lenders Lenders Agent During the year ended December 31, 2019, the Company incurred interest of $1 related to these loans. As of the date of the Conversion and Termination Agreement, the Borrower was indebted to Steven L. Shea (" Shea Shea Indebtedness Additional Commitment In connection with the anticipated completion of the sale of the Old Bridge Facility, the Borrower, the Lenders and the Agent entered into the Conversion and Termination Agreement to provide for (i) the full payment of the Shea Indebtedness (unless such amounts were converted into shares of common stock prior to repayment), (ii) the termination of the Additional Commitment and (iii) the release and termination of all liens and security interests in the collateral under the Subordinated Loan Documents, including with respect to the Subordinated Mortgages, each to become effective as of the closing of the sale of the Old Bridge Facility. In connection with the execution and delivery of the Conversion and Termination Agreement by the Borrower, the Lenders and the Agent, Shea provided the Company with a notice of conversion, and upon completion of the sale of the Old Bridge Facility was issued 260 shares of Company common stock in full satisfaction of the Shea Indebtedness. On April 8, 2020, the Company, as borrower, together with Livewire Ventures, LLC (wholly owned by the Company's Chief Executive Officer, Edward R. Grauch), MidAtlantic IRA, LLC FBO Steven L. Shea IRA (an IRA account for the benefit of the Company's Chairman of the Board, Steven Shea), Carol M. Pallé and Robert J. Pallé (Company Director and employed as Managing Director-Strategic Accounts), Anthony J. Bruno (Company Director), and Stephen K. Necessary (Company Director), as lenders (collectively, the " Initial Lenders Agent Subordinated Loan Agreement Subordinated Loan Facility PIK Interest On April 8, 2020, the Initial Lenders agreed to provide the Company with a Tranche A term loan facility of $800 of which $600 was advanced to the Company on April 8, 2020, $100 was advanced to the Company on April 17, 2020 and $100 of which remains committed and undrawn. The Initial Lenders participating in the Tranche A term loan facility have the option of converting the principal balance of the loan held by each of them, in whole (unless otherwise agreed by the Company), into shares of the Company's common stock at a conversion price equal to the volume weighted average price of the Common Stock as reported by the NYSE American, during the five trading days preceding April 8, 2020 (the " Tranche A Conversion Price On April 24, 2020, the Company, the Initial Lenders, Ronald V. Alterio (the Company's Senior Vice President-Engineering, Chief Technology Officer) and certain additional unaffiliated investors (the " Additional Lenders Lenders Amendment Tranche B Conversion Price On October 29, 2020, the unaffiliated Additional Investors as described in Note 6, submitted irrevocable notices of conversion under the Tranche B Term Loan. As a result, $175 of original principal and $11 of PIK interest outstanding under the Tranche B Term Loan were converted into 338 shares of Company common stock in full satisfaction of their indebtedness. On January 28, 2021, the Company entered into the Third Amendment to Senior Subordinated Convertible Loan and Security Agreement and Joinder (the " LSA Third Amendment Tranche C Parties Tranche C Loans The obligations of the Company under the Subordinated Loan Agreement are guaranteed by Drake and are secured by substantially all of the Company's and Drake's assets. The Subordinated Loan Agreement has a maturity date three years from the date of closing, at which time the accreted principal balance of the loan (by virtue of the PIK Interest) plus any other accrued unpaid interest, would be due and payable in full. In connection with the Subordinated Loan Agreement, the Company, Drake, the Lenders and MidCap entered into a Subordination Agreement (the " Subordination Agreement |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | Note 7 – Leases The Company recognizes right-of-use (" ROU The Company evaluates the nature of each lease at the inception of an arrangement to determine whether it is an operating or financing lease and recognizes the ROU asset and lease liabilities based on the present value of future minimum lease payments over the expected lease term. The Company's leases do not generally contain an implicit interest rate and therefore the Company uses the incremental borrowing rate it would expect to pay to borrow on a similar collateralized basis over a similar term in order to determine the present value of its lease payments. The following table summarizes the Company's operating and financing lease expense as of December 31, 2020 and 2019, respectively: 2020 2019 Operating lease cost $ 1,183 $ 1,155 Financing lease cost 38 20 Total $ 1,221 $ 1,175 Weighted average remaining lease term 3.0 4.0 Weighted average discount rate-operating leases 6.5 % 6.5 % Maturities of the Company's operating leases as of December 31, 2020, excluding short term leases are as follows: 2021 $ 939 2022 901 2023 922 2024 77 Thereafter - Total 2,839 Less: present value discount (274 ) Total operating lease liabilities $ 2,565 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 8- Commitments and Contingencies Litigation The Company from time to time is a party to certain proceedings incidental to the ordinary course of its business, none of which, in the current opinion of management, is likely to have a material adverse effect on the Company's business, financial condition, results of operations or cash flows. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Benefit Plans | Note 9 – Benefit Plans Defined Contribution Plan The Company has a defined contribution plan covering all full time employees qualified under Section 401(k) of the Internal Revenue Code, in which the Company matches a portion of an employee's salary deferral. The Company's contributions to this plan were $45 and $170, for the years ended December 31, 2020 and 2019, respectively. Defined Benefit Pension Plan At December 31, 2020, approximately 27% of the Company's employees were covered by a collective bargaining agreement, that is scheduled to expire in February 2022. Substantially all union employees who met certain requirements of age, length of service and hours worked per year were covered by a Company sponsored non-contributory defined benefit pension plan. Benefits paid to retirees are based upon age at retirement and years of credited service. On August 1, 2006, the plan was frozen. The defined benefit pension plan is closed to new entrants and existing participants do not accrue any additional benefits. The Company complies with minimum funding requirements. The total expense for this plan was $39 in 2020 and $146 in 2019, respectively. The Company recognizes the funded status of its defined benefit pension plan measured as the difference between the fair value of the plan assets and the projected benefit obligation, in the Consolidated Balance Sheets. As of December 31, 2020 and 2019, the funded status related to the defined benefit pension plan was (underfunded) overfunded by $(17) and $89, respectively, and is recorded in current liabilities and current assets, respectively. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 10 - Related Party Transactions A director and shareholder of the Company is a partner of a law firm that serves as outside legal counsel for the Company. During the years ended December 31, 2020 and 2019, this law firm billed the Company approximately $834 and $483, respectively for legal services provided by this firm. At December 31, 2020, the Company owed $183 to this firm. There were no amounts owed to this firm at December 31, 2019. |
Concentration of Credit Risk
Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2020 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit Risk | Note 11 - Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash deposits and trade accounts receivable. Credit risk with respect to trade accounts receivable was concentrated with three of the Company's customers in both 2020 and 2019, respectively. These customers accounted for approximately 38% and 47% of the Company's outstanding trade accounts receivable at December 31, 2020 and 2019, respectively. The Company performs ongoing credit evaluations of its customers' financial condition, uses credit insurance and requires collateral, such as letters of credit, to mitigate its credit risk. The deterioration of the financial condition of one or more of its major customers could adversely impact the Company's operations. From time to time where the Company determines that circumstances warrant, such as when a customer agrees to commit to a large blanket purchase order, the Company extends payment terms beyond its standard payment terms. The following table summarizes credit risk with respect to customers as percentage of sales for the years ended December 31, 2020 and 2019: Years ended 2020 2019 Customer A - 11 % Customer B - 12 % Customer C - 12 % No customer exceeded ten percent of sales for the year ended December 31, 2020. The following table summarizes credit risk with respect to customers as percentage of accounts receivable: December 31, 2020 2019 Customer A - 19 % Customer B - 17 % Customer C - - Customer D - 11 % Customer E 15 % - Customer F 13 % - Customer G 11 % - The following table summarizes credit risk with respect to vendors as percentage of purchases for the years ended December 31, 2020 and 2019: Years ended 2020 2019 Vendor A 17 % 37 % Vendor B 15 % 14 % Vendor C 15 % - The following table summarizes credit risk with respect to vendors as percentage of accounts payable: December 31, 2020 2019 Vendor A 45 % 84 % Vendor B 11 % - Vendor C - - Vendor D 20 % - |
Stock Repurchase Program
Stock Repurchase Program | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Stock Repurchase Program | Note 12 – Stock Repurchase Program On July 24, 2002, the Company commenced a stock repurchase program to acquire up to $300 of its outstanding common stock (the " 2002 Program 2007 Program |
Executive and Director Stock Pu
Executive and Director Stock Purchase Plans | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Executive and Director Stock Purchase Plans | Note 13 – Executive and Director Stock Purchase Plans On June 16, 2014, the Company's Board of Directors adopted the Executive Stock Purchase Plan (the " ESPP On November 8, 2016, the Company's Board of Directors adopted the Director Stock Purchase Plan (the " DSPP |
Preferred Stock
Preferred Stock | 12 Months Ended |
Dec. 31, 2020 | |
Preferred Stock [Abstract] | |
Preferred Stock | Note 14 – Preferred Stock The Company is authorized to issue 5,000 shares of preferred stock with such designations, voting and other rights and preferences as may be determined from time to time by the Board of Directors. At December 31, 2020 and 2019, there were no outstanding preferred shares. |
Private Placement
Private Placement | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Private Placement | Note 15 – Private Placement On December 14, 2020, the Company entered into a Securities Purchase Agreement (the " Purchase Agreement Purchasers Shares Purchaser Warrants Purchaser Warrant Shares Placement Agent Warrants Placement Agent Warrant Shares Placement Agent Contingent Warrants Placement Agent Contingent Warrant Shares The Purchase Agreement also includes terms that give the Purchasers certain price protections, providing for adjustments of the number of shares of common stock held by them in the event of certain future dilutive securities issuances by the Company for a period not to exceed 18 months following the closing of the private placement, or such earlier date on which all of the Purchaser Warrants have been exercised. In addition, the Purchase Agreement provides the Purchasers with a right to participate in certain future Company financings, up to 30% of the amount of such financings, for a period of 24 months following the closing of the private placement. The Purchase Agreement also required the Company to register the resale of the Shares and the Purchaser Warrant Shares pursuant to the terms of a Registration Rights Agreement between the Company and the Purchasers, dated as of December 14, 2020, as described further below. The Company filed a registration statement with the SEC on January 14, 2021 to register the resale of the Shares and the Purchaser Warrant Shares, which registration statement was declared effective by the SEC on January 21, 2021. The Purchase Agreement obligated the Company to call a special meeting of its stockholders to seek stockholder approval of the issuance of shares of its Common Stock issuable in connection with this transaction in excess of 19.99% of the Company's outstanding shares of Common Stock, in accordance with the requirements of Section 713(a) of the New York Stock Exchange (" NYSE The Purchaser Warrants have an exercise price of $1.25 per share, are exercisable beginning on December 15, 2020, and have a term of three years. The exercise price and the number of shares of common stock issuable upon exercise of each Purchaser Warrant is subject to appropriate adjustments in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting the common stock. The fair value of the Purchaser Warrants is $643. In certain circumstances, upon the occurrence of a fundamental transaction, a holder of Purchaser Warrants is entitled to receive, upon any subsequent exercise of the Purchaser Warrant, for each Purchaser Warrant Share that would have been issuable upon such exercise of the Purchaser Warrant immediately prior to the fundamental transaction, at the option of the holder, the number of shares of common stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration receivable as a result of the fundamental transaction by a holder of the number of shares of common stock of the Company for which the Purchaser Warrant is exercisable immediately prior to the fundamental transaction. If holders of the Company's common stock are given any choice as to the securities, cash or property to be received in a fundamental transaction, then the Holder shall be given the choice as to the additional consideration it receives upon any exercise of the Purchaser Warrant following the fundamental transaction. The Placement Agent Warrants have an exercise price of $0.70 per share, a term of five years from December 14, 2020, and became exercisable upon the Company obtaining the stockholder approval described above. The exercise price and the number of shares of common stock issuable upon exercise of each Placement Agent Warrant is subject to appropriate adjustments in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting the common stock. The Placement Agent Warrants also provide the holders with certain "piggyback" registration rights, permitting the holders to request that the Company include the Placement Agent Warrant Shares for sale in certain registration statements filed by the Company. The fair value of the Placement Agent Warrants is $121. The Placement Agent Contingent Warrants have an exercise price of $1.25 per share, a term of five years from December 14, 2020, and become exercisable if, and to the extent, holders of the Purchaser Warrants exercise such Purchaser Warrants. In no event, however, will the Placement Agent Contingent Warrants become exercisable unless and until Stockholder Approval has been obtained. The exercise price and the number of shares of common stock issuable upon exercise of each Placement Agent Contingent Warrant is subject to appropriate adjustments in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting the common stock. The Placement Agent Contingent Warrants also provide the holders with certain "piggyback" registration rights, permitting the holders to request that the Company include the Placement Agent Contingent Warrant Shares for sale in certain registration statements filed by the Company. The fair value of the Placement Agent Contingent Warrants is $56. |
Equity Incentive Plans
Equity Incentive Plans | 12 Months Ended |
Dec. 31, 2020 | |
Equity Incentive Plans [Abstract] | |
Equity Incentive Plans | Note 16 – Equity Incentive Plans In May 2016, the stockholders of the Company approved the 2016 Employee Equity Incentive Plan (the " 2016 Employee Plan Committee In May 2005, the stockholders of the Company approved the 2005 Employee Equity Incentive Plan (the " Employee Plan Committee In May 2016, the stockholders of the Company approved the 2016 Director Equity Incentive Plan (the " 2016 Director Plan Board In May 2005, the stockholders of the Company approved the 2005 Director Equity Incentive Plan (the " Director Plan Board The Company issues performance-based stock options to employees. The Company estimates the fair value of performance stock option awards using the Black-Scholes-Merton option pricing model. Compensation expense for stock option awards is amortized on a straight-line basis over the awards' vesting period. The expected term of the stock options represents the average period the stock options are expected to remain outstanding and is based on the expected term calculated using the approach prescribed by the Securities and Exchange Commission's Staff Accounting Bulletin No. 110 for "plain vanilla" options. The expected stock price volatility for the Company's stock options was determined by using an average of the historical volatilities of the Company. The Company will continue to analyze the stock price volatility and expected term assumptions as more data for the Company's common stock and exercise patterns become available. The risk-free interest rate assumption is based on the U.S. Treasury instruments whose term was consistent with the expected term of the Company's stock options. The expected dividend assumption is based on the Company's history and expectation of dividend payouts. The Company does not estimate forfeitures based on historical experience but rather reduces compensation expense when they occur. The fair value of employee stock options is being amortized on a straight-line basis over the requisite service periods of the respective awards. The fair value of employee stock options was estimated using the following weighted-average assumptions: Years ended 2020 2019 Fair value of the company's common stock on date of grant $0.595 $1.10 Expected term 6.5 years 6.5 years Risk free interest rate 0.44% 2.38% Dividend yield 0.00% 0.00% Volatility 79.0% 79.0% Fair value of options granted $0.41 $0.77 The following table summarizes total stock-based compensation costs recognized for the years ended December 31, 2020 and 2019: Years ended 2020 2019 Cost of goods sold $ 40 $ 47 Selling expenses 40 101 General and administrative 227 280 Research and development 97 191 Total $ 404 $ 619 The following table summarizes information about stock-based awards outstanding for the year ended December 31, 2020: Plan Stock Options 2016 Employee Plan 1,717 2016 Director Plan 457 Other 500 2005 Employee Plan 1,012 2005 Director Plan 312 3,998 Stock-based awards available for grant as of December 31, 2020 1,172 Stock options award activity for the year ended December 31, 2020 is as follows: Number of Weighted- Weighted- Aggregate Outstanding at January 1, 2020 3,950 $ 0.91 Options granted 468 0.59 Options exercised (65 ) 0.75 Options forfeited (80 ) 0.84 Options expired (275 ) 1.21 Outstanding at December 31, 2020 3,998 $ 0.86 6.3 $ 2,008 Exercisable at December 31, 2020 2,604 $ 0.92 5.5 $ 1,213 During the year ended December 31, 2020, the Company granted options under the 2016 Employee Plan, the 2016 Director Plan and the 2005 Director Plan to purchase 468 shares of common stock to its employees and directors. The fair value of these options was approximately $192. The aggregate intrinsic value of stock options is calculated as the difference between exercise price of the underlying stock options and the fair value of the Company's common stock or $1.33 per share at December 31, 2020. The Company does not capitalize any cost associated with stock-based compensation. The Company issues new shares of common stock (or reduces the amount of treasury stock) upon exercise of stock options or release of restricted stock awards. The following table represents warrant activity for the year ended December 31, 2020: Number of Weighted- Weighted- Aggregate Outstanding at January 1, 2020 - $ - Warrants granted 887 0.73 Warrants exercised - - Warrants forfeited - - Warrants expired - - Outstanding at December 31, 2020 887 $ 0.73 3.39 $ 829 Exercisable at December 31, 2020 737 $ 1.23 3.06 $ 652 In May 2020, the Company issued a 5-year warrant to purchase 22 shares of common stock of the Company to VFT Special Ventures, Ltd. a Delaware corporation (" VFT |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 17 - Income Taxes The following summarizes the benefit for income taxes for the years ended December 31, 2020 and 2019: 2020 2019 Current: Federal $ - $ - State and local 15 15 15 15 Deferred: Federal (1,488 ) (43 ) State and local (26 ) (1 ) (1,514 ) (44 ) Valuation allowance 1,514 44 Provision for income taxes $ 15 $ 15 The provision for income taxes differs from the amounts computed by applying the applicable Federal statutory rates due to the following for the years ended December 31, 2020 and 2019: 2020 2019 Benefit for Federal income taxes at the statutory rate $ (1,567 ) $ (153 ) State and local income taxes, net of Federal benefit 12 11 Permanent differences: Other 73 84 Change in valuation allowance 1,514 44 Rate differential - - Other (17 ) 29 Provision for income taxes $ 15 $ 15 Significant components of the Company's deferred tax assets and liabilities are as follows: December 31, 2020 2019 Deferred tax assets: Allowance for doubtful accounts $ 59 $ 6 Inventories 779 827 Intangible 130 122 Share based compensation 261 192 Net operating loss carry forward 7,385 5,940 Depreciation 6 11 Pension liability 39 30 Other 2 2 Total deferred tax assets 8,661 7,130 Deferred tax liabilities: Intangible (4 ) (4 ) Indefinite life intangibles (156 ) (139 ) Total deferred tax liabilities (160 ) (143 ) 8,501 6,987 Valuation allowance (8,501 ) (6,987 ) Net $ - $ - For the year ended December 31, 2020, the Company had approximately $33,045 and $22,725 of federal and state net operating loss carryovers (" NOL The change in the valuation allowance for the years ended December 31, 2020 and December 31, 2019 was $1,514 and $44, respectively. In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and taxing strategies in making this assessment. The decision to record this valuation allowance was based on management evaluating all positive and negative evidence. The significant negative evidence includes a loss for the current year, a cumulative pre-tax loss for the three years ended December 31, 2020, the inability to carryback the net operating losses, limited future reversals of existing temporary differences and the limited availability of tax planning strategies. The Company expects to continue to provide a full valuation allowance until, or unless, it can sustain a level of profitability that demonstrates its ability to utilize these assets. The Company had no change in its liability for uncertain tax position during 2020 and no liabilities for uncertain tax positions as of December 31, 2020. ASC 740 discusses the classification of related interest and penalties on income taxes. The Company's policy is to record interest and penalties incurred in connection with income taxes as a component of income tax expense. No interest or penalties were recorded during the years ended December 31, 2020 and 2019. The Company is required to file U.S. federal and state income tax returns. These returns are subject to audit by tax authorities beginning with the year ended December 31, 2017 or tax years beginning with the year ended December 31,2002 as the Company utilizes net operating losses. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
The Company and Basis of Consolidation | (a) The Company and Basis of Consolidation Blonder Tongue Laboratories, Inc. (together with its consolidated subsidiaries, the " Company |
Cash and Cash Equivalents | (b) Cash and Cash Equivalents The Company considers all highly liquid debt investments with a maturity of less than three months at purchase to be cash equivalents. The Company did not have any cash equivalents at December 31, 2020 and 2019. Cash balances at financial institutions are insured by the Federal Deposit Insurance Corporation (" FDIC |
Accounts Receivable and Allowance for Doubtful accounts | (c) Accounts Receivable and Allowance for Doubtful accounts Accounts receivable are customer obligations due under normal trade terms. The Company sells its products primarily to distributors and private cable operators. The Company performs continuing credit evaluations of its customers' financial condition and although the Company generally does not require collateral, letters of credit may be required from its customers in certain circumstances. Senior management reviews accounts receivable on a monthly basis to determine if any receivables will potentially be uncollectible. The Company includes any accounts receivable balances that are determined to be uncollectible, along with a general reserve based on historical experience, in its overall allowance for doubtful accounts. |
Inventories | (d) Inventories Inventories are stated at the lower of cost, determined by the first-in, first-out (" FIFO The Company periodically analyzes anticipated product sales based on historical results, current backlog and marketing plans. Based on these analyses, the Company anticipates that certain products will not be sold during the next twelve months. Inventories that are not anticipated to be sold in the next twelve months, have been classified as non-current. The Company continually analyzes its slow-moving and excess inventories. Based on historical and projected sales volumes and anticipated selling prices, the Company establishes reserves. Inventory that is in excess of current and projected use is reduced by an allowance to a level that approximates its estimate of future demand. Products that are determined to be obsolete are written down to net realizable value. |
Property, Plant and Equipment, Net | (e) Property, Plant and Equipment, Net Property, plant and equipment are stated at cost less accumulated depreciation. The Company provides for depreciation generally on the straight-line method based upon estimated useful lives of 3 to 5 years for office equipment, 5 to 7 years for furniture and fixtures, and 6 to 10 years for machinery and equipment. |
Goodwill and Other Intangible Assets | (f) Goodwill and Other Intangible Assets The Company accounts for goodwill and intangible assets in accordance with Accounting Standards Codification (" ASC ASC 350 Goodwill represents the excess of the purchase price over the fair value of net assets acquired in business combinations. Accounting principles generally accepted in the United States (" GAAP The Company's business includes one goodwill reporting unit. The Company annually reviews goodwill for possible impairment by comparing the fair value of the reporting unit to the carrying value of the assets. If the fair value exceeds the carrying value of the net asset, no goodwill impairment is deemed to exist. If the fair value does not exceed the carrying value, goodwill is tested for impairment and written down to its implied fair value if it is determined to be impaired. The Company performed its annual goodwill impairment test on December 31, 2020. Based upon its qualitative assessment, the Company determined that goodwill was not impaired. The Company considers its trade name to have an indefinite life and in accordance with ASC 350, will not be amortized and will be reviewed annually for impairment. The components of intangible assets that are carried at cost less accumulated amortization at December 31, 2020 are as follows: Description Cost Accumulated Net Amount Customer relationships $ 1,365 $ 1,217 $ 148 Proprietary technology 349 311 38 Amortized intangible assets 1,714 1,528 186 Non-Amortized Trade name 741 - 741 Total $ 2,455 $ 1,528 $ 927 The components of intangible assets that are carried at cost less accumulated amortization at December 31, 2019 are as follows: Description Cost Accumulated Net Amount Customer relationships $ 1,365 $ 1,081 $ 284 Proprietary technology 349 276 73 Amortized intangible assets 1,714 1,357 357 Non-Amortized Trade name 741 - 741 Total $ 2,455 $ 1,357 $ 1,098 Amortization is computed utilizing the straight-line method over the estimated useful lives of 10 years for customer relationships and 10 years for proprietary technology. Amortization expense for intangible assets was $171 for both years ended December 31, 2020 and 2019, respectively. Intangible asset amortization is projected to be approximately $171 in 2021 and $15 in 2022. |
Long-Lived Assets | (g) Long-Lived Assets The Company continually monitors events and changes in circumstances that could indicate carrying amounts of the long-lived assets, including intangible assets may not be recoverable. When such events or changes in circumstances occur, the Company assesses recoverability by determining whether the carrying value of such assets will be recovered through the undiscounted expected future cash flows. If the future undiscounted cash flows are less than the carrying amount of these assets, an impairment loss is recognized based on the excess of the carrying amount over the fair value of the assets. The Company did not recognize any intangible asset impairment charges in 2020 and 2019. |
Treasury Stock | (h) Treasury Stock Treasury Stock is recorded at cost. Gains and losses on subsequent reissuance are recorded as increases or decreases to additional paid-in capital with losses in excess of previously recorded gains charged directly to retained earnings. During 2019, 173 shares of common stock were reissued from treasury. |
Use of Estimates | (i) Use of Estimates The preparation of financial statements in conformity with 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. The Company's significant estimates include stock compensation and reserves related to accounts receivable, inventory and deferred tax assets. Actual results could differ from those estimates. |
Royalty and License Expense | (j) Royalty and License Expense The Company records royalty expense, as applicable, when the related products are sold. Royalty expense is recorded as a component of selling expenses. Royalty expense was zero and $25 for the years ended December 31, 2020 and 2019, respectively. The Company amortizes license fees over the life of the relevant contract. The components of intangible assets consisting of license agreements that are carried at cost less accumulated amortization are as follows: December 31, 2020 2019 License agreements $ 6,084 $ 6,058 Accumulated amortization (6,074 ) (6,038 ) $ 10 $ 20 Amortization of license fees is computed utilizing the straight-line method over the estimated useful life of 1 to 2 years. Amortization expense for license fees was $36 and $45 in the years ended December 31, 2020 and 2019, respectively. Amortization expense for license fees is projected to be approximately $10 in the year ending December 31, 2021. |
Foreign Exchange | (k) Foreign Exchange The Company uses the United States dollar as its functional and reporting currency since the majority of the Company's revenues, expenses, assets and liabilities are in the United States and the focus of the Company's operations is in that country. Assets and liabilities in foreign currencies are translated using the exchange rate at the balance sheet date. Revenues and expenses are translated at average rates of exchange during the year. Gains and losses from foreign currency transactions and translation for the years ended December 31, 2020 and 2019 and cumulative translation gains and losses as of December 31, 2020 and 2019 were not material to the financial statements taken as a whole. |
Research and Development | (l) Research and Development Research and development expenditures for the Company's projects are expensed as incurred. |
Revenue Recognition | (m) Revenue Recognition The Company generates revenue through the sale of products and services. Revenue is recognized based on the following steps: (i) identification of contract with customer; (ii) determination of performance obligations; (iii) measurement of the transaction price; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. Revenue from the sale of products and services is recorded when the performance obligation is fulfilled, usually at the time of shipment or when the service is provided, at the net sales price (transaction price). Estimates of variable consideration, such as volume discounts and rebates, are reviewed and revised periodically by management. The Company elected to present revenue net of sales tax and other similar taxes and account for shipping and handling activities as fulfillment costs rather than separate performance obligations. Payments are typically due in 30 days, following delivery of products or completion of services. The Company provides a three-year warranty on most products. Warranty expense was de minimis |
Stock-based compensation | (n) Stock-based compensation The Company computes stock-based compensation in accordance with authoritative guidance. The Company uses the Black-Scholes-Merton option pricing model to determine the fair value of its stock options. The Black-Scholes-Merton option-pricing model includes various assumptions, including the fair market value of the common stock of the Company, expected life of stock options, the expected volatility and the expected risk-free interest rate, among others. These assumptions reflect the Company's best estimates, but they involve inherent uncertainties based on market conditions generally outside the control of the Company. Forfeitures are recorded when they occur. |
Income Taxes | (o) Income Taxes The Company accounts for income taxes under the provisions of the Financial Accounting Standards Board (" FASB ASC Topic 740 The Company will classify as income tax expense any interest and penalties recognized in accordance with ASC Topic 740. The Company files income tax returns primarily in the United States and New Jersey, along with certain other jurisdictions. |
Loss Per Share | (p) Loss Per Share Loss per share are calculated in accordance with ASC Topic 260 "Earnings Per Share," which provides for the calculation of "basic" and "diluted" loss per share. Basic loss per share includes no dilution and is computed by dividing net earnings by the weighted average number of common shares outstanding for the period. Diluted loss per share reflect, in periods in which they have a dilutive effect, the effect of potential issuances of common shares. The diluted share base excludes the following potential common shares due to their antidilutive effect for the years ended December 31, 2020 and 2019: December 31, 2020 2019 Stock options 2,848 2,846 Warrants 737 - Convertible debt 1,337 - 4,922 2,846 |
Other Comprehensive loss | (q) Other Comprehensive loss Comprehensive loss is a measure of income which includes both net loss and other comprehensive loss. Other comprehensive loss results from items deferred from recognition into the statement of operations and principally consists of unrecognized pension losses net of taxes. Accumulated other comprehensive loss is separately presented on the Company's consolidated balance sheet as part of stockholders' equity. |
Leases | (r) Leases The Company accounts for leases under FASB ASU No. 2016-02, Leases Topic 842 |
Subsequent Events | (s) Subsequent Events The Company evaluates events that have occurred after the balance sheet date but before the financial statements are issued. Based upon the evaluation, the Company did not identify any additional recognized or non-recognized subsequent events that would require adjustment to or disclosure in the consolidated financial statements. |
Adoption of Recent Accounting Pronouncements | (t) Adoption of Recent Accounting Pronouncements In January 2017, the Financial Accounting Standards Board (" FASB Intangibles—Goodwill and Other Topic 350 Simplifying the Test for Goodwill Impairment SEC In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses ("Topic 326" |
Accounting Pronouncements Issued But Not Yet Effective | (u) Accounting Pronouncements Issued But Not Yet Effective In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes Topic 740 |
Going Concern and COVID-19 | (v) Going Concern and COVID-19 Our business has been materially and adversely affected by the outbreak of the Coronavirus or COVID-19. COVID-19, which has been declared by the World Health Organization to be a "pandemic," has spread to many countries, including the United States, and is impacting domestic and worldwide economic activity. Since being declared a "pandemic", COVID-19 has interfered with our ability to meet with certain customers and has impacted and may continue to impact many of our customers. There are developments regarding the COVID-19 outbreak on a daily basis that may impact our customers, employees and business partners. As a result, it is not possible at this time to estimate the duration or the scope of the impact COVID-19 could have on the Company's business. However, the continued spread of COVID-19 and actions taken by our customers, suppliers and business partners, actions we take to protect the health and welfare of our employees, and measures taken by governmental authorities in response to COVID-19 could disrupt our manufacturing activities, the shipment of our products, the supply chain and purchasing decisions of our customers. The Company has experienced and is continuing to experience a significant reduction in sales as a result of the decreased business activities of our customers related to the COVID-19 outbreak and it remains unclear when or whether our customers will resume their activities at a level where our sales to them will return to historical levels. In addition, government officials in our region have imposed measures that restrict "non-essential" business activities, and although we are currently considered to be involved in an "essential" business activity, it is possible that those measures or others may be extended to cover "essential" business activities. If such restrictions were to be imposed, it is likely that we would not be able to continue all or a portion of our manufacturing, shipping and billing operations. Similar restrictions affecting the places where our customers do business would likely further reduce their business activities. These and other developments may have a material adverse impact on our business. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities and commitments in the normal course of business. During the year ended December 31, 2020, the Company experienced a decline in sales, a reduction in working capital, reported a loss from operations and net cash used in operating activities, in conjunction with liquidity constraints. The above factors raise substantial doubt about the Company's ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern. The Company's primary sources of liquidity have been its existing cash balances, cash generated from operations, amounts available under the MidCap Facility (see Note 5 below), amounts available under the Subordinated Loan Facility (see Note 6 below) and cash generated from the private placement of common stock (see Note 15 below). As of December 31, 2020, the Company had approximately $2,145 outstanding under the MidCap Facility (as defined in Note 5 below) and $609 of additional availability for borrowing under the MidCap Facility. If anticipated operating results are not achieved and/or the Company is unable to obtain additional financing, it may be required to take additional measures to reduce costs in order to conserve its cash in amounts sufficient to sustain operations and meet its obligations, which measures could have a material adverse effect on the Company's ability to achieve its intended business objectives and may be insufficient to enable the Company to continue as a going concern for at least twelve months from the date these financial statements are made available to be issued. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of intangible assets that are carried at cost less accumulated amortization | Description Cost Accumulated Net Amount Customer relationships $ 1,365 $ 1,217 $ 148 Proprietary technology 349 311 38 Amortized intangible assets 1,714 1,528 186 Non-Amortized Trade name 741 - 741 Total $ 2,455 $ 1,528 $ 927 Description Cost Accumulated Net Amount Customer relationships $ 1,365 $ 1,081 $ 284 Proprietary technology 349 276 73 Amortized intangible assets 1,714 1,357 357 Non-Amortized Trade name 741 - 741 Total $ 2,455 $ 1,357 $ 1,098 |
Schedule of intangible assets consisting of license agreements that are carried at cost less accumulated amortization | December 31, 2020 2019 License agreements $ 6,084 $ 6,058 Accumulated amortization (6,074 ) (6,038 ) $ 10 $ 20 |
Schedule of common shares due to their antidilutive effect | December 31, 2020 2019 Stock options 2,848 2,846 Warrants 737 - Convertible debt 1,337 - 4,922 2,846 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Schedule of disaggregation of revenue | Years ended 2020 2019 Digital video headend products $ 3,607 $ 6,714 DOCSIS data products 2,227 2,817 CPE products 4,165 3,977 NXG products 705 913 HFC distribution products 2,133 2,509 Analog video headend products 1,232 1,532 Contract manufactured products 145 602 Transcoders 1,543 71 Other 622 707 $ 16,379 $ 19,842 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | December 31, 2020 2019 Raw materials $ 1,706 $ 2,891 Work in process 1,144 1,252 Finished goods 1,213 4,341 $ 4,063 $ 8,484 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property, plant and equipment | December 31, 2020 2019 Machinery and equipment $ 10,761 $ 10,620 Furniture and fixtures 440 440 Office equipment 2,472 2,456 Building improvements 121 103 13,794 13,619 Less: Accumulated depreciation and amortization (13,365 ) (13,227 ) $ 429 $ 392 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term debt | December 31, 2020 2019 Financing leases (Note 7) $ 56 $ 80 PPP Loan 1,769 - 1,825 80 Less: Current portion (28 ) (33 ) $ 1,797 $ 47 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Schedule of operating and financing lease expense | 2020 2019 Operating lease cost $ 1,183 $ 1,155 Financing lease cost 38 20 Total $ 1,221 $ 1,175 Weighted average remaining lease term 3.0 4.0 Weighted average discount rate-operating leases 6.5 % 6.5 % |
Schedule of maturities of operating leases, excluding short term leases | 2021 $ 939 2022 901 2023 922 2024 77 Thereafter - Total 2,839 Less: present value discount (274 ) Total operating lease liabilities $ 2,565 |
Concentration of Credit Risk (T
Concentration of Credit Risk (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Risks and Uncertainties [Abstract] | |
Schedule of credit risk with respect to customers as percentage of sales | Years ended 2020 2019 Customer A - 11 % Customer B - 12 % Customer C - 12 % |
Schedule of credit risk with respect to customers as percentage of accounts receivable | December 31, 2020 2019 Customer A - 19 % Customer B - 17 % Customer C - - Customer D - 11 % Customer E 15 % - Customer F 13 % - Customer G 11 % - |
Schedule of credit risk with respect to vendors as percentage of purchases | Years ended 2020 2019 Vendor A 17 % 37 % Vendor B 15 % 14 % Vendor C 15 % - |
Schedule of credit risk with respect to vendors as percentage of accounts payable | December 31, 2020 2019 Vendor A 45 % 84 % Vendor B 11 % - Vendor C - - Vendor D 20 % - |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of fair value of employee stock options estimated using the weighted-average assumptions | Years ended 2020 2019 Fair value of the company's common stock on date of grant $0.595 $1.10 Expected term 6.5 years 6.5 years Risk free interest rate 0.44% 2.38% Dividend yield 0.00% 0.00% Volatility 79.0% 79.0% Fair value of options granted $0.41 $0.77 |
Schedule of total stock-based compensation costs recognized | Years ended 2020 2019 Cost of goods sold $ 40 $ 47 Selling expenses 40 101 General and administrative 227 280 Research and development 97 191 Total $ 404 $ 619 |
Schedule of stock-based awards outstanding | Plan Stock Options 2016 Employee Plan 1,717 2016 Director Plan 457 Other 500 2005 Employee Plan 1,012 2005 Director Plan 312 3,998 Stock-based awards available for grant as of December 31, 2020 1,172 |
Schedule of stock options award activity | Number of shares Weighted-Average Exercise Price Weighted-Average Contractual Term Aggregate Intrinsic Value Outstanding at January 1, 2020 3,950 $ 0.91 Options granted 468 0.59 Options exercised (65 ) 0.75 Options forfeited (80 ) 0.84 Options expired (275 ) 1.21 Outstanding at December 31, 2020 3,998 $ 0.86 6.3 $ 2,008 Exercisable at December 31, 2020 2,604 $ 0.92 5.5 $ 1,213 |
Schedule of warrant activity | Number of Weighted- Weighted- Aggregate Outstanding at January 1, 2020 - $ - Warrants granted 887 0.73 Warrants exercised - - Warrants forfeited - - Warrants expired - - Outstanding at December 31, 2020 887 $ 0.73 3.39 $ 829 Exercisable at December 31, 2020 737 $ 1.23 3.06 $ 652 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of provision benefit for income taxes | 2020 2019 Current: Federal $ - $ - State and local 15 15 15 15 Deferred: Federal (1,488 ) (43 ) State and local (26 ) (1 ) (1,514 ) (44 ) Valuation allowance 1,514 44 Provision for income taxes $ 15 $ 15 |
Schedule of provision for income taxes federal statutory rates | 2020 2019 Benefit for Federal income taxes at the statutory rate $ (1,567 ) $ (153 ) State and local income taxes, net of Federal benefit 12 11 Permanent differences: Other 73 84 Change in valuation allowance 1,514 44 Rate differential - - Other (17 ) 29 Provision for income taxes $ 15 $ 15 |
Schedule of components of deferred income tax assets and liabilities | December 31, 2020 2019 Deferred tax assets: Allowance for doubtful accounts $ 59 $ 6 Inventories 779 827 Intangible 130 122 Share based compensation 261 192 Net operating loss carry forward 7,385 5,940 Depreciation 6 11 Pension liability 39 30 Other 2 2 Total deferred tax assets 8,661 7,130 Deferred tax liabilities: Intangible (4 ) (4 ) Indefinite life intangibles (156 ) (139 ) Total deferred tax liabilities (160 ) (143 ) 8,501 6,987 Valuation allowance (8,501 ) (6,987 ) Net $ - $ - |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Cost | $ 2,455 | $ 2,455 |
Accumulated Amortization | 1,528 | 1,357 |
Net Amount | 927 | 1,098 |
Customer relationships [Member] | ||
Cost | 1,365 | 1,365 |
Accumulated Amortization | 1,217 | 1,081 |
Net Amount | 148 | 284 |
Proprietary technology [Member] | ||
Cost | 349 | 349 |
Accumulated Amortization | 311 | 276 |
Net Amount | 38 | 73 |
Amortized intangible assets [Member] | ||
Cost | 1,714 | 1,714 |
Accumulated Amortization | 1,528 | 1,357 |
Net Amount | 186 | 357 |
Non-Amortized Trade name [Member] | ||
Cost | 741 | 741 |
Accumulated Amortization | ||
Net Amount | $ 741 | $ 741 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details 1) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | ||
License agreements | $ 6,084 | $ 6,058 |
Accumulated amortization | (6,074) | (6,038) |
License agreements, net | $ 10 | $ 20 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Details 2) - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Incremental shares due to their antidilutive effect | 4,922 | 2,846 |
Stock options [Member] | ||
Incremental shares due to their antidilutive effect | 2,848 | 2,846 |
Warrants [Member] | ||
Incremental shares due to their antidilutive effect | 737 | |
Convertible debt [Member] | ||
Incremental shares due to their antidilutive effect | 1,337 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Details Textual) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Summary of Significant Accounting Policies (Textual) | ||
Amortization expense for intangible assets | $ 171 | $ 171 |
Intangible asset amortization in 2020 | 171 | |
Intangible asset amortization in 2021 | 171 | |
Intangible asset amortization in 2022 | 15 | |
Royalty expense | 25 | 25 |
Amortization expense | 207 | 216 |
Outstanding amount | 2,145 | |
Additional availability | $ 609 | |
Common stock treasury shares | 173 | |
Customer Relationships [Member] | ||
Summary of Significant Accounting Policies (Textual) | ||
Intangible assets estimated useful lives, amortization | P10Y0M0D | |
Proprietary Technology [Member] | ||
Summary of Significant Accounting Policies (Textual) | ||
Intangible assets estimated useful lives, amortization | P10Y0M0D | |
Office Equipment [Member] | Minimum [Member] | ||
Summary of Significant Accounting Policies (Textual) | ||
Property, plant and equipment, estimated useful lives | 3 years | |
Office Equipment [Member] | Maximum [Member] | ||
Summary of Significant Accounting Policies (Textual) | ||
Property, plant and equipment, estimated useful lives | 5 years | |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Summary of Significant Accounting Policies (Textual) | ||
Property, plant and equipment, estimated useful lives | 5 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Summary of Significant Accounting Policies (Textual) | ||
Property, plant and equipment, estimated useful lives | 7 years | |
Machinery and Equipment [Member] | Minimum [Member] | ||
Summary of Significant Accounting Policies (Textual) | ||
Property, plant and equipment, estimated useful lives | 6 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Summary of Significant Accounting Policies (Textual) | ||
Property, plant and equipment, estimated useful lives | 10 years | |
License [Member] | ||
Summary of Significant Accounting Policies (Textual) | ||
Amortization expense | $ 36 | $ 45 |
License [Member] | Minimum [Member] | ||
Summary of Significant Accounting Policies (Textual) | ||
Amortization of license fees, estimated useful life | 1 year | |
License [Member] | Maximum [Member] | ||
Summary of Significant Accounting Policies (Textual) | ||
Amortization of license fees, estimated useful life | 2 years | |
Manufacturing and Administrative Office Facility [Member] | ||
Summary of Significant Accounting Policies (Textual) | ||
Property, plant and equipment, estimated useful lives | 40 years |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue Recognition and Deferred Revenue [Abstract] | ||
Digital video headend products | $ 3,607 | $ 6,714 |
DOCSIS data products | 2,227 | 2,817 |
CPE products | 4,165 | 3,977 |
NXG products | 705 | 913 |
HFC distribution products | 2,133 | 2,509 |
Analog video headend products | 1,232 | 1,532 |
Contract manufactured products | 145 | 602 |
Transcoders | 1,543 | 71 |
Other | 622 | 707 |
Total | $ 16,379 | $ 19,842 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Summary of inventories | ||
Raw Materials | $ 1,706 | $ 2,891 |
Work in process | 1,144 | 1,252 |
Finished Goods | 1,213 | 4,341 |
Inventories, net | $ 4,063 | $ 8,484 |
Inventories (Details Textual)
Inventories (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Inventories (Textual) | ||
Carrying amount of inventories to net realizable | $ 3,789 | $ 3,877 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Abstract] | ||
Machinery and equipment | $ 10,761 | $ 10,620 |
Furniture and fixtures | 440 | 440 |
Office equipment | 2,472 | 2,456 |
Building improvements | 121 | 103 |
Property, plant and equipment, gross | 13,794 | 13,619 |
Less:Accumulated depreciation and amortization | (13,365) | (13,227) |
Property, plant and equipment, net | $ 429 | $ 392 |
Property, Plant and Equipment_3
Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment (Textual) | ||
Depreciation expense | $ 138 | $ 171 |
Gain on sale | $ 7,175 | |
Sale Agreement [Member] | ||
Property, Plant and Equipment (Textual) | ||
Sale of asset | 10,500 | |
Property repairs expenses | $ 130 | |
Lease, description | The Lease has an initial term of five years and allows the Company to extend the term for an additional five years following the initial term. The Company was obligated to pay base rent of approximately $837 for the first year of the lease with the amount of base rent adjusted for each subsequent year to equal 102.5% of the preceding year’s base rent. In 2020, the Company was obligated to pay base rent of $856 and in 2021 the Company is obligated to pay base rent of $877. |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Disclosure [Abstract] | ||
Financing leases (Note 7) | $ 56 | $ 80 |
PPP Loan | 1,769 | |
Total | 1,825 | 80 |
Less: Current portion | (28) | (33) |
Long-term debt | $ 1,797 | $ 47 |
Debt (Details Textual)
Debt (Details Textual) - USD ($) $ in Thousands | Apr. 10, 2020 | Apr. 07, 2020 | Apr. 05, 2020 | Oct. 25, 2019 | Dec. 31, 2020 |
Debt (Textual) | |||||
Term loan, description | The Company entered into a certain Consent and Amendment to Loan Agreement and Loan Documents with Midcap (the “MidCap First Amendment”), which amended the MidCap Facility to, among other things, remove the existing $400 availability block, subject to the same being re-imposed at the rate of approximately $7 per month commencing June 1, 2020. | ||||
Proceeds from loan | $ 1,769 | ||||
Interest rate | 0.98% | ||||
Maturity period | 24 months | ||||
Annual maturities of long term debt in 2021 | $ 28 | ||||
Annual maturities of long term debt in 2022 | 899 | ||||
Annual maturities of long term debt in 2023 | 894 | ||||
Annual maturities of long term debt in 2024 | $ 4 | ||||
Loan Agreement [Member] | |||||
Debt (Textual) | |||||
Aggregate amount of credit facility | $ 5,000 | ||||
Interest on revolver - margin | 4.75% | 4.96% | |||
Term loan, description | In addition, the Company was initially required to maintain minimum availability of $500, with the minimum availability to be reduced to $400 upon the deliverance of an inventory appraisal satisfactory to MidCap, which occurred during the fourth quarter 2019. |
Subordinated Convertible Debt_2
Subordinated Convertible Debt with Related Parties (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Apr. 08, 2020 | Apr. 07, 2020 | Jan. 21, 2021 | Oct. 29, 2020 | Apr. 24, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Subordinated Convertible Debt with Related Parties (Textual) | |||||||
Incurred interest | $ 1 | ||||||
Term loan, description | The Company entered into a certain Consent and Amendment to Loan Agreement and Loan Documents with Midcap (the “MidCap First Amendment”), which amended the MidCap Facility to, among other things, remove the existing $400 availability block, subject to the same being re-imposed at the rate of approximately $7 per month commencing June 1, 2020. | ||||||
Tranche B [Member] | |||||||
Subordinated Convertible Debt with Related Parties (Textual) | |||||||
Term loan facility | $ 338 | $ 200 | |||||
Subordinated Loan Agreement [Member] | |||||||
Subordinated Convertible Debt with Related Parties (Textual) | |||||||
Conversion price | $ 0.55 | ||||||
Subordinated Loan Facility [Member] | |||||||
Subordinated Convertible Debt with Related Parties (Textual) | |||||||
Term loan facility | $ 1,500 | ||||||
Principal amount | 171 | ||||||
Accrued interest | $ 11 | $ 77 | |||||
Conversion and termination agreement, description | The Borrower was indebted to Steven L. Shea (“Shea”) for the principal and accrued interest relating to a $100 loan advanced by Shea under the Subordinated Loan Agreement (the “Shea Indebtedness”). In addition, as of the date of the Conversion and Termination Agreement the Initial Lenders remained subject to a commitment to lend Borrowers up to an additional $250 (the “Additional Commitment”). | ||||||
Common stock shares facility issued | 260 | ||||||
Subordinated loan facility, interest accrues | 12.00% | ||||||
Term loan, description | The Initial Lenders agreed to provide the Company with a Tranche A term loan facility of $800 of which $600 was advanced to the Company on April 8, 2020, $100 was advanced to the Company on April 17, 2020 and $100 of which remains committed and undrawn. The Initial Lenders participating in the Tranche A term loan facility have the option of converting the principal balance of the loan held by each of them, in whole (unless otherwise agreed by the Company), into shares of the Company’s common stock at a conversion price equal to the volume weighted average price of the Common Stock as reported by the NYSE American, during the five trading days preceding April 8, 2020 (the “Tranche A Conversion Price”) which was calculated at $0.593. | ||||||
Subordinated loan agreement maturity term | 3 years | ||||||
Subordinated Loan Facility [Member] | Subsequent Event [Member] | |||||||
Subordinated Convertible Debt with Related Parties (Textual) | |||||||
Subordinated convertible loan and security agreement, description | The Company entered into the Third Amendment to Senior Subordinated Convertible Loan and Security Agreement and Joinder (the “LSA Third Amendment”) with the Tranche A Parties, the Tranche B Parties (that had not previously converted the loans attributable to each of them into shares of Common Stock), the Agent and certain other investors (the “Tranche C Parties”). Pursuant to the LSA Third Amendment, the parties agreed to increase the aggregate loan limit from $1,500 to $1,600 and the Tranche C Parties agreed to provide the Company with a commitment for a $600 term loan facility, all of which was advanced to the Company on January 29, 2021 (the “Tranche C Loans”). As is the case with the loans provided by the Tranche A Parties and Tranche B Parties, interest on the Tranche C Loans accrues at 12% per annum and is payable monthly in-kind, by the automatic increase of the principal amount of the loans on each monthly interest payment date, by the amount of the accrued interest payable at that time. The Company, at its option, may pay any interest due on the Tranche C Loans in cash on any interest payment date in lieu of PIK Interest. The Tranche C Parties also have the option, following Stockholder Approval of converting the accreted principal balance of the Tranche C Loans attributable to each of them into shares of the Company’s Common Stock at a conversion price of $1.00. |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 1,183 | $ 1,155 |
Financing lease cost | 38 | 20 |
Total | $ 1,221 | $ 1,175 |
Weighted average remaining lease term | 3 years | 4 years |
Weighted average discount rate-operating leases | 6.50% | 6.50% |
Leases (Details 1)
Leases (Details 1) $ in Thousands | Dec. 31, 2020USD ($) |
Leases [Abstract] | |
2021 | $ 939 |
2022 | 901 |
2023 | 922 |
2024 | 77 |
Thereafter | |
Total | 2,839 |
Less:present value discount | (274) |
Total operating lease liabilities | $ 2,565 |
Benefit Plans (Details)
Benefit Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Retirement Benefits [Abstract] | ||
Contributions plan amount | $ 45 | $ 170 |
Total expense | 39 | 146 |
Defined benefit pension plan was overfunded | $ 17 | $ 89 |
Defined benefit pension plan, description | At December 31, 2020, approximately 27% of the Company’s employees were covered by a collective bargaining agreement, that is scheduled to expire in February 2022. |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transactions (Textual) | ||
Legal services | $ 834 | $ 483 |
Accounts payable | $ 183 |
Concentration of Credit Risk (D
Concentration of Credit Risk (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Net Sales [Member] | Customer A [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 11.00% | |
Net Sales [Member] | Customer B [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 12.00% | |
Net Sales [Member] | Customer C [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 12.00% | |
Accounts Receivable [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 38.00% | 47.00% |
Accounts Receivable [Member] | Customer A [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 19.00% | |
Accounts Receivable [Member] | Customer B [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 17.00% | |
Accounts Receivable [Member] | Customer C [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | ||
Accounts Receivable [Member] | Customer D [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 11.00% | |
Accounts Receivable [Member] | Customer E [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 15.00% | |
Accounts Receivable [Member] | Customer F [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 13.00% | |
Accounts Receivable [Member] | Customer G [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 11.00% | |
Accounts payable [Member] | Vendor A [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 45.00% | 84.00% |
Accounts payable [Member] | Vendor B [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 11.00% | |
Accounts payable [Member] | Vendor C [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | ||
Accounts payable [Member] | Vendor D [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 20.00% | |
Purchases [Member] | Vendor A [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 17.00% | 37.00% |
Purchases [Member] | Vendor B [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 15.00% | 14.00% |
Purchases [Member] | Vendor C [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 15.00% |
Concentration of Credit Risk _2
Concentration of Credit Risk (Details Textual) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts Receivable [Member] | ||
Concentration of Credit Risk (Textual) | ||
Outstanding trade accounts receivable, percentage | 38.00% | 47.00% |
Stock Repurchase Program (Detai
Stock Repurchase Program (Details) - Common Stock - USD ($) $ in Thousands | Dec. 31, 2020 | Feb. 13, 2007 | Jul. 24, 2002 |
2002 Program [Member] | |||
Stock Repurchase Program (Textual) | |||
Value of outstanding common stock to be repurchased | $ 72 | $ 300 | |
2007 Program [Member] | |||
Stock Repurchase Program (Textual) | |||
Outstanding common stock to be repurchased | 100 | 100 |
Executive and Director Stock _2
Executive and Director Stock Purchase Plans (Details) - shares | Nov. 08, 2016 | Jun. 16, 2014 | Dec. 31, 2020 |
Executive Stock Purchase Plan [Member] | |||
Number of shares of common stock purchase | 750 | 35 | |
Director Stock Purchase Plan [Member] | |||
Number of shares of common stock purchase | 1,000 | 70 |
Preferred Stock (Details)
Preferred Stock (Details) - shares shares in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Preferred Stock (Textual) | ||
Preferred stock, shares authorized | 5,000 | 5,000 |
Preferred stock, shares outstanding |
Private Placement (Details)
Private Placement (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 15, 2020 | Dec. 14, 2020 |
Placement Agent Warrants [Member] | ||
Private Placement (Textual) | ||
Warrants, description | The Placement Agent Warrants have an exercise price of $0.70 per share, a term of five years from December 14, 2020, and became exercisable upon the Company obtaining the stockholder approval described above. The exercise price and the number of shares of common stock issuable upon exercise of each Placement Agent Warrant is subject to appropriate adjustments in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting the common stock. The Placement Agent Warrants also provide the holders with certain “piggyback” registration rights, permitting the holders to request that the Company include the Placement Agent Warrant Shares for sale in certain registration statements filed by the Company. The fair value of the Placement Agent Warrants is $121. | |
Placement Agent Contingent Warrants [Member] | ||
Private Placement (Textual) | ||
Warrants, description | The Placement Agent Contingent Warrants have an exercise price of $1.25 per share, a term of five years from December 14, 2020, and become exercisable if, and to the extent, holders of the Purchaser Warrants exercise such Purchaser Warrants. In no event, however, will the Placement Agent Contingent Warrants become exercisable unless and until Stockholder Approval has been obtained. The exercise price and the number of shares of common stock issuable upon exercise of each Placement Agent Contingent Warrant is subject to appropriate adjustments in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting the common stock. The Placement Agent Contingent Warrants also provide the holders with certain “piggyback” registration rights, permitting the holders to request that the Company include the Placement Agent Contingent Warrant Shares for sale in certain registration statements filed by the Company. The fair value of the Placement Agent Contingent Warrants is $56. | |
Warrant [Member] | ||
Private Placement (Textual) | ||
Warrants exercise price per share | $ 1.25 | |
Warrant Term | 3 years | |
Fair value of purchaser warrants | $ 643 | |
Securities Purchase Agreement [Member] | ||
Private Placement (Textual) | ||
Securities purchase agreement, description | The Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with certain accredited investors (the “Purchasers”) for the sale and issuance by the Company to the Purchasers of (i) an aggregate of 1,429 shares (the “Shares”) of the Company’s common stock and (ii) warrants (the “Purchaser Warrants”) to purchase an aggregate of up to 714 shares of common stock (the “Purchaser Warrant Shares”), for aggregate gross proceeds to the Company of $1,000, before deducting placement agent fees and offering expenses payable by the Company. The Company also agreed to issue to the placement agents and certain persons affiliated with the placement agents, as additional compensation, (a) fully-vested warrants (the “Placement Agent Warrants”) to purchase an aggregate of up to 100 shares (the “Placement Agent Warrant Shares”) of common stock and (b) contingent warrants (the “Placement Agent Contingent Warrants”) to purchase an aggregate of up to an additional 50 shares (the “Placement Agent Contingent Warrant Shares”) of common stock. The transaction closed on December 15, 2020. | |
Financing amount percentage | 30.00% | |
Percentage for outstanding shares of common stock | 19.99% |
Equity Incentive Plans (Details
Equity Incentive Plans (Details) - Employee Stock Option [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Fair value of the company's common stock on date of grant | $ 0.595 | $ 1.10 |
Expected term | 6 years 6 months | 6 years 6 months |
Risk free interest rate | 0.44% | 2.38% |
Dividend yield | $ 0 | $ 0 |
Volatility | 79.00% | 79.00% |
Fair value of options granted | $ 0.41 | $ 0.77 |
Equity Incentive Plans (Detai_2
Equity Incentive Plans (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total | $ 404 | $ 619 |
Cost of goods sold [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total | 40 | 47 |
Selling expenses [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total | 40 | 101 |
General and administrative [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total | 227 | 280 |
Research and development [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total | $ 97 | $ 191 |
Equity Incentive Plans (Detai_3
Equity Incentive Plans (Details 2) | Dec. 31, 2020shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock-based awards outstanding | 3,998 |
Stock-based awards available for grant as of December 31, 2020 | 1,172 |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock-based awards outstanding | 3,998 |
Stock Options | 2016 Employee Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock-based awards outstanding | 1,717 |
Stock Options | 2016 Director Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock-based awards outstanding | 457 |
Stock Options | Other [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock-based awards outstanding | 500 |
Stock Options | 2005 Employee Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock-based awards outstanding | 1,012 |
Stock Options | 2005 Director Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock-based awards outstanding | 312 |
Equity Incentive Plans (Detai_4
Equity Incentive Plans (Details 3) - Employee Stock Option [Member] $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares, Outstanding, Beginning balance | shares | 3,950 |
Number of shares, Options granted | shares | 468 |
Number of shares, Options exercised | shares | (65) |
Number of shares, Options forfeited | shares | (80) |
Number of shares, Options expired | shares | (275) |
Number of shares, Outstanding, Ending balance | shares | 3,998 |
Number of shares, Exercisable | shares | 2,604 |
Weighted-Average Exercise Price, Outstanding, Beginning balance | $ / shares | $ 0.91 |
Weighted-Average Exercise Price, Options granted | $ / shares | 0.59 |
Weighted-Average Exercise Price, Options exercised | $ / shares | 0.75 |
Weighted-Average Exercise Price, Options forfeited | $ / shares | 0.84 |
Weighted-Average Exercise Price, Options expired | $ / shares | 1.21 |
Weighted-Average Exercise Price, Outstanding, Ending balance | $ / shares | 0.86 |
Weighted-Average Exercise Price, Exercisable | $ / shares | $ 0.92 |
Weighted-Average Contractual Term, Outstanding | 6 years 3 months 19 days |
Weighted-Average Contractual Term, Exercisable | 5 years 6 months |
Aggregate Intrinsic Value, Outstanding | $ | $ 2,008 |
Aggregate Intrinsic Value, Exercisable | $ | $ 1,213 |
Equity Incentive Plans (Detai_5
Equity Incentive Plans (Details 4) - Warrant [Member] $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares, Outstanding, Beginning balance | |
Number of shares, Warrants granted | 887 |
Number of shares, Warrants exercised | |
Number of shares, Warrants forfeited | |
Number of shares, Warrants expired | |
Number of shares, Outstanding, Ending balance | 887 |
Number of shares, Exercisable | 737 |
Weighted-Average Exercise Price, Warrants granted | $ / shares | $ 0.73 |
Weighted-Average Exercise Price, Warrants exercised | $ / shares | |
Weighted-Average Exercise Price, Warrants forfeited | $ / shares | |
Weighted-Average Exercise Price, Warrants expired | $ / shares | |
Weighted-Average Exercise Price, Outstanding, Ending balance | $ / shares | 0.73 |
Weighted-Average Exercise Price, Exercisable | $ / shares | $ 1.23 |
Weighted-Average Contractual Term, Outstanding | 3 years 4 months 20 days |
Weighted-Average Contractual Term, Exercisable | 3 years 22 days |
Aggregate Intrinsic Value, Outstanding | $ | $ 829 |
Aggregate Intrinsic Value, Exercisable | $ | $ 652 |
Equity Incentive Plans (Detai_6
Equity Incentive Plans (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||
May 31, 2020 | May 31, 2017 | May 31, 2016 | May 31, 2014 | Dec. 31, 2020 | Jun. 30, 2018 | May 31, 2010 | May 31, 2007 | May 31, 2005 | |
VFT Special Ventures, Ltd [Member] | |||||||||
Equity Incentive Plans (Textual) | |||||||||
Warrant exercisable per share | $ 0.55 | ||||||||
Warrant to purchase term | 5 years | ||||||||
Fair value of warrant | $ 9 | ||||||||
Employee Stock Option [Member] | |||||||||
Equity Incentive Plans (Textual) | |||||||||
Stock price | $ 1.33 | ||||||||
Common stock to its employees and directors | 468 | ||||||||
Fair value option | $ 192 | ||||||||
2016 Employee Equity Incentive Plan [Member] | Employee Stock Option [Member] | |||||||||
Equity Incentive Plans (Textual) | |||||||||
Maximum equity based shares authorized | 1,000 | ||||||||
Employee plan expiry date | Feb. 4, 2026 | ||||||||
Common stock shares increased | 100 | ||||||||
2016 Employee Equity Incentive Plan [Member] | Stock Appreciation Rights (SARs) [Member] | |||||||||
Equity Incentive Plans (Textual) | |||||||||
Common stock shares increased | 250 | ||||||||
2016 Employee Plan [Member] | |||||||||
Equity Incentive Plans (Textual) | |||||||||
Maximum equity based shares authorized | 3,000 | ||||||||
2005 Employee Equity Incentive Plan [Member] | |||||||||
Equity Incentive Plans (Textual) | |||||||||
Maximum equity based shares authorized | 2,600 | 2,700 | 1,600 | 1,100 | 500 | ||||
Restatement of employee plan extend term | Feb. 7, 2024 | ||||||||
2016 Director Equity Incentive Plan [Member] | |||||||||
Equity Incentive Plans (Textual) | |||||||||
Maximum equity based shares authorized | 400 | ||||||||
Employee plan expiry date | Feb. 4, 2026 | ||||||||
2005 Director Equity Incentive Plan [Member] | |||||||||
Equity Incentive Plans (Textual) | |||||||||
Maximum equity based shares authorized | 600 | 400 | 200 | ||||||
Restatement of employee plan extend term | Feb. 7, 2024 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Current: | ||
Federal | ||
State and local | 15 | 15 |
Total current income taxes | 15 | 15 |
Deferred: | ||
Federal | (1,488) | (43) |
State and local | (26) | (1) |
Total deferred income taxes | (1,514) | (44) |
Valuation allowance | (1,514) | (44) |
Provision for income taxes | $ 15 | $ 15 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Benefit for Federal income taxes at the statutory rate | $ (1,567) | $ (153) |
State and local income taxes, net of Federal benefit | 12 | 11 |
Permanent differences: | ||
Other | 73 | 84 |
Change in valuation allowance | 1,514 | 44 |
Rate differential | ||
Other | (17) | 29 |
Provision for income taxes | $ 15 | $ 15 |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Allowance for doubtful accounts | $ 59 | $ 6 |
Inventories | 779 | 827 |
Intangible | 130 | 122 |
Share based compensation | 261 | 191 |
Net operating loss carry forward | 7,385 | 5,940 |
Depreciation | 6 | 11 |
Pension liability | 39 | 30 |
Other | 2 | 2 |
Total deferred tax assets | 8,661 | 7,130 |
Deferred tax liabilities: | ||
Intangible | (4) | (4) |
Indefinite life intangibles | (156) | (139) |
Total deferred tax liabilities | (160) | (143) |
Deferred tax assets gross | 8,501 | 6,987 |
Valuation allowance | (8,501) | (6,987) |
Net |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes (Textual) | ||
Federal net operating loss carryovers | $ 33,045 | |
State net operating loss carryovers | 22,725 | |
Federal NOL carryovers | 1,755 | |
Change in valuation allowance | $ 1,514 | $ 44 |
Operating loss expiry date | Dec. 31, 2022 |