Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 30, 2020 | Jun. 30, 2019 | |
Document Information [Line Items] | |||
Entity Registrant Name | CUI Global, Inc. | ||
Entity Central Index Key | 0001108967 | ||
Trading Symbol | cui | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 28,420,685 | ||
Entity Public Float | $ 20,351,697 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock par value $0.001 per share |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 23,351 | $ 3,979 |
Trade accounts receivable, net of allowance of $47 and $17, respectively | 5,295 | 5,034 |
Inventories | 1,631 | 1,622 |
Contract assets | 2,309 | 1,744 |
Note receivable, current portion | 318 | |
Prepaid expenses and other current assets | 2,215 | 1,512 |
Assets held for sale, current portion | 6,893 | 21,272 |
Total current assets | 41,694 | 35,481 |
Property and equipment, less accumulated depreciation of $1,441 and $1,284, respectively | 4,454 | 4,540 |
Investment in VPS - equity method | 4,865 | |
Right of use assets - Operating leases | 5,524 | |
Other intangible assets, less accumulated amortization of $11,191 and $9,601, respectively | 4,298 | 5,353 |
Restricted cash | 0 | 523 |
Note receivable | 3,253 | |
Convertible note receivable | 655 | |
Deposits and other assets | 70 | 508 |
Assets held for sale, noncurrent portion | 23,107 | |
Total assets | 64,158 | 70,167 |
Current Liabilities: | ||
Accounts payable | 2,904 | 1,520 |
Short-term overdraft facility | 1,344 | |
Notes payable, current | 473 | |
Operating lease obligations - current portion | 821 | |
Accrued expenses | 5,159 | 1,893 |
Contract liabilities | 1,668 | 1,956 |
Deferred gain on leaseback, current portion | 289 | |
Liabilities held for sale, current portion | 4,970 | 11,584 |
Total current liabilities | 15,995 | 18,586 |
Operating lease obligations, less current portion | 4,852 | |
Deferred gain on leaseback, less current portion | 2,599 | |
Liabilities held for sale, noncurrent portion | 7,241 | |
Other long-term liabilities | 194 | 203 |
Total liabilities | 21,041 | 28,629 |
Commitments and contingencies | ||
Stockholders' Equity: | ||
Preferred stock, par value $0.001; 10,000,000 shares authorized; no shares issued at December 31, 2019 or December 31, 2018 | ||
Common stock, par value $0.001; 325,000,000 shares authorized; 28,383,373 shares issued and outstanding at December 31, 2019 and 28,552,886 shares issued and outstanding at December 31, 2018 | 29 | 29 |
Additional paid-in capital | 170,106 | 169,898 |
Treasury stock at cost; 353,063 shares held at December 31, 2019 and 0 shares held at December 31, 2018 | (413) | |
Accumulated deficit | (122,234) | (123,993) |
Accumulated other comprehensive loss | (4,371) | (4,396) |
Total stockholders' equity | 43,117 | 41,538 |
Total liabilities and stockholders' equity | $ 64,158 | $ 70,167 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Trade accounts receivable, allowance | $ 47 | $ 17 |
Accumulated depreciation | 1,441 | 1,284 |
Accumulated amortization | $ 11,191 | $ 9,601 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 325,000,000 | 325,000,000 |
Common stock, shares issued (in shares) | 28,383,373 | 28,552,886 |
Common stock, shares outstanding (in shares) | 28,383,373 | 28,552,886 |
Treasury stock, shares (in shares) | 353,063 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | $ 23,492 | $ 20,342 | $ 18,843 |
Cost of revenues | 17,680 | 17,783 | 12,913 |
Gross profit | 5,812 | 2,559 | 5,930 |
Operating expenses: | |||
Selling, general and administrative expense | 20,063 | 18,629 | 17,506 |
Depreciation and amortization | 1,544 | 1,549 | 1,366 |
Research and development | 139 | 155 | 222 |
Provision for (credit to) bad debt | 131 | 13 | (16) |
Impairment of goodwill | 4,347 | 3,152 | |
Other operating (income) expenses | (20) | 5 | |
Total operating expenses | 21,857 | 24,693 | 22,235 |
Continuing loss from operations | (16,045) | (22,134) | (16,305) |
Other income (expense) | 567 | (316) | 310 |
Interest expense | (61) | (216) | (201) |
Loss from continuing operations before income taxes and equity in net loss of affiliate | (15,539) | (22,666) | (16,196) |
Net loss of affiliate | (1,043) | ||
Loss from continuing operations before taxes | (16,582) | (22,666) | (16,196) |
Income tax benefit | (2,956) | (1,342) | (2,251) |
Loss from continuing operations, net of income taxes | (13,626) | (21,324) | (13,945) |
Discontinued operations (Note 2) | |||
Income from operations of discontinued power and electromechanical components businesses (including gain on disposal of $14,100) | 12,908 | 5,135 | 2,001 |
Income tax expense | 411 | 1,136 | 645 |
Income from discontinued operations, net of income taxes | 12,497 | 3,999 | 1,356 |
Net loss | $ (1,129) | $ (17,325) | $ (12,589) |
Basic and diluted weighted average number of shares outstanding (in shares) | 28,654,500 | 28,517,339 | 22,397,865 |
Loss from continuing operations per common share - basic and diluted (in dollars per share) | $ (0.48) | $ (0.75) | $ (0.62) |
Earnings from discontinued operations per common share - basic and diluted (in dollars per share) | 0.44 | 0.14 | 0.06 |
Loss per common share - basic and diluted (in dollars per share) | $ (0.04) | $ (0.61) | $ (0.56) |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parentheticals) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Discontinued operations, gain on disposal | $ 14.1 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income and (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net loss | $ (1,129) | $ (17,325) | $ (12,589) |
Foreign currency translation adjustment | 25 | (886) | 2,080 |
Comprehensive loss | $ (1,104) | $ (18,211) | $ (10,509) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Common Stock Outstanding [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total | ||
Balance (in shares) at Dec. 31, 2016 | 20,916,848 | |||||||
Balance at Dec. 31, 2016 | $ 21 | $ 150,174 | $ (95,970) | $ (5,590) | $ 48,635 | |||
Issuance of common stock (in shares) | 7,392,856 | |||||||
Issuance of common stock | $ 7 | 18,898 | 18,905 | |||||
Common stock issued for exercises of options (in shares) | 245 | |||||||
Common stock issued for exercises of options | ||||||||
Common stock issued for compensation, services and royalty payments (in shares) | 96,907 | |||||||
Common stock issued for compensation, services and royalty payments | 455 | 455 | ||||||
Net Income (Loss) Attributable to Parent, Total | (12,589) | (12,589) | ||||||
Other comprehensive income (loss) | 2,080 | 2,080 | ||||||
Balance (in shares) at Dec. 31, 2017 | 28,406,856 | |||||||
Balance at Dec. 31, 2017 | $ 28 | 169,527 | (108,559) | (3,510) | 57,486 | |||
Common stock issued for compensation, services and royalty payments (in shares) | 146,030 | |||||||
Common stock issued for compensation, services and royalty payments | $ 1 | 371 | 372 | |||||
Net Income (Loss) Attributable to Parent, Total | (17,325) | (17,325) | ||||||
Other comprehensive income (loss) | (886) | (886) | ||||||
Cumulative effect of accounting change at Dec. 31, 2017 | [1] | [2] | 1,891 | 1,891 | ||||
Balance at Dec. 31, 2017 | $ 28 | 169,527 | (106,668) | (3,510) | 59,377 | |||
Balance (in shares) at Dec. 31, 2018 | 28,552,886 | |||||||
Balance at Dec. 31, 2018 | $ 29 | 169,898 | (123,993) | (4,396) | 41,538 | |||
Common stock issued for compensation, services and royalty payments (in shares) | 183,550 | |||||||
Common stock issued for compensation, services and royalty payments | 208 | 208 | ||||||
Net Income (Loss) Attributable to Parent, Total | (1,129) | (1,129) | ||||||
Other comprehensive income (loss) | 25 | 25 | ||||||
Cumulative effect of accounting change at Dec. 31, 2018 | 2,888 | 2,888 | ||||||
Balance at Dec. 31, 2018 | $ 29 | 169,898 | (121,105) | (4,396) | 44,426 | |||
Common stock purchased as treasury shares (in shares) | (353,063) | |||||||
Common stock purchased as treasury shares | $ (413) | (413) | ||||||
Balance (in shares) at Dec. 31, 2019 | 28,736,436 | (353,063) | ||||||
Balance at Dec. 31, 2019 | $ 29 | $ 170,106 | $ (413) | $ (122,234) | $ (4,371) | $ 43,117 | ||
[1] | Represents adjustment to accumulated deficit upon the adoption of Accounting Standards Codification Topic 606. | |||||||
[2] | Represents adjustment to accumulated deficit upon the adoption of Accounting Standards Codification Topic 606. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net loss | $ (1,129) | $ (17,325) | $ (12,589) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation | 724 | 1,103 | 1,009 |
Amortization of intangibles | 1,637 | 1,902 | 1,841 |
Amortization of note receivable discount | (70) | ||
Stock issued and stock to be issued for compensation, royalties and services | 215 | 229 | 425 |
Unrealized gain on derivative liability | (129) | (111) | |
Non-cash loss on equity method investment in affiliate | 1,043 | ||
Non-cash fair value gain on equity method investment purchase | (629) | ||
Non-cash royalties, net (see Note 2 - Investment and Note Receivable) | 5 | (7) | (3) |
Provision for (credit to) bad debt expense and returns allowances | 136 | 33 | (13) |
Deferred income taxes | (2,574) | (352) | (1,767) |
Non-cash unrealized foreign currency (gain) loss | (422) | 246 | (362) |
Impairment of goodwill and other intangible assets | 278 | 4,347 | 3,155 |
Inventory reserve | 79 | 1,592 | 138 |
Impairment of deposits and other assets | 1,509 | ||
Loss on disposal of assets | 31 | 13 | 47 |
Gain on sale of businesses | (14,100) | ||
(Increase) decrease in operating assets: | |||
Trade accounts receivable | 1,510 | (3,841) | (1,150) |
Inventories | (119) | (2,235) | (411) |
Contract assets | (512) | (61) | 591 |
Prepaid expenses and other current assets | 121 | (392) | (421) |
Right of use assets - Operating leases | 1,825 | ||
Deposits and other assets | 31 | (59) | (506) |
Increase (decrease) in operating liabilities: | |||
Accounts payable | 1,708 | 1,436 | (1,163) |
Operating lease liabilities | (1,755) | ||
Accrued expenses | 2,189 | 1,116 | (464) |
Refund liabilities | (1,339) | 852 | 130 |
Contingent consideration | 3 | ||
Contract liabilities | (401) | (2,260) | 2,252 |
NET CASH USED IN OPERATING ACTIVITIES | (11,518) | (12,283) | (9,369) |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from sale of businesses | 35,396 | ||
Proceeds from sale of building, net | 7,720 | ||
Proceeds from sale of restricted investment | 400 | ||
Cash paid for restricted investment | (400) | ||
Purchases of property and equipment | (321) | (1,042) | (893) |
Proceeds from sale of property and equipment | 21 | 8 | |
Cash paid for other intangible assets | (353) | (492) | (638) |
Cash paid for convertible note receivable | (655) | ||
Cash paid for equity-method investment | (2,068) | ||
Proceeds from Notes receivable | 313 | 19 | 39 |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | 33,388 | 5,150 | (1,484) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from overdraft facility | 6,842 | 19,532 | 9,782 |
Payments on overdraft facility | (8,208) | (18,122) | (9,782) |
Proceeds from line of credit | 27,483 | 19,955 | 22,332 |
Payments on line of credit | (28,462) | (18,976) | (22,332) |
Payments on financing lease obligations | (4) | (3) | (29) |
Payments on mortgage note payable | (3,350) | (89) | |
Payments on notes payable | (303) | ||
Cash payments for repurchases of common stock | (413) | ||
Payment to closeout derivative liability | (227) | ||
Payments on contingent consideration | (45) | (61) | |
Proceeds from sales of common stock, net of offering costs | 18,905 | ||
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | (3,065) | (1,236) | 18,726 |
Effect of exchange rate changes on cash | 44 | 225 | 156 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 18,849 | (8,144) | 8,029 |
Cash, cash equivalents and restricted cash at beginning of year | 4,502 | 12,646 | 4,617 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR | 23,351 | 4,502 | 12,646 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||
Income taxes paid | 153 | 237 | 158 |
Interest paid, net of capitalized interest | 315 | 520 | 500 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||
Non-cash item for January 1, 2019 adoption of ASC 842 - establishment of right-of-use assets and offsetting lease obligations | 7,703 | ||
Note payable, related party assumed by buyer of electromechanical business as partial consideration for purchase of business | 5,304 | ||
Non-cash investment in equity method investment | 3,839 | ||
Common stock issued and issuable for royalties payable pursuant to product agreements, related party | 30 | 14 | 16 |
Common stock issued and to be issued for consulting services and compensation in common stock | 178 | 358 | 439 |
Accrued property and equipment purchases at December 31 | 8 | 8 | 27 |
Accrued investment in other intangible assets at December 31 | 3 | 55 | 15 |
Payment of insurance policy with short-term note payable | $ 776 |
Note 1 - Nature of Operations a
Note 1 - Nature of Operations and Basis of Presentation | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. CUI Global Inc. (CUI Global) is a platform company composed of one 2019, December 31, 2019. The Company’s Energy segment is made up of Orbital Gas Systems Ltd. (Orbital-UK) and Orbital Gas Systems, North America, Inc. (Orbital North America), collectively referred to as Orbital Gas Systems (Orbital). Orbital-UK is a United Kingdom-based provider of natural gas infrastructure and advanced technology, including metering, odorization, remote telemetry units (‘‘RTU’’) and provides a diverse range of personalized gas engineering solutions to the gas utilities, power generation, emissions, manufacturing and automotive industries. Orbital Gas Systems, North America, Inc. is a wholly owned subsidiary that represents the Energy segment in the North American market. GasPT® and VE® Technology |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include estimates used to review the Company’s goodwill, impairment estimations of long-lived assets, revenue recognition on cost-to-cost type contracts, allowances for uncollectible accounts, inventory valuation, warranty reserves, valuations of non-cash capital stock issuances, estimates of the incremental borrowing rate for long-term leases, fair value estimates and the valuation allowance on deferred tax assets. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable in the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not may Company Conditions The continued delays in shipment of GasPTs on a significant project, and the related slower than expected acceptance of this new disruptive technology and the ongoing impact of Brexit has caused a delay in our expected profitability from continuing operations. The Company had net loss of $1.1 $11.5 December 31, 2019. December 31, 2019, $122.2 Management believes the Company's present cash flows will meet its obligations for twelve $25.7 twelve twelve Principles of Consolidation The accompanying consolidated financial statements include the accounts of CUI Global, Inc. and its wholly owned subsidiaries Orbital Gas Systems, Ltd. and Orbital Gas Systems, North America, Inc. hereafter referred to as the ‘‘Company.’’ Additional wholly owned subsidiaries, CUI Holdings Inc. (formerly CUI, Inc.), CUI Japan, CUI-Canada, and CUI Properties, LLC are included in these financial statements as discontinued operations. The primary assets and liabilities of CUI Holdings Inc. were sold or settled during 2019 Discontinued Operations and Sales of Businesses As part of the Company’s stated strategy to transform CUI Global into a diversified energy infrastructure services platform serving North American and U.K. energy customers, the Company’s board of directors made the decision to divest of its Power and Electromechanical businesses. On September 30, 2019, November 2019, 2019 $35.4 $14.1 December 31, 2019, Pursuant to the terms of the asset sale agreement with Back Porch International, Inc., the Seller and Parent agreed to sell and assign to the management-led group, Back Porch International, Inc., the rights and obligations of Seller and Parent to the assets constituting the non-power supply electromechanical components product group of Seller and Parent effective the close of business September 30, 2019 $15 $4.7 $5.3 5 $3.5 $5 $3.3 December 31, 2019). Pursuant to the terms of the asset sale agreement with Bel Fuse Inc., the Seller and Parent, excluding CUI-Canada and CUI Japan, agreed to sell and assign to the Bel Fuse Inc., the rights and obligations of Seller and Parent to the assets constituting the majority of its power supply business of Seller and Parent, excluding CUI-Canada and CUI Japan, effective upon close of the transaction for $32 The associated results of operations of the discontinued Power and Electromechanical segment are separately reported as Discontinued Operations for all periods presented on the Consolidated Statements of Operations. Balance sheet items for the discontinued businesses, from the former Power and Electromechanical segment have been reclassified to assets held for sale within current assets and liabilities held for sale within current liabilities in the Consolidated Balance Sheets as of December 31, 2019 December 31, 2018. December 31, 2018 2017 The former Power and Electromechanical segment consists of the wholly owned subsidiaries: CUI Holding, Inc. (CUI), based in Tualatin, Oregon; CUI Japan, based in Tokyo, Japan; CUI-Canada, based in Toronto, Canada; and the entity that previously held the corporate building, CUI Properties. All three $0 2019 $92 The Power and Electromechanical segment aggregates its product offerings into two Selected data for these discontinued businesses consisted of the following: Reconciliation of the Major Classes of Line Items Constituting Pretax Income from Discontinued Operations to the After-Tax Income from Discontinued Operations That Are Presented in the Statement of Operations (In thousands) For the Year Ended December 31, Major classes of line items constituting pretax profit (loss) of discontinued operations 2019 2018 2017 Revenues $ 56,476 $ 76,447 $ 64,432 Cost of revenues (37,086 ) (50,096 ) (42,493 ) Selling, general and administrative expense (19,384 ) (17,712 ) (16,415 ) Depreciation and amortization (300 ) (603 ) (797 ) Research and development (854 ) (2,647 ) (2,303 ) Provision for bad debt (5 ) (20 ) (3 ) Impairment of goodwill and intangible assets (278 ) — (3 ) Interest expense (277 ) (286 ) (299 ) Other income and expense (113 ) 52 (118 ) Pretax (loss) profit of discontinued operations related to major classes of pretax (loss) profit (1,821 ) 5,135 2,001 Pretax gain on sale of certain power and electromechanical businesses 14,100 — — Pretax gain on assets contributed as part of the purchase of VPS 629 — — Total pretax income on discontinued operations 12,908 5,135 2,001 Income tax expense 411 1,136 645 Total income from discontinued operations $ 12,497 $ 3,999 $ 1,356 Reconciliation of the Carrying Amounts of Major Classes of Assets and Liabilities of the Discontinued Operation to Total Assets and Liabilities of the Disposal Group Classified as Held for Sale As of December 31, As of December 31, (In thousands) 2019 2018 Carrying amounts of the major classes of assets included in discontinued operations: Trade accounts receivables $ 1,740 $ 9,382 Inventories 3,254 11,420 Prepaid expenses and other current assets 140 470 Total current assets * 21,272 Property and equipment 273 1,433 Right of use assets - Operating leases 391 — Goodwill — 13,089 Other intangible assets 352 8,508 Deferred tax asset 663 — Deposits and other assets 80 77 Total noncurrent assets * 23,107 Total assets of the disposal group classified as held for sale $ 6,893 $ 44,379 Carrying amounts of the major classes of liabilities included in discontinued operations: Accounts payable $ 618 $ 4,960 Line of credit — 979 Operating lease obligations - current portion 410 — Accrued expenses 3,935 2,958 Contract liabilities — 270 Refund liabilities — 2,417 Total current liabilities * 11,584 Long term note payable, related party — 5,304 Operating lease obligations, less current portion 7 — Deferred tax liabilities — 1,922 Other long-term liabilities — 15 Total noncurrent liabilities * 7,241 Total liabilities $ 4,970 $ 18,825 * The assets and liabilities of the disposal group classified as held for sale are classified as current on the December 31, 2019 one Net cash provided by operating activities of discontinued operations for 2019, 2018 2017 $2.7 $4.5 $3.7 Net cash used in investing activities of discontinued operations for 2019, 2018 2017 $0.5 $1.3 $1.0 Fair Value of Financial Instruments Accounting Standards Codification (‘‘ASC’’) 820 820’’ 820 three first two may • Level 1 • Level 2 2 • Level 3 The Company determines when a financial instrument transfers between levels based on management’s judgment of the significance of unobservable inputs used to calculate the fair value of the financial instrument. Management believes the carrying amounts of the short-term financial instruments, including cash and cash equivalents, investment, note receivable, accounts receivable, contract assets, prepaid expense and other assets, accounts payable, accrued liabilities, contract liabilities, and other liabilities reflected in the accompanying consolidated balance sheet approximate fair value at December 31, 2019 2018 Cash and Cash Equivalents Cash includes deposits at financial institutions with maturities of three 90 December 31, 2019 2018, $1.0 $0.3 $0.3 $67 December 31, 2019 2018, $0.2 $0.3 $0.6 $0, $0.2 $67 December 31, 2019 2018, $0 $0.5 (In thousands) As of December 31, 2019 2018 2017 Cash and cash equivalents at beginning of year $ 3,979 $ 12,646 $ 4,617 Restricted cash at beginning of year 523 — — Cash, cash equivalents and restricted cash at beginning of year $ 4,502 $ 12,646 $ 4,617 Cash and cash equivalents at end of year $ 23,351 $ 3,979 $ 12,646 Restricted cash at end of year — 523 — Cash, cash equivalents and restricted cash at end of year $ 23,351 $ 4,502 $ 12,646 Investments and Notes Receivable The Company obtained a note receivable in 2019 $5 $3.3 Test Products International, Inc. ("TPI") is a provider of handheld test and measurement equipment. The Company had a note receivable with TPI, which originated in 2016 5% $0.4 June 30, 2019. $8 $17 $18 December 31, 2019, 2018 2017, $36 $10 $16 December 31, 2019, 2018 2017, $13 $10, $16 2019. 2018 2017, $19 $39 December 31, 2019 2018 $0 $318 During 2018, two $655 third 2019. 3, Accounts Receivable and Allowance for Uncollectible Accounts Accounts receivable consist of the receivables associated with revenue derived from product sales including present amounts due to contracts accounted for under cost-to-cost method. An allowance for uncollectible accounts is recorded to allow for any amounts that may not $47 $17 December 31, 2019 2018, 30 Activity in the allowance for doubtful accounts for the years ended December 31, 2019, 2018 2017 (In thousands) For the Years ended December 31, 2019 2018 2017 Allowance for doubtful accounts, beginning of year $ 17 $ 5 $ 21 Charge (credit) to costs and expenses 131 13 (16 ) Deductions (101 ) (1 ) — Allowance for doubtful accounts, end of year $ 47 $ 17 $ 5 Inventories Inventories consist of finished and unfinished products and are stated at the lower of cost or market through either the first first At December 31, 2019, 2018, (In thousands) As of December 31, 2019 2018 Finished goods $ 434 $ 665 Raw materials 244 394 Work-in-process 953 563 Total inventories $ 1,631 $ 1,622 Activity in inventory reserves is as follows: (In thousands) For the Years ended December 31, 2019 2018 2017 Inventory reserves, beginning of year $ 1,499 $ 104 $ 110 Charge to costs and expenses 202 1,401 (16 ) Other additions (deductions) 59 (6 ) 10 Inventory reserves, end of year $ 1,760 $ 1,499 $ 104 Land, Buildings, Improvements, Furniture, Vehicles, Equipment, and Leasehold Improvements Land is recorded at cost and includes expenditures made to ready it for use. Land is considered to have an infinite useful life. Buildings and improvements are recorded at cost. Furniture, vehicles, and equipment are recorded at cost and include major expenditures, which increase productivity or substantially increase useful lives. Leasehold improvements are recorded at cost and are depreciated over the lesser of the lease term, estimated useful life. The cost of buildings, improvements, furniture, vehicles, and equipment is depreciated over the estimated useful lives of the related assets. Depreciation is computed using the straight-line method for financial reporting purposes. The estimated useful lives for buildings, improvements, furniture, vehicles, and equipment are as follows: Estimated Useful Life (in years) Buildings and improvements 5 to 39 Furniture and equipment 3 to 10 Vehicles 3 to 5 Maintenance, repairs and minor replacements are charged to expenses when incurred. When buildings, improvements, furniture, equipment and vehicles are sold or otherwise disposed of, the asset and related accumulated depreciation are removed and any gain or loss is included in the statement of operations. Long-Lived Assets Long-lived assets including finite-lived intangible assets are periodically reviewed for impairment whenever circumstances and situations change such that there is an indication that the carrying amounts may not not In the fourth 2018, not two $1.5 $0.1 2019 Other than on goodwill, no 2019, 2018 2017. 2018, 360 Property, Plant and Equipment not no Identifiable Intangible Assets Intangible assets are stated at cost net of accumulated amortization and impairment. The fair value for intangible assets acquired through acquisitions is measured at the time of acquisition utilizing the following inputs, as needed: 1. Inputs used to measure fair value are unadjusted quote prices available in active markets for the identical assets or liabilities if available. 2. Inputs used to measure fair value, other than quoted prices included in 1, not 3. Inputs used to measure fair value are unobservable inputs supported by little or no 4. Expert appraisal and fair value measurement as completed by third The following are the estimated useful life for the intangible assets: Estimated Useful Life (in years) Finite-lived intangible assets Order backlog 2 Trade name - Orbital 10 Customer list - Orbital 10 Technology rights 20 (1) Technology-Based Asset - Know How 12 Technology-Based Asset - Software 10 Software, at cost 3 to 5 ( 1 Technology rights are amortized over a 20 Indefinite-Lived Intangibles and Goodwill Assets The Company accounts for business combinations under the acquisition method of accounting in accordance with ASC 805, may one 2019 In the fourth 2019, not third zero not 2018 During our review of Goodwill as of May 31, 2018, not The significant changes for the Orbital-UK reporting unit included a decline in the 2018 2018 The Company performed a quantitative test for the Orbital-UK reporting unit, which resulted in an impairment for the Orbital-UK reporting unit, and the Company recorded a Goodwill impairment charge of $1.3 second 2018. December 2018 fourth 2018, not May 31, 2018 not 2018 As a result of its analysis, the Company performed another quantitative test of goodwill, which resulted in further impairment for the Orbital-UK reporting unit, and the Company recorded a goodwill impairment charge of $3.1 fourth 2018, 2018, no December 2017 fourth 2017, not May 31, 2017 2017 2018 The Company performed a quantitative analysis. As a result of the analysis, the Company concluded that the carrying value of the Orbital-UK reporting unit exceeded its estimated fair value. The quantitative test for the Orbital-UK reporting unit resulted in an impairment for the Orbital-UK reporting unit, and the Company recorded a goodwill impairment charge of $3.2 fourth 2017. Accrued expenses Accrued expenses are liabilities that reflect expenses on the statement of operations that have not December 31, 2019 December 31, 2018, $5.2 $1.9 $1.1 $0.9 $0.2 $0.1 December 31, 2019, $2.8 January 2020. Derivative instruments The Company uses various derivative instruments including forward currency contracts, and interest rate swaps to manage certain exposures. These instruments are entered into under the Company’s corporate risk management policy to minimize exposure and are not not may one ten 2018 2017, $129 $111 December 31, 2018, $227 Derivative Liabilities The Company evaluates embedded conversion features pursuant to FASB Accounting Standards Codification No. 815 815’’ not 2019, ten December 2018 not 2019. Stock-Based Compensation The Company records its stock-based compensation expense under its stock option plans and also issues stock for services. The Company accounts for stock-based compensation using FASB Accounting Standards Codification No. 718 718’’ 718 Stock bonuses issued to employees are recorded at fair value using the market price of the stock on the date of grant and expensed over the service period or immediately if fully vested on date of issuance. Employee stock options are recorded at fair value using the Black-Scholes option pricing model. The underlying assumptions used in the Black-Scholes option pricing model by the Company are taken from publicly available sources including: ( 1 2 3 See Note 10 Common stock and stock options are also recorded on the basis of their fair value, as required by FASB ASC 505, 505, 505, Common stock issued to other than employees or directors subject to performance (performance based awards) require interpretation to include ASC 505 50 30 13 505 Defined Contribution Plans The Company has a 401 60 18 6% $0.2 $0.1 $74 2019, 2018 2017, $0.3 $0.4 $0.3 Revenue Recognition On January 1, 2018, 606, January 1, 2018. January 1, 2018 $1.9 $2.8 0.9 On January 1, 2018, 606 606" not December 31, 2017. January 1, 2018 606, not 2017 606 no The Energy segment subsidiaries, collectively referred to as Orbital Gas Systems (Orbital), generate their revenue from a portfolio of products, services and resources that offer a diverse range of personalized gas engineering solutions to the gas utilities, power generation, petrochemical, emissions, manufacturing and automotive industries, among others. Orbital accounts for a majority of its contract revenue proportionately over time. For our performance obligations satisfied over time, we recognize revenue by measuring the progress toward complete satisfaction of that performance obligation. The selection of the method to measure progress towards completion can be either an input method or an output method and requires judgment based on the nature of the goods or services to be provided. For our construction contracts, revenue is generally recognized over time. Our fixed price construction projects generally use a cost-to-cost input method to measure our progress towards complete satisfaction of the performance obligation as we believe it best depicts the transfer of control to the customer. Under the cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. The timing of revenue recognition for Energy products also depends on the payment terms of the contract, as our performance does not not For our service contracts, revenue is also generally recognized over time as the customer simultaneously receives and consumes the benefits of our performance as we perform the service. For our fixed price service contracts with specified service periods, revenue is generally recognized on a straight-line basis over such service period when our inputs are expended evenly, and the customer receives and consumes the benefits of our performance throughout the contract term. For certain of our revenue streams, such as call-out repair and service work, and outage services, that are performed under time and materials contracts, our progress towards complete satisfaction of such performance obligations is measured using an output method as the customer receives and consumes the benefits of our performance completed to date. Due to uncertainties inherent in the estimation process, it is possible that estimates of costs to complete a performance obligation will be revised in the near-term. For those performance obligations for which revenue is recognized using a cost-to-cost input method, changes in total estimated costs, and related progress towards complete satisfaction of the performance obligation, are recognized on a cumulative catch-up basis in the period in which the revisions to the estimates are made. When the current estimate of total costs for a performance obligation indicate a loss, a provision for the entire estimated loss on the unsatisfied performance obligation is made in the period in which the loss becomes evident. Product-type contracts (for example, sale of GasPT units) for which revenue does not Accounts Receivable, Contract Assets and Contract Liabilities Accounts receivable are recognized in the period when our right to consideration is unconditional. We also assess our customers' ability and intention to pay, which is based on a variety of factors, including our historical payment experience with and the financial condition of our customers. Payment terms and conditions vary by contract, although our standard terms include a requirement of payment within 30 The timing of revenue recognition may not Contract liabilities from our construction contracts occur when amounts invoiced to our customers exceed revenues recognized under the cost-to-cost measure of progress. Contract liabilities additionally include advanced payments from our customers on certain contracts. Contract liabilities decrease as we recognize revenue from the satisfaction of the related performance obligation and are recorded as either current or long-term, depending upon when we expect to recognize such revenue. Balances and activity in the current contract liabilities as of and for the years ended December 31, 2019 2018 (In thousands) As of December 31, As of January 1, 2018 2018 Current contract liabilities $ 1,956 $ 4,386 Long-term contract liabilities (1) 129 84 Total contract liabilities $ 2,085 $ 4,470 For the Year Ended December 31, 2019 2018 Total contract liabilities - January 1 $ 2,085 $ 4,470 Contract additions, net 1,763 1,940 Revenue recognized (2,016 ) (4,123 ) Translation 28 (202 ) Total contract liabilities - December 31 $ 1,860 $ 2,085 As of December 31, 2019 2018 Current contract liabilities $ 1,668 $ 1,956 Long-term contract liabilities (1) 192 129 Total contract liabilities $ 1,860 $ 2,085 ( 1 Performance Obligations Remaining Performance Obligations Remaining performance obligations, represents the transaction price of contracts with customers for which work has not December 31, 2019, 12 Any adjustments to net revenues, cost of revenues, and the related impact to operating income are recognized as necessary in the period they become known. These adjustments may may may not one one Performance Obligations Satisfied Over Time To determine the proper revenue recognition method for our contracts, we evaluate whether a single contract should be accounted for as more than one For most of our contracts, the customer contracts with us to provide a significant service of integrating a complex set of tasks and components into a single project or capability (even if that single project results in the delivery of multiple units). Hence, the entire contract is accounted for as one may one one Performance Obligations Satisfied at a Point in Time. Revenue from goods and services transferred to customers at a single point in time accounted for 29% 22% December 31, 2019 2018. Variable Consideration The nature of our contracts gives rise to several types of variable consideration, including new product returns and scrap return allowances primarily in the discontinued operations of Power and Electromechanical segment. In rare instances in our Energy segment, we include in our contract estimates, additional revenue for submitted contract modifications or claims against the customer when we believe we have an enforceable right to the modification or claim, the amount can be estimated reliably and its realization is probable. In evaluating these criteria, we consider the contractual/legal basis for the claim, the cause of any additional costs incurred, the reasonableness of those costs and the objective evidence available to support the claim. We include new product introduction and scrap return estimates in our calculation of net revenue when there is a basis to reasonably estimate the amount of the returns. These estimates are based on historical return experience, anticipated returns and our best judgment at the time. These amounts are included in our calculation of net revenue recorded for our contracts and the associated remaining performance obligations. Significant Judgments Our contracts with certain customers may may At times, customers may not Our contracts with customers often include promises to transfer multiple products and services to a customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately rather than together may not In contracts where there are timing differences between when we transfer a promised good or service to the customer and when the customer pays for that good or service, we have determined that, our contracts do not The following table presents our revenues disaggregated by timing of revenue recognition for the year ended December 31, 2019 2018: For the Year Ended December 31, (In thousands) 2019 2018 Revenues recognized at point in time $ 6,800 $ 4,391 Revenues recognized over time 16,692 15,951 Total revenues $ 23,492 $ 20,342 The following table presents our revenues disaggregated by region for the years ended December 31, 2019 2018: For the Year Ended December 31, (In thousands) 2019 2018 North America $ 9,654 $ 4,311 Europe 13,733 15,620 Asia 42 205 Other 63 206 Total revenues $ 23,492 $ 20,342 Revenue Recognition - 2017 As discussed above, ASC 606 2017 not 606. 2017, For production-type contracts meeting the Company’s minimum threshold, revenues and related costs on these contracts were recognized using the ‘‘percentage of completion method’’ of accounting in accordance with ASC 605 35, Accounting for Performance of Construction-Type and Certain Production Type Contracts 605 35’’ not not two Production-type contracts that did not 605 35 25 57. no For product sales, revenue was recognized in the period when persuasive evidence of an arrangement with a customer existed, the products were shipped and title had transferred to the customer, the price was fixed or determinable, and collection was reasonably assured. Revenues from warranty and maintenance activities were recognized ratably over the term of the warranty and maintenance period and the unrecognized portion was recorded as deferred revenue. Advertising The costs incurred for producing and communicating advertising are charged to operations as incurred. Advertising expense for the years ended December 31, 2019, 2018 2017 $0.4 $0.6 $0.5 Income Taxes Income taxes are accounted for under the asset and liability method of FASB Accounting Standards Codification No. 740 740’’ 740, not not Valuation allowances have been established against all domestic based deferred tax assets and U.K. based deferred tax assets due to uncertainties in the Company’s ability to generate sufficient taxable income in future periods to make realization of such assets more likely than not. not. not The Company recognizes interest and penalties, if any, related to its tax positions in income tax expense. CUI Global files consolidated income tax returns with its U.S. based subsidiaries for federal and many state jurisdictions in addition to separate subsidiary income tax returns in Japan, the United Kingdom and Canada. As of December 31, 2019, not no 2015. Net Loss per Share In accordance with FASB Accounting Standards Codification No. 260 260’’ 2019, 2018 2017, three 2019, 2018 2017. 37,312; 1,844 63,602 December 31, 2019, 2018 2017, 2017. The following table summarizes the number of stock options outstanding excluding amounts applicable to contingent conversion option in 2018 2017: As of December 31, 2019 2018 2017 Options, outstanding 849,635 923,898 964,180 Any common shares issued as a result of stock options would come from newly issued common shares as granted under our equity incentive plans. The following is the calculation of basic and diluted earnings per share: For the Years Ended December 31, (In thousands, except dollars per share) 2019 2018 2017 Continuing operations: Loss from continuing operations, net of income taxes $ (13,626 ) $ (21,324 ) $ (13,945 ) Discontinued operations: Income from discontinued operations, net of income taxes 12,497 3,999 1,356 Net loss $ (1,129 ) $ (17,325 ) $ (12,589 ) Basic and diluted weighted average number of shares outstanding 28,654,500 28,517,339 22,397,865 Loss from continuing operations per common share - basic and diluted $ (0.48 ) $ (0.75 ) $ (0.62 ) Earnings from discontinued operations - basic and diluted 0.44 0.14 0.06 Loss per common share - basic and diluted $ (0.04 ) $ (0.61 ) $ (0.56 ) Foreign Currency Translation The financial statements of the Company's foreign offices have been translated into U.S. dollars in accordance with FASB ASC 830, 830 2019, 2018 2017 Segment Reporting Operating segments are defined in accordance with ASC 280 10 three 280 10. two two not 2019, The following information represents segment activity as of and for the year ended December 31, 2019: (In thousands) Energy Other Total Revenues from external customers $ 23,492 $ — $ 23,492 Depreciation and amortization (1) 1,520 841 2,361 Interest expense 52 9 61 Loss from operations (8,615 ) (7,430 ) (16,045 ) Segment assets 21,461 42,697 64,158 Other intangibles assets, net 4,276 22 4,298 Expenditures for segment assets (2) 135 539 674 The following information represents segment activity as of and for the year ended December 31, 2018: (In thousands) Energy Other Total Revenues from external customers $ 20,342 $ — $ 20,342 Depreciation and amortization (1) 1,525 1,480 3,005 Interest expense 23 193 216 Impairment of goodwill and other intangible assets 4,347 — 4,347 Loss from operations (17,168 ) (4,966 ) (22,134 ) Segment assets 19,034 51,133 70,167 Other intangibles assets, net 5,314 39 5,353 Expenditures for segment assets (2) 235 1,299 1,534 The following information represents segment activity as of and for the year ended December 31, 2017: (In thousands) Energy Other Total Revenues from external customers $ 18,843 $ — $ 18,843 Depreciation and amortization (1) 1,345 1,505 2,850 Interest expense 1 200 201 Impairment of goodwill and other intangible assets 3,152 — 3,152 Loss from operations (11,366 ) (4,939 ) (16,305 ) Segment assets 26,512 61,397 87,909 Other intangibles assets, net 6,669 59 6,728 Goodwill 4,549 — 4,549 Expenditures for segment assets (2) 576 955 1,531 ( 1 For the years ended December 31, 2019, 2018 2017, $0.8 $1.5 $1.5 ( 2 Includes purchases of property, plant and equipment and investment in other intangible assets. The following information represents revenue by country: For the Years Ended December 31, (In thousands) 2019 2018 2017 USA $ 9,654 41 % $ 4,311 21 % $ 3,158 17 % United Kingdom 13,391 57 % 15,118 74 % 14,479 77 % All Others 447 2 % 913 5 % 1,206 6 % Total $ 23,492 100 % $ 20,342 100 % $ 18,843 100 % The following information represents long-lived assets (excluding deferred tax assets) by country: As of December 31, (In thousands) 2019 2018 USA $ 13,664 $ 23,544 United Kingdom 8,800 9,647 Other — 1,495 $ 22,464 $ 34,686 Reclassifications Certain reclassifications primarily related to discontinued operations and assets and liabilities held for sale have been made to the 2018 2018 2017 2019 Recent Accounting Pronouncements In January 2020, 2020 01, Investments - Equity Securities (Topic 321 323 815 321, 323, 815. 2020 01 2020 01 2021 not 2021. In December 2019, 2019 12, 740 2021 not 2021. In August 2018, No. 2018 15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350 40 2018 15" 2018 15 December 15, 2019, not 2020. In August 2018, No. 2018 13, Fair Value Measurement (Topic 820 2018 13” 820, 3 December 15, 2019, two three 2020. In June 2016, No. 2016 13, Financial Instruments – Credit Losses (Topic 326 2016 13” 2016 13 December 15, 2019. not 2020. |
Note 3 - Investments and Fair V
Note 3 - Investments and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 3. The Company’s fair value hierarchy for its cash equivalents, marketable securities and derivative instruments as of December 31, 2019 December 31, 2018, (In thousands) December 31, 2019 Level 1 Level 2 Level 3 Total Money market securities $ 17 $ — $ — $ 17 Total assets $ 17 $ — $ — $ 17 December 31, 2018 Level 1 Level 2 Level 3 Total Money market securities $ 16 $ — $ — $ 16 Certificate of deposit - restricted cash 523 — — 523 Certificate of deposit - restricted investment (1) 400 — — 400 Convertible notes receivable — — 655 655 Total assets $ 939 $ — $ 655 $ 1,594 ( 1 12 Fair Value Measurements Using Significant Unobservable Inputs (Level 3 - recurring basis) (In thousands) Convertible Note Receivable Balance at December 31, 2018 $ 655 Conversion to common stock of VPS (655 ) Balance at December 31, 2019 $ — There were no 3 2 2019 The fair values of the reporting units subject to the Company’s quantitative impairment analysis were determined utilizing a blend of a market and an income approach to determine the estimated fair values of the reporting units, as discussed in Note 2. 3 The convertible notes receivable balance was with Virtual Power Systems ("VPS") and considered a restricted security. The fair value measurement of a restricted security includes consideration of whether the restriction would be factored in by market participants in pricing the asset. The fair value of a restricted security could be based on the quoted price for an otherwise identical unrestricted security of the same issuer that trades in a public market, adjusted to reflect the effect of the restriction. The adjustment would reflect the amount market participants would demand because of the risk relating to the inability to access a public market for the security for the specified period. The Company concluded based on the history of VPS having raised substantial funds under its bridge loan/purchase agreement prior to and subsequent to CUI’s investments, that the value of the notes had neither increased significantly or decreased significantly. Equity Method Investment in VPS On March 30, 2019, $0.7 $0.3 $2.5 $1.8 $1.7 2019. 21.4% three June 30, 2019, $0.6 December 31, 2019, 20.58% not December 31, 2019 $4.9 December 31, 2019 (In thousands) Current assets $ 3,739 Non-current assets 4,306 Total Assets 8,045 Current liabilities $ 396 Non-current liabilities 2,725 Stockholders' equity 4,924 Total liabilities and stockholders' equity $ 8,045 Operating results since equity-method investment acquired. Revenues $ 154 Operating loss (5,151 ) Net loss $ (5,151 ) Other comprehensive profit (loss): Foreign currency translation adjustment — Comprehensive net loss (5,151 ) Add back excluded acquisition intangible amortization, net 86 Adjusted comprehensive loss $ (5,065 ) Company share of adjusted net loss at 20.58% $ (1,043 ) Equity investment in affiliate $ 4,865 |
Note 4 - Property and Equipment
Note 4 - Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 4. Property and equipment from continuing operations is summarized as follows: At December 31, (In thousands) 2019 2018 Land $ 395 $ 382 Buildings 4,117 3,976 Leasehold improvements 109 109 Equipment 1,274 1,357 Property and equipment, gross 5,895 5,824 Less accumulated depreciation (1,441 ) (1,284 ) Property and equipment, net $ 4,454 $ 4,540 Depreciation expense from continuing operations for the years ended December 31, 2019, 2018 2017 $0.3 $0.3 $0.3 During the year ended December 31, 2019, $0.2 $0.2 During the year ended December 31, 2018, $5.6 $0.8 2018, $8.1 ten $2.9 $0.4 842, January 1, 2019 |
Note 5 - Goodwill and Other Int
Note 5 - Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 5. At December 31, 2019 2018, December 31, 2019 Identifiable Intangible December 31, 2018 Identifiable Intangible (In thousands) *Estimated Gross Assets, less Gross Assets, less Useful Carrying Accumulated Accumulated Carrying Accumulated Accumulated Life (in years) Amount Amortization Amortization Amount Amortization Amortization Finite-lived intangible assets Energy Segment: Order backlog 2 $ 2,938 $ (2,938 ) $ — $ 2,837 $ (2,837 ) $ — Trade name - Orbital-UK 10 1,579 (1,066 ) 513 1,526 (877 ) 649 Customer list - Orbital-UK 10 6,142 (4,146 ) 1,996 5,931 (3,411 ) 2,520 Technology rights 20 330 (213 ) 117 318 (173 ) 145 Technology-Based Asset - Know How 12 2,488 (1,399 ) 1,089 2,403 (1,151 ) 1,252 Technology-Based Asset - Software 10 539 (364 ) 175 521 (300 ) 221 Computer software 3 to 5 717 (331 ) 386 667 (140 ) 527 Total Energy Segment 14,733 (10,457 ) 4,276 14,203 (8,889 ) 5,314 Other category Computer software 3 to 5 720 (698 ) 22 715 (676 ) 39 Product certifications 3 36 (36 ) — 36 (36 ) — Total other category 756 (734 ) 22 751 (712 ) 39 Total Finite-lived assets Total Identifiable other intangible assets $ 15,489 $ (11,191 ) $ 4,298 $ 14,954 $ (9,601 ) $ 5,353 * All intangibles are reviewed annually for impairment, or sooner if circumstances change. Intangible asset amortization by category was as follows: For the Years Ended December 31, (In thousands) 2019 2018 2017 Trademarks and trade name $ 153 $ 160 $ 154 Customer lists/relationships 595 622 600 Technology rights 32 33 30 Technology-based assets 253 265 255 Computer software 204 161 32 Other intangibles — — 2 Intangibles held by discontinued operations 400 661 768 Total amortization $ 1,637 $ 1,902 $ 1,841 Estimated future amortization by category of finite-lived intangible assets at December 31, 2019 For the Years Ending December 31, (In thousands) 2020 2021 2022 2023 2024 2025 and thereafter Totals Trademarks and trade name $ 158 $ 158 $ 158 $ 39 $ — $ — $ 513 Customer lists/relationships 614 614 614 154 — — 1,996 Technology rights 33 33 33 18 — — 117 Technology-based assets 261 261 261 221 208 52 1,264 Computer software 198 112 76 22 — — 408 Total amortization $ 1,264 $ 1,178 $ 1,142 $ 454 $ 208 $ 52 $ 4,298 Management reviews other intangible assets for impairment when facts or circumstances suggest. As of December 31, 2019, no The following table reflects the carrying amount of goodwill as of December 31, 2018 2017, 2018 no December 31, 2019 December 31, 2018. (In thousands) Energy Other Total Balance, December 31, 2017 $ 4,549 $ — $ 4,549 Currency translation adjustments (202 ) — (202 ) Goodwill impairment (4,347 ) — $ (4,347 ) Balance, December 31, 2018 $ — $ — $ — See Note 2 2019 2018 2017. |
Note 6 - Instruments and Risk M
Note 6 - Instruments and Risk Management | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 6. The Company has limited involvement with derivative instruments and does not At December 31, 2019 2018, no From time to time, to minimize risk associated with foreign currency exposures on receivables for sales denominated in foreign currencies, the Company enters into various foreign currency forward exchange contracts, which are intended to minimize the currency exchange rate exposure from expected future cash flows. The forward currency contracts have maturity dates of up to one December 31, 2019 2018, no In conjunction with the mortgage note payable for the purchase of the headquarters facility completed in 2013, October 1, 2013, ten 6.27%. In December 2018, The amount of gain recognized in income on the statement of operations is summarized below: Location of Gain Recognized in Income For the Years Ended December 31, (In thousands) 2019 2018 2017 Interest rate swap: Other income (expense) $ — $ 129 $ 111 |
Note 7 - Notes Payable
Note 7 - Notes Payable | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. NOTES PAYABLE Notes payable is summarized as follows: As of December 31, (In thousands) 2019 2018 (a) Acquisition Note Payable - related party $ — $ 5,304 (b) Notes Payable - Financing notes 473 — Ending balance $ 473 $ 5,304 (a) The note payable to International Electronic Devices, Inc. (formerly CUI, Inc.) is associated with the acquisition of CUI, Inc. The promissory note was due May 15, 2020 5% $0.001 September 30, 2019, $5.3 (b) Two notes payable for $358 $374 July November 2019 1 4.83% eight $46 March 1, 2020 2 4.85% ten $38 September 1, 2020 . The following table details the maturity of the notes payable for CUI Global, Inc.: (In thousands) As of December 31, 2019 2020 $ 473 2021 — 2022 — 2023 — 2024 — Thereafter — Total $ 473 |
Note 8 - Overdraft Facility and
Note 8 - Overdraft Facility and Line of Credit | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Working Capital, Line of Credit and Overdraft Facility [Text Block] | 8. On October 5, 2016, $1.5 five 2.25% 2.5% December 31, 2018). During April 2019, two first $3 $10,000,000 2.00%. 2019 no |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 9. Legal Matters The Company may not not Commissions, Royalty and License Fee Agreements Royalty and license fees are paid in accordance with their related agreements, either on a monthly or quarterly basis. We deal with a number of independent licensors for whose intellectual property we compete with other manufacturers. Rights to such intellectual property, when acquired by us, are usually exclusive and the agreements require us to pay the licensor a royalty on our net sales of the item. These license agreements, in some cases, also provide for advance royalties and minimum guarantees in order to maintain technical rights and exclusivity. As of December 31, 2019 2018, $9 $3 Employment Agreements As of the year ended December 31, 2019, William J. Clough, General Counsel of CUI Global, Inc. and Executive Chairman of the Company’s board of directors Mr. Clough is employed under a three May 14, 2019. 1 $750 2 $800 3 $850 seventy-five twenty-five 1,600,000 one December 31, 2019, not $9,999 2.5 eighteen December 31, 2019, 2018, 2017, $0, $30 $33 Daniel N. Ford, Chief Financial Officer of CUI Global Inc. and Subsidiaries, Chief Operating Officer of the Energy Division Mr. Ford is employed under a three May 14, 2019. 1 $500 2 $550 3 $600 seventy-five twenty-five 960,000 one December 31, 2019, not 2.0 eighteen December 31, 2019, 2018, 2017, $0, $21 $22 James F. O’Neil III, Chief Executive Officer, Vice Chairman of the Board of Directors, and Chief Executive Officer of the Company’s wholly owned subsidiaries Mr. O'Neil is employed under a three October 1, 2019. 1 $750 2 $800 3 $850 seventy-five twenty-five 1,000,000 600,000 one December 31, 2019, not $9,999 2.5 eighteen Off-Balance Sheet Arrangements - Obligations under Certain Guarantee Contracts The Company may third December 31, 2019, third $4.6 90% 2020. not |
Note 10 - Stockholders' Equity
Note 10 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 10. Common Stock Dividend Restrictions As of December 31, 2019, no December 31, 2019 2018, not Common Stock Issuances (Dollars in thousands) Date of issuance Type of Expense/ Prepaid/ Stock issuance recipient Reason for issuance Total no. of Grant date January, April, July, and October 2019 Vested restricted common stock Expense Four board members Director compensation 164,713 $ 162 May 2019 Common stock Expense Employee Approved bonus 18,837 17 Total 2019 issuances 183,550 $ 179 (1) January, April, July and October 2018 Vested restricted common stock Expense Four board members Director compensation 72,157 $ 175 January and July 2018 Common stock Expense Three Employees Approved bonuses 68,118 183 (2) July and December 2018 Common stock Expense Related Party, James McKenzie Pursuant to royalty agreement 5,755 14 (2) Total 2018 issuances 146,030 $ 372 (3)(4) January, April, August and October 2017 Vested restricted common stock Expense Four board members Director compensation 49,980 $ 200 January, February and June 2017 Common stock Expense Three Employees Approved bonuses 28,634 182 (5) January and December 2017 Common stock Expense Related party, James McKenzie Pursuant to royalty agreement 3,293 16 (5) January and February 2017 Common stock Expense Two Employees Cashless stock option exercises 245 — (6) May 2017 Common stock Prepaid expense/expense Third-party consultant Strategic investor marketing services 15,000 57 (7) October 2017 Common stock Cash Various third-party shareholders Equity raise 7,392,856 18,905 Total 2017 issuances 7,490,008 $ 19,360 (8) ( 1 Total excludes $36 2019 $3 2018 not December 31, 2019. ( 2 Includes bonus and royalty of $170 2017. ( 3 Total excludes $3 not December 31, 2018. ( 4 Excludes $24 2017 2018. ( 5 Includes bonuses and royalty of $176 2016. ( 6 The Company received $0 ( 7 Amount includes $24 December 31, 2017. ( 8 Does not $170 December 31, 2017 S- 3 The Company filed an S- 3 March 14, 2017 March 29, 2017. may $100 On October 23, 2017, 7,392,856 $2.80 964,285 $18.9 Employee Stock Options All options issued are presented at post reverse quantities. On May 16, 2008 2008 1,500,000 2008 September 15, 2008, 2009 September 29, 2009, 2008 1,500,000 3,000,000. 8. The 2008 The 2008 not 110% ten not one ten On January 5, 2009 January 8, 2009 2009 4,200,000 $0.001 October 11, 2010, 3,060,382 2009 September 21, 2012, 330,000 2009 The 2009 not 2009 ten A summary of the options issued to employees and directors and changes during the year are presented below: For the Year Ended December 31, 2019 Number of Options Weighted Average Exercise Price ($) Weighted Average Remaining Contract Life (years) Aggregate Intrinsic Value ($ '000) Balance at beginning of year 923,898 $ 6.32 3.64 $ — Expired (74,263 ) 7.22 Balance at end of year 849,635 $ 6.24 2.95 — Exercisable 849,635 $ 6.24 2.95 — As of December 31, 2019, 2018, 2017 no 2019, 2018 2017. December 31, 2019, no |
Note 11 - Related Party Transac
Note 11 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 11. During 2019, 2018 2017, $0.2 $0.3 $0.3 7 Executive Chairman of the Board of Directors, Chief Legal Counsel, and former Chief Executive Officer, William J. Clough’s son Nicholas J. Clough, serves as President at Orbital Gas Systems, North America, Inc., a wholly owned subsidiary of the Company, and as Chief Sales Officer for the Energy Division. In 2019, 2018, 2017, $269 $213 $200 $158 $150 $150 2019, 2018, 2017, $49 $49 $41 2019, 2018, 2017, December 31, 2019 2018, $0 $13 not $50,000 Orbital employs three 9 |
Note 12 - Accumulated Other Com
Note 12 - Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 12. The components of accumulated other comprehensive loss are as follows: (In thousands) As of December 31, 2019 2018 Foreign currency translation adjustment $ (4,371 ) $ (4,396 ) Accumulated other comprehensive loss $ (4,371 ) $ (4,396 ) |
Note 13 - Restructuring and Imp
Note 13 - Restructuring and Impairment Charges | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 13. During the fourth 2019, not 2020. $3.1 2020 2020 four fourth 2019, $0.3 |
Note 14 - Income Taxes
Note 14 - Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 14. (Loss) income before income taxes consisted of the following: (In thousands) For the Years Ended December 31, 2019 2018 2017 Continuing operations $ (16,582 ) $ (22,666 ) $ (16,196 ) Discontinued operations 12,908 5,135 2,001 Loss before income taxes $ (3,674 ) $ (17,531 ) $ (14,195 ) Loss from continuing operations before taxes consisted of the following: (In thousands) For the Years Ended December 31, 2019 2018 2017 U.S. operations $ (11,278 ) $ (9,684 ) $ (8,792 ) Foreign operations (5,304 ) (12,982 ) (7,404 ) Loss before income taxes $ (16,582 ) $ (22,666 ) $ (16,196 ) The income tax (benefit) expense allocation for the years ended December 31, 2019, 2018, 2017 (In thousands) For the Years Ended December 31, 2019 2018 2017 Continuing operations $ (2,956 ) $ (1,342 ) $ (2,251 ) Discontinued operations 411 1,136 645 Total income tax (benefit) $ (2,545 ) $ (206 ) $ (1,606 ) The income tax (benefit) from continuing operations consisted of the following: (In thousands) For the Years Ended December 31, 2019 2018 2017 Current: Federal $ — $ — $ — State and local — — — Foreign — — — Total current provision — — — Deferred: Federal (2,368 ) (894 ) (1,370 ) State and local (588 ) (142 ) (1 ) Foreign — (306 ) (880 ) Total deferred (benefit) (2,956 ) (1,342 ) (2,251 ) Total income tax (benefit) $ (2,956 ) $ (1,342 ) $ (2,251 ) The following table provides a reconciliation of the federal statutory tax at 21% December 31, 2019 2018, 34% December 31, 2017: (In thousands) For the Years Ended December 31, 2019 2018 2017 Computed federal income taxes at the statutory rate (benefit) $ (3,482 ) $ (4,760 ) $ (5,507 ) Permanent tax differences (23 ) (122 ) (262 ) Foreign tax rates and tax credits differing from USA 435 747 1,021 Purchased goodwill and intangible impairments — 828 1,072 Change in valuation allowance 114 1,965 1,425 Total income tax (benefit) $ (2,956 ) $ (1,342 ) $ (2,251 ) Effective tax rate 17.83 % 5.92 % 13.90 % The Company accounts for income taxes under the asset-liability method. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Valuation allowances are provided when it is “more likely than not” not December 31, 2019 2018, (In thousands) As of December 31, 2019 2018 Deferred tax assets: Net operating loss carryforwards $ 12,130 $ 12,317 Inventory and accounts receivable reserves 306 234 Other 1,956 569 Valuation allowance (12,447 ) (12,333 ) Deferred tax assets after valuation allowance 1,945 787 Deferred tax liabilities Intangible assets (476 ) (848 ) Property, plant and equipment (1,469 ) 61 Total deferred tax liabilities (1,945 ) (787 ) Net deferred tax asset (liability) $ — $ — The Company adopted the provisions of ASU 2015 17 2015. 2015 17 December 31, 2019 December 31, 2018 zero As of December 31, 2019 2018, $12.4 $12.3 December 31, 2019 2018, $0.1 $2.0 December 31, 2019, $37.2 $32.3 $15.5 2027 2038. The Company files consolidated income tax returns for federal and many state jurisdictions in addition to separate subsidiary income tax returns in Canada, Japan and the United Kingdom. As of December 31, 2019, not no 2016. The Company accounts for income tax uncertainties using a threshold of "more-likely-than- not" 740, 740" December 31, 2019, not not |
Note 15 - Concentrations
Note 15 - Concentrations | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 15. During 2019, 31% two 10% 21% 10%. 2018, 27% two 10% 15% 12%. 2017, 55% three 10% 26%, 18%, 11%. The Company’s major product lines in 2019, 2018 2017 At December 31, 2019, $5.3 three 50% 24%, 14% 12%. December 31, 2018, $5.1 38% two 24% 14%. There were no 10% 2019, 2018 2017. With the operations of Orbital UK, the Company has foreign revenue and trade accounts receivable concentrations in the United Kingdom. For the years ended December 31, 2019, 2018 2017, 57%, 74%, 77%, December 31, 2019, 2018 2017, 49%, 80%, 79%, |
Note 16 - Leases
Note 16 - Leases | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Lease Disclosure [Text Block] | 16. Effective January 1, 2019, 842, 840 12 December 31, 2019 not not not not 840 842. In December 2018, $8.1 $2.9 $53 December 2028. two five 842, January 1, 2019 Orbital-UK has a number of operating leases on vehicles, equipment, and accommodations for visiting personnel. During the year ended December 31, 2019, $35 The Company rents office and warehouse space in Houston, Texas through December 2022 one December 31, 2019, $33 two five Consolidated rental expense was $1.3 December 31, 2019 Future minimum operating lease obligations for continuing operations at December 31, 2019 December 31: (In thousands) 2020 $ 1,173 2021 1,074 2022 1,063 2023 609 2024 626 Thereafter 2,688 Interest portion (1,560 ) Total operating lease obligations $ 5,673 Total lease cost and other lease information is as follows: For the Year Ended December 31, 2019 (In thousands) Operating lease cost $ 1,016 Short-term lease cost 205 Variable lease cost 122 Sublease income (55 ) Total lease cost $ 1,288 Other information Cash paid for amounts included in the measurement of lease obligations: Operating cash flows used in operating leases $ (1,210 ) Right-of-use assets obtained in exchange for new operating lease obligations $ 6,473 * Weighted-average remaining lease term - operating leases (in years) 7.4 Weighted-average discount rate - operating leases 6.4 % * Includes $7.7 842 January 1, 2019 $1.5 Variable lease costs primarily include common area maintenance costs, real estate taxes and insurance costs passed through to the Company from lessors. The following lease disclosures as of December 31, 2018 840 842: CUI executed a sale-leaseback transaction of its Tualatin, Oregon headquarters facility in December 2018. $16 2018. Orbital-UK has a number of leases, on vehicles, equipment, and on accommodations for visiting personnel. During the year ended December 31, 2018, $32 In January 2015, December 31, 2017, January 2018, $10 November 2017, $30 Rental expense from continuing operations was $0.8 2018 December 31, 2018. Future minimum operating lease obligations from continuing operations as of December 31, 2018 (In thousands) 2019 $ 1,138 2020 1,060 2021 1,024 2022 1,013 2023 605 Thereafter 3,307 Total $ 8,147 |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 17. Management has reviewed for subsequent events and identified the following: In December 2019, 2 19, first 2020, March 2020, 19 may may On January 1 , 2020, 1.5 $ 2.0 750 Q1 2020 July 31, 2020. no CUI Global announced that on March 24, 2020, third $37.0 April 2020, March 13, 2020, $3 6% sixty Stock Issuances in 2020 On February 3, 2020, 37,312 third $39 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include estimates used to review the Company’s goodwill, impairment estimations of long-lived assets, revenue recognition on cost-to-cost type contracts, allowances for uncollectible accounts, inventory valuation, warranty reserves, valuations of non-cash capital stock issuances, estimates of the incremental borrowing rate for long-term leases, fair value estimates and the valuation allowance on deferred tax assets. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable in the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not may |
Company Conditions, Policy [Policy Text Block] | Company Conditions The continued delays in shipment of GasPTs on a significant project, and the related slower than expected acceptance of this new disruptive technology and the ongoing impact of Brexit has caused a delay in our expected profitability from continuing operations. The Company had net loss of $1.1 $11.5 December 31, 2019. December 31, 2019, $122.2 Management believes the Company's present cash flows will meet its obligations for twelve $25.7 twelve twelve |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The accompanying consolidated financial statements include the accounts of CUI Global, Inc. and its wholly owned subsidiaries Orbital Gas Systems, Ltd. and Orbital Gas Systems, North America, Inc. hereafter referred to as the ‘‘Company.’’ Additional wholly owned subsidiaries, CUI Holdings Inc. (formerly CUI, Inc.), CUI Japan, CUI-Canada, and CUI Properties, LLC are included in these financial statements as discontinued operations. The primary assets and liabilities of CUI Holdings Inc. were sold or settled during 2019 |
Discontinued Operations, Policy [Policy Text Block] | Discontinued Operations and Sales of Businesses As part of the Company’s stated strategy to transform CUI Global into a diversified energy infrastructure services platform serving North American and U.K. energy customers, the Company’s board of directors made the decision to divest of its Power and Electromechanical businesses. On September 30, 2019, November 2019, 2019 $35.4 $14.1 December 31, 2019, Pursuant to the terms of the asset sale agreement with Back Porch International, Inc., the Seller and Parent agreed to sell and assign to the management-led group, Back Porch International, Inc., the rights and obligations of Seller and Parent to the assets constituting the non-power supply electromechanical components product group of Seller and Parent effective the close of business September 30, 2019 $15 $4.7 $5.3 5 $3.5 $5 $3.3 December 31, 2019). Pursuant to the terms of the asset sale agreement with Bel Fuse Inc., the Seller and Parent, excluding CUI-Canada and CUI Japan, agreed to sell and assign to the Bel Fuse Inc., the rights and obligations of Seller and Parent to the assets constituting the majority of its power supply business of Seller and Parent, excluding CUI-Canada and CUI Japan, effective upon close of the transaction for $32 The associated results of operations of the discontinued Power and Electromechanical segment are separately reported as Discontinued Operations for all periods presented on the Consolidated Statements of Operations. Balance sheet items for the discontinued businesses, from the former Power and Electromechanical segment have been reclassified to assets held for sale within current assets and liabilities held for sale within current liabilities in the Consolidated Balance Sheets as of December 31, 2019 December 31, 2018. December 31, 2018 2017 The former Power and Electromechanical segment consists of the wholly owned subsidiaries: CUI Holding, Inc. (CUI), based in Tualatin, Oregon; CUI Japan, based in Tokyo, Japan; CUI-Canada, based in Toronto, Canada; and the entity that previously held the corporate building, CUI Properties. All three $0 2019 $92 The Power and Electromechanical segment aggregates its product offerings into two Selected data for these discontinued businesses consisted of the following: Reconciliation of the Major Classes of Line Items Constituting Pretax Income from Discontinued Operations to the After-Tax Income from Discontinued Operations That Are Presented in the Statement of Operations (In thousands) For the Year Ended December 31, Major classes of line items constituting pretax profit (loss) of discontinued operations 2019 2018 2017 Revenues $ 56,476 $ 76,447 $ 64,432 Cost of revenues (37,086 ) (50,096 ) (42,493 ) Selling, general and administrative expense (19,384 ) (17,712 ) (16,415 ) Depreciation and amortization (300 ) (603 ) (797 ) Research and development (854 ) (2,647 ) (2,303 ) Provision for bad debt (5 ) (20 ) (3 ) Impairment of goodwill and intangible assets (278 ) — (3 ) Interest expense (277 ) (286 ) (299 ) Other income and expense (113 ) 52 (118 ) Pretax (loss) profit of discontinued operations related to major classes of pretax (loss) profit (1,821 ) 5,135 2,001 Pretax gain on sale of certain power and electromechanical businesses 14,100 — — Pretax gain on assets contributed as part of the purchase of VPS 629 — — Total pretax income on discontinued operations 12,908 5,135 2,001 Income tax expense 411 1,136 645 Total income from discontinued operations $ 12,497 $ 3,999 $ 1,356 Reconciliation of the Carrying Amounts of Major Classes of Assets and Liabilities of the Discontinued Operation to Total Assets and Liabilities of the Disposal Group Classified as Held for Sale As of December 31, As of December 31, (In thousands) 2019 2018 Carrying amounts of the major classes of assets included in discontinued operations: Trade accounts receivables $ 1,740 $ 9,382 Inventories 3,254 11,420 Prepaid expenses and other current assets 140 470 Total current assets * 21,272 Property and equipment 273 1,433 Right of use assets - Operating leases 391 — Goodwill — 13,089 Other intangible assets 352 8,508 Deferred tax asset 663 — Deposits and other assets 80 77 Total noncurrent assets * 23,107 Total assets of the disposal group classified as held for sale $ 6,893 $ 44,379 Carrying amounts of the major classes of liabilities included in discontinued operations: Accounts payable $ 618 $ 4,960 Line of credit — 979 Operating lease obligations - current portion 410 — Accrued expenses 3,935 2,958 Contract liabilities — 270 Refund liabilities — 2,417 Total current liabilities * 11,584 Long term note payable, related party — 5,304 Operating lease obligations, less current portion 7 — Deferred tax liabilities — 1,922 Other long-term liabilities — 15 Total noncurrent liabilities * 7,241 Total liabilities $ 4,970 $ 18,825 * The assets and liabilities of the disposal group classified as held for sale are classified as current on the December 31, 2019 one Net cash provided by operating activities of discontinued operations for 2019, 2018 2017 $2.7 $4.5 $3.7 Net cash used in investing activities of discontinued operations for 2019, 2018 2017 $0.5 $1.3 $1.0 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments Accounting Standards Codification (‘‘ASC’’) 820 820’’ 820 three first two may • Level 1 • Level 2 2 • Level 3 The Company determines when a financial instrument transfers between levels based on management’s judgment of the significance of unobservable inputs used to calculate the fair value of the financial instrument. Management believes the carrying amounts of the short-term financial instruments, including cash and cash equivalents, investment, note receivable, accounts receivable, contract assets, prepaid expense and other assets, accounts payable, accrued liabilities, contract liabilities, and other liabilities reflected in the accompanying consolidated balance sheet approximate fair value at December 31, 2019 2018 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash includes deposits at financial institutions with maturities of three 90 December 31, 2019 2018, $1.0 $0.3 $0.3 $67 December 31, 2019 2018, $0.2 $0.3 $0.6 $0, $0.2 $67 December 31, 2019 2018, $0 $0.5 (In thousands) As of December 31, 2019 2018 2017 Cash and cash equivalents at beginning of year $ 3,979 $ 12,646 $ 4,617 Restricted cash at beginning of year 523 — — Cash, cash equivalents and restricted cash at beginning of year $ 4,502 $ 12,646 $ 4,617 Cash and cash equivalents at end of year $ 23,351 $ 3,979 $ 12,646 Restricted cash at end of year — 523 — Cash, cash equivalents and restricted cash at end of year $ 23,351 $ 4,502 $ 12,646 |
Investment, Policy [Policy Text Block] | Investments and Notes Receivable The Company obtained a note receivable in 2019 $5 $3.3 Test Products International, Inc. ("TPI") is a provider of handheld test and measurement equipment. The Company had a note receivable with TPI, which originated in 2016 5% $0.4 June 30, 2019. $8 $17 $18 December 31, 2019, 2018 2017, $36 $10 $16 December 31, 2019, 2018 2017, $13 $10, $16 2019. 2018 2017, $19 $39 December 31, 2019 2018 $0 $318 During 2018, two $655 third 2019. 3, |
Receivable [Policy Text Block] | Accounts Receivable and Allowance for Uncollectible Accounts Accounts receivable consist of the receivables associated with revenue derived from product sales including present amounts due to contracts accounted for under cost-to-cost method. An allowance for uncollectible accounts is recorded to allow for any amounts that may not $47 $17 December 31, 2019 2018, 30 Activity in the allowance for doubtful accounts for the years ended December 31, 2019, 2018 2017 (In thousands) For the Years ended December 31, 2019 2018 2017 Allowance for doubtful accounts, beginning of year $ 17 $ 5 $ 21 Charge (credit) to costs and expenses 131 13 (16 ) Deductions (101 ) (1 ) — Allowance for doubtful accounts, end of year $ 47 $ 17 $ 5 |
Inventory, Policy [Policy Text Block] | Inventories Inventories consist of finished and unfinished products and are stated at the lower of cost or market through either the first first At December 31, 2019, 2018, (In thousands) As of December 31, 2019 2018 Finished goods $ 434 $ 665 Raw materials 244 394 Work-in-process 953 563 Total inventories $ 1,631 $ 1,622 Activity in inventory reserves is as follows: (In thousands) For the Years ended December 31, 2019 2018 2017 Inventory reserves, beginning of year $ 1,499 $ 104 $ 110 Charge to costs and expenses 202 1,401 (16 ) Other additions (deductions) 59 (6 ) 10 Inventory reserves, end of year $ 1,760 $ 1,499 $ 104 |
Property, Plant and Equipment, Policy [Policy Text Block] | Land, Buildings, Improvements, Furniture, Vehicles, Equipment, and Leasehold Improvements Land is recorded at cost and includes expenditures made to ready it for use. Land is considered to have an infinite useful life. Buildings and improvements are recorded at cost. Furniture, vehicles, and equipment are recorded at cost and include major expenditures, which increase productivity or substantially increase useful lives. Leasehold improvements are recorded at cost and are depreciated over the lesser of the lease term, estimated useful life. The cost of buildings, improvements, furniture, vehicles, and equipment is depreciated over the estimated useful lives of the related assets. Depreciation is computed using the straight-line method for financial reporting purposes. The estimated useful lives for buildings, improvements, furniture, vehicles, and equipment are as follows: Estimated Useful Life (in years) Buildings and improvements 5 to 39 Furniture and equipment 3 to 10 Vehicles 3 to 5 Maintenance, repairs and minor replacements are charged to expenses when incurred. When buildings, improvements, furniture, equipment and vehicles are sold or otherwise disposed of, the asset and related accumulated depreciation are removed and any gain or loss is included in the statement of operations. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-Lived Assets Long-lived assets including finite-lived intangible assets are periodically reviewed for impairment whenever circumstances and situations change such that there is an indication that the carrying amounts may not not In the fourth 2018, not two $1.5 $0.1 2019 Other than on goodwill, no 2019, 2018 2017. 2018, 360 Property, Plant and Equipment not no |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Identifiable Intangible Assets Intangible assets are stated at cost net of accumulated amortization and impairment. The fair value for intangible assets acquired through acquisitions is measured at the time of acquisition utilizing the following inputs, as needed: 1. Inputs used to measure fair value are unadjusted quote prices available in active markets for the identical assets or liabilities if available. 2. Inputs used to measure fair value, other than quoted prices included in 1, not 3. Inputs used to measure fair value are unobservable inputs supported by little or no 4. Expert appraisal and fair value measurement as completed by third The following are the estimated useful life for the intangible assets: Estimated Useful Life (in years) Finite-lived intangible assets Order backlog 2 Trade name - Orbital 10 Customer list - Orbital 10 Technology rights 20 (1) Technology-Based Asset - Know How 12 Technology-Based Asset - Software 10 Software, at cost 3 to 5 ( 1 Technology rights are amortized over a 20 |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Indefinite-Lived Intangibles and Goodwill Assets The Company accounts for business combinations under the acquisition method of accounting in accordance with ASC 805, may one 2019 In the fourth 2019, not third zero not 2018 During our review of Goodwill as of May 31, 2018, not The significant changes for the Orbital-UK reporting unit included a decline in the 2018 2018 The Company performed a quantitative test for the Orbital-UK reporting unit, which resulted in an impairment for the Orbital-UK reporting unit, and the Company recorded a Goodwill impairment charge of $1.3 second 2018. December 2018 fourth 2018, not May 31, 2018 not 2018 As a result of its analysis, the Company performed another quantitative test of goodwill, which resulted in further impairment for the Orbital-UK reporting unit, and the Company recorded a goodwill impairment charge of $3.1 fourth 2018, 2018, no December 2017 fourth 2017, not May 31, 2017 2017 2018 The Company performed a quantitative analysis. As a result of the analysis, the Company concluded that the carrying value of the Orbital-UK reporting unit exceeded its estimated fair value. The quantitative test for the Orbital-UK reporting unit resulted in an impairment for the Orbital-UK reporting unit, and the Company recorded a goodwill impairment charge of $3.2 fourth 2017. |
Accrued Expenses [Policy Text Block] | Accrued expenses Accrued expenses are liabilities that reflect expenses on the statement of operations that have not December 31, 2019 December 31, 2018, $5.2 $1.9 $1.1 $0.9 $0.2 $0.1 December 31, 2019, $2.8 January 2020. |
Derivatives, Policy [Policy Text Block] | Derivative instruments The Company uses various derivative instruments including forward currency contracts, and interest rate swaps to manage certain exposures. These instruments are entered into under the Company’s corporate risk management policy to minimize exposure and are not not may one ten 2018 2017, $129 $111 December 31, 2018, $227 |
Derivative Liabilities [Policy Text Block] | Derivative Liabilities The Company evaluates embedded conversion features pursuant to FASB Accounting Standards Codification No. 815 815’’ not 2019, ten December 2018 not 2019. |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation The Company records its stock-based compensation expense under its stock option plans and also issues stock for services. The Company accounts for stock-based compensation using FASB Accounting Standards Codification No. 718 718’’ 718 Stock bonuses issued to employees are recorded at fair value using the market price of the stock on the date of grant and expensed over the service period or immediately if fully vested on date of issuance. Employee stock options are recorded at fair value using the Black-Scholes option pricing model. The underlying assumptions used in the Black-Scholes option pricing model by the Company are taken from publicly available sources including: ( 1 2 3 See Note 10 Common stock and stock options are also recorded on the basis of their fair value, as required by FASB ASC 505, 505, 505, Common stock issued to other than employees or directors subject to performance (performance based awards) require interpretation to include ASC 505 50 30 13 505 |
Compensation Related Costs, Policy [Policy Text Block] | Defined Contribution Plans The Company has a 401 60 18 6% $0.2 $0.1 $74 2019, 2018 2017, $0.3 $0.4 $0.3 |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition On January 1, 2018, 606, January 1, 2018. January 1, 2018 $1.9 $2.8 0.9 On January 1, 2018, 606 606" not December 31, 2017. January 1, 2018 606, not 2017 606 no The Energy segment subsidiaries, collectively referred to as Orbital Gas Systems (Orbital), generate their revenue from a portfolio of products, services and resources that offer a diverse range of personalized gas engineering solutions to the gas utilities, power generation, petrochemical, emissions, manufacturing and automotive industries, among others. Orbital accounts for a majority of its contract revenue proportionately over time. For our performance obligations satisfied over time, we recognize revenue by measuring the progress toward complete satisfaction of that performance obligation. The selection of the method to measure progress towards completion can be either an input method or an output method and requires judgment based on the nature of the goods or services to be provided. For our construction contracts, revenue is generally recognized over time. Our fixed price construction projects generally use a cost-to-cost input method to measure our progress towards complete satisfaction of the performance obligation as we believe it best depicts the transfer of control to the customer. Under the cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. The timing of revenue recognition for Energy products also depends on the payment terms of the contract, as our performance does not not For our service contracts, revenue is also generally recognized over time as the customer simultaneously receives and consumes the benefits of our performance as we perform the service. For our fixed price service contracts with specified service periods, revenue is generally recognized on a straight-line basis over such service period when our inputs are expended evenly, and the customer receives and consumes the benefits of our performance throughout the contract term. For certain of our revenue streams, such as call-out repair and service work, and outage services, that are performed under time and materials contracts, our progress towards complete satisfaction of such performance obligations is measured using an output method as the customer receives and consumes the benefits of our performance completed to date. Due to uncertainties inherent in the estimation process, it is possible that estimates of costs to complete a performance obligation will be revised in the near-term. For those performance obligations for which revenue is recognized using a cost-to-cost input method, changes in total estimated costs, and related progress towards complete satisfaction of the performance obligation, are recognized on a cumulative catch-up basis in the period in which the revisions to the estimates are made. When the current estimate of total costs for a performance obligation indicate a loss, a provision for the entire estimated loss on the unsatisfied performance obligation is made in the period in which the loss becomes evident. Product-type contracts (for example, sale of GasPT units) for which revenue does not Accounts Receivable, Contract Assets and Contract Liabilities Accounts receivable are recognized in the period when our right to consideration is unconditional. We also assess our customers' ability and intention to pay, which is based on a variety of factors, including our historical payment experience with and the financial condition of our customers. Payment terms and conditions vary by contract, although our standard terms include a requirement of payment within 30 The timing of revenue recognition may not Contract liabilities from our construction contracts occur when amounts invoiced to our customers exceed revenues recognized under the cost-to-cost measure of progress. Contract liabilities additionally include advanced payments from our customers on certain contracts. Contract liabilities decrease as we recognize revenue from the satisfaction of the related performance obligation and are recorded as either current or long-term, depending upon when we expect to recognize such revenue. Balances and activity in the current contract liabilities as of and for the years ended December 31, 2019 2018 (In thousands) As of December 31, As of January 1, 2018 2018 Current contract liabilities $ 1,956 $ 4,386 Long-term contract liabilities (1) 129 84 Total contract liabilities $ 2,085 $ 4,470 For the Year Ended December 31, 2019 2018 Total contract liabilities - January 1 $ 2,085 $ 4,470 Contract additions, net 1,763 1,940 Revenue recognized (2,016 ) (4,123 ) Translation 28 (202 ) Total contract liabilities - December 31 $ 1,860 $ 2,085 As of December 31, 2019 2018 Current contract liabilities $ 1,668 $ 1,956 Long-term contract liabilities (1) 192 129 Total contract liabilities $ 1,860 $ 2,085 ( 1 Performance Obligations Remaining Performance Obligations Remaining performance obligations, represents the transaction price of contracts with customers for which work has not December 31, 2019, 12 Any adjustments to net revenues, cost of revenues, and the related impact to operating income are recognized as necessary in the period they become known. These adjustments may may may not one one Performance Obligations Satisfied Over Time To determine the proper revenue recognition method for our contracts, we evaluate whether a single contract should be accounted for as more than one For most of our contracts, the customer contracts with us to provide a significant service of integrating a complex set of tasks and components into a single project or capability (even if that single project results in the delivery of multiple units). Hence, the entire contract is accounted for as one may one one Performance Obligations Satisfied at a Point in Time. Revenue from goods and services transferred to customers at a single point in time accounted for 29% 22% December 31, 2019 2018. Variable Consideration The nature of our contracts gives rise to several types of variable consideration, including new product returns and scrap return allowances primarily in the discontinued operations of Power and Electromechanical segment. In rare instances in our Energy segment, we include in our contract estimates, additional revenue for submitted contract modifications or claims against the customer when we believe we have an enforceable right to the modification or claim, the amount can be estimated reliably and its realization is probable. In evaluating these criteria, we consider the contractual/legal basis for the claim, the cause of any additional costs incurred, the reasonableness of those costs and the objective evidence available to support the claim. We include new product introduction and scrap return estimates in our calculation of net revenue when there is a basis to reasonably estimate the amount of the returns. These estimates are based on historical return experience, anticipated returns and our best judgment at the time. These amounts are included in our calculation of net revenue recorded for our contracts and the associated remaining performance obligations. Significant Judgments Our contracts with certain customers may may At times, customers may not Our contracts with customers often include promises to transfer multiple products and services to a customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately rather than together may not In contracts where there are timing differences between when we transfer a promised good or service to the customer and when the customer pays for that good or service, we have determined that, our contracts do not The following table presents our revenues disaggregated by timing of revenue recognition for the year ended December 31, 2019 2018: For the Year Ended December 31, (In thousands) 2019 2018 Revenues recognized at point in time $ 6,800 $ 4,391 Revenues recognized over time 16,692 15,951 Total revenues $ 23,492 $ 20,342 The following table presents our revenues disaggregated by region for the years ended December 31, 2019 2018: For the Year Ended December 31, (In thousands) 2019 2018 North America $ 9,654 $ 4,311 Europe 13,733 15,620 Asia 42 205 Other 63 206 Total revenues $ 23,492 $ 20,342 Revenue Recognition - 2017 As discussed above, ASC 606 2017 not 606. 2017, For production-type contracts meeting the Company’s minimum threshold, revenues and related costs on these contracts were recognized using the ‘‘percentage of completion method’’ of accounting in accordance with ASC 605 35, Accounting for Performance of Construction-Type and Certain Production Type Contracts 605 35’’ not not two Production-type contracts that did not 605 35 25 57. no For product sales, revenue was recognized in the period when persuasive evidence of an arrangement with a customer existed, the products were shipped and title had transferred to the customer, the price was fixed or determinable, and collection was reasonably assured. Revenues from warranty and maintenance activities were recognized ratably over the term of the warranty and maintenance period and the unrecognized portion was recorded as deferred revenue. |
Advertising Cost [Policy Text Block] | Advertising The costs incurred for producing and communicating advertising are charged to operations as incurred. Advertising expense for the years ended December 31, 2019, 2018 2017 $0.4 $0.6 $0.5 |
Income Tax, Policy [Policy Text Block] | Income Taxes Income taxes are accounted for under the asset and liability method of FASB Accounting Standards Codification No. 740 740’’ 740, not not Valuation allowances have been established against all domestic based deferred tax assets and U.K. based deferred tax assets due to uncertainties in the Company’s ability to generate sufficient taxable income in future periods to make realization of such assets more likely than not. not. not The Company recognizes interest and penalties, if any, related to its tax positions in income tax expense. CUI Global files consolidated income tax returns with its U.S. based subsidiaries for federal and many state jurisdictions in addition to separate subsidiary income tax returns in Japan, the United Kingdom and Canada. As of December 31, 2019, not no 2015. |
Earnings Per Share, Policy [Policy Text Block] | Net Loss per Share In accordance with FASB Accounting Standards Codification No. 260 260’’ 2019, 2018 2017, three 2019, 2018 2017. 37,312; 1,844 63,602 December 31, 2019, 2018 2017, 2017. The following table summarizes the number of stock options outstanding excluding amounts applicable to contingent conversion option in 2018 2017: As of December 31, 2019 2018 2017 Options, outstanding 849,635 923,898 964,180 Any common shares issued as a result of stock options would come from newly issued common shares as granted under our equity incentive plans. The following is the calculation of basic and diluted earnings per share: For the Years Ended December 31, (In thousands, except dollars per share) 2019 2018 2017 Continuing operations: Loss from continuing operations, net of income taxes $ (13,626 ) $ (21,324 ) $ (13,945 ) Discontinued operations: Income from discontinued operations, net of income taxes 12,497 3,999 1,356 Net loss $ (1,129 ) $ (17,325 ) $ (12,589 ) Basic and diluted weighted average number of shares outstanding 28,654,500 28,517,339 22,397,865 Loss from continuing operations per common share - basic and diluted $ (0.48 ) $ (0.75 ) $ (0.62 ) Earnings from discontinued operations - basic and diluted 0.44 0.14 0.06 Loss per common share - basic and diluted $ (0.04 ) $ (0.61 ) $ (0.56 ) |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation The financial statements of the Company's foreign offices have been translated into U.S. dollars in accordance with FASB ASC 830, 830 2019, 2018 2017 |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting Operating segments are defined in accordance with ASC 280 10 three 280 10. two two not 2019, The following information represents segment activity as of and for the year ended December 31, 2019: (In thousands) Energy Other Total Revenues from external customers $ 23,492 $ — $ 23,492 Depreciation and amortization (1) 1,520 841 2,361 Interest expense 52 9 61 Loss from operations (8,615 ) (7,430 ) (16,045 ) Segment assets 21,461 42,697 64,158 Other intangibles assets, net 4,276 22 4,298 Expenditures for segment assets (2) 135 539 674 The following information represents segment activity as of and for the year ended December 31, 2018: (In thousands) Energy Other Total Revenues from external customers $ 20,342 $ — $ 20,342 Depreciation and amortization (1) 1,525 1,480 3,005 Interest expense 23 193 216 Impairment of goodwill and other intangible assets 4,347 — 4,347 Loss from operations (17,168 ) (4,966 ) (22,134 ) Segment assets 19,034 51,133 70,167 Other intangibles assets, net 5,314 39 5,353 Expenditures for segment assets (2) 235 1,299 1,534 The following information represents segment activity as of and for the year ended December 31, 2017: (In thousands) Energy Other Total Revenues from external customers $ 18,843 $ — $ 18,843 Depreciation and amortization (1) 1,345 1,505 2,850 Interest expense 1 200 201 Impairment of goodwill and other intangible assets 3,152 — 3,152 Loss from operations (11,366 ) (4,939 ) (16,305 ) Segment assets 26,512 61,397 87,909 Other intangibles assets, net 6,669 59 6,728 Goodwill 4,549 — 4,549 Expenditures for segment assets (2) 576 955 1,531 ( 1 For the years ended December 31, 2019, 2018 2017, $0.8 $1.5 $1.5 ( 2 Includes purchases of property, plant and equipment and investment in other intangible assets. The following information represents revenue by country: For the Years Ended December 31, (In thousands) 2019 2018 2017 USA $ 9,654 41 % $ 4,311 21 % $ 3,158 17 % United Kingdom 13,391 57 % 15,118 74 % 14,479 77 % All Others 447 2 % 913 5 % 1,206 6 % Total $ 23,492 100 % $ 20,342 100 % $ 18,843 100 % The following information represents long-lived assets (excluding deferred tax assets) by country: As of December 31, (In thousands) 2019 2018 USA $ 13,664 $ 23,544 United Kingdom 8,800 9,647 Other — 1,495 $ 22,464 $ 34,686 |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain reclassifications primarily related to discontinued operations and assets and liabilities held for sale have been made to the 2018 2018 2017 2019 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In January 2020, 2020 01, Investments - Equity Securities (Topic 321 323 815 321, 323, 815. 2020 01 2020 01 2021 not 2021. In December 2019, 2019 12, 740 2021 not 2021. In August 2018, No. 2018 15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350 40 2018 15" 2018 15 December 15, 2019, not 2020. In August 2018, No. 2018 13, Fair Value Measurement (Topic 820 2018 13” 820, 3 December 15, 2019, two three 2020. In June 2016, No. 2016 13, Financial Instruments – Credit Losses (Topic 326 2016 13” 2016 13 December 15, 2019. not 2020. |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | (In thousands) For the Year Ended December 31, Major classes of line items constituting pretax profit (loss) of discontinued operations 2019 2018 2017 Revenues $ 56,476 $ 76,447 $ 64,432 Cost of revenues (37,086 ) (50,096 ) (42,493 ) Selling, general and administrative expense (19,384 ) (17,712 ) (16,415 ) Depreciation and amortization (300 ) (603 ) (797 ) Research and development (854 ) (2,647 ) (2,303 ) Provision for bad debt (5 ) (20 ) (3 ) Impairment of goodwill and intangible assets (278 ) — (3 ) Interest expense (277 ) (286 ) (299 ) Other income and expense (113 ) 52 (118 ) Pretax (loss) profit of discontinued operations related to major classes of pretax (loss) profit (1,821 ) 5,135 2,001 Pretax gain on sale of certain power and electromechanical businesses 14,100 — — Pretax gain on assets contributed as part of the purchase of VPS 629 — — Total pretax income on discontinued operations 12,908 5,135 2,001 Income tax expense 411 1,136 645 Total income from discontinued operations $ 12,497 $ 3,999 $ 1,356 As of December 31, As of December 31, (In thousands) 2019 2018 Carrying amounts of the major classes of assets included in discontinued operations: Trade accounts receivables $ 1,740 $ 9,382 Inventories 3,254 11,420 Prepaid expenses and other current assets 140 470 Total current assets * 21,272 Property and equipment 273 1,433 Right of use assets - Operating leases 391 — Goodwill — 13,089 Other intangible assets 352 8,508 Deferred tax asset 663 — Deposits and other assets 80 77 Total noncurrent assets * 23,107 Total assets of the disposal group classified as held for sale $ 6,893 $ 44,379 Carrying amounts of the major classes of liabilities included in discontinued operations: Accounts payable $ 618 $ 4,960 Line of credit — 979 Operating lease obligations - current portion 410 — Accrued expenses 3,935 2,958 Contract liabilities — 270 Refund liabilities — 2,417 Total current liabilities * 11,584 Long term note payable, related party — 5,304 Operating lease obligations, less current portion 7 — Deferred tax liabilities — 1,922 Other long-term liabilities — 15 Total noncurrent liabilities * 7,241 Total liabilities $ 4,970 $ 18,825 |
Reconciliation of Cash and Cash Equivalents from Balance Sheet to Cash Flow Statement [Table Text Block] | (In thousands) As of December 31, 2019 2018 2017 Cash and cash equivalents at beginning of year $ 3,979 $ 12,646 $ 4,617 Restricted cash at beginning of year 523 — — Cash, cash equivalents and restricted cash at beginning of year $ 4,502 $ 12,646 $ 4,617 Cash and cash equivalents at end of year $ 23,351 $ 3,979 $ 12,646 Restricted cash at end of year — 523 — Cash, cash equivalents and restricted cash at end of year $ 23,351 $ 4,502 $ 12,646 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (In thousands) For the Years ended December 31, 2019 2018 2017 Allowance for doubtful accounts, beginning of year $ 17 $ 5 $ 21 Charge (credit) to costs and expenses 131 13 (16 ) Deductions (101 ) (1 ) — Allowance for doubtful accounts, end of year $ 47 $ 17 $ 5 |
Schedule of Inventory, Current [Table Text Block] | (In thousands) As of December 31, 2019 2018 Finished goods $ 434 $ 665 Raw materials 244 394 Work-in-process 953 563 Total inventories $ 1,631 $ 1,622 |
Schedule of Inventory Valuation Reserve [Table Text Block] | (In thousands) For the Years ended December 31, 2019 2018 2017 Inventory reserves, beginning of year $ 1,499 $ 104 $ 110 Charge to costs and expenses 202 1,401 (16 ) Other additions (deductions) 59 (6 ) 10 Inventory reserves, end of year $ 1,760 $ 1,499 $ 104 |
Schedule of Useful Lives for Property Plant Equipment [Table Text Block] | Estimated Useful Life (in years) Buildings and improvements 5 to 39 Furniture and equipment 3 to 10 Vehicles 3 to 5 |
Schedule of Estimated Useful Life [Table Text Block] | Estimated Useful Life (in years) Finite-lived intangible assets Order backlog 2 Trade name - Orbital 10 Customer list - Orbital 10 Technology rights 20 (1) Technology-Based Asset - Know How 12 Technology-Based Asset - Software 10 Software, at cost 3 to 5 |
Contract with Customer, Asset and Liability [Table Text Block] | (In thousands) As of December 31, As of January 1, 2018 2018 Current contract liabilities $ 1,956 $ 4,386 Long-term contract liabilities (1) 129 84 Total contract liabilities $ 2,085 $ 4,470 For the Year Ended December 31, 2019 2018 Total contract liabilities - January 1 $ 2,085 $ 4,470 Contract additions, net 1,763 1,940 Revenue recognized (2,016 ) (4,123 ) Translation 28 (202 ) Total contract liabilities - December 31 $ 1,860 $ 2,085 As of December 31, 2019 2018 Current contract liabilities $ 1,668 $ 1,956 Long-term contract liabilities (1) 192 129 Total contract liabilities $ 1,860 $ 2,085 |
Disaggregation of Revenue [Table Text Block] | For the Year Ended December 31, (In thousands) 2019 2018 Revenues recognized at point in time $ 6,800 $ 4,391 Revenues recognized over time 16,692 15,951 Total revenues $ 23,492 $ 20,342 For the Year Ended December 31, (In thousands) 2019 2018 North America $ 9,654 $ 4,311 Europe 13,733 15,620 Asia 42 205 Other 63 206 Total revenues $ 23,492 $ 20,342 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | As of December 31, 2019 2018 2017 Options, outstanding 849,635 923,898 964,180 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Years Ended December 31, (In thousands, except dollars per share) 2019 2018 2017 Continuing operations: Loss from continuing operations, net of income taxes $ (13,626 ) $ (21,324 ) $ (13,945 ) Discontinued operations: Income from discontinued operations, net of income taxes 12,497 3,999 1,356 Net loss $ (1,129 ) $ (17,325 ) $ (12,589 ) Basic and diluted weighted average number of shares outstanding 28,654,500 28,517,339 22,397,865 Loss from continuing operations per common share - basic and diluted $ (0.48 ) $ (0.75 ) $ (0.62 ) Earnings from discontinued operations - basic and diluted 0.44 0.14 0.06 Loss per common share - basic and diluted $ (0.04 ) $ (0.61 ) $ (0.56 ) |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | (In thousands) Energy Other Total Revenues from external customers $ 23,492 $ — $ 23,492 Depreciation and amortization (1) 1,520 841 2,361 Interest expense 52 9 61 Loss from operations (8,615 ) (7,430 ) (16,045 ) Segment assets 21,461 42,697 64,158 Other intangibles assets, net 4,276 22 4,298 Expenditures for segment assets (2) 135 539 674 (In thousands) Energy Other Total Revenues from external customers $ 20,342 $ — $ 20,342 Depreciation and amortization (1) 1,525 1,480 3,005 Interest expense 23 193 216 Impairment of goodwill and other intangible assets 4,347 — 4,347 Loss from operations (17,168 ) (4,966 ) (22,134 ) Segment assets 19,034 51,133 70,167 Other intangibles assets, net 5,314 39 5,353 Expenditures for segment assets (2) 235 1,299 1,534 (In thousands) Energy Other Total Revenues from external customers $ 18,843 $ — $ 18,843 Depreciation and amortization (1) 1,345 1,505 2,850 Interest expense 1 200 201 Impairment of goodwill and other intangible assets 3,152 — 3,152 Loss from operations (11,366 ) (4,939 ) (16,305 ) Segment assets 26,512 61,397 87,909 Other intangibles assets, net 6,669 59 6,728 Goodwill 4,549 — 4,549 Expenditures for segment assets (2) 576 955 1,531 |
Revenue from External Customers by Geographic Areas [Table Text Block] | For the Years Ended December 31, (In thousands) 2019 2018 2017 USA $ 9,654 41 % $ 4,311 21 % $ 3,158 17 % United Kingdom 13,391 57 % 15,118 74 % 14,479 77 % All Others 447 2 % 913 5 % 1,206 6 % Total $ 23,492 100 % $ 20,342 100 % $ 18,843 100 % |
Long-lived Assets by Geographic Areas [Table Text Block] | As of December 31, (In thousands) 2019 2018 USA $ 13,664 $ 23,544 United Kingdom 8,800 9,647 Other — 1,495 $ 22,464 $ 34,686 |
Note 3 - Investments and Fair_2
Note 3 - Investments and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block] | (In thousands) December 31, 2019 Level 1 Level 2 Level 3 Total Money market securities $ 17 $ — $ — $ 17 Total assets $ 17 $ — $ — $ 17 December 31, 2018 Level 1 Level 2 Level 3 Total Money market securities $ 16 $ — $ — $ 16 Certificate of deposit - restricted cash 523 — — 523 Certificate of deposit - restricted investment (1) 400 — — 400 Convertible notes receivable — — 655 655 Total assets $ 939 $ — $ 655 $ 1,594 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Fair Value Measurements Using Significant Unobservable Inputs (Level 3 - recurring basis) (In thousands) Convertible Note Receivable Balance at December 31, 2018 $ 655 Conversion to common stock of VPS (655 ) Balance at December 31, 2019 $ — |
Equity Method Investments [Table Text Block] | (In thousands) Current assets $ 3,739 Non-current assets 4,306 Total Assets 8,045 Current liabilities $ 396 Non-current liabilities 2,725 Stockholders' equity 4,924 Total liabilities and stockholders' equity $ 8,045 Operating results since equity-method investment acquired. Revenues $ 154 Operating loss (5,151 ) Net loss $ (5,151 ) Other comprehensive profit (loss): Foreign currency translation adjustment — Comprehensive net loss (5,151 ) Add back excluded acquisition intangible amortization, net 86 Adjusted comprehensive loss $ (5,065 ) Company share of adjusted net loss at 20.58% $ (1,043 ) Equity investment in affiliate $ 4,865 |
Note 4 - Property and Equipme_2
Note 4 - Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | At December 31, (In thousands) 2019 2018 Land $ 395 $ 382 Buildings 4,117 3,976 Leasehold improvements 109 109 Equipment 1,274 1,357 Property and equipment, gross 5,895 5,824 Less accumulated depreciation (1,441 ) (1,284 ) Property and equipment, net $ 4,454 $ 4,540 |
Note 5 - Goodwill and Other I_2
Note 5 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | December 31, 2019 Identifiable Intangible December 31, 2018 Identifiable Intangible (In thousands) *Estimated Gross Assets, less Gross Assets, less Useful Carrying Accumulated Accumulated Carrying Accumulated Accumulated Life (in years) Amount Amortization Amortization Amount Amortization Amortization Finite-lived intangible assets Energy Segment: Order backlog 2 $ 2,938 $ (2,938 ) $ — $ 2,837 $ (2,837 ) $ — Trade name - Orbital-UK 10 1,579 (1,066 ) 513 1,526 (877 ) 649 Customer list - Orbital-UK 10 6,142 (4,146 ) 1,996 5,931 (3,411 ) 2,520 Technology rights 20 330 (213 ) 117 318 (173 ) 145 Technology-Based Asset - Know How 12 2,488 (1,399 ) 1,089 2,403 (1,151 ) 1,252 Technology-Based Asset - Software 10 539 (364 ) 175 521 (300 ) 221 Computer software 3 to 5 717 (331 ) 386 667 (140 ) 527 Total Energy Segment 14,733 (10,457 ) 4,276 14,203 (8,889 ) 5,314 Other category Computer software 3 to 5 720 (698 ) 22 715 (676 ) 39 Product certifications 3 36 (36 ) — 36 (36 ) — Total other category 756 (734 ) 22 751 (712 ) 39 Total Finite-lived assets Total Identifiable other intangible assets $ 15,489 $ (11,191 ) $ 4,298 $ 14,954 $ (9,601 ) $ 5,353 |
Schedule of Finite-Lived Intangible Assets, Amortization Expense [Table Text Block] | For the Years Ended December 31, (In thousands) 2019 2018 2017 Trademarks and trade name $ 153 $ 160 $ 154 Customer lists/relationships 595 622 600 Technology rights 32 33 30 Technology-based assets 253 265 255 Computer software 204 161 32 Other intangibles — — 2 Intangibles held by discontinued operations 400 661 768 Total amortization $ 1,637 $ 1,902 $ 1,841 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | For the Years Ending December 31, (In thousands) 2020 2021 2022 2023 2024 2025 and thereafter Totals Trademarks and trade name $ 158 $ 158 $ 158 $ 39 $ — $ — $ 513 Customer lists/relationships 614 614 614 154 — — 1,996 Technology rights 33 33 33 18 — — 117 Technology-based assets 261 261 261 221 208 52 1,264 Computer software 198 112 76 22 — — 408 Total amortization $ 1,264 $ 1,178 $ 1,142 $ 454 $ 208 $ 52 $ 4,298 |
Schedule of Goodwill [Table Text Block] | (In thousands) Energy Other Total Balance, December 31, 2017 $ 4,549 $ — $ 4,549 Currency translation adjustments (202 ) — (202 ) Goodwill impairment (4,347 ) — $ (4,347 ) Balance, December 31, 2018 $ — $ — $ — |
Note 6 - Instruments and Risk_2
Note 6 - Instruments and Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Derivative Instruments Included in Trading Activities [Table Text Block] | Location of Gain Recognized in Income For the Years Ended December 31, (In thousands) 2019 2018 2017 Interest rate swap: Other income (expense) $ — $ 129 $ 111 |
Note 7 - Notes Payable (Tables)
Note 7 - Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | As of December 31, (In thousands) 2019 2018 (a) Acquisition Note Payable - related party $ — $ 5,304 (b) Notes Payable - Financing notes 473 — Ending balance $ 473 $ 5,304 |
Schedule of Maturities of Long-term Debt [Table Text Block] | (In thousands) As of December 31, 2019 2020 $ 473 2021 — 2022 — 2023 — 2024 — Thereafter — Total $ 473 |
Note 10 - Stockholders' Equity
Note 10 - Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Disclosure of Shares Issued as Share-based Compensation and Royalty Payments [Table Text Block] | (Dollars in thousands) Date of issuance Type of Expense/ Prepaid/ Stock issuance recipient Reason for issuance Total no. of Grant date January, April, July, and October 2019 Vested restricted common stock Expense Four board members Director compensation 164,713 $ 162 May 2019 Common stock Expense Employee Approved bonus 18,837 17 Total 2019 issuances 183,550 $ 179 (1) January, April, July and October 2018 Vested restricted common stock Expense Four board members Director compensation 72,157 $ 175 January and July 2018 Common stock Expense Three Employees Approved bonuses 68,118 183 (2) July and December 2018 Common stock Expense Related Party, James McKenzie Pursuant to royalty agreement 5,755 14 (2) Total 2018 issuances 146,030 $ 372 (3)(4) January, April, August and October 2017 Vested restricted common stock Expense Four board members Director compensation 49,980 $ 200 January, February and June 2017 Common stock Expense Three Employees Approved bonuses 28,634 182 (5) January and December 2017 Common stock Expense Related party, James McKenzie Pursuant to royalty agreement 3,293 16 (5) January and February 2017 Common stock Expense Two Employees Cashless stock option exercises 245 — (6) May 2017 Common stock Prepaid expense/expense Third-party consultant Strategic investor marketing services 15,000 57 (7) October 2017 Common stock Cash Various third-party shareholders Equity raise 7,392,856 18,905 Total 2017 issuances 7,490,008 $ 19,360 (8) |
Summary of Warrants and Options Issued [Table Text Block] | For the Year Ended December 31, 2019 Number of Options Weighted Average Exercise Price ($) Weighted Average Remaining Contract Life (years) Aggregate Intrinsic Value ($ '000) Balance at beginning of year 923,898 $ 6.32 3.64 $ — Expired (74,263 ) 7.22 Balance at end of year 849,635 $ 6.24 2.95 — Exercisable 849,635 $ 6.24 2.95 — |
Note 12 - Accumulated Other C_2
Note 12 - Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (In thousands) As of December 31, 2019 2018 Foreign currency translation adjustment $ (4,371 ) $ (4,396 ) Accumulated other comprehensive loss $ (4,371 ) $ (4,396 ) |
Note 14 - Income Taxes (Tables)
Note 14 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | (In thousands) For the Years Ended December 31, 2019 2018 2017 Continuing operations $ (16,582 ) $ (22,666 ) $ (16,196 ) Discontinued operations 12,908 5,135 2,001 Loss before income taxes $ (3,674 ) $ (17,531 ) $ (14,195 ) (In thousands) For the Years Ended December 31, 2019 2018 2017 U.S. operations $ (11,278 ) $ (9,684 ) $ (8,792 ) Foreign operations (5,304 ) (12,982 ) (7,404 ) Loss before income taxes $ (16,582 ) $ (22,666 ) $ (16,196 ) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (In thousands) For the Years Ended December 31, 2019 2018 2017 Continuing operations $ (2,956 ) $ (1,342 ) $ (2,251 ) Discontinued operations 411 1,136 645 Total income tax (benefit) $ (2,545 ) $ (206 ) $ (1,606 ) (In thousands) For the Years Ended December 31, 2019 2018 2017 Current: Federal $ — $ — $ — State and local — — — Foreign — — — Total current provision — — — Deferred: Federal (2,368 ) (894 ) (1,370 ) State and local (588 ) (142 ) (1 ) Foreign — (306 ) (880 ) Total deferred (benefit) (2,956 ) (1,342 ) (2,251 ) Total income tax (benefit) $ (2,956 ) $ (1,342 ) $ (2,251 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | (In thousands) For the Years Ended December 31, 2019 2018 2017 Computed federal income taxes at the statutory rate (benefit) $ (3,482 ) $ (4,760 ) $ (5,507 ) Permanent tax differences (23 ) (122 ) (262 ) Foreign tax rates and tax credits differing from USA 435 747 1,021 Purchased goodwill and intangible impairments — 828 1,072 Change in valuation allowance 114 1,965 1,425 Total income tax (benefit) $ (2,956 ) $ (1,342 ) $ (2,251 ) Effective tax rate 17.83 % 5.92 % 13.90 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (In thousands) As of December 31, 2019 2018 Deferred tax assets: Net operating loss carryforwards $ 12,130 $ 12,317 Inventory and accounts receivable reserves 306 234 Other 1,956 569 Valuation allowance (12,447 ) (12,333 ) Deferred tax assets after valuation allowance 1,945 787 Deferred tax liabilities Intangible assets (476 ) (848 ) Property, plant and equipment (1,469 ) 61 Total deferred tax liabilities (1,945 ) (787 ) Net deferred tax asset (liability) $ — $ — |
Note 16 - Leases (Tables)
Note 16 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | (In thousands) 2020 $ 1,173 2021 1,074 2022 1,063 2023 609 2024 626 Thereafter 2,688 Interest portion (1,560 ) Total operating lease obligations $ 5,673 |
Lease, Cost and Other Lease Information [Table Text Block] | For the Year Ended December 31, 2019 (In thousands) Operating lease cost $ 1,016 Short-term lease cost 205 Variable lease cost 122 Sublease income (55 ) Total lease cost $ 1,288 Other information Cash paid for amounts included in the measurement of lease obligations: Operating cash flows used in operating leases $ (1,210 ) Right-of-use assets obtained in exchange for new operating lease obligations $ 6,473 * Weighted-average remaining lease term - operating leases (in years) 7.4 Weighted-average discount rate - operating leases 6.4 % |
Lessee, Operating Lease, Disclosure [Table Text Block] | (In thousands) 2019 $ 1,138 2020 1,060 2021 1,024 2022 1,013 2023 605 Thereafter 3,307 Total $ 8,147 |
Note 1 - Nature of Operations_2
Note 1 - Nature of Operations and Basis of Presentation (Details Textual) | 12 Months Ended |
Dec. 31, 2019 | |
Number of Reportable Segments | 2 |
Energy Segment [Member] | |
Number of Reportable Segments | 1 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | Dec. 08, 2019 | Sep. 30, 2019 | Jan. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net Income (Loss) Attributable to Parent, Total | $ (1,129) | $ (17,325) | $ (12,589) | |||||||||
Net Cash Provided by (Used in) Operating Activities, Total | (11,518) | (12,283) | (9,369) | |||||||||
Retained Earnings (Accumulated Deficit), Ending Balance | $ (122,234) | $ (123,993) | (122,234) | (123,993) | ||||||||
Working Capital | 25,700 | 25,700 | ||||||||||
Proceeds from Divestiture of Businesses | 35,396 | |||||||||||
Gain (Loss) on Disposition of Business | 14,100 | |||||||||||
Cash, FDIC Insured Amount | 1,000 | 300 | 1,000 | 300 | ||||||||
Cash and Cash Equivalents in Foreign Accounts | 300 | 67 | 300 | 67 | ||||||||
Restricted Cash, Noncurrent | 0 | 523 | 0 | 523 | ||||||||
Notes Receivable, Fair Value Disclosure | 5,000 | 5,000 | ||||||||||
Financing Receivable, after Allowance for Credit Loss, Noncurrent, Total | 3,253 | 3,253 | ||||||||||
Proceeds from Collection of Notes Receivable | 313 | 19 | 39 | |||||||||
Investment in Convertible Note Receivable, Noncurrent | 655 | 655 | ||||||||||
Accounts Receivable, Allowance for Credit Loss, Current | 47 | 17 | 47 | 17 | ||||||||
Reclassified Deposits and Other Assets to Prepaid Assets | 100 | 100 | ||||||||||
Asset Impairment Charges, Other than Goodwill | 0 | 0 | 0 | |||||||||
Goodwill, Ending Balance | 0 | 0 | $ 4,549 | 0 | 0 | 4,549 | ||||||
Goodwill, Impairment Loss | 3,100 | $ 1,300 | $ 3,200 | 4,347 | 3,152 | |||||||
Accrued Liabilities, Current, Total | 5,159 | 1,893 | 5,159 | 1,893 | ||||||||
Employee-related Liabilities, Current, Total | 1,100 | 900 | 1,100 | 900 | ||||||||
Accounts Payable, Trade, Current | 200 | $ 100 | 200 | 100 | ||||||||
Accrued Expenses, Working Capital Adjustment | $ 2,800 | 2,800 | ||||||||||
Derivative, Gain on Derivative | 129 | 111 | ||||||||||
Payments for Derivative Instrument, Financing Activities | 227 | |||||||||||
Advertising Expense | $ 400 | 600 | 500 | |||||||||
Number of Operating Segments | 3 | |||||||||||
Number of Reportable Segments | 2 | |||||||||||
Depreciation and Amortization, Discontinued Operations | $ 800 | $ 1,500 | $ 1,500 | |||||||||
Royalty Agreement [Member] | ||||||||||||
Weighted Average Shares Outstanding, Unissued | 37,312 | 1,844 | 63,602 | 37,312 | 1,844 | 63,602 | ||||||
Transferred at Point in Time [Member] | ||||||||||||
Percentage of Revenue From Goods and Services | 29.00% | 22.00% | ||||||||||
Accounting Standards Update 2014-09 [Member] | ||||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 1,900 | |||||||||||
CUI Global Inc. [Member] | ||||||||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 6.00% | |||||||||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 200 | $ 100 | $ 74 | |||||||||
Developed Technology Rights [Member] | ||||||||||||
Finite-Lived Intangible Asset, Useful Life | [1] | 20 years | ||||||||||
Deposits and Other Assets [Member] | ||||||||||||
Asset Impairment Charges, Total | $ 1,500 | |||||||||||
Test Products International Inc. [Member] | ||||||||||||
Note Receivable Interest Rate | 5.00% | |||||||||||
Notes Receivable, Related Parties | $ 400 | |||||||||||
Investment Income, Interest | $ 8 | 17 | 18 | |||||||||
Royalty Expense | 36 | 10 | 16 | |||||||||
Royalty Expense, Offset Against Note Receivable | 13 | 10 | 16 | |||||||||
Proceeds from Collection of Notes Receivable | 19 | 39 | ||||||||||
Financing Receivable, after Allowance for Credit Loss, Total | $ 0 | 318 | 0 | 318 | ||||||||
VPS [Member] | ||||||||||||
Investment in Convertible Note Receivable, Noncurrent | 655 | 655 | ||||||||||
JAPAN | ||||||||||||
Cash, Uninsured Amount | 200 | 300 | 200 | 300 | ||||||||
Europe [Member] | ||||||||||||
Cash, Uninsured Amount | 600 | 0 | 600 | 0 | ||||||||
CANADA | ||||||||||||
Cash, Uninsured Amount | 200 | 67 | 200 | 67 | ||||||||
Bel Fuse Inc [Member] | ||||||||||||
Asset Sale Agreement, Sale Price | $ 32,000 | |||||||||||
Power and Electromechanical Business [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||||||||||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | 300 | 400 | 300 | |||||||||
Power and Electromechanical Segment [Member] | Accounting Standards Update 2014-09 [Member] | ||||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 900 | |||||||||||
Power and Electromechanical Segment [Member] | CUI Canada [Member] | ||||||||||||
Finite-Lived Customer Relationships, Gross | 92 | 92 | ||||||||||
Goodwill, Ending Balance | 0 | 0 | ||||||||||
Power and Electromechanical Segment [Member] | CUI Japan [Member] | ||||||||||||
Goodwill, Ending Balance | 0 | 0 | ||||||||||
Power and Electromechanical Segment [Member] | Power and Electromechanical Business [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||||||||||||
Proceeds from Divestiture of Businesses | 35,400 | |||||||||||
Gain (Loss) on Disposition of Business | $ 14,100 | |||||||||||
Power and Electromechanical Segment [Member] | Power and Electromechanical Business [Member] | Discontinued Operations, Disposed of by Sale [Member] | Electromechanical Subsegment [Member] | ||||||||||||
Proceeds from Divestiture of Businesses | $ 4,700 | |||||||||||
Disposal Group, Including Discontinued Operation, Consideration | 15,000 | |||||||||||
Disposal Group, Including Discontinued Operation, Liabilities Assumed | $ 5,300 | |||||||||||
Disposal Group, Including Discontinued Operation, Earn-out Term | 5 years | |||||||||||
Disposal Group, Including Discontinued Operation, Consideration, Minimum EBITDA for Earn-out | $ 3,500 | |||||||||||
Disposal Group, Including Discontinued Operation, Earn-out Consideration | 5,000 | |||||||||||
Disposal Group, Including Discontinued Operation, Earn-out Consideration, Fair Value | $ 3,300 | |||||||||||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 2,700 | 4,500 | 3,700 | |||||||||
Cash Provided by (Used in) Investing Activities, Discontinued Operations | $ 500 | 1,300 | 1,000 | |||||||||
Energy Segment [Member] | ||||||||||||
Goodwill, Ending Balance | $ 4,549 | $ 4,549 | ||||||||||
Goodwill, Impairment Loss | $ 4,347 | |||||||||||
Number of Reportable Segments | 1 | |||||||||||
Energy Segment [Member] | Accounting Standards Update 2014-09 [Member] | ||||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 2,800 | |||||||||||
Energy Segment [Member] | Developed Technology Rights [Member] | ||||||||||||
Finite-Lived Intangible Asset, Useful Life | [2] | 20 years | ||||||||||
[1] | Technology rights are amortized over a 20-year life or the term of the rights agreement. | |||||||||||
[2] | All intangibles are reviewed annually for impairment, or sooner if circumstances change. |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Schedule of Discontinued Operations for Income Statement and Balance Sheet Disclosures (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Income from operations of discontinued power and electromechanical components businesses (including gain on disposal of $14,100) | $ 12,908 | $ 5,135 | $ 2,001 | |
Income tax expense | 411 | 1,136 | 645 | |
Income from discontinued operations, net of income taxes | 12,497 | 3,999 | 1,356 | |
Total current assets * | 6,893 | 21,272 | ||
Total noncurrent assets * | 23,107 | |||
Total current liabilities * | 4,970 | 11,584 | ||
Total noncurrent liabilities * | 7,241 | |||
Power and Electromechanical Business [Member] | Power and Electromechanic Segment [Member] | Electromechanical Subsegment [Member] | ||||
Selling, general and administrative expense | (19,384) | (17,712) | (16,415) | |
Provision for bad debt | (5) | (20) | (3) | |
Impairment of goodwill and intangible assets | (278) | (3) | ||
Other income and expense | (113) | 52 | (118) | |
Pretax gain on sale of certain power and electromechanical businesses | 14,100 | |||
Pretax gain on assets contributed as part of the purchase of VPS | 629 | |||
Income from operations of discontinued power and electromechanical components businesses (including gain on disposal of $14,100) | 12,908 | 5,135 | 2,001 | |
Income from discontinued operations, net of income taxes | 12,497 | 3,999 | 1,356 | |
Deferred tax asset | 663 | |||
Power and Electromechanical Business [Member] | Power and Electromechanic Segment [Member] | Electromechanical Subsegment [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||||
Revenues | 56,476 | 64,432 | ||
Cost of revenues | (37,086) | (42,493) | ||
Depreciation and amortization | (300) | (797) | ||
Research and development | (854) | (2,303) | ||
Interest expense | (277) | (299) | ||
Pretax (loss) profit of discontinued operations related to major classes of pretax (loss) profit | (1,821) | 2,001 | ||
Income tax expense | 411 | $ 645 | ||
Trade accounts receivables | 1,740 | |||
Inventories | 3,254 | |||
Prepaid expenses and other current assets | 140 | |||
Total current assets * | [1] | |||
Property and equipment | 273 | |||
Right of use assets - Operating leases | 391 | |||
Goodwill | ||||
Other intangible assets | 352 | |||
Deposits and other assets | 80 | |||
Total noncurrent assets * | ||||
Total assets of the disposal group classified as held for sale | 6,893 | |||
Accounts payable | 618 | |||
Line of credit | ||||
Operating lease obligations - current portion | 410 | |||
Accrued expenses | 3,935 | |||
Contract liabilities | ||||
Refund liabilities | ||||
Total current liabilities * | [1] | |||
Long term note payable, related party | ||||
Operating lease obligations, less current portion | 7 | |||
Deferred tax liabilities | ||||
Other long-term liabilities | ||||
Total noncurrent liabilities * | [1] | |||
Total liabilities | $ 4,970 | |||
Power and Electromechanical Business [Member] | Power and Electromechanic Segment [Member] | Electromechanical Subsegment [Member] | Discontinued Operations, Held-for-sale [Member] | ||||
Revenues | 76,447 | |||
Cost of revenues | (50,096) | |||
Depreciation and amortization | (603) | |||
Research and development | (2,647) | |||
Interest expense | (286) | |||
Pretax (loss) profit of discontinued operations related to major classes of pretax (loss) profit | 5,135 | |||
Income tax expense | 1,136 | |||
Trade accounts receivables | 9,382 | |||
Inventories | 11,420 | |||
Prepaid expenses and other current assets | 470 | |||
Total current assets * | [1] | 21,272 | ||
Property and equipment | 1,433 | |||
Right of use assets - Operating leases | ||||
Goodwill | 13,089 | |||
Other intangible assets | 8,508 | |||
Deposits and other assets | 77 | |||
Total noncurrent assets * | 23,107 | |||
Total assets of the disposal group classified as held for sale | 44,379 | |||
Accounts payable | 4,960 | |||
Line of credit | 979 | |||
Operating lease obligations - current portion | ||||
Accrued expenses | 2,958 | |||
Contract liabilities | 270 | |||
Refund liabilities | 2,417 | |||
Total current liabilities * | [1] | 11,584 | ||
Long term note payable, related party | 5,304 | |||
Operating lease obligations, less current portion | ||||
Deferred tax liabilities | 1,922 | |||
Other long-term liabilities | 15 | |||
Total noncurrent liabilities * | [1] | 7,241 | ||
Total liabilities | $ 18,825 | |||
[1] | The assets and liabilities of the disposal group classified as held for sale are classified as current on the December 31, 2019 balance sheet because it is probable that the sale will occur and proceeds will be collected within one year. |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Cash and cash equivalents at beginning of year | $ 3,979 | $ 12,646 | $ 4,617 |
Restricted cash at beginning of year | 523 | ||
Cash, cash equivalents and restricted cash at beginning of year | 4,502 | 12,646 | 4,617 |
Cash and cash equivalents at end of year | 23,351 | 3,979 | 12,646 |
Restricted cash at end of year | 523 | ||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR | $ 23,351 | $ 4,502 | $ 12,646 |
Note 2 - Summary of Significa_6
Note 2 - Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - SEC Schedule, 12-09, Allowance, Credit Loss [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Allowance for doubtful accounts, beginning of year | $ 17 | $ 5 | $ 21 |
Charge (credit) to costs and expenses | 131 | 13 | (16) |
Deductions | (101) | (1) | |
Allowance for doubtful accounts, end of year | $ 47 | $ 17 | $ 5 |
Note 2 - Summary of Significa_7
Note 2 - Summary of Significant Accounting Policies - Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Finished goods | $ 434 | $ 665 |
Raw materials | 244 | 394 |
Work-in-process | 953 | 563 |
Total inventories | $ 1,631 | $ 1,622 |
Note 2 - Summary of Significa_8
Note 2 - Summary of Significant Accounting Policies - Inventory Reserves (Details) - SEC Schedule, 12-09, Reserve, Inventory [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Inventory reserves | $ 1,499 | $ 104 | $ 110 |
Charge to costs and expenses | 202 | 1,401 | (16) |
Other additions (deductions) | 59 | (6) | 10 |
Inventory reserves | $ 1,760 | $ 1,499 | $ 104 |
Note 2 - Summary of Significa_9
Note 2 - Summary of Significant Accounting Policies - Estimated Useful Lives for Buildings, Improvements, Furniture, Vehicles, and Equipment (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Building and Building Improvements [Member] | Minimum [Member] | |
Estimated useful life (Year) | 5 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Estimated useful life (Year) | 39 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Estimated useful life (Year) | 3 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Estimated useful life (Year) | 10 years |
Vehicles [Member] | Minimum [Member] | |
Estimated useful life (Year) | 3 years |
Vehicles [Member] | Maximum [Member] | |
Estimated useful life (Year) | 5 years |
Note 2 - Summary of Signific_10
Note 2 - Summary of Significant Accounting Policies - Estimated Useful Life for the Intangible Assets (Details) | 12 Months Ended | |
Dec. 31, 2019 | ||
Order or Production Backlog [Member] | ||
Finite-lived intangible assets (Year) | 2 years | |
Trade name - Orbital [Member] | ||
Finite-lived intangible assets (Year) | 10 years | |
Customer List - Orbital [Member] | ||
Finite-lived intangible assets (Year) | 10 years | |
Developed Technology Rights [Member] | ||
Finite-lived intangible assets (Year) | 20 years | [1] |
Technology - Based Asset - Know How [Member] | ||
Finite-lived intangible assets (Year) | 12 years | |
Technology -Based Asset - Software [Member] | ||
Finite-lived intangible assets (Year) | 10 years | |
Computer Software, Intangible Asset [Member] | Minimum [Member] | ||
Finite-lived intangible assets (Year) | 3 years | |
Computer Software, Intangible Asset [Member] | Maximum [Member] | ||
Finite-lived intangible assets (Year) | 5 years | |
[1] | Technology rights are amortized over a 20-year life or the term of the rights agreement. |
Note 2 - Summary of Signific_11
Note 2 - Summary of Significant Accounting Policies - Contract Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Current contract liabilities, January 1 | $ 1,956 | $ 4,386 | |
Long-term contract liabilities, January 1 | [1] | 129 | 84 |
Total contract liabilities, January 1 | 2,085 | 4,470 | |
Contract additions, net | 1,763 | 1,940 | |
Revenue recognized | (2,016) | (4,123) | |
Translation | 28 | (202) | |
Contract liabilities, December 31 | 1,860 | 2,085 | |
Current contract liabilities, December 31 | 1,668 | 1,956 | |
Long-term contract liabilities, December 31 | [1] | $ 192 | $ 129 |
[1] | Long-term contract liabilities are included in Other long-term liabilities on the Consolidated Balance Sheets. |
Note 2 - Summary of Signific_12
Note 2 - Summary of Significant Accounting Policies - Revenues Disaggregated (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | $ 23,492 | $ 20,342 | $ 18,843 |
Power and Electromechanical Segment [Member] | |||
Revenues | 23,492 | ||
Power and Electromechanical Segment [Member] | North America [Member] | |||
Revenues | 9,654 | ||
Power and Electromechanical Segment [Member] | Europe [Member] | |||
Revenues | 13,733 | ||
Power and Electromechanical Segment [Member] | Asia [Member] | |||
Revenues | 42 | ||
Power and Electromechanical Segment [Member] | Other Regions [Member] | |||
Revenues | 63 | ||
Power and Electromechanical Segment [Member] | Transferred at Point in Time [Member] | |||
Revenues | 6,800 | ||
Power and Electromechanical Segment [Member] | Transferred over Time [Member] | |||
Revenues | $ 16,692 | ||
Energy Segment [Member] | |||
Revenues | 20,342 | ||
Energy Segment [Member] | North America [Member] | |||
Revenues | 4,311 | ||
Energy Segment [Member] | Europe [Member] | |||
Revenues | 15,620 | ||
Energy Segment [Member] | Asia [Member] | |||
Revenues | 205 | ||
Energy Segment [Member] | Other Regions [Member] | |||
Revenues | 206 | ||
Energy Segment [Member] | Transferred at Point in Time [Member] | |||
Revenues | 4,391 | ||
Energy Segment [Member] | Transferred over Time [Member] | |||
Revenues | $ 15,951 |
Note 2 - Summary of Signific_13
Note 2 - Summary of Significant Accounting Policies - Summary of Potential Common Stock Shares (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Options, outstanding (in shares) | 849,635 | 923,898 | 964,180 |
Note 2 - Summary of Signific_14
Note 2 - Summary of Significant Accounting Policies - Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Loss from continuing operations, net of income taxes | $ (13,626) | $ (21,324) | $ (13,945) |
Income from discontinued operations, net of income taxes | 12,497 | 3,999 | 1,356 |
Net loss | $ (1,129) | $ (17,325) | $ (12,589) |
Basic and diluted weighted average number of shares outstanding (in shares) | 28,654,500 | 28,517,339 | 22,397,865 |
Loss from continuing operations per common share - basic and diluted (in dollars per share) | $ (0.48) | $ (0.75) | $ (0.62) |
Earnings from discontinued operations per common share - basic and diluted (in dollars per share) | 0.44 | 0.14 | 0.06 |
Loss per common share - basic and diluted (in dollars per share) | $ (0.04) | $ (0.61) | $ (0.56) |
Note 2 - Summary of Signific_15
Note 2 - Summary of Significant Accounting Policies - Summary of Segment Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Revenues from external customers | $ 23,492 | $ 20,342 | $ 18,843 | |
Depreciation and amortization (1) | [1] | 2,361 | 3,005 | 2,850 |
Interest expense | 61 | 216 | 201 | |
Loss from operations | (16,045) | (22,134) | (16,305) | |
Segment assets | 64,158 | 70,167 | 87,909 | |
Other intangibles assets, net | 4,298 | 5,353 | 6,728 | |
Expenditures for segment assets (2) | [2] | 674 | 1,534 | 1,531 |
Impairment of goodwill and other intangible assets | 4,347 | 3,152 | ||
Goodwill | 0 | 0 | 4,549 | |
Energy Segment [Member] | ||||
Revenues from external customers | 23,492 | 20,342 | 18,843 | |
Depreciation and amortization (1) | [1] | 1,520 | 1,525 | 1,345 |
Interest expense | 52 | 23 | 1 | |
Loss from operations | (8,615) | (17,168) | (11,366) | |
Segment assets | 21,461 | 19,034 | 26,512 | |
Other intangibles assets, net | 4,276 | 5,314 | 6,669 | |
Expenditures for segment assets (2) | [2] | 135 | 235 | 576 |
Impairment of goodwill and other intangible assets | 4,347 | 3,152 | ||
Goodwill | 4,549 | |||
Other Segments [Member] | ||||
Revenues from external customers | ||||
Depreciation and amortization (1) | [1] | 841 | 1,480 | 1,505 |
Interest expense | 9 | 193 | 200 | |
Loss from operations | (7,430) | (4,966) | (4,939) | |
Segment assets | 42,697 | 51,133 | 61,397 | |
Other intangibles assets, net | 22 | 39 | 59 | |
Expenditures for segment assets (2) | [2] | $ 539 | 1,299 | 955 |
Impairment of goodwill and other intangible assets | ||||
Goodwill | ||||
[1] | For the years ended December 31, 2019, 2018 and 2017, depreciation and amortization totals included $0.8 million, $1.5 million and $1.5 million, respectively that were classified in income from discontinued operations on the Consolidated Statements of Operations. | |||
[2] | Includes purchases of property, plant and equipment and investment in other intangible assets. |
Note 2 - Summary of Signific_16
Note 2 - Summary of Significant Accounting Policies - Revenue By Country (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue, amount | $ 23,492 | $ 20,342 | $ 18,843 |
Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | |||
Revenue, percent | 100.00% | 100.00% | 100.00% |
UNITED STATES | |||
Revenue, amount | $ 9,654 | $ 4,311 | $ 3,158 |
UNITED STATES | Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | |||
Revenue, percent | 41.00% | 21.00% | 17.00% |
UNITED KINGDOM | |||
Revenue, amount | $ 13,391 | $ 15,118 | $ 14,479 |
UNITED KINGDOM | Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | |||
Revenue, percent | 57.00% | 74.00% | 77.00% |
All Others [Member] | |||
Revenue, amount | $ 447 | $ 913 | $ 1,206 |
All Others [Member] | Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | |||
Revenue, percent | 2.00% | 5.00% | 6.00% |
Note 2 - Summary of Signific_17
Note 2 - Summary of Significant Accounting Policies - Long-lived Assets By Country (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Long-lived Assets | $ 22,464 | $ 34,686 |
UNITED STATES | ||
Long-lived Assets | 13,664 | 23,544 |
UNITED KINGDOM | ||
Long-lived Assets | 8,800 | 9,647 |
All Others [Member] | ||
Long-lived Assets | $ 1,495 |
Note 3 - Investments and Fair_3
Note 3 - Investments and Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Mar. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Payments to Acquire Equity Method Investments | $ 2,068 | ||||
Equity Method Investments, Gain (Loss) in Fair Value | 629 | ||||
Equity Method Investments | 4,865 | ||||
Virtual Power Systems [Member] | |||||
Payments to Acquire Equity Method Investments | $ 300 | 1,700 | |||
Equity Method Investment, Summarized Financial Information, Assets, Total | 2,500 | $ 8,045 | |||
Equity Method Investment, Summarized Financial Information, Liabilities, Total | $ 1,800 | ||||
Equity Method Investment, Ownership Percentage | 21.40% | 20.58% | 20.58% | ||
Equity Method Investments, Gain (Loss) in Fair Value | $ 600 | ||||
Equity Method Investments | $ 4,865 | ||||
Virtual Power Systems [Member] | |||||
Conversion of Notes Receivable to Preferred Stock | $ 700 |
Note 3 - Investments and Fair_4
Note 3 - Investments and Fair Value Measurements - Fair Value Hierarchy for Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Total assets | $ 17 | $ 1,594 | |
Certificate of deposit - restricted cash | 523 | ||
Certificate of deposit - restricted investment (1) | [1] | 400 | |
Convertible notes receivable | 655 | ||
Fair Value, Inputs, Level 1 [Member] | |||
Total assets | 17 | 939 | |
Certificate of deposit - restricted cash | 523 | ||
Certificate of deposit - restricted investment (1) | [1] | 400 | |
Convertible notes receivable | |||
Fair Value, Inputs, Level 2 [Member] | |||
Total assets | |||
Certificate of deposit - restricted cash | |||
Certificate of deposit - restricted investment (1) | [1] | ||
Convertible notes receivable | |||
Fair Value, Inputs, Level 3 [Member] | |||
Total assets | 655 | ||
Certificate of deposit - restricted cash | |||
Certificate of deposit - restricted investment (1) | [1] | ||
Convertible notes receivable | 655 | ||
Money Market Funds [Member] | |||
Money market securities | 17 | 16 | |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Money market securities | 17 | 16 | |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Money market securities | |||
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Money market securities | |||
[1] | Investment is a 12-month certificate of deposit classified as available for sale and included in Deposits and other assets on the balance sheet. |
Note 3 - Investments and Fair_5
Note 3 - Investments and Fair Value Measurements - Reconciliation of Changes in Fair Value (Details) - Fair Value, Inputs, Level 3 [Member] - Investment in Convertible Note Receivable [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Balance, liabilities | $ 655 |
Conversion to common stock of VPS | (655) |
Balance, liabilities |
Note 3 - Investments and Fair_6
Note 3 - Investments and Fair Value Measurements - Summary of Unaudited Financial Statements of Affiliate (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 30, 2019 | |
Company share of adjusted net loss at 20.58% | $ (1,043) | |||
Equity investment in affiliate | 4,865 | |||
Virtual Power Systems [Member] | ||||
Current assets | 3,739 | |||
Non-current assets | 4,306 | |||
Total Assets | 8,045 | $ 2,500 | ||
Current liabilities | 396 | |||
Non-current liabilities | 2,725 | |||
Stockholders' equity | 4,924 | |||
Total liabilities and stockholders' equity | 8,045 | |||
Revenues | 154 | |||
Operating loss | (5,151) | |||
Net loss | (5,151) | |||
Foreign currency translation adjustment | ||||
Comprehensive net loss | (5,151) | |||
Add back excluded acquisition intangible amortization, net | 86 | |||
Adjusted comprehensive loss | (5,065) | |||
Company share of adjusted net loss at 20.58% | (1,043) | |||
Equity investment in affiliate | $ 4,865 |
Note 3 - Investments and Fair_7
Note 3 - Investments and Fair Value Measurements - Summary of Unaudited Financial Statements of Affiliate (Details) (Parentheticals) | Dec. 31, 2019 | Jun. 30, 2019 | Mar. 30, 2019 |
Virtual Power Systems [Member] | |||
Ownership Percentage | 20.58% | 20.58% | 21.40% |
Note 4 - Property and Equipme_3
Note 4 - Property and Equipment, Net (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Depreciation and Amortization, Continuing Operations | $ 0.3 | $ 0.3 | $ 0.3 |
Property, Plant and Equipment, Disposals | 0.2 | 5.6 | |
Accumulated Depreciation, Depletion and Amortization, Sale or Disposal of Property, Plant and Equipment | $ 0.2 | 0.8 | |
Proceeds from Sale of Buildings | $ 8.1 | ||
Lessor, Operating Lease, Term of Contract | 10 years | ||
Deferred Gain on Sale of Building | $ 2.9 | ||
Sale of Building, Expenses | $ 0.4 |
Note 4 - Property and Equipme_4
Note 4 - Property and Equipment, Net - Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, and equipment | $ 5,895 | $ 5,824 |
Less accumulated depreciation | (1,441) | (1,284) |
Property and equipment, net | 4,454 | 4,540 |
Land [Member] | ||
Property, and equipment | 395 | 382 |
Building [Member] | ||
Property, and equipment | 4,117 | 3,976 |
Leasehold Improvements [Member] | ||
Property, and equipment | 109 | 109 |
Equipment [Member] | ||
Property, and equipment | $ 1,274 | $ 1,357 |
Note 5 - Goodwill and Other I_3
Note 5 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Impairment of Intangible Assets (Excluding Goodwill), Total | $ 0 | ||
Goodwill, Ending Balance | $ 0 | $ 0 | $ 4,549 |
Note 5 - Goodwill and Other I_4
Note 5 - Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Finite-lived intangible asset, accumulated amortization | $ (11,191) | $ (9,601) | ||
Totals | 4,298 | |||
Total Identifiable other intangible assets, gross | 15,489 | 14,954 | ||
Other intangibles assets, net | $ 4,298 | 5,353 | $ 6,728 | |
Order or Production Backlog [Member] | ||||
Finite-lived intangible assets (Year) | 2 years | |||
Trade name - Orbital [Member] | ||||
Finite-lived intangible assets (Year) | 10 years | |||
Customer List - Orbital [Member] | ||||
Finite-lived intangible assets (Year) | 10 years | |||
Developed Technology Rights [Member] | ||||
Finite-lived intangible assets (Year) | [1] | 20 years | ||
Totals | $ 117 | |||
Technology - Based Asset - Know How [Member] | ||||
Finite-lived intangible assets (Year) | 12 years | |||
Technology -Based Asset - Software [Member] | ||||
Finite-lived intangible assets (Year) | 10 years | |||
Computer Software, Intangible Asset [Member] | ||||
Totals | $ 408 | |||
Computer Software, Intangible Asset [Member] | Minimum [Member] | ||||
Finite-lived intangible assets (Year) | 3 years | |||
Computer Software, Intangible Asset [Member] | Maximum [Member] | ||||
Finite-lived intangible assets (Year) | 5 years | |||
Energy Segment [Member] | ||||
Finite-lived intangible asset, gross | $ 14,733 | 14,203 | ||
Finite-lived intangible asset, accumulated amortization | (10,457) | (8,889) | ||
Totals | 4,276 | 5,314 | ||
Other intangibles assets, net | $ 4,276 | 5,314 | 6,669 | |
Energy Segment [Member] | Order or Production Backlog [Member] | ||||
Finite-lived intangible assets (Year) | [2] | 2 years | ||
Finite-lived intangible asset, gross | $ 2,938 | 2,837 | ||
Finite-lived intangible asset, accumulated amortization | (2,938) | (2,837) | ||
Totals | ||||
Energy Segment [Member] | Trade name - Orbital [Member] | ||||
Finite-lived intangible assets (Year) | [2] | 10 years | ||
Finite-lived intangible asset, gross | $ 1,579 | 1,526 | ||
Finite-lived intangible asset, accumulated amortization | (1,066) | (877) | ||
Totals | $ 513 | 649 | ||
Energy Segment [Member] | Customer List - Orbital [Member] | ||||
Finite-lived intangible assets (Year) | [2] | 10 years | ||
Finite-lived intangible asset, gross | $ 6,142 | 5,931 | ||
Finite-lived intangible asset, accumulated amortization | (4,146) | (3,411) | ||
Totals | $ 1,996 | 2,520 | ||
Energy Segment [Member] | Developed Technology Rights [Member] | ||||
Finite-lived intangible assets (Year) | [2] | 20 years | ||
Finite-lived intangible asset, gross | $ 330 | 318 | ||
Finite-lived intangible asset, accumulated amortization | (213) | (173) | ||
Totals | $ 117 | 145 | ||
Energy Segment [Member] | Technology - Based Asset - Know How [Member] | ||||
Finite-lived intangible assets (Year) | [2] | 12 years | ||
Finite-lived intangible asset, gross | $ 2,488 | 2,403 | ||
Finite-lived intangible asset, accumulated amortization | (1,399) | (1,151) | ||
Totals | $ 1,089 | 1,252 | ||
Energy Segment [Member] | Technology -Based Asset - Software [Member] | ||||
Finite-lived intangible assets (Year) | [2] | 10 years | ||
Finite-lived intangible asset, gross | $ 539 | 521 | ||
Finite-lived intangible asset, accumulated amortization | (364) | (300) | ||
Totals | 175 | 221 | ||
Energy Segment [Member] | Computer Software, Intangible Asset [Member] | ||||
Finite-lived intangible asset, gross | 717 | 667 | ||
Finite-lived intangible asset, accumulated amortization | (331) | (140) | ||
Totals | $ 386 | 527 | ||
Energy Segment [Member] | Computer Software, Intangible Asset [Member] | Minimum [Member] | ||||
Finite-lived intangible assets (Year) | [2] | 3 years | ||
Energy Segment [Member] | Computer Software, Intangible Asset [Member] | Maximum [Member] | ||||
Finite-lived intangible assets (Year) | [2] | 5 years | ||
Other Segments [Member] | ||||
Finite-lived intangible asset, gross | $ 756 | 751 | ||
Finite-lived intangible asset, accumulated amortization | (734) | (712) | ||
Totals | 22 | 39 | ||
Other intangibles assets, net | 22 | 39 | $ 59 | |
Other Segments [Member] | Computer Software, Intangible Asset [Member] | ||||
Finite-lived intangible asset, gross | 720 | 715 | ||
Finite-lived intangible asset, accumulated amortization | (698) | (676) | ||
Totals | $ 22 | 39 | ||
Other Segments [Member] | Computer Software, Intangible Asset [Member] | Minimum [Member] | ||||
Finite-lived intangible assets (Year) | [2] | 3 years | ||
Other Segments [Member] | Computer Software, Intangible Asset [Member] | Maximum [Member] | ||||
Finite-lived intangible assets (Year) | [2] | 5 years | ||
Other Segments [Member] | Product Certification [Member] | ||||
Finite-lived intangible assets (Year) | [2] | 3 years | ||
Finite-lived intangible asset, gross | $ 36 | 36 | ||
Finite-lived intangible asset, accumulated amortization | (36) | (36) | ||
Totals | ||||
[1] | Technology rights are amortized over a 20-year life or the term of the rights agreement. | |||
[2] | All intangibles are reviewed annually for impairment, or sooner if circumstances change. |
Note 5 - Goodwill and Other I_5
Note 5 - Goodwill and Other Intangible Assets - Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Intangible asset amortization | $ 1,637 | $ 1,902 | $ 1,841 |
Power and Electromechanical Business [Member] | |||
Intangible asset amortization | 400 | 661 | 768 |
Trademarks and Trade Names [Member] | |||
Intangible asset amortization | 153 | 160 | 154 |
Customer-Related Intangible Assets [Member] | |||
Intangible asset amortization | 595 | 622 | 600 |
Developed Technology Rights [Member] | |||
Intangible asset amortization | 32 | 33 | 30 |
Technology-Based Intangible Assets [Member] | |||
Intangible asset amortization | 253 | 265 | 255 |
Computer Software, Intangible Asset [Member] | |||
Intangible asset amortization | 204 | 161 | 32 |
Other Intangible Assets [Member] | |||
Intangible asset amortization | $ 2 |
Note 5 - Goodwill and Other I_6
Note 5 - Goodwill and Other Intangible Assets - Estimated Future Amortization (Details) $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 1,264 |
2021 | 1,178 |
2022 | 1,142 |
2023 | 454 |
2024 | 208 |
2025 and thereafter | 52 |
Totals | 4,298 |
Trademarks and Trade Names [Member] | |
2020 | 158 |
2021 | 158 |
2022 | 158 |
2023 | 39 |
2024 | |
2025 and thereafter | |
Totals | 513 |
Customer-Related Intangible Assets [Member] | |
2020 | 614 |
2021 | 614 |
2022 | 614 |
2023 | 154 |
2024 | |
2025 and thereafter | |
Totals | 1,996 |
Developed Technology Rights [Member] | |
2020 | 33 |
2021 | 33 |
2022 | 33 |
2023 | 18 |
2024 | |
2025 and thereafter | |
Totals | 117 |
Technology-Based Intangible Assets [Member] | |
2020 | 261 |
2021 | 261 |
2022 | 261 |
2023 | 221 |
2024 | 208 |
2025 and thereafter | 52 |
Totals | 1,264 |
Computer Software, Intangible Asset [Member] | |
2020 | 198 |
2021 | 112 |
2022 | 76 |
2023 | 22 |
2024 | |
2025 and thereafter | |
Totals | $ 408 |
Note 5 - Goodwill and Indefinit
Note 5 - Goodwill and Indefinite-lived Intangibles - Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Balance | $ 0 | $ 4,549 | ||||
Currency translation adjustments | (202) | |||||
Goodwill impairment | $ (3,100) | $ (1,300) | $ (3,200) | (4,347) | $ (3,152) | |
Balance | 0 | 4,549 | 0 | 0 | 4,549 | |
Energy Segment [Member] | ||||||
Balance | 4,549 | |||||
Currency translation adjustments | (202) | |||||
Goodwill impairment | (4,347) | |||||
Balance | 4,549 | 4,549 | ||||
Other Segments [Member] | ||||||
Balance | ||||||
Currency translation adjustments | ||||||
Goodwill impairment | ||||||
Balance |
Note 6 - Instruments and Risk_3
Note 6 - Instruments and Risk Management (Details Textual) | Oct. 01, 2013 | Dec. 31, 2019 |
Derivative, Swaption Interest Rate | 6.27% | |
Foreign Exchange Forward [Member] | ||
Derivative, Number of Instruments Held, Total | 0 | |
Interest Rate Swap [Member] | ||
Derivative, Term of Contract | 10 years | |
Designated as Hedging Instrument [Member] | ||
Derivative, Number of Instruments Held, Total | 0 |
Note 6 - Instruments and Risk_4
Note 6 - Instruments and Risk Management - Foreign Exchange Contracts Statement of Financial Position (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest Rate Swap [Member] | |||
Interest rate swap: | $ 129 | $ 111 |
Note 7 - Notes Payable (Details
Note 7 - Notes Payable (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Sep. 30, 2019 | Jul. 10, 2019 | Nov. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2019 |
Repayments of Notes Payable | $ 303 | ||||||
First Insurance Funding [Member] | July Financing Note [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.83% | ||||||
Debt Instrument, Face Amount | $ 358 | ||||||
Debt Instrument, Term | 240 days | ||||||
Debt Instrument, Periodic Payment, Total | $ 46 | ||||||
First Insurance Funding [Member] | November Financing Note [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.85% | ||||||
Debt Instrument, Face Amount | $ 374 | ||||||
Debt Instrument, Term | 300 days | ||||||
Debt Instrument, Periodic Payment, Total | $ 38 | ||||||
International Electronic Devices, Inc. [Member] | Convertible Debt [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | ||||||
Debt Instrument, Convertible, Conversion Price | $ 0.001 | ||||||
Repayments of Notes Payable | $ 5,300 |
Note 7 - Notes Payable - Summar
Note 7 - Notes Payable - Summary of Notes Payable (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Notes Payable - Financing notes | $ 473 | ||
Ending balance | 473 | 5,304 | |
First Insurance Funding [Member] | Financing Note [Member] | |||
Notes Payable - Financing notes | [1] | 473 | |
Convertible Debt [Member] | |||
Acquisition Note Payable - related party | [2] | $ 5,304 | |
[1] | Two notes payable for $358 thousand and $374 thousand to First Insurance Funding were executed in July and November 2019 by CUI Global for the purpose of financing a portion of the Company's insurance coverage. Note 1 has an annual percentage rate of 4.83% with eight monthly payments of approximately $46 thousand and will be paid off by March 1, 2020 and Note 2 has an annual percentage rate of 4.85% with ten monthly payments of approximately $38 thousand and will be paid off by September 1, 2020 . | ||
[2] | The note payable to International Electronic Devices, Inc. (formerly CUI, Inc.) is associated with the acquisition of CUI, Inc. The promissory note was due May 15, 2020 and included a 5% interest rate per annum, with interest payable monthly and the principal due as a balloon payment at maturity. The note included a contingent conversion feature, such that in the event of default on the note the holder of the note could, at the holder's option, convert the note principal into common stock at $0.001 per share. Upon the sale of the Company's electromechanical components business on September 30, 2019, the buyer also assumed the $5.3 million related party note payable as partial payment. |
Note 7 - Notes Payable - Maturi
Note 7 - Notes Payable - Maturity of Notes Payable (Details) $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 473 |
2021 | |
2022 | |
2023 | |
2024 | |
Thereafter | |
Total | $ 473 |
Note 8 - Overdraft Facility a_2
Note 8 - Overdraft Facility and Line of Credit (Details Textual) - USD ($) | Oct. 05, 2016 | Apr. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Multi-currency Variable Rate Overdraft Facility [Member] | Wells Fargo Bank N.A [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500,000 | |||
Line of Credit Facility, Expiration Period | 5 years | |||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | 2.50% | ||
Revolving Credit Facility [Member] | Bank of America [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000,000 | |||
Debt Instrument, Term | 2 years | |||
Revolving Credit Facility [Member] | Bank of America [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||
Revolving Credit Facility [Member] | Bank of America [Member] | Sub-limit for Non-loan Party Subsidiaries [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000,000 |
Note 9 - Commitments and Cont_2
Note 9 - Commitments and Contingencies (Details Textual) | Oct. 01, 2019USD ($)shares | May 14, 2019USD ($)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares |
Accrued Royalty and License Fees, Current | $ 9,000 | $ 3,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 0 | 0 | 0 | ||
Surety Bond Guarantee | $ 4,600,000 | ||||
Project Guarantee, Percent of Project Completed | 90.00% | ||||
William J. Clough [Member] | |||||
Employment Agreements, Severance Package, Term | 3 years | ||||
Annual Salary, Year One | $ 750,000 | ||||
Annual Salary, Year Two | 800,000 | ||||
Annual Salary, Year Three | $ 850,000 | ||||
Employment Agreements, Maximum Percent of Salary for Performance | 75.00% | ||||
Employment Agreements, Maximum Discretionary Bonus, Percentage | 25.00% | ||||
Employment Agreement, Stock Options Grants Subject to Approval | shares | 1,600,000 | ||||
Employment Agreement, Annual Life Insurance Premium | $ 9,999 | ||||
Employment Agreement, Severance, Ratio of Annual Base Salary | 2.5 | ||||
Employment Agreement, Severance, Term of Medical Coverage | 1 year 180 days | ||||
Workers' Compensation Liability | $ 0 | ||||
Employment Agreements, Accrued Employee Compensation | $ 30,000 | $ 33,000 | |||
Daniel N. Ford [Member] | |||||
Employment Agreements, Severance Package, Term | 3 years | ||||
Annual Salary, Year One | $ 500,000 | ||||
Annual Salary, Year Two | 550,000 | ||||
Annual Salary, Year Three | $ 600,000 | ||||
Employment Agreements, Maximum Percent of Salary for Performance | 75.00% | ||||
Employment Agreements, Maximum Discretionary Bonus, Percentage | 25.00% | ||||
Employment Agreement, Stock Options Grants Subject to Approval | shares | 960,000 | ||||
Employment Agreement, Severance, Ratio of Annual Base Salary | 2 | ||||
Employment Agreement, Severance, Term of Medical Coverage | 1 year 180 days | ||||
Employment Agreements, Accrued Employee Compensation | $ 0 | $ 21,000 | $ 22,000 | ||
James F. O'Neil III [Member] | |||||
Annual Salary, Year One | $ 750,000 | ||||
Annual Salary, Year Two | 800,000 | ||||
Annual Salary, Year Three | $ 850,000 | ||||
Employment Agreements, Maximum Percent of Salary for Performance | 75.00% | ||||
Employment Agreements, Maximum Discretionary Bonus, Percentage | 25.00% | ||||
Employment Agreement, Stock Options Grants Subject to Approval | shares | 1,000,000 | ||||
Employment Agreement, Annual Life Insurance Premium | $ 9,999 | ||||
Employment Agreement, Severance, Ratio of Annual Base Salary | 2.5 | ||||
Employment Agreement, Severance, Term of Medical Coverage | 1 year 180 days | ||||
Employment Agreements, Term | 3 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 600,000 |
Note 10 - Stockholders' Equit_2
Note 10 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Oct. 23, 2017 | Oct. 11, 2010 | Jan. 05, 2009 | May 16, 2008 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 29, 2017 | Sep. 21, 2012 | Sep. 29, 2009 | Jan. 08, 2009 | |||
Bonus and Royalty Accrued | $ 0 | ||||||||||||||
Stock Compensation Expense Related to Royalties and Stock Bonuses Accrued But Not Issued | $ 3 | ||||||||||||||
Shares Issued, Value, Share-based Payment Arrangement, before Forfeiture | 179 | [1] | 372 | [2],[3] | $ 19,360 | [4] | |||||||||
Sale of Equity, Registration, Maximum Value | $ 100,000 | ||||||||||||||
Stock Issued During Period, Shares, New Issues | 7,392,856 | ||||||||||||||
Shares Issued, Price Per Share | $ 2.80 | ||||||||||||||
Proceeds from Issuance or Sale of Equity, Total | $ 18,900 | $ 18,905 | |||||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | 0 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 | ||||||||||||||
2008 Equity Incentive Plan [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,500,000 | 3,000,000 | |||||||||||||
2008 Equity Incentive Plan [Member] | Incentive Stock Options [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 110.00% | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||||||||||||
2009 Equity Incentive Plan (Executive) [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 330,000 | 4,200,000 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 3,060,382 | ||||||||||||||
Over-Allotment Option [Member] | |||||||||||||||
Stock Issued During Period, Shares, New Issues | 964,285 | ||||||||||||||
Cash Less Warrant [Member] | |||||||||||||||
Proceeds from Issuance of Common Stock | $ 0 | ||||||||||||||
Amortized From Prepaid Expense [Member] | |||||||||||||||
Shares Issued, Value, Share-based Payment Arrangement, before Forfeiture | $ 24 | ||||||||||||||
Included in Prepaid Expense [Member] | |||||||||||||||
Shares Issued, Value, Share-based Payment Arrangement, before Forfeiture | $ 24 | ||||||||||||||
Included in Accrued Liabilities [Member] | |||||||||||||||
Share-based Payment Arrangement, Noncash Expense, Total | 170 | ||||||||||||||
Other Expense [Member] | |||||||||||||||
Bonus and Royalty Accrued and Expensed | $ 36 | $ 3 | $ 170 | $ 176 | |||||||||||
[1] | Total excludes $36 thousand of 2019 stock compensation and $3 thousand of 2018 stock compensation related to royalties that were recorded as expense but not issued and outstanding as of December 31, 2019. | ||||||||||||||
[2] | Excludes $24 thousand of stock compensation for stock issued in 2017 that was amortized from prepaid expense in 2018. | ||||||||||||||
[3] | Total excludes $3 thousand of stock compensation related to royalties that were recorded as expense but not issued and outstanding as of December 31, 2018. | ||||||||||||||
[4] | Does not include stock expense of $170 thousand included in accrued liabilities at December 31, 2017 for unissued stock. |
Note 10 - Stockholders' Equit_3
Note 10 - Stockholders' Equity - Common Stock Issuances (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||||
Total no. of shares (in shares) | 183,550 | 146,030 | 7,490,008 | ||||
Grant date fair value recorded at issuance | $ 179 | [1] | $ 372 | [2],[3] | $ 19,360 | [4] | |
Four Board Members [Member] | January, April, July, and October 2019 [Member] | |||||||
Total no. of shares (in shares) | 164,713 | ||||||
Grant date fair value recorded at issuance | $ 162 | ||||||
Four Board Members [Member] | January, April, August and October 2017 [Member] | |||||||
Grant date fair value recorded at issuance | $ 200 | ||||||
Total no. of shares (in shares) | 49,980 | ||||||
Employee [Member] | May 2019 [Member] | |||||||
Total no. of shares (in shares) | 18,837 | ||||||
Grant date fair value recorded at issuance | $ 17 | ||||||
Four Employee [Member] | January, April, July and October 2018 [Member] | |||||||
Total no. of shares (in shares) | 72,157 | ||||||
Grant date fair value recorded at issuance | $ 175 | ||||||
Three Employees [Member] | January and July 2018 [Member] | |||||||
Total no. of shares (in shares) | 68,118 | ||||||
Grant date fair value recorded at issuance | [5] | $ 183 | |||||
James McKenzie, Related Party [Member] | January and December 2018 [Member] | |||||||
Total no. of shares (in shares) | 5,755 | ||||||
Grant date fair value recorded at issuance | [5] | $ 14 | |||||
James McKenzie, Related Party [Member] | January and December 2017 [Member] | |||||||
Total no. of shares (in shares) | 3,293 | ||||||
Grant date fair value recorded at issuance | [6] | $ 16 | |||||
Three Employee [Member] | January, February and June 2017 [Member] | |||||||
Total no. of shares (in shares) | 28,634 | ||||||
Grant date fair value recorded at issuance | [6] | $ 182 | |||||
Two Employees [Member] | January and February 2017 [Member] | |||||||
Total no. of shares (in shares) | 245 | ||||||
Grant date fair value recorded at issuance | [7] | ||||||
Consultants [Member] | May 2017 [Member] | |||||||
Total no. of shares (in shares) | 15,000 | ||||||
Grant date fair value recorded at issuance | [8] | $ 57 | |||||
Various Third-party Shareholders [Member] | October 2017 [Member] | |||||||
Total no. of shares (in shares) | 7,392,856 | ||||||
Grant date fair value recorded at issuance | $ 18,905 | ||||||
[1] | Total excludes $36 thousand of 2019 stock compensation and $3 thousand of 2018 stock compensation related to royalties that were recorded as expense but not issued and outstanding as of December 31, 2019. | ||||||
[2] | Excludes $24 thousand of stock compensation for stock issued in 2017 that was amortized from prepaid expense in 2018. | ||||||
[3] | Total excludes $3 thousand of stock compensation related to royalties that were recorded as expense but not issued and outstanding as of December 31, 2018. | ||||||
[4] | Does not include stock expense of $170 thousand included in accrued liabilities at December 31, 2017 for unissued stock. | ||||||
[5] | Includes bonus and royalty of $170 thousand that was accrued and expensed in 2017. | ||||||
[6] | Includes bonuses and royalty of $176 thousand that were accrued and expensed in 2016. | ||||||
[7] | The Company received $0 for the issuance in the cashless option exercises. | ||||||
[8] | Amount includes $24 thousand that was included in prepaid expense at December 31, 2017. |
Note 10 - Stockholders' Equit_4
Note 10 - Stockholders' Equity - Summary of Warrants and Options Issued to Employees and Directors (Details) - Employee Stock Options And Warrants [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Balance (in shares) | 923,898 | |
Balance, weighted average exercise price (in dollars per share) | $ 6.32 | |
Balance, weighted average remaining contract life (Year) | 2 years 346 days | 3 years 233 days |
Balance, aggregate intrinsic value | ||
Expired (in shares) | (74,263) | |
Expired, weighted average exercise price (in dollars per share) | $ 7.22 | |
Balance (in shares) | 849,635 | 923,898 |
Balance, weighted average exercise price (in dollars per share) | $ 6.24 | $ 6.32 |
Exercisable (in shares) | 849,635 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 6.24 | |
Exercisable, weighted average remaining contract life (Year) | 2 years 346 days | |
Exercisable, aggregate intrinsic value |
Note 11 - Related Party Trans_2
Note 11 - Related Party Transactions (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Chief Executive Officer [Member] | |||
Salary and Wage, Excluding Cost of Good and Service Sold, Total | $ 269,000 | $ 213,000 | $ 200,000 |
Cash Bonus | 158,000 | 150,000 | 150,000 |
Other Labor-related Expenses | 49,000 | 49,000 | 41,000 |
Employee-related Liabilities, Total | 0 | 13,000 | |
Change in Excess of Bonus or Salary | 50,000 | ||
IED, Inc [Member] | Convertible Debt [Member] | |||
Debt Instrument, Periodic Payment, Total | $ 200,000 | $ 300,000 | $ 300,000 |
Note 12 - Accumulated Other C_3
Note 12 - Accumulated Other Comprehensive Income Loss - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Foreign currency translation adjustment | $ (4,371) | $ (4,396) |
Accumulated other comprehensive loss | $ (4,371) | $ (4,396) |
Note 13 - Restructuring and I_2
Note 13 - Restructuring and Impairment Charges (Details Textual) $ in Millions | 3 Months Ended |
Dec. 31, 2019USD ($) | |
Power and Electromechanic Segment [Member] | |
Asset Impairment Charges, Total | $ 0.3 |
Employee Severance [Member] | |
Restructuring Reserve, Ending Balance | $ 3.1 |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 34.00% |
Deferred Tax Assets, Net, Total | $ 0 | $ 0 | |
Deferred Tax Assets, Valuation Allowance, Total | 12,447 | 12,333 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 100 | $ 2,000 | |
Domestic Tax Authority [Member] | |||
Operating Loss Carryforwards, Total | $ 37,200 | ||
Open Tax Year | 2016 2017 2018 2019 | ||
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards, Total | $ 32,300 | ||
Foreign Tax Authority [Member] | |||
Operating Loss Carryforwards, Total | $ 15,500 |
Note 14 - Income Taxes - Consol
Note 14 - Income Taxes - Consolidated Income From Continuing Operations Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Continuing operations | $ (16,582) | $ (22,666) | $ (16,196) |
Discontinued operations | 12,908 | 5,135 | 2,001 |
Loss before income taxes | (3,674) | (17,531) | (14,195) |
U.S. operations | (11,278) | (9,684) | (8,792) |
Foreign operations | (5,304) | (12,982) | (7,404) |
Loss from continuing operations before taxes | $ (16,582) | $ (22,666) | $ (16,196) |
Note 14 - Income Taxes - Income
Note 14 - Income Taxes - Income Tax Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Continuing operations | $ (2,956) | $ (1,342) | $ (2,251) |
Income tax expense | 411 | 1,136 | 645 |
Total income tax (benefit) | (2,545) | (206) | (1,606) |
Current: | |||
Federal | |||
State and local | |||
Foreign | |||
Total current provision | |||
Deferred: | |||
Federal | (2,368) | (894) | (1,370) |
State and local | (588) | (142) | (1) |
Foreign | (306) | (880) | |
Total deferred (benefit) | (2,956) | (1,342) | (2,251) |
Total income tax (benefit) | $ (2,956) | $ (1,342) | $ (2,251) |
Note 14 - Income Taxes - Reconc
Note 14 - Income Taxes - Reconciliation of the Federal Statutory Tax Rate to the Recorded Tax Provision (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Computed federal income taxes at the statutory rate (benefit) | $ (3,482) | $ (4,760) | $ (5,507) |
Permanent tax differences | (23) | (122) | (262) |
Foreign tax rates and tax credits differing from USA | 435 | 747 | 1,021 |
Purchased goodwill and intangible impairments | 828 | 1,072 | |
Change in valuation allowance | 114 | 1,965 | 1,425 |
Total income tax (benefit) | $ (2,956) | $ (1,342) | $ (2,251) |
Effective tax rate | 17.83% | 5.92% | 13.90% |
Note 14 - Income Taxes - Signif
Note 14 - Income Taxes - Significant Portions of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 12,130 | $ 12,317 |
Inventory and accounts receivable reserves | 306 | 234 |
Other | 1,956 | 569 |
Valuation allowance | (12,447) | (12,333) |
Deferred tax assets after valuation allowance | 1,945 | 787 |
Deferred tax liabilities | ||
Intangible assets | (476) | (848) |
Property, plant and equipment, liability | (1,469) | |
Property, plant and equipment, asset | 61 | |
Total deferred tax liabilities | (1,945) | (787) |
Net deferred tax asset | $ 0 | 0 |
Net deferred tax (liability) |
Note 15 - Concentrations (Detai
Note 15 - Concentrations (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounts Receivable, before Allowance for Credit Loss | $ 5.3 | $ 5.1 | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Two Customers [Member] | |||
Concentration Risk, Percentage | 31.00% | 27.00% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | S & B Engineers [Member] | |||
Concentration Risk, Percentage | 21.00% | 12.00% | 11.00% |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Costain Oil, Gas & Process Ltd [Member] | |||
Concentration Risk, Percentage | 10.00% | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | National Grid [Member] | |||
Concentration Risk, Percentage | 15.00% | 26.00% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Three Customers [Member] | |||
Concentration Risk, Percentage | 55.00% | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Scotia Gas Networks plc [Member] | |||
Concentration Risk, Percentage | 18.00% | ||
Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | |||
Concentration Risk, Percentage | 100.00% | 100.00% | 100.00% |
Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | UNITED KINGDOM | |||
Concentration Risk, Percentage | 57.00% | 74.00% | 77.00% |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Two Customers [Member] | |||
Concentration Risk, Percentage | 38.00% | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | S & B Engineers [Member] | |||
Concentration Risk, Percentage | 12.00% | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Costain Oil, Gas & Process Ltd [Member] | |||
Concentration Risk, Percentage | 14.00% | 24.00% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | National Grid [Member] | |||
Concentration Risk, Percentage | 14.00% | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Three Customers [Member] | |||
Concentration Risk, Percentage | 50.00% | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Energy Transfer [Member] | |||
Concentration Risk, Percentage | 24.00% | ||
Accounts Receivable [Member] | Geographic Concentration Risk [Member] | UNITED KINGDOM | |||
Concentration Risk, Percentage | 49.00% | 80.00% | 79.00% |
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | |||
Concentration Risk, Percentage | 0.00% | 0.00% | 0.00% |
Note 16 - Leases (Details Textu
Note 16 - Leases (Details Textual) - USD ($) $ in Thousands | Jan. 01, 2019 | Nov. 30, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Operating Lease, Right-of-Use Asset | $ 5,524 | ||||
Operating Lease, Right-of-Use Asset, Reclassified to Assets Held for Sale | $ 1,500 | ||||
Sale Leaseback Transaction, Rent Expense | 16 | ||||
Accounting Standards Update 2016-02 [Member] | |||||
Operating Lease, Right-of-Use Asset | $ 7,700 | ||||
Selling, General and Administrative Expenses [Member] | |||||
Operating Leases, Rent Expense, Net, Total | $ 1,300 | 800 | |||
Office and Warehouse Space in Houston [Member] | |||||
Lessor, Operating Lease, Renewal Term | 5 years | ||||
Operating Leases, Monthly Rent | $ 33 | ||||
Energy Segment [Member] | Orbital UK Reporting Unit [Member] | |||||
Operating Leases, Monthly Rent | $ 35 | ||||
Sale Leaseback Transaction to Sell Tualatin Headquarters And Warehouse [Member] | |||||
Sale Leaseback Transaction, Net Proceeds, Investing Activities, Total | 8,100 | ||||
Sale Leaseback Transaction, Cumulative Gain Recognized | 2,900 | ||||
Sale Leaseback Transaction, Monthly Rental Payments | $ 53 | ||||
Lessor, Operating Lease, Renewal Term | 5 years | ||||
Vehicles, Equipment, and On Accommodations for Vesting Personnel [Member] | Energy Segment [Member] | Orbital UK Reporting Unit [Member] | |||||
Operating Leases, Monthly Rent | $ 32 | ||||
Office and Warehouse Space in Houston [Member] | |||||
Operating Leases, Monthly Rent | $ 10 | ||||
Lease Related to Relocated to Another Rented Office and Warehouse [Member] | |||||
Operating Leases, Monthly Rent | $ 30 |
Note 16 - Leases - Future Minim
Note 16 - Leases - Future Minimum Operating Lease Obligations (Details) $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 1,173 |
2021 | 1,074 |
2022 | 1,063 |
2023 | 609 |
2024 | 626 |
Thereafter | 2,688 |
Interest portion | (1,560) |
Operating Lease Obligations [Member] | |
Total operating lease obligations | $ 5,673 |
Note 16 - Leases - Lease Cost a
Note 16 - Leases - Lease Cost and Other Lease Information (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($) | ||
Operating lease cost | $ 1,016 | |
Short-term lease cost | 205 | |
Variable lease cost | 122 | |
Sublease income | (55) | |
Total lease cost | 1,288 | |
Operating cash flows used in operating leases | (1,210) | |
Right-of-use assets obtained in exchange for new operating lease obligations | $ 6,473 | [1] |
Weighted-average remaining lease term - operating leases (in years) (Year) | 7 years 146 days | |
Weighted-average discount rate - operating leases | 6.40% | |
[1] | Includes $7.7 million recorded at the date of implementation of ASC 842 on January 1, 2019 less $1.5 million later reclassified to assets held for sale at our discontinued operations. |
Note 16 - Leases - Operating Le
Note 16 - Leases - Operating Leases Obligations (Details) $ in Thousands | Dec. 31, 2018USD ($) |
2019 | $ 1,138 |
2020 | 1,060 |
2021 | 1,024 |
2022 | 1,013 |
2023 | 605 |
Thereafter | 3,307 |
Total | $ 8,147 |
Note 17 - Subsequent Events (De
Note 17 - Subsequent Events (Details Textual) £ in Thousands, $ in Thousands | Feb. 03, 2020USD ($)shares | Jan. 01, 2020USD ($) | Jan. 01, 2020GBP (£) | Apr. 30, 2020USD ($) | Mar. 31, 2020GBP (£) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Mar. 13, 2020USD ($) |
Payments to Acquire Intangible Assets | $ 353 | $ 492 | $ 638 | ||||||
Short-term Promissory Notes Receivable [Member] | |||||||||
Financing Receivable, after Allowance for Credit Loss, Current, Total | $ 3,000 | ||||||||
Notes Receivable, Interest Rate | 6.00% | ||||||||
Forecast [Member] | Reach Construction Group, LLC [Member] | |||||||||
Business Combination, Consideration Transferred, Total | $ 37,000 | ||||||||
Subsequent Event [Member] | |||||||||
Stock Issued During Period, Royalty Payments, Shares | shares | 37,312 | ||||||||
Stock Issued During Period, Royalty Payments, Value | $ 39 | ||||||||
Intellectual Property [Member] | Forecast [Member] | |||||||||
Payments to Acquire Intangible Assets | £ | £ 750 | ||||||||
Intellectual Property [Member] | Subsequent Event [Member] | |||||||||
Finite-lived Intangible Assets Acquired | $ 2,000 | £ 1,500 |