Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 13, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | Northern Power Systems Corp. | |
Entity Central Index Key | 1,605,997 | |
Trading Symbol | nps | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 23,793,884 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 5,800 | $ 5,423 |
Accounts receivable — net of allowance for doubtful accounts of $0 at September 30, 2017 and December 31, 2016 | 1,462 | 674 |
Unbilled revenue | 308 | 2,576 |
Inventories — net (Note 4) | 7,510 | 7,159 |
Deferred costs | 1,574 | 351 |
Prepaid expenses and other current assets | 433 | 627 |
Total Current Assets | 17,087 | 16,810 |
Property, plant and equipment — net (Note 5) | 1,557 | 1,485 |
Intangible assets — net (Note 6) | 9 | |
Goodwill | 361 | 361 |
Total Assets | 19,005 | 18,665 |
CURRENT LIABILITIES: | ||
Working capital revolving line of credit (Note 8) | 1,875 | 1,600 |
Accounts payable | 6,792 | 3,354 |
Accrued expenses (Note 9) | 2,668 | 2,940 |
Accrued compensation | 918 | 1,586 |
Deferred revenue | 3,907 | 1,821 |
Customer deposits | 4,410 | 7,419 |
Other current liabilities | 230 | 92 |
Total Current Liabilities | 20,800 | 18,812 |
Deferred revenue, less current portion | 1,585 | 2,332 |
Deferred income taxes, net of current portion (Note 13) | 89 | 79 |
Total Liabilities | 22,474 | 21,223 |
Commitments and Contingencies (Note 16) | ||
SHAREHOLDERS’ DEFICIENCY: | ||
Voting common shares, no par value — Unlimited shares authorized; 23,793,884 and 23,613,884 shares issued and outstanding as of September 30, 2017 and December 31, 2016, respectively. | 165,671 | 165,642 |
Additional paid-in capital | 9,243 | 9,158 |
Accumulated other comprehensive loss | (50) | |
Accumulated deficit | (178,383) | (177,308) |
Total Shareholders’ Deficiency | (3,469) | (2,558) |
Total Liabilities and Shareholders’ Deficiency | $ 19,005 | $ 18,665 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Accounts receivable, allowance for doubtful accounts | $ 0 | $ 0 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares issued (in shares) | 23,793,884 | 23,613,884 |
Common stock, shares outstanding (in shares) | 23,793,884 | 23,613,884 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
REVENUES: | ||||
Product | $ 2,419 | $ 10,084 | $ 23,628 | $ 21,018 |
Service | 1,040 | 1,640 | 3,798 | 3,624 |
Design service | 417 | 945 | ||
License | 441 | |||
Total revenues | 3,459 | 12,141 | 27,426 | 26,028 |
Cost of product revenues | 2,136 | 9,035 | 19,934 | 20,888 |
Cost of service revenues | 682 | 1,082 | 2,492 | 2,820 |
Gross profit | 641 | 2,024 | 5,000 | 2,320 |
OPERATING EXPENSES: | ||||
Sales and marketing | 667 | 821 | 1,989 | 2,644 |
Research and development | 464 | 592 | 1,598 | 2,213 |
General and administrative | 818 | 1,837 | 3,205 | 5,063 |
Gain on sale of assets | (675) | (1,050) | ||
Total operating expenses | 1,274 | 3,250 | 5,742 | 9,920 |
Loss from operations | (633) | (1,226) | (742) | (7,600) |
Interest expense | (20) | (15) | (46) | (94) |
Other expense | (91) | (54) | (239) | (170) |
Loss before provision for income taxes | (744) | (1,295) | (1,027) | (7,864) |
Provision for income taxes | 14 | 62 | 48 | 250 |
NET LOSS | (758) | (1,357) | (1,075) | (8,114) |
Other comprehensive loss | ||||
Change in cumulative translation adjustment | (1) | 2 | 50 | 15 |
COMPREHENSIVE LOSS | (759) | (1,355) | (1,025) | (8,099) |
Net loss applicable to common shareholders (Note 2) | $ (758) | $ (1,357) | $ (1,075) | $ (8,114) |
Net loss per common share | ||||
Basic and dilutive (in dollars per share) | $ (0.03) | $ (0.06) | $ (0.05) | $ (0.35) |
Weighted average number of common shares outstanding: | ||||
Basic and diluted (in shares) | 23,733,884 | 23,173,884 | 23,670,148 | 23,173,884 |
Consolidated Statement of Chang
Consolidated Statement of Changes In Shareholders' Equity (Deficiency) (Unaudited) - 9 months ended Sep. 30, 2017 - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2016 | 23,613,884 | ||||
Balance at Dec. 31, 2016 | $ 165,642 | $ 9,158 | $ (50) | $ (177,308) | $ (2,558) |
Stock based compensation expense | 114 | 114 | |||
Issuance of common stock – restricted shares (in shares) | 180,000 | ||||
Issuance of common stock – restricted shares | $ 29 | (29) | |||
Cumulative translation adjustment | 50 | 50 | |||
Net loss | (1,075) | (1,075) | |||
Balance (in shares) at Sep. 30, 2017 | 23,793,884 | ||||
Balance at Sep. 30, 2017 | $ 165,671 | $ 9,243 | $ (178,383) | $ (3,469) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
OPERATING ACTIVITIES: | ||
Net loss | $ (1,075,000) | $ (8,114,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Provision for inventory obsolescence | 3,000 | 193,000 |
Recovery of doubtful accounts | (29,000) | |
Stock-based compensation expense | 114,000 | 422,000 |
Depreciation and amortization | 392,000 | 522,000 |
Loss on disposal of assets | 156,000 | |
Gain on sale of assets | (1,050,000) | |
Deferred income taxes | 10,000 | 10,000 |
Changes in operating assets and liabilities: | ||
Accounts receivable and unbilled revenue | (19,000) | 2,132,000 |
Other current and noncurrent assets | 194,000 | 18,000 |
Inventories | (559,000) | 53,000 |
Deferred costs | (1,223,000) | 5,670,000 |
Accounts payable | 3,438,000 | (283,000) |
Accrued expenses | (940,000) | (550,000) |
Customer deposits | (3,009,000) | 3,183,000 |
Deferred revenue and other short term liabilities | 1,476,000 | (5,281,000) |
Other liabilities | (100,000) | |
Net cash used in operating activities | (2,248,000) | (1,998,000) |
INVESTING ACTIVITIES: | ||
Proceeds from sale of assets | 2,550,000 | |
Purchases of property and equipment | (250,000) | (175,000) |
Net cash provided by (used in) investing activities | 2,300,000 | (175,000) |
FINANCING ACTIVITIES: | ||
Proceeds from (payment of) revolving line of credit | 275,000 | (992,000) |
Net cash provided by (used in) financing activities | 275,000 | (992,000) |
Effect of exchange rate change on cash | 50,000 | 15,000 |
Change in cash and cash equivalents | 377,000 | (3,150,000) |
Cash and cash equivalent — Beginning of Period | 5,423,000 | 6,333,000 |
Cash and cash equivalent — End of Period | 5,800,000 | 3,183,000 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Cash paid for interest | 10,000 | 50,000 |
Cash paid for income taxes | 21,000 | 16,000 |
NONCASH ACTIVITY: | ||
Transfer inventory to fixed assets | 205,000 | |
Restricted stock awards | $ 29,000 |
Note 1 - Description of Busines
Note 1 - Description of Business | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Business Description and Accounting Policies [Text Block] | 1. DESCRIPTION OF BUSINESS Northern Power Systems Corp. (together with its consolidated subsidiaries, “we”, “us”, “our”, “Northern Power Systems” or the “Company”) is a provider of advanced renewable power generation and power conversion technology for the distributed energy sector. We design, manufacture and service a suite of proven permanent magnet direct-drive (“PMDD”) wind turbine platforms for the distributed wind market, as well as power converters for battery energy storage applications. We are now developing integrated energy storage solutions to provide end users with turn-key distributed energy solutions. Historically we licensed our utility-class wind turbine platform, which uses the same PMDD technology as our distributed turbines, to large manufacturers. In October 2016 1974, The Company’s principal manufacturing and headquarters are in Barre, Vermont, with additional office space for use by certain of our finance, and business development teams in Burlington, Massachusetts, and sales offices in Zurich, Switzerland, and sales and service office in Bari, Italy, and warehousing and manufacturing in Bisaccia, Italy, and Cornwall, U.K. The Company previously operated under the name Wind Power Holding, Inc. and was originally incorporated in Delaware on August 12, 2008. Liquidity $178.4 September 30, 2017. December 31, 2017. 2016 2017 December 31, 2017 November 2018. not may Basis of Presentation 10 8 X. not 2016 10 December 31, 2016 No. 000 55184 December 31, 2016 three nine September 30, 2017 not may December 31, 2017. Comprehensive Loss Recent Accounting Pronouncements In May 2014, 2014 09, Revenue from Contracts with Customers ( 606” ) 606 605, Revenue Recognition 2015, December 15, 2017, January 1, 2018. not 606 In February 2016, No. 2016 02, Leases 842 December 15, 2018. In March 2016, No. 2016 09, Compensation – Stock Compensation 718 Improvements to Employee Share-Based Payment Accounting. 2016 09 January 1, 2017, not not not In August 2016, No. 2016 15, Statement of Cash Flows 230 230.This eight 2016 15 December 15, 2017, In January 2017, No. 2017 04, Intangibles-Goodwill and Other (Topic 350 2 2017 04 not 2017 04 December 15, 2019 may 2017 04 fourth 2017. In May 2017, 2017 09, Compensation – Stock Compensation: Scope of Modification Accounting 2017 09 December 15, 2017. There were no 2016 10 |
Note 2 - Net Loss Per Share
Note 2 - Net Loss Per Share | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 2. NET LOSS PER SHARE Basic income (loss) per share is determined by dividing net loss attributable to common shareholders by the weighted average common shares outstanding during the period. Diluted income per share is determined by dividing income attributable to common shareholders by diluted weighted average shares outstanding during the period. Diluted weighted average shares reflect the dilutive effect, if any, of potential common shares. To the extent their effect is dilutive, employee equity awards and restricted common shares, based on the treasury stock method, are included in the calculation of diluted earnings per share. All common share options and restricted common shares were excluded from the denominator in the calculation of dilutive earnings per share, as their inclusion would have been antidilutive, due to the net loss of the Company. |
Note 3 - Fair Value Measurement
Note 3 - Fair Value Measurement | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 3. FAIR VALUE MEASUREMENT The Company measures fair value using the framework specified in U.S. GAAP. This framework emphasizes that fair value is a market-based measurement, not three Level 1 Level 2 not Level 3 no In some valuations, the inputs used may Financial Instruments September 30, 2017 December 31, 2016, three Nonrecurring Fair Value Measurements The value assigned to goodwill at December 31, 2016 $361 December 31, 2016. no three nine September 30, 2017. . |
Note 4 - Inventories
Note 4 - Inventories | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4. INVENTORIES Inventories, net of reserves, as of September 30, 2017 December 31, 2016 September 30, December 31, Raw materials $ 3,316 $ 2,897 Work in process 1,568 1,304 Finished goods 3,105 3,469 Allowance for obsolescence (479 ) (511 ) Total inventory — net $ 7,510 $ 7,159 For the three September 30, 2017 2016, $0 $7, nine September 30, 2017 2016, $3 $193, |
Note 5 - Property, Plant, and E
Note 5 - Property, Plant, and Equipment | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 5. PROPERTY, PLANT, AND EQUIPMENT Property, plant, and equipment, net of depreciation, at September 30, 2017 December 31, 2016 September 30, December 31, Lease improvements $ 21 $ 21 Machinery and equipment 2,658 2,270 Patterns and tooling 1,109 1,042 Office furniture and equipment 424 424 Information technology equipment and software 677 677 4,889 4,434 Less accumulated depreciation (3,332 ) (2,949 ) Total property, plant and equipment, net of depreciation $ 1,557 $ 1,485 Depreciation expense was $137 $383 three nine September 30, 2017, $129 $398 three nine September 30, 2016, During the three June 30, 2017, $205 |
Note 6 - Intangible Assets
Note 6 - Intangible Assets | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 6. INTANGIBLE ASSETS Intangible assets consist of trade name which had a net carrying amount of $0 September 30, 2017 $9 December 31, 2016. Amortization expense for the three nine September 30, 2017 $0 $9, three nine September 30, 2016 $32 $124, |
Note 7 - Gain on Sale of Assets
Note 7 - Gain on Sale of Assets | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 7. GAIN ON SALE OF ASSETS On October 26, 2016, 1.5 two $10.0 $3.0 $17.5 The gain on the disposition is included in loss from operations before income taxes in the statements of operations and comprehensive loss in accordance with ASC 360 10 45 5. three nine September 30, 2017 $675 $1,050, |
Note 8 - Debt and Senior Secure
Note 8 - Debt and Senior Secured Convertible Notes | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. DEBT AND SENIOR SECURED CONVERTIBLE NOTES Debt at September 30, 2017 December 31, 2016 September 30, December 31, Working capital revolving line of credit $ 1,875 $ 1,600 Our working capital line of credit is $2.0 December 31, 2017. September 30, 2017 December 31, 2016, $1.9 $1.6 September 30, 2017, $0.1 third may 25% one 100% September 30, 2017, $0.1 one no December 31, 2016. The working capital line of credit contains a financial covenant which requires us to maintain unencumbered liquid assets having a value of at least $1.0 September 30, 2017, $5.8 As of September 30, 2017, |
Note 9 - Accrued Expenses
Note 9 - Accrued Expenses | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 9. ACCRUED EXPENSES Accrued expenses consist of: September 30, December 31, Accrued warranties $ 1,433 $ 1,912 Accrued rebates, allowances and discounts 18 65 Other accrued expenses 1,217 963 Total accrued expenses $ 2,668 $ 2,940 Changes in the Company’s product warranty accrual consisted of the following: Three months ended Nine months ended September 30, September 30, September 30, September 30, Beginning balance $ 1,812 $ 2,070 $ 1,912 $ 2,171 Provisions, net of reversals (59 ) 368 651 951 Settlements (320 ) (400 ) (1,130 ) (1,084 ) Ending balance $ 1,433 $ 2,038 $ 1,433 $ 2,038 |
Note 10 - Capital Structure
Note 10 - Capital Structure | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 10. CAPITAL STRUCTURE Common Shares- No September 30, 2017, 23,793,884 no |
Note 11 - Stock Based Compensat
Note 11 - Stock Based Compensation and Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 11. STOCK BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS Northern Power Systems Corp. 2014 “2014 2014 4,000,000 2014 A summary of the stock option activity under the 2014 nine September 30, 2017, Shares Weighted- Average Aggregate Outstanding — December 31, 2016 2,834,060 $ 1.37 3.6 $ — Granted 115,000 $ 0.17 Canceled (1,034,167 ) $ 1.61 Outstanding — September 30, 2017 1,914,893 $ 1.17 4.7 $ 13 Exercisable — September 30, 2017 1,065,914 $ 1.84 3.5 $ — Shares vested and expected to vest September 30, 2017 1,838,367 $ 1.21 4.6 $ 12 As of September 30, 2017, 947,727 2014 The aggregate intrinsic value in the table above represents the difference between the fair value of common shares and the exercise price of outstanding, in-the-money, stock options. The weighted-average grant-date fair value of options granted under the 2014 nine September 30, 2017 $0.10 September 30, 2017, $106 1.5 The Company estimated the grant-date fair values of stock options granted in the nine September 30, 2017, September 30, Expected volatility 72% - 74% Risk-free interest rate 1.58% - 1.83% Expected life (years) 4.5 Dividend yield 0.0% The Company recognizes stock-based compensation expense net of estimated forfeitures on a straight-line basis over the requisite service period. The forfeiture rate was 10% three nine September 30, 2017 2016. In May 2017, 240,000 $0.16 2014 25% 25% June 30, 2017, 25% September 30, 2017 25% December 31, 2017. Stock-based compensation expense, a non-cash expense, is included in each respective expense category as follows, for the three nine September 30, 2017 2016: Three months ended Nine months ended 2017 2016 2017 2016 Cost of revenue $ 2 $ 3 $ 7 $ 8 Sales and marketing 8 17 24 48 Research and development 1 3 3 10 General and administrative 26 118 80 356 Total stock-based compensation expense $ 37 $ 141 $ 114 $ 422 |
Note 12 - 401(k) Plan
Note 12 - 401(k) Plan | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans, Other than Share-based Compensation [Text Block] | 12. 401 The Company has a defined contribution plan covering substantially all of its employees, subject to certain eligibility requirements. Under the plan, participating employees may 15% January 1, 2016, 25% 6% three nine September 30, 2017 $12, $36, $15 $57 three nine September 30, 2016, |
Note 13 - Income Taxes
Note 13 - Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 13. INCOME TAXES For the three nine September 30, 2017, $14 $48, $10 $4 three September 30, 2017 $38 $10 nine September 30, 2017. For the three nine September 30, 2016, $62 $250, $59 $3 three September 30, 2016 $240 $10 nine September 30, 2016. For the three nine September 30, 2016 $42 $203, 15% 18% As of December 31, 2016, $133,398 2028, $79,177 2017 2034, $1,462 2028. may may 382 The Company has completed a Section 382 November 30, 2014, September 19, 2008 $2,600 September 20, 2008 November 30, 2014, not not 382. not Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is established for any deferred tax asset for which realization is not not”. September 30, 2017 December 31, 2016 not The Company recognizes in its consolidated financial statements only those tax positions that are “more likely than not” September 30, 2017, no no |
Note 14 - Segment Reporting
Note 14 - Segment Reporting | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 14. SEGMENT REPORTING In the first 2017, one January 1, 2017. |
Note 15 - Subsequent Events
Note 15 - Subsequent Events | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 15. SUBSEQUENT EVENTS The company evaluated subsequent events through the date of the filing and had no |
Note 16 - Commitments and Conti
Note 16 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 16. COMMITMENTS AND CONTINGENCIES During 2015, 2004 not September 30, 2017. 2005 2007 2010 no not 2004 not not The Company has entered into several operating lease agreements, primarily for the lease of office and manufacturing facilities, and office equipment, expiring through 2020. three nine September 30, 2017 $100 $329, three nine September 30, 2016 $103 $311, June 2017, August 1, 2017 July 31, 2020, three one Years Ending December 31 2017 92 2018 326 2019 272 2020 157 Total $ 847 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, December 31, Raw materials $ 3,316 $ 2,897 Work in process 1,568 1,304 Finished goods 3,105 3,469 Allowance for obsolescence (479 ) (511 ) Total inventory — net $ 7,510 $ 7,159 |
Note 5 - Property, Plant, and24
Note 5 - Property, Plant, and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | September 30, December 31, Lease improvements $ 21 $ 21 Machinery and equipment 2,658 2,270 Patterns and tooling 1,109 1,042 Office furniture and equipment 424 424 Information technology equipment and software 677 677 4,889 4,434 Less accumulated depreciation (3,332 ) (2,949 ) Total property, plant and equipment, net of depreciation $ 1,557 $ 1,485 |
Note 8 - Debt and Senior Secu25
Note 8 - Debt and Senior Secured Convertible Notes (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Line of Credit Facilities [Table Text Block] | September 30, December 31, Working capital revolving line of credit $ 1,875 $ 1,600 |
Note 9 - Accrued Expenses (Tabl
Note 9 - Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | September 30, December 31, Accrued warranties $ 1,433 $ 1,912 Accrued rebates, allowances and discounts 18 65 Other accrued expenses 1,217 963 Total accrued expenses $ 2,668 $ 2,940 |
Schedule of Product Warranty Liability [Table Text Block] | Three months ended Nine months ended September 30, September 30, September 30, September 30, Beginning balance $ 1,812 $ 2,070 $ 1,912 $ 2,171 Provisions, net of reversals (59 ) 368 651 951 Settlements (320 ) (400 ) (1,130 ) (1,084 ) Ending balance $ 1,433 $ 2,038 $ 1,433 $ 2,038 |
Note 11 - Stock Based Compens27
Note 11 - Stock Based Compensation and Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | September 30, Expected volatility 72% - 74% Risk-free interest rate 1.58% - 1.83% Expected life (years) 4.5 Dividend yield 0.0% |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three months ended Nine months ended 2017 2016 2017 2016 Cost of revenue $ 2 $ 3 $ 7 $ 8 Sales and marketing 8 17 24 48 Research and development 1 3 3 10 General and administrative 26 118 80 356 Total stock-based compensation expense $ 37 $ 141 $ 114 $ 422 |
NPS Corp Plan 2014 [Member] | |
Notes Tables | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Shares Weighted- Average Aggregate Outstanding — December 31, 2016 2,834,060 $ 1.37 3.6 $ — Granted 115,000 $ 0.17 Canceled (1,034,167 ) $ 1.61 Outstanding — September 30, 2017 1,914,893 $ 1.17 4.7 $ 13 Exercisable — September 30, 2017 1,065,914 $ 1.84 3.5 $ — Shares vested and expected to vest September 30, 2017 1,838,367 $ 1.21 4.6 $ 12 |
Note 16 - Commitments and Con28
Note 16 - Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Years Ending December 31 2017 92 2018 326 2019 272 2020 157 Total $ 847 |
Note 1 - Description of Busin29
Note 1 - Description of Business (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Retained Earnings (Accumulated Deficit) | $ (178,383) | $ (177,308) |
Note 3 - Fair Value Measureme30
Note 3 - Fair Value Measurement (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | |
Goodwill | $ 361 | $ 361 | $ 361 |
Goodwill, Impairment Loss | $ 0 | $ 0 |
Note 4 - Inventories (Details T
Note 4 - Inventories (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Inventory Write-down | $ 0 | $ 7,000 | $ 3,000 | $ 193,000 |
Note 4 - Inventories - Inventor
Note 4 - Inventories - Inventories, Net of Reserves (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Raw materials | $ 3,316 | $ 2,897 |
Work in process | 1,568 | 1,304 |
Finished goods | 3,105 | 3,469 |
Allowance for obsolescence | (479) | (511) |
Total inventory — net | $ 7,510 | $ 7,159 |
Note 5 - Property, Plant, and33
Note 5 - Property, Plant, and Equipment (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Jun. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Depreciation | $ 137 | $ 129 | $ 383 | $ 398 | |
Engineering Assets [Member] | |||||
Property, Plant and Equipment, Transfers and Changes | $ 205 |
Note 5 - Property, Plant, and34
Note 5 - Property, Plant, and Equipment - Schedule of Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Property, plant and equipment | $ 4,889 | $ 4,434 |
Less accumulated depreciation | (3,332) | (2,949) |
Total property, plant and equipment, net of depreciation | 1,557 | 1,485 |
Leasehold Improvements [Member] | ||
Property, plant and equipment | 21 | 21 |
Machinery and Equipment [Member] | ||
Property, plant and equipment | 2,658 | 2,270 |
Patterns and Tooling [Member] | ||
Property, plant and equipment | 1,109 | 1,042 |
Office Furniture and Equipment [Member] | ||
Property, plant and equipment | 424 | 424 |
Information Technology Equipment and Software [Member] | ||
Property, plant and equipment | $ 677 | $ 677 |
Note 6 - Intangible Assets (Det
Note 6 - Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Intangible Assets, Net (Excluding Goodwill) | $ 9,000 | ||||
Amortization of Intangible Assets | 0 | $ 32,000 | 9,000 | $ 124,000 | |
Trade Names [Member] | |||||
Intangible Assets, Net (Excluding Goodwill) | $ 0 | $ 0 | $ 9,000 |
Note 7 - Gain on Sale of Asse36
Note 7 - Gain on Sale of Assets (Details Textual) $ in Thousands | Oct. 26, 2016USD ($)MWh | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) |
Gain (Loss) on Disposition of Assets | $ 675 | $ 1,050 | |||
WEG [Member] | |||||
Acquired Assets and Liabilities, Power Required Capacity | MWh | 1.5 | ||||
Royalty Agreement, Future Maximum Payments Receivable | $ 10,000 | ||||
Royalty Agreement, Fixed Payments Receivable | 3,000 | ||||
Royalty Agreement, Future Maximum Payments Receivable in Ten Years | $ 17,500 |
Note 8 - Debt and Senior Secu37
Note 8 - Debt and Senior Secured Convertible Notes (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Line of Credit, Current | $ 1,875 | $ 1,600 |
Line of Credit Facility, Maximum Borrowing Capacity | 100 | |
Letters of Credit Outstanding, Amount | $ 100 | $ 0 |
Number of Customers | 1 | |
Line of Credit Covenant, Minimum Requirement for Unencumbered Liquidity Asset Value | $ 1,000 | |
Unencumbered Liquidity Asset Value | $ 5,800 | |
Warrant [Member] | ||
Line of Credit Facility, Borrowing Base Reduction Rate | 100.00% | |
Letter of Credit, Guaranteed Performance Period | 1 year | |
Performance Letter of Credit [Member] | ||
Line of Credit Facility, Borrowing Base Reduction Rate | 25.00% | |
Export Import Bank [Member] | ||
Working Capital Line of Credit | $ 2,000 |
Note 8 - Debt and Senior Secu38
Note 8 - Debt and Senior Secured Convertible Notes - Schedule of Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Line of Credit, Current | $ 1,875 | $ 1,600 |
Note 9 - Accrued Expenses - Sum
Note 9 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Accrued warranties | $ 1,433 | $ 1,812 | $ 1,912 | $ 2,038 | $ 2,070 | $ 2,171 |
Accrued rebates, allowances and discounts | 18 | 65 | ||||
Other accrued expenses | 1,217 | 963 | ||||
Total accrued expenses | $ 2,668 | $ 2,940 |
Note 9 - Accrued Expenses - Sch
Note 9 - Accrued Expenses - Schedule of Changes in Product Warranty (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Beginning balance | $ 1,812 | $ 2,070 | $ 1,912 | $ 2,171 |
Provisions, net of reversals | (59) | 368 | 651 | 951 |
Settlements | (320) | (400) | (1,130) | (1,084) |
Ending balance | $ 1,433 | $ 2,038 | $ 1,433 | $ 2,038 |
Note 10 - Capital Structure (De
Note 10 - Capital Structure (Details Textual) - shares | Sep. 30, 2017 | Dec. 31, 2016 |
Common Stock, Shares, Issued | 23,793,884 | 23,613,884 |
Common Stock, Shares, Outstanding | 23,793,884 | 23,613,884 |
Class B Restricted Voting Common Shares [Member] | ||
Common Stock, Shares, Issued | 0 | |
Common Stock, Shares, Outstanding | 0 |
Note 11 - Stock Based Compens42
Note 11 - Stock Based Compensation and Employee Benefit Plans (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
May 31, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value | $ 0.10 | $ 0.10 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 106 | $ 106 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 182 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Forfeiture Rate | 10.00% | 10.00% | 10.00% | 10.00% | |
NPS Corp Plan 2014 [Member] | |||||
Common Stock, Capital Shares Reserved for Future Issuance | 4,000,000 | 4,000,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 947,727 | 947,727 | |||
NPS Corp Plan 2014 [Member] | Restricted Stock [Member] | Director [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 240,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0.16 | ||||
NPS Corp Plan 2014 [Member] | Restricted Stock [Member] | Director [Member] | Share-based Compensation Award, Tranche One [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||||
NPS Corp Plan 2014 [Member] | Restricted Stock [Member] | Director [Member] | Share-based Compensation Award, Tranche Two [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||||
NPS Corp Plan 2014 [Member] | Restricted Stock [Member] | Director [Member] | Share-based Compensation Award, Tranche Three [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||||
NPS Corp Plan 2014 [Member] | Restricted Stock [Member] | Director [Member] | Share-based Compensation Award, Tranche Four [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% |
Note 11 - Stock Based Compens43
Note 11 - Stock Based Compensation and Employee Benefit Plans - Summary of Stock Option Activity (Details) - NPS Corp Plan 2014 [Member] - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Outstanding (in shares) | 2,834,060 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 1.37 | |
Outstanding, weighted average contractual term (Year) | 4 years 255 days | 3 years 219 days |
Outstanding, aggregate intrinsic value | $ 13 | |
Granted (in shares) | 115,000 | |
Granted, weighted average exercise price (in dollars per share) | $ 0.17 | |
Canceled (in shares) | (1,034,167) | |
Canceled, weighted average exercise price (in dollars per share) | $ 1.61 | |
Outstanding (in shares) | 1,914,893 | 2,834,060 |
Outstanding, weighted average exercise price (in dollars per share) | $ 1.17 | $ 1.37 |
Exercisable (in shares) | 1,065,914 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 1.84 | |
Exercisable, weighted average contractual term (Year) | 3 years 182 days | |
Exercisable, aggregate intrinsic value | ||
Shares vested and expected to vest (in shares) | 1,838,367 | |
Shares vested and expected to vest, weighted average exercise price (in dollars per share) | $ 1.21 | |
Shares vested and expected to vest, weighted average contractual term (Year) | 4 years 219 days | |
Shares vested and expected to vest, aggregate intrinsic value | $ 12 |
Note 11 - Stock Based Compens44
Note 11 - Stock Based Compensation and Employee Benefit Plans - Schedule of Assumptions (Details) | 9 Months Ended |
Sep. 30, 2017 | |
Expected life (years) (Year) | 4 years 182 days |
Dividend yield | 0.00% |
Minimum [Member] | |
Expected volatility | 72.00% |
Risk-free interest rate | 1.58% |
Maximum [Member] | |
Expected volatility | 74.00% |
Risk-free interest rate | 1.83% |
Note 11 - Stock Based Compens45
Note 11 - Stock Based Compensation and Employee Benefit Plans - Summary of Stock Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Stock based compensation expense | $ 37 | $ 141 | $ 114 | $ 422 |
Cost of Sales [Member] | ||||
Stock based compensation expense | 2 | 3 | 7 | 8 |
Selling and Marketing Expense [Member] | ||||
Stock based compensation expense | 8 | 17 | 24 | 48 |
Research and Development Expense [Member] | ||||
Stock based compensation expense | 1 | 3 | 3 | 10 |
General and Administrative Expense [Member] | ||||
Stock based compensation expense | $ 26 | $ 118 | $ 80 | $ 356 |
Note 12 - 401(k) Plan (Details
Note 12 - 401(k) Plan (Details Textual) - USD ($) $ in Thousands | Jan. 01, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 15.00% | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 25.00% | ||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 12 | $ 15 | $ 36 | $ 57 | |
Maximum [Member] | |||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Nov. 30, 2014 | |
Income Tax Expense (Benefit) | $ 14 | $ 62 | $ 48 | $ 250 | ||
Current Income Tax Expense (Benefit) | 10 | 59 | 38 | 240 | ||
Deferred Income Tax Expense (Benefit) | 4 | 3 | 10 | 10 | ||
Operating Loss Carryforwards | $ 2,600 | |||||
Unrecognized Tax Benefits | 0 | 0 | ||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 0 | $ 0 | ||||
Research Tax Credit Carryforward [Member] | ||||||
Tax Credit Carryforward, Amount | $ 1,462 | |||||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||||||
Operating Loss Carryforwards | 133,398 | |||||
State and Local Jurisdiction [Member] | ||||||
Operating Loss Carryforwards | $ 79,177 | |||||
BRAZIL | ||||||
Income Tax Expense (Benefit) | $ 42 | $ 203 | ||||
BRAZIL | Minimum [Member] | ||||||
Effective Income Tax Rate Reconciliation, Percent | 15.00% | |||||
BRAZIL | Maximum [Member] | ||||||
Effective Income Tax Rate Reconciliation, Percent | 18.00% |
Note 14 - Segment Reporting (De
Note 14 - Segment Reporting (Details Textual) | 9 Months Ended |
Sep. 30, 2017 | |
Number of Reportable Segments | 1 |
Note 16 - Commitments and Con49
Note 16 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Operating Leases, Rent Expense, Net | $ 100 | $ 103 | $ 329 | $ 311 |
Note 16 - Commitments and Con50
Note 16 - Commitments and Contingencies - Schedule of Future Minimum Lease Payments Under Non-cancellable Lease Agreements (Details) $ in Thousands | Sep. 30, 2017USD ($) |
2,017 | $ 92 |
2,018 | 326 |
2,019 | 272 |
2,020 | 157 |
Total | $ 847 |