Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 19, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Registrant Name | ELECTRO SENSORS INC | ||
Entity Central Index Key | 0000351789 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Shell Company | false | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Common Stock, Shares Outstanding | 3,395,521 | ||
Entity Public Float | $ 9,000,000 | ||
Trading Symbol | ELSE | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true |
Balance Sheets
Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 1,057 | $ 963 |
Treasury bills | 7,697 | 7,711 |
Available-for-sale securities | 45 | 45 |
Trade receivables, less allowance for doubtful accounts of $11 | 896 | 902 |
Inventories | 1,618 | 1,552 |
Other current assets | 155 | 141 |
Income tax receivable | 0 | 45 |
Total current assets | 11,468 | 11,359 |
Deferred income tax asset | 192 | 182 |
Intangible assets, net | 565 | 800 |
Property and equipment, net | 1,050 | 1,074 |
Total assets | 13,275 | 13,415 |
Current liabilities | ||
Contingent earn-out | 0 | 150 |
Current maturity of financing lease | 5 | 0 |
Accounts payable | 116 | 178 |
Accrued expenses | 405 | 380 |
Total current liabilities | 526 | 708 |
Long-term liabilities | ||
Financing lease, net of current maturities | 24 | 0 |
Total long-term liabilities | 24 | 0 |
Commitments and contingencies | ||
Stockholders' equity | ||
Common stock par value $0.10 per share; authorized 10,000,000 shares; 3,395,521 shares issued and outstanding | 339 | 339 |
Additional paid-in capital | 2,019 | 2,004 |
Retained earnings | 10,335 | 10,352 |
Accumulated other comprehensive gain (unrealized gain on available-for-sale securities, net of income tax) | 32 | 12 |
Total stockholders' equity | 12,725 | 12,707 |
Total liabilities and stockholders' equity | $ 13,275 | $ 13,415 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Condensed Balance Sheets [Abstract] | ||
Trade receivables, allowance for doubtful accounts | $ 11 | $ 11 |
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 3,395,521 | 3,395,521 |
Common stock, shares outstanding | 3,395,521 | 3,395,521 |
Statements Of Comprehensive Inc
Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statements Of Comprehensive Income (Loss) [Abstract] | ||
Net Sales | $ 7,495 | $ 7,840 |
Cost of Goods Sold | 3,448 | 3,541 |
Gross Profit | 4,047 | 4,299 |
Operating Expenses | ||
Selling and marketing | 1,634 | 1,469 |
General and administrative | 1,745 | 1,608 |
Research and development | 813 | 812 |
Total Operating Expenses | 4,192 | 3,889 |
Operating Income (Loss) | (145) | 410 |
Non-operating Income (Expense) | ||
Interest expense | (1) | 0 |
Interest income | 120 | 38 |
Other income | 8 | 10 |
Total Non-operating Income, Net | 127 | 48 |
Income (Loss) before Income Taxes | (18) | 458 |
Income Taxes Expense (Benefit) | (8) | 163 |
Net Income (Loss) | (10) | 295 |
Other Comprehensive Income | ||
Change in unrealized value of available-for-sale securities, net of income tax | 13 | 41 |
Other Comprehensive Income | 13 | 41 |
Net Comprehensive Income | $ 3 | $ 336 |
Basic | ||
Net income (loss) per share | $ 0 | $ 0.09 |
Weighted average shares | 3,395,521 | 3,395,521 |
Diluted | ||
Net income (loss) per share | $ 0 | $ 0.09 |
Weighted average shares | 3,395,521 | 3,401,017 |
Statements Of Changes In Stockh
Statements Of Changes In Stockholders' Equity - USD ($) $ in Thousands | Common Stock Issued [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Beginning Balance at Dec. 31, 2016 | $ 339 | $ 1,953 | $ 10,057 | $ (29) | $ 12,320 |
Beginning Balance, Shares at Dec. 31, 2016 | 3,395,521 | ||||
Other Comprehensive Income | 41 | 41 | |||
Stock-based compensation expense | 51 | 51 | |||
Net income (loss) | 295 | 295 | |||
Ending Balance at Dec. 31, 2017 | $ 339 | 2,004 | 10,352 | 12 | 12,707 |
Ending Balance, Shares at Dec. 31, 2017 | 3,395,521 | ||||
Other Comprehensive Income | 13 | 13 | |||
Stock-based compensation expense | 15 | 15 | |||
Change in accounting policy | (7) | 7 | 0 | ||
Net income (loss) | (10) | (10) | |||
Ending Balance at Dec. 31, 2018 | $ 339 | $ 2,019 | $ 10,335 | $ 32 | $ 12,725 |
Ending Balance, Shares at Dec. 31, 2018 | 3,395,521 |
Statements Of Cash Flows
Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | ||
Net income (loss) | $ (10) | $ 295 |
Adjustments to reconcile net income (loss) to net cash from operating activities: | ||
Depreciation and amortization | 321 | 308 |
Deferred income taxes | (16) | (4) |
Change in contingent earn-out fair value | 0 | (45) |
Stock-based compensation expense | 15 | 51 |
Interest accrued on treasury bills | (114) | (37) |
Other | 0 | 3 |
Change in: | ||
Trade receivables | 6 | (135) |
Inventories | (66) | (37) |
Other current assets | (14) | 33 |
Accounts payable | (62) | (61) |
Accrued expenses | 25 | 76 |
Income taxes receivable | 45 | 21 |
Net cash from operating activities | 130 | 468 |
Cash flows from (used in) investing activities | ||
Purchases of treasury bills | (14,353) | (8,681) |
Proceeds from the maturity of treasury bills | 14,500 | 8,450 |
Purchase of property and equipment | (32) | (114) |
Net cash from (used in) investing activities | 115 | (345) |
Cash flows used in financing activities | ||
Payments on financing lease | (1) | 0 |
Payment of contingent earn-out | (150) | 0 |
Net cash used in financing activities | (151) | 0 |
Net increase in cash and cash equivalents | 94 | 123 |
Cash and cash equivalents, beginning | 963 | 840 |
Cash and cash equivalents, ending | 1,057 | 963 |
Supplemental cash flow information | ||
Cash paid during the year for income taxes | 1 | 196 |
Cash paid during the year for interest | 1 | 0 |
Supplemental disclosures of non-cash investment and financing activity | ||
Right-of-use assets obtained in exchange for finance lease obligations | $ 30 | $ 0 |
Nature of Business and Signific
Nature of Business and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Nature Of Business And Significant Accounting Policies [Abstract] | |
Nature of Business and Significant Accounting Policies | Note 1 Nature of business: Electro-Sensors, Inc. manufactures and markets a complete line of monitoring and control systems for a variety of industrial machinery. The Company uses leading-edge technology to continuously improve its products, with the ultimate goal of manufacturing the industry-preferred product for each market served. The Company sells these products through an internal sales staff, manufacturer’s representatives, and distributors to a wide variety of industries that use the products in a variety of applications to monitor process machinery operations. The Company markets its products to customers located throughout the United States, Canada, Latin America, Europe, and Asia. In addition, we may periodically make strategic investments in other businesses and companies, including investments that we believe would facilitate the development of technology complementary to our existing products or investments that we believe present good opportunities for the Company and its shareholders. Our primary focus is to remain an operating company and we do not intend to become an investment company. See Note 2 Significant accounting policies of the Company are summarized below: Use of estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America (US GAAP) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Significant estimates, including the underlying assumptions, consist of the economic lives of long lived assets, realizability of trade receivables, valuation of deferred tax assets/liabilities, inventory, investments, contingent earn-out, and stock compensation expense. It is at least reasonably possible that these estimates may change in the near term. Cash and cash equivalents The Company considers all highly liquid debt instruments purchased with a maturity of three three- The Company maintains its cash and cash equivalents primarily in two Trade receivables and credit policies Trade receivables are uncollateralized customer obligations due under normal trade terms generally requiring payment within 30 90 Payments of trade receivables are allocated to the specific invoices identified on the customer’s remittance advice or, if unspecified, are applied to the earliest unpaid invoices. The carrying amount of trade receivables is reduced by an allowance for doubtful accounts that reflects management’s best estimate of the amounts that will not be collected. Management individually reviews all trade receivable balances that exceed 90 As of December 31, 2018, the Company had one stomer that acc 12 no 10 Available-for-sale securities The Company’s investments have traditionally consisted of government debt securities and equity securities, primarily common stock. The estimated fair value of publicly traded equity securities is based on reported market prices or management’s reasonable market price when quoted prices are not available, and therefore subject to the inherent risk of market fluctuations. Management determines the appropriate classification of securities at the date individual investments are acquired and evaluates the appropriateness of this classification at each balance sheet date. Since the Company generally does not make investments in anticipation of short-term fluctuations in market price, the Company classifies its investments in equity securities and treasury bills as available-for-sale. Treasury bills with readily determinable values are stated at fair value, and unrealized holding gains and losses, net of the related deferred tax effect, are reported as a separate component of stockholders’ equity and within accumulated other comprehensive gain. Unrealized gains and losses on equity securities are reported in the statement of comprehensive income in non-operating income. Realized gains and losses on securities, including losses from declines in value of specific securities determined by management to be other-than-temporary, are included in the statement of comprehensive income. Realized gains and losses are determined on the basis of the specific securities sold. There were no December 31, 2018 2017 Fair value measurements The Company’s policies incorporate the guidance for accounting for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring basis. These policies also incorporate the guidance for fair value measurement related to nonfinancial items that are recognized and disclosed at fair value in the financial statements on a nonrecurring basis. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 3 three ● Level 1 ● Level 2 1 ● Level 3 The level in the fair value hierarchy within whic h a fair measurement in its entirety falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company currently has no The carrying value of cash equivalents, trade receivables, accounts payable, and other financial working capital items approximate fair value at December 31, 2018 2017 Inventories Inventories include material, labor and overhead and are valued at the lower of cost (first-in, first-out) or net realizable value. Property and equipment Property and equipment are stated at cost. Depreciation is provided over estimated useful lives by use of the straight-line method. Maintenance and repairs are expensed as incurred. Major improvements and betterments are capitalized. Long-lived assets, such as property and equipment and intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require the Company to test a long-lived asset for possible impairment, the Company first compares undiscounted cash flows expected to be generated by an asset to the carrying value of the asset. If the carrying value of the long-lived asset is not recoverable on an undiscounted cash flow basis, the Company recognizes impairment to the extent that the carrying value of an asset exceeds its fair value. The Company determines fair value through various valuation techniques including, but not limited to, discounted cash flow models, quoted market values and third-party independent appraisals. Estimated useful lives are as follows Years Equipment 5 10 Furniture and Fixtures 3 7 Building 7 40 Intangible assets Intangible assets are comprised of a non-compete agreement and the HazardPRO TM technology. The Company amortizes the cost of these intangible assets on a straight-line method over the estimated useful lives. Revenue recognition At contract inception, the Company assesses the goods and services promised to a customer and identifies a performance obligation for each promised good or service that is distinct. In addition, the transaction price for each performance obligation is determined at contract inception. Our contracts, generally in the form of a purchase order, specify the product or service that is promised to the customer. The typical contract life is less than one month and contains a single performance obligation, to provide conforming goods or services to the customer. Occasionally, we have a second performance obligation which is, typically, the startup of the HazardPRO product. For contracts that have multiple performance obligations, the transaction price is allocated to each performance obligation using the relative stand-alone selling price. Advertising costs The Company expenses advertising costs as incurred. Total advertising expense was $ 48 76 2018 2017 Research and development Expenditures for research and development are expensed as incurred. The Company incurred expenses of $ 813 812 2018 2017 Income taxes The Company presents deferred income taxes on an asset and liability approach to financial accounting and reporting for income taxes. The Company annually determines the difference between the financial reporting and tax bases of assets and liabilities. The Company computes deferred income tax assets and liabilities for those differences that have future tax consequences using the currently enacted tax laws and rates that apply to the periods in which these laws are expected to affect taxable income. Income tax expense is the current tax payable or refundable for the period plus or minus the net change in the deferred tax assets and liabilities, excluding the portion of the deferred asset or liability allocated to other comprehensive gain (loss). Deferred taxes are reduced by a valuation allowance to the extent that realization of the related deferred tax asset is not certain. We recorded a valuation allow ance on our defe 81 28 December 31, 2018 2017 The Company recognizes the effect of income tax positions only if those positions are more likely than not to be sustained. The Company recognizes income tax positions at the largest amount that is more likely than not to be realized. The Company reflects changes in recognition or measurement in the period in which the Company's change in judgment occurs. The Company records interest and penalties related to unrecognized tax benefits in income tax expense. Net income (loss) per common share Basic earnings per share (EPS) excludes dilution and is determined by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities such as options and other contracts to issue common stock were exercised or converted into common stock. For the years ending December 31, 2018 and 2017, respectively, options to purchase 312,158 and 257,500 The following information presents the Company’s computations of basic and diluted EPS for the periods presented in the statements of comprehensive income. Income (loss) Shares Per share amount 2018 Basic EPS $ ( 10 ) 3,395,521 $ ( 0.00 ) Effect of dil 0 0.00 Diluted EPS $ ( 10 ) 3,395,521 $ ( 0.00 ) 2017 Basic EPS $ 295 3,395,521 $ 0.09 Effect of dilutive stock options 5,496 0.00 Diluted EPS $ 295 3,401,017 $ 0.09 Stock-based compensation The Company records compensation expense for stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes-Merton (“BSM”) model. The Company uses historical data, among other factors, to estimate the expected price volatility, the expected option life and the expected forfeiture rate. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the estimated life of the option. At December 31, 2018 two Recently Adopted Accounting Pronouncements Financial Instruments In January 2016, the FASB issued Accounting Standards Update No. 2016-01 (ASU 2016-01) "Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities," which amends various aspects of the recognition, measurement, presentation, and disclosure of financial instruments. The Company adopted ASU 2016-01 as of January 1, 2018 using the modified retrospective method for marketable equity securitie s. This re 7 Leases In February 2016, the FASB issued Accounting Standards Update No. 2016-02 (ASU 2016-02) "Leases (Topic 842)" which was modified in July 2018, Accounting Standards Update No. 2018-11 (ASU 2018-11) "Leases (Topic 842): Targeted Improvements" to increase transparency and comparability among organizations by requiring the recognition of Right of Use ("ROU") assets and lease liabilities on the balance sheet. Most prominent among the changes in the standard is the recognition of ROU assets and lease liabilities by lessees for those leases classified as operating leases. Under the standard, disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. We elected to early adopt the standard effective October 1, 2018 in conjunction with the Company entering into a financing lease using the optional effective date method. The standard did not have a material impact in our balance sheets, statements of comprehensive income (loss), or statement of cash flows compared to the legacy accounting guidance for leases. Revenue Recognition On January 1, 2018, the Company adopted Accounting Standards Codification (ASC) Revenue from Contracts with Customers and all related amendments (the Standard), for all contracts using the modified retrospective method. The Standard implements a five-step process for revenue recognition that focuses on transfer of control and defines a contract as “an agreement between two or more parties that creates legally enforceable rights and obligations." The adoption of the Standard did not significantly impact the timing and measurement of the Company's revenue recognition. As a result, we did not recognize a cumulative effect adjustment to the opening balance of retained earnings. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2018 | |
Investments [Abstract] | |
Investments | Note 2 The Company has investments in commercial paper, Treasury Bills, and common equity securities of a private U.S. company. The commercial paper investment is in U.S. debt with ratings of F1+. The Treasury Bills have term s ranging one seven The Company classifies its investments in commercial paper and Treasury Bills as available-for-sale accounted for at fair value with unrealized gains and losses recognized in accumulated other comprehensive gain on the balance sheet. Prior to January 1, 2018, the Company accounted for equity securities at fair value with unrealized gains and losses recognized in accumulated other comprehensive gain on the balance sheet. Realized gains and losses on equity securities sold or impaired were recognized in non-operating income on the statement of comprehensive loss. On January 1, 2018, the Company adopted ASU 2016-01 which changed the way the Company accounted for equity securities. Equity securities are measured at fair value and starting January 1, 2018 unrealized gains and losses are recognized in non-operating income. Upon adoption, the Company reclassifie 7 The cost and estimated fair value of the investments are as follows: Cost Gross unrealized gain Gross unrealized loss Fair value December 31, 2018 Commercial Paper $ 667 $ 0 $ 0 $ 667 Treasury Bills 7,656 41 0 7,697 Eq uity Sec 45 0 0 45 8,368 41 0 8,409 Less Cash Equivalents 667 0 0 667 Total Investments, December 31, 2018 $ 7,701 $ 41 $ 0 $ 7,742 December 31, 2017 Commercial Paper $ 568 $ 0 $ 0 $ 568 Treasury Bills 7,687 24 0 7,711 Equity Securities 54 0 ( 9 ) 45 8,309 24 ( 9 ) 8,324 Less Cash Equivalents 568 0 0 568 Total Investments, December 31, 2017 $ 7,741 $ 24 $ ( 9 ) $ 7,756 Changes in Accumulated Other Comprehensive Income Changes in Accumulated Other Comprehensive Income are as follows: December 31, 2018 2017 Unrealized Gains Unrealized holding gains arising during the period $ 19 $ 49 Less: Reclassification of gains included in net income (loss) 0 0 19 49 Deferred Taxes on Unrealized Gains: Increase in deferred taxes on unrealized gains arising during the period 6 8 Less: Reclassification of taxes on gains included in net income (loss) 0 0 6 8 Net Change in Accumulated Other Comprehensive Income $ 13 $ 41 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 3 The following table prov ides info December 31, 2018 Carrying amount in Fair Value Measurement Using balance sheet Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents: Commercial paper $ 667 $ 667 $ 667 $ 0 $ 0 Treasury bills 7,697 7,697 7,697 0 0 Equity securities 45 45 0 0 45 December 31, 2017 Carrying amount in Fair Value Measurement Using balance sheet Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents: Commercial paper $ 568 $ 568 $ 568 $ 0 $ 0 Treasury bills 7,711 7,711 7,711 0 0 Equity securities 45 45 0 0 45 Liabilities: Contingent earn-out 150 150 0 0 150 The fair value of the money market funds, commercial paper, and treasury bills is based on quoted market prices in an active market. Closing prices are readily available from active markets and are used as being representative of fair value. The Company classifies these securities as level 1 3 3 The change in level 3 ts at fair valu curring bas Years Ended December 31, 2018 2017 Beginning Balance $ 45 $ 0 Increase in value 0 45 Ending Balance $ 45 $ 45 The 2017 increase in value is due to additional information obtained on equity securities held in a company with a limited market for its securities. The change in level 3 Years Ended December 31, 2018 2017 Beginning Balance $ 150 $ 195 Credit to Earnings 0 ( 45 ) Payments ( 150 ) 0 Ending Balance $ 0 $ 150 The 2017 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2018 | |
Inventories [Abstract] | |
Inventories | Note 4 Inventories used in the determination of cost of goods sold are as follows: December 31, 2018 2017 Raw Materials $ 968 $ 898 Work In Process 309 313 Finished Goods 351 341 Reser ve for Obs ( 10 ) 0 Total Inventories $ 1,618 $ 1,552 |
Property And Equipment, Net
Property And Equipment, Net | 12 Months Ended |
Dec. 31, 2018 | |
Property And Equipment, Net [Abstract] | |
Property and Equipment, Net | Note 5 The following is a summary of property and equipment: December 31, 2018 2017 Construction in Progress - Equipment $ 0 $ 90 Equi pment 274 273 Furniture and Fixtures 503 414 Right -of-Use 30 0 Building 1,370 1,370 Land 415 415 2,592 2,562 Less Accumulated Depreciation 1,542 1,488 Total Property and Equipment $ 1,050 $ 1,074 Depreciation expense for the years ended December 31, 2018 2017 86 73 |
Net Intangible Assets
Net Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Net Intangible Assets [Abstract] | |
Net Intangible Assets | Note 6 Intangible assets include the following: December 31, 2018 Average Useful Lives Gross Carrying Amount Accumulated Amortization Net Carrying Amount Non-compete 5 $ 120 $ 118 $ 2 Technology 7 1,478 915 563 Net Intangible Assets $ 1,598 $ 1,033 $ 565 December 31, 2017 Average Useful Lives Gross Carrying Amount Accumulated Amortization Net Carrying Amount Non-compete 5 $ 120 $ 94 $ 26 Technology 7 1,478 704 774 Net Intangible Assets $ 1,598 $ 798 $ 800 Amortization expense for the years ended December 31, 2018 2017 235 Estimated amortization expense over the next three years is as follows: 2019 $ 213 2020 $ 211 2021 $ 141 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2018 | |
Accrued Expenses [Abstract] | |
Accrued Expenses | Note 7 Accrued expenses include the following: December 31, 2018 2017 Wages and Commissions $ 326 $ 294 Other 79 86 Total Accrued Expenses $ 405 $ 380 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Leases | Note 8 We hav e a fin ancing l five December 31, 2018 The components of lease expense were as follows for the year ended December 31: 2018 Finance lease cost: Amortization of right-of-use assets $ 2 Interest on lease liabilities 1 Total finance lease cost $ 3 Supplem ental balance sheet inform 2018 Finance leases Property and equipment, gross $ 30 Accumulated amortization ( 2 ) Property and equipment, net $ 28 Weighted average remaining lease term Fina nce lea 5 years Weighted average discount rate Finan ce lea 7.0 % Maturities of lease liabilities are as follows: Year ending December 31 2019 $ 7 2020 7 2021 7 2022 7 2023 6 Total lease payments 34 Less imputed interest ( 5 ) Total $ 29 |
Common Stock Options
Common Stock Options | 12 Months Ended |
Dec. 31, 2018 | |
Common Stock Options [Abstract] | |
Common Stock Options | Note 9. Common Stock Options Stock options The 1997 1997 2013 2013 100 10 one Stock-based compensation Under the 2013 600,000 December 31, 2018 325,000 2013 285,000 275,000 Under the 1997 450,000 December 31, 2018 7,500 1997 2014 During the 2018 f ourth quarter, pany gran 25,000 20 20 four 10 There were no options Dividend Yield 0.00 Expected Volatility 18.79 Risk Free Interest Rate 3.03 Expected Life 6 The Company calculates expected volatility for stock options and other awards using historical volatility as the Company believes the expected volatility will approximate historical volatility. The following table summarizes the activity for outstanding incentive stock options under the 2013 Options Outstanding Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Term (in years) Aggregate Intrinsic Value ( 1 Balance at January 1, 2017 100,000 $ 3.81 8.7 Granted 0 Exercised 0 Canceled/forfeited/expired 0 Bal ance December 31, 2017 100,000 3.81 7.7 Gra nte 25,000 3.64 10.0 Exercised 0 Canceled/forfeited/expired 0 B al December 31, 2018 125,000 $ 3.78 8.1 Vested and exercisable as of December 31, 2018 85,000 $ 0 ( 1 The aggregate intrinsic value is calculated as approximately the difference between the weighted average exercise price of the underlying awards and the Company’s estimated current fair market value at December 31, 2018 Options Outstanding Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Term (in years) Aggregate Intrinsic Value ( 1 Balance at January 1, 2017 207,500 $ 4.62 6.4 Granted 0 Exercised 0 Canceled/forfeited/expired 0 Balance at December 31, 2017 207,500 4.62 5.4 Granted 0 Exercised 0 Canceled/forfeited/expired 0 Balance at December 31, 2018 207,500 $ 4.62 4.4 Vested and exercisable as of December 31, 2018 207,500 $ 0 (1) The aggregate intrinsic value is calculated as approximately the difference between the weighted average exercise price of the underlying awards and the Company’s estimated current fair market value at December 31, 2018 2013 24 15 51 December 31, 2018 2017 There were no December 31, 2018 2017 As of December 31, 2018 26 2013 four |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Benefit Plans [Abstract] | |
Benefit Plans | Note 10. Benefit Plans Employee stock ownership plan The Company sponsors an employee stock ownership plan (“ESOP”) that covers substantially all employees who work 1,000 135,490 December 31, 2018 No December 31, 2018 2017 no December 31, 2018 2017 The Company recognized compensation expense for contributions of $ 24 2018 2017 In the event a terminated ESOP participant desires to sell his or her shares of the Company’s stock and the shares are not readily tradable, the Company may be required to purchase the shares from the participant at fair market value. In addition, at its election, the Company may distribute the ESOP’s shares to the terminated participant. At December 31, 2018 135,490 461 Profit sharing plan and savings plan The Company has a salary reduction and profit sharing plan that conforms to IRS provisions for 401 no 2018 2017 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Taxes [Abstract] | |
Income Taxes | Note 11 The compon ents of the income tax December 31, 2018 2017 2018 2017 Current: Federal $ 0 $ 167 State 1 0 Deferred: Fe der ( 9 ) ( 31 ) State 0 27 Total Federal and State Income Taxes $ ( 8 ) $ 163 The provision for incom December 31, 2018 2017 2018 2017 Computed “Expected” Federal Tax Expense (Benefit From) $ ( 4 ) $ 156 Increase (Decrease) in Taxes Resulting From: State Income Taxes, net of Federal Benefit 1 3 Credits ( 41 ) ( 46 ) Domestic Production Activities Deduction 0 ( 19 ) Permanent Differences 7 4 Effect of U.S. Tax Law Changes ( 35 21 0 49 Other 29 16 Total Federal and State Income Taxes $ ( 8 ) $ 163 The components of the net deferred tax asset consist of: 2018 2017 Deferred Tax Assets: Vacation accrual $ 24 $ 23 Allowance for doubtful accounts 2 2 Stock compensation 91 88 Bonus 0 2 Depreciation and amortization 29 17 Inventory Obsolescence 2 0 R&D credit carryforward 154 101 Valuation allowance ( 81 ) ( 28 ) Total Deferred Tax Assets 221 205 Deferred Tax Liabilities: Prepaid expenses 20 20 Net unrealized gain on investments 9 3 Total Deferred Tax Liabilities 29 23 Net Deferred Tax Asset $ 192 $ 182 The Company is materially subject to the following taxing jurisdictions: U.S. and Minnesota. The tax years that remain open to examination by the Internal Revenue Service and state jurisdictions are 2015 2017 no 2018 December 31, 2018 |
Nature of Business and Signif_2
Nature of Business and Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2018 | |
Nature Of Business And Significant Accounting Policies [Abstract] | |
Nature Of Business | Nature of business: Electro-Sensors, Inc. manufactures and markets a complete line of monitoring and control systems for a variety of industrial machinery. The Company uses leading-edge technology to continuously improve its products, with the ultimate goal of manufacturing the industry-preferred product for each market served. The Company sells these products through an internal sales staff, manufacturer’s representatives, and distributors to a wide variety of industries that use the products in a variety of applications to monitor process machinery operations. The Company markets its products to customers located throughout the United States, Canada, Latin America, Europe, and Asia. In addition, we may periodically make strategic investments in other businesses and companies, including investments that we believe would facilitate the development of technology complementary to our existing products or investments that we believe present good opportunities for the Company and its shareholders. Our primary focus is to remain an operating company and we do not intend to become an investment company. See Note 2 |
Use Of Estimates | Use of estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America (US GAAP) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Significant estimates, including the underlying assumptions, consist of the economic lives of long lived assets, realizability of trade receivables, valuation of deferred tax assets/liabilities, inventory, investments, contingent earn-out, and stock compensation expense. It is at least reasonably possible that these estimates may change in the near term. |
Cash And Cash Equivalents | Cash and cash equivalents The Company considers all highly liquid debt instruments purchased with a maturity of three three- The Company maintains its cash and cash equivalents primarily in two |
Trade Receivables And Credit Policies | Trade receivables and credit policies Trade receivables are uncollateralized customer obligations due under normal trade terms generally requiring payment within 30 90 Payments of trade receivables are allocated to the specific invoices identified on the customer’s remittance advice or, if unspecified, are applied to the earliest unpaid invoices. The carrying amount of trade receivables is reduced by an allowance for doubtful accounts that reflects management’s best estimate of the amounts that will not be collected. Management individually reviews all trade receivable balances that exceed 90 As of December 31, 2018, the Company had one stomer that acc 12 no 10 |
Available-For-Sale Securities | Available-for-sale securities The Company’s investments have traditionally consisted of government debt securities and equity securities, primarily common stock. The estimated fair value of publicly traded equity securities is based on reported market prices or management’s reasonable market price when quoted prices are not available, and therefore subject to the inherent risk of market fluctuations. Management determines the appropriate classification of securities at the date individual investments are acquired and evaluates the appropriateness of this classification at each balance sheet date. Since the Company generally does not make investments in anticipation of short-term fluctuations in market price, the Company classifies its investments in equity securities and treasury bills as available-for-sale. Treasury bills with readily determinable values are stated at fair value, and unrealized holding gains and losses, net of the related deferred tax effect, are reported as a separate component of stockholders’ equity and within accumulated other comprehensive gain. Unrealized gains and losses on equity securities are reported in the statement of comprehensive income in non-operating income. Realized gains and losses on securities, including losses from declines in value of specific securities determined by management to be other-than-temporary, are included in the statement of comprehensive income. Realized gains and losses are determined on the basis of the specific securities sold. There were no December 31, 2018 2017 |
Fair Value Measurements | Fair value measurements The Company’s policies incorporate the guidance for accounting for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring basis. These policies also incorporate the guidance for fair value measurement related to nonfinancial items that are recognized and disclosed at fair value in the financial statements on a nonrecurring basis. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 3 three ● Level 1 ● Level 2 1 ● Level 3 The level in the fair value hierarchy within whic h a fair measurement in its entirety falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company currently has no The carrying value of cash equivalents, trade receivables, accounts payable, and other financial working capital items approximate fair value at December 31, 2018 2017 |
Inventories | Inventories Inventories include material, labor and overhead and are valued at the lower of cost (first-in, first-out) or net realizable value. |
Property And Equipment | Property and equipment Property and equipment are stated at cost. Depreciation is provided over estimated useful lives by use of the straight-line method. Maintenance and repairs are expensed as incurred. Major improvements and betterments are capitalized. Long-lived assets, such as property and equipment and intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require the Company to test a long-lived asset for possible impairment, the Company first compares undiscounted cash flows expected to be generated by an asset to the carrying value of the asset. If the carrying value of the long-lived asset is not recoverable on an undiscounted cash flow basis, the Company recognizes impairment to the extent that the carrying value of an asset exceeds its fair value. The Company determines fair value through various valuation techniques including, but not limited to, discounted cash flow models, quoted market values and third-party independent appraisals. Estimated useful lives are as follows Years Equipment 5 10 Furniture and Fixtures 3 7 Building 7 40 |
Intangible Assets | Intangible assets Intangible assets are comprised of a non-compete agreement and the HazardPRO TM technology. The Company amortizes the cost of these intangible assets on a straight-line method over the estimated useful lives. |
Revenue Recognition | Revenue recognition At contract inception, the Company assesses the goods and services promised to a customer and identifies a performance obligation for each promised good or service that is distinct. In addition, the transaction price for each performance obligation is determined at contract inception. Our contracts, generally in the form of a purchase order, specify the product or service that is promised to the customer. The typical contract life is less than one month and contains a single performance obligation, to provide conforming goods or services to the customer. Occasionally, we have a second performance obligation which is, typically, the startup of the HazardPRO product. For contracts that have multiple performance obligations, the transaction price is allocated to each performance obligation using the relative stand-alone selling price. |
Advertising Costs | Advertising costs The Company expenses advertising costs as incurred. Total advertising expense was $ 48 76 2018 2017 |
Research And Development | Research and development Expenditures for research and development are expensed as incurred. The Company incurred expenses of $ 813 812 2018 2017 |
Income Taxes | Income taxes The Company presents deferred income taxes on an asset and liability approach to financial accounting and reporting for income taxes. The Company annually determines the difference between the financial reporting and tax bases of assets and liabilities. The Company computes deferred income tax assets and liabilities for those differences that have future tax consequences using the currently enacted tax laws and rates that apply to the periods in which these laws are expected to affect taxable income. Income tax expense is the current tax payable or refundable for the period plus or minus the net change in the deferred tax assets and liabilities, excluding the portion of the deferred asset or liability allocated to other comprehensive gain (loss). Deferred taxes are reduced by a valuation allowance to the extent that realization of the related deferred tax asset is not certain. We recorded a valuation allow ance on our defe 81 28 December 31, 2018 2017 The Company recognizes the effect of income tax positions only if those positions are more likely than not to be sustained. The Company recognizes income tax positions at the largest amount that is more likely than not to be realized. The Company reflects changes in recognition or measurement in the period in which the Company's change in judgment occurs. The Company records interest and penalties related to unrecognized tax benefits in income tax expense. |
Net Income (Loss) Per Common Share | Net income (loss) per common share Basic earnings per share (EPS) excludes dilution and is determined by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities such as options and other contracts to issue common stock were exercised or converted into common stock. For the years ending December 31, 2018 and 2017, respectively, options to purchase 312,158 and 257,500 The following information presents the Company’s computations of basic and diluted EPS for the periods presented in the statements of comprehensive income. Income (loss) Shares Per share amount 2018 Basic EPS $ ( 10 ) 3,395,521 $ ( 0.00 ) Effect of dil 0 0.00 Diluted EPS $ ( 10 ) 3,395,521 $ ( 0.00 ) 2017 Basic EPS $ 295 3,395,521 $ 0.09 Effect of dilutive stock options 5,496 0.00 Diluted EPS $ 295 3,401,017 $ 0.09 |
Stock-based Compensation | Stock-based compensation The Company records compensation expense for stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes-Merton (“BSM”) model. The Company uses historical data, among other factors, to estimate the expected price volatility, the expected option life and the expected forfeiture rate. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the estimated life of the option. At December 31, 2018 two |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements Financial Instruments In January 2016, the FASB issued Accounting Standards Update No. 2016-01 (ASU 2016-01) "Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities," which amends various aspects of the recognition, measurement, presentation, and disclosure of financial instruments. The Company adopted ASU 2016-01 as of January 1, 2018 using the modified retrospective method for marketable equity securitie s. This re 7 Leases In February 2016, the FASB issued Accounting Standards Update No. 2016-02 (ASU 2016-02) "Leases (Topic 842)" which was modified in July 2018, Accounting Standards Update No. 2018-11 (ASU 2018-11) "Leases (Topic 842): Targeted Improvements" to increase transparency and comparability among organizations by requiring the recognition of Right of Use ("ROU") assets and lease liabilities on the balance sheet. Most prominent among the changes in the standard is the recognition of ROU assets and lease liabilities by lessees for those leases classified as operating leases. Under the standard, disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. We elected to early adopt the standard effective October 1, 2018 in conjunction with the Company entering into a financing lease using the optional effective date method. The standard did not have a material impact in our balance sheets, statements of comprehensive income (loss), or statement of cash flows compared to the legacy accounting guidance for leases. Revenue Recognition On January 1, 2018, the Company adopted Accounting Standards Codification (ASC) Revenue from Contracts with Customers and all related amendments (the Standard), for all contracts using the modified retrospective method. The Standard implements a five-step process for revenue recognition that focuses on transfer of control and defines a contract as “an agreement between two or more parties that creates legally enforceable rights and obligations." The adoption of the Standard did not significantly impact the timing and measurement of the Company's revenue recognition. As a result, we did not recognize a cumulative effect adjustment to the opening balance of retained earnings. |
Nature of Business and Signif_3
Nature of Business and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Nature Of Business And Significant Accounting Policies [Abstract] | |
Schedule Of Estimated Useful Lives | Years Equipment 5 10 Furniture and Fixtures 3 7 Building 7 40 |
Schedule Of Net Income (Loss) Per Common Share | Income (loss) Shares Per share amount 2018 Basic EPS $ ( 10 ) 3,395,521 $ ( 0.00 ) Effect of dil 0 0.00 Diluted EPS $ ( 10 ) 3,395,521 $ ( 0.00 ) 2017 Basic EPS $ 295 3,395,521 $ 0.09 Effect of dilutive stock options 5,496 0.00 Diluted EPS $ 295 3,401,017 $ 0.09 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments [Abstract] | |
Schedule of cost and estimated fair value of investments | Cost Gross unrealized gain Gross unrealized loss Fair value December 31, 2018 Commercial Paper $ 667 $ 0 $ 0 $ 667 Treasury Bills 7,656 41 0 7,697 Eq uity Sec 45 0 0 45 8,368 41 0 8,409 Less Cash Equivalents 667 0 0 667 Total Investments, December 31, 2018 $ 7,701 $ 41 $ 0 $ 7,742 December 31, 2017 Commercial Paper $ 568 $ 0 $ 0 $ 568 Treasury Bills 7,687 24 0 7,711 Equity Securities 54 0 ( 9 ) 45 8,309 24 ( 9 ) 8,324 Less Cash Equivalents 568 0 0 568 Total Investments, December 31, 2017 $ 7,741 $ 24 $ ( 9 ) $ 7,756 |
Schedule of Changes in Accumulated Other Comprehensive Income | December 31, 2018 2017 Unrealized Gains Unrealized holding gains arising during the period $ 19 $ 49 Less: Reclassification of gains included in net income (loss) 0 0 19 49 Deferred Taxes on Unrealized Gains: Increase in deferred taxes on unrealized gains arising during the period 6 8 Less: Reclassification of taxes on gains included in net income (loss) 0 0 6 8 Net Change in Accumulated Other Comprehensive Income $ 13 $ 41 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Measurements [Abstract] | |
Schedule of fair value measurement on a recurring basis | December 31, 2018 Carrying amount in Fair Value Measurement Using balance sheet Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents: Commercial paper $ 667 $ 667 $ 667 $ 0 $ 0 Treasury bills 7,697 7,697 7,697 0 0 Equity securities 45 45 0 0 45 December 31, 2017 Carrying amount in Fair Value Measurement Using balance sheet Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents: Commercial paper $ 568 $ 568 $ 568 $ 0 $ 0 Treasury bills 7,711 7,711 7,711 0 0 Equity securities 45 45 0 0 45 Liabilities: Contingent earn-out 150 150 0 0 150 |
Summary of changes in level 3 assets at fair value on a recurring basis | Years Ended December 31, 2018 2017 Beginning Balance $ 45 $ 0 Increase in value 0 45 Ending Balance $ 45 $ 45 |
Schedule of change in level 3 liabilities at fair value on a recurring basis | Years Ended December 31, 2018 2017 Beginning Balance $ 150 $ 195 Credit to Earnings 0 ( 45 ) Payments ( 150 ) 0 Ending Balance $ 0 $ 150 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventories [Abstract] | |
Schedule of Inventories | December 31, 2018 2017 Raw Materials $ 968 $ 898 Work In Process 309 313 Finished Goods 351 341 Reser ve for Obs ( 10 ) 0 Total Inventories $ 1,618 $ 1,552 |
Property And Equipment, Net (Ta
Property And Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property And Equipment, Net [Abstract] | |
Schedule of Property And Equipment | December 31, 2018 2017 Construction in Progress - Equipment $ 0 $ 90 Equi pment 274 273 Furniture and Fixtures 503 414 Right -of-Use 30 0 Building 1,370 1,370 Land 415 415 2,592 2,562 Less Accumulated Depreciation 1,542 1,488 Total Property and Equipment $ 1,050 $ 1,074 |
Net Intangible Assets (Tables)
Net Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Net Intangible Assets [Abstract] | |
Schedule of Finite-Lived Intangible Assets | December 31, 2018 Average Useful Lives Gross Carrying Amount Accumulated Amortization Net Carrying Amount Non-compete 5 $ 120 $ 118 $ 2 Technology 7 1,478 915 563 Net Intangible Assets $ 1,598 $ 1,033 $ 565 December 31, 2017 Average Useful Lives Gross Carrying Amount Accumulated Amortization Net Carrying Amount Non-compete 5 $ 120 $ 94 $ 26 Technology 7 1,478 704 774 Net Intangible Assets $ 1,598 $ 798 $ 800 |
Schedule of estimated amortization expense | 2019 $ 213 2020 $ 211 2021 $ 141 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accrued Expenses [Abstract] | |
Schedule Of Accrued Expenses | December 31, 2018 2017 Wages and Commissions $ 326 $ 294 Other 79 86 Total Accrued Expenses $ 405 $ 380 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Schedule of components of lease expense | 2018 Finance lease cost: Amortization of right-of-use assets $ 2 Interest on lease liabilities 1 Total finance lease cost $ 3 |
Schedule of supplemental balance sheet information related to leases | 2018 Finance leases Property and equipment, gross $ 30 Accumulated amortization ( 2 ) Property and equipment, net $ 28 Weighted average remaining lease term Fina nce lea 5 years Weighted average discount rate Finan ce lea 7.0 % |
Schedule of maturities of lease liabilities | Year ending December 31 2019 $ 7 2020 7 2021 7 2022 7 2023 6 Total lease payments 34 Less imputed interest ( 5 ) Total $ 29 |
Common Stock Options (Tables)
Common Stock Options (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Schedule of assumptions made in estimating the fair value of the options on the grant date based upon the BSM option-pricing model | Dividend Yield 0.00 Expected Volatility 18.79 Risk Free Interest Rate 3.03 Expected Life 6 |
Employee Stock Option [Member] | |
Schedule of stock options activity | Options Outstanding Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Term (in years) Aggregate Intrinsic Value ( 1 Balance at January 1, 2017 100,000 $ 3.81 8.7 Granted 0 Exercised 0 Canceled/forfeited/expired 0 Bal ance December 31, 2017 100,000 3.81 7.7 Gra nte 25,000 3.64 10.0 Exercised 0 Canceled/forfeited/expired 0 B al December 31, 2018 125,000 $ 3.78 8.1 Vested and exercisable as of December 31, 2018 85,000 $ 0 ( 1 The aggregate intrinsic value is calculated as approximately the difference between the weighted average exercise price of the underlying awards and the Company’s estimated current fair market value at December 31, 2018 |
Director Stock Option [Member] | |
Schedule of stock options activity | Options Outstanding Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Term (in years) Aggregate Intrinsic Value ( 1 Balance at January 1, 2017 207,500 $ 4.62 6.4 Granted 0 Exercised 0 Canceled/forfeited/expired 0 Balance at December 31, 2017 207,500 4.62 5.4 Granted 0 Exercised 0 Canceled/forfeited/expired 0 Balance at December 31, 2018 207,500 $ 4.62 4.4 Vested and exercisable as of December 31, 2018 207,500 $ 0 (1) The aggregate intrinsic value is calculated as approximately the difference between the weighted average exercise price of the underlying awards and the Company’s estimated current fair market value at December 31, 2018 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Taxes [Abstract] | |
Schedule Of Components Of The Income Tax Provision | 2018 2017 Current: Federal $ 0 $ 167 State 1 0 Deferred: Fe der ( 9 ) ( 31 ) State 0 27 Total Federal and State Income Taxes $ ( 8 ) $ 163 |
Schedule Of Effective Income Tax Rate Reconciliation | 2018 2017 Computed “Expected” Federal Tax Expense (Benefit From) $ ( 4 ) $ 156 Increase (Decrease) in Taxes Resulting From: State Income Taxes, net of Federal Benefit 1 3 Credits ( 41 ) ( 46 ) Domestic Production Activities Deduction 0 ( 19 ) Permanent Differences 7 4 Effect of U.S. Tax Law Changes ( 35 21 0 49 Other 29 16 Total Federal and State Income Taxes $ ( 8 ) $ 163 |
Schedule Of Net Deferred Tax Assets and Liabilities | 2018 2017 Deferred Tax Assets: Vacation accrual $ 24 $ 23 Allowance for doubtful accounts 2 2 Stock compensation 91 88 Bonus 0 2 Depreciation and amortization 29 17 Inventory Obsolescence 2 0 R&D credit carryforward 154 101 Valuation allowance ( 81 ) ( 28 ) Total Deferred Tax Assets 221 205 Deferred Tax Liabilities: Prepaid expenses 20 20 Net unrealized gain on investments 9 3 Total Deferred Tax Liabilities 29 23 Net Deferred Tax Asset $ 192 $ 182 |
Nature Of Business And Signif_4
Nature Of Business And Significant Accounting Policies (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($)ShareBasedCompensationPlanCustomer | Dec. 31, 2017USD ($) | |
Schedule of Significant Accounting Policies [Line Items] | ||
Reclassification of net unrealized losses from accumulated other comprehensive income (AOCI) to retained earnings | $ 0 | |
Other-than-temporary impairments recognized | 0 | $ 0 |
Nonfinancial or financial items measured on a nonrecurring basis | 0 | |
Advertising expense | 48 | 76 |
Research and development expense | 813 | 812 |
Valuation allowance on deferred tax assets | $ 81 | $ 28 |
Number of company compensation plans | ShareBasedCompensationPlan | 2 | |
Accounting Standards Update No. 2016-01 [Member] | ||
Schedule of Significant Accounting Policies [Line Items] | ||
Reclassification of net unrealized losses from accumulated other comprehensive income (AOCI) to retained earnings | $ 7 | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||
Schedule of Significant Accounting Policies [Line Items] | ||
Number of customers | Customer | 1 | |
Concentration risk percentage | 12.00% |
Nature Of Business And Signif_5
Nature Of Business And Significant Accounting Policies (Schedule Of Estimated Useful Lives) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Minimum [Member] | Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 5 years |
Minimum [Member] | Furniture And Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 3 years |
Minimum [Member] | Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 7 years |
Maximum [Member] | Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 10 years |
Maximum [Member] | Furniture And Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 7 years |
Maximum [Member] | Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 40 years |
Nature Of Business And Signif_6
Nature Of Business And Significant Accounting Policies (Schedule Of Net Income (Loss) Per Common Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Nature Of Business And Significant Accounting Policies [Abstract] | ||
Net income (loss) | $ (10) | $ 295 |
Basic EPS, Shares | 3,395,521 | 3,395,521 |
Effect of dilutive stock options, shares | 0 | 5,496 |
Diluted EPS, Shares | 3,395,521 | 3,401,017 |
Net income (loss) per share Basic | $ 0 | $ 0.09 |
Effect of dilutive stock options, per share amount | 0 | 0 |
Net income (loss) per share Diluted | $ 0 | $ 0.09 |
Options excluded from the computation of diluted weighted-average shares outstanding|shares | 312,158 | 257,500 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Investment In Organization [Line Items] | |
Reclassification of net unrealized losses from accumulated other comprehensive income (AOCI) to retained earnings | $ 0 |
Minimum [Member] | |
Investment In Organization [Line Items] | |
Treasury Bills, term | 1 month |
Maximum [Member] | |
Investment In Organization [Line Items] | |
Treasury Bills, term | 7 months |
Accounting Standards Update No. 2016-01 [Member] | |
Investment In Organization [Line Items] | |
Reclassification of net unrealized losses from accumulated other comprehensive income (AOCI) to retained earnings | $ 7 |
Investments (Cost And Estimated
Investments (Cost And Estimated Fair Value Of Investments) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | |||
Cost | $ 7,701 | $ 7,741 | |
Gross unrealized gain | 41 | 24 | |
Gross unrealized loss | 0 | (9) | |
Fair value, investments | 7,742 | 7,756 | |
Less cash equivalents, Carrying amount | 1,057 | 963 | $ 840 |
Commercial Paper [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Cost | 667 | 568 | |
Gross unrealized gain | 0 | 0 | |
Gross unrealized loss | 0 | 0 | |
Fair value, investments | 667 | 568 | |
Treasury Bills [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Cost | 7,656 | 7,687 | |
Gross unrealized gain | 41 | 24 | |
Gross unrealized loss | 0 | 0 | |
Fair value, investments | 7,697 | 7,711 | |
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Cost | 45 | 54 | |
Gross unrealized gain | 0 | 0 | |
Gross unrealized loss | 0 | (9) | |
Fair value, investments | 45 | 45 | |
Debt and Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Cost | 8,368 | 8,309 | |
Gross unrealized gain | 41 | 24 | |
Gross unrealized loss | 0 | (9) | |
Fair value, investments | 8,409 | 8,324 | |
Less Cash Equivalents [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross unrealized gain | 0 | 0 | |
Gross unrealized loss | 0 | 0 | |
Less cash equivalents, Carrying amount | 667 | 568 | |
Less cash equivalents, Fair value | $ 667 | $ 568 |
Investments (Schedule Of Change
Investments (Schedule Of Changes In Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Investments [Abstract] | ||
Unrealized holding gains arising during the period | $ 19 | $ 49 |
Less: Reclassification of gains included in net income (loss) | 0 | 0 |
Net Increase in Unrealized Gains | 19 | 49 |
Increase in deferred taxes on unrealized gains arising during the period | 6 | 8 |
Less: Reclassification of taxes on gains included in net income (loss) | 0 | 0 |
Net Increase in Deferred Taxes | 6 | 8 |
Other Comprehensive Income | $ 13 | $ 41 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Measurements On A Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents, Carrying amount | $ 1,057 | $ 963 | $ 840 |
Treasury Bills, carrying value | 7,697 | 7,711 | |
Available-for-sale Securities, Fair Value | 7,742 | 7,756 | |
Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent Earn-out, Carrying Value | 150 | ||
Contingent Earn-out, Fair Value | 150 | ||
Fair Value, Inputs, Level 1 [Member] | Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent Earn-out, Fair Value | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent Earn-out, Fair Value | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent Earn-out, Fair Value | 150 | ||
Limited Marketable Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Carrying amount | 45 | 45 | |
Available-for-sale Securities, Fair Value | 45 | 45 | |
Limited Marketable Company [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value | 0 | 0 | |
Limited Marketable Company [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value | 0 | 0 | |
Limited Marketable Company [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value | 45 | 45 | |
Commercial Paper [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents, Carrying amount | 667 | 568 | |
Cash and cash equivalents, Fair Value | 667 | 568 | |
Commercial Paper [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents, Fair Value | 667 | 568 | |
Commercial Paper [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents, Fair Value | 0 | 0 | |
Commercial Paper [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents, Fair Value | 0 | 0 | |
Treasury Bills [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Treasury Bills, carrying value | 7,697 | 7,711 | |
Treasury Bills, fair value | 7,697 | 7,711 | |
Treasury Bills [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Treasury Bills, fair value | 7,697 | 7,711 | |
Treasury Bills [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Treasury Bills, fair value | 0 | 0 | |
Treasury Bills [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Treasury Bills, fair value | $ 0 | $ 0 |
Fair Value Measurements (Fair_2
Fair Value Measurements (Fair Value Assets Measured on Recurring Basis Unobservable Inputs Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value Measurements [Abstract] | ||
Beginning Balance | $ 45 | $ 0 |
Increase in value | 0 | 45 |
Ending Balance | $ 45 | $ 45 |
Fair Value Measurements (Fair_3
Fair Value Measurements (Fair Value Liabilities Measured on Recurring Basis Unobservable Inputs Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value Measurements [Abstract] | ||
Beginning Balance | $ 150 | $ 195 |
Credit to earnings | 0 | (45) |
Payments | (150) | 0 |
Ending Balance | $ 0 | $ 150 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Inventories [Abstract] | ||
Raw Materials | $ 968 | $ 898 |
Work in Process | 309 | 313 |
Finished Goods | 351 | 341 |
Reserve for Obsolescence | (10) | 0 |
Total Inventories | $ 1,618 | $ 1,552 |
Property And Equipment, Net (Na
Property And Equipment, Net (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Property And Equipment, Net [Abstract] | ||
Depreciation expense | $ 86 | $ 73 |
Property And Equipment, Net (De
Property And Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | $ 2,592 | $ 2,562 |
Less Accumulated Depreciation | 1,542 | 1,488 |
Total Property and Equipment | 1,050 | 1,074 |
Construction in Progress - Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | 0 | 90 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | 274 | 273 |
Furniture And Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | 503 | 414 |
Right-of-Use Asset [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | 30 | 0 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | 1,370 | 1,370 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | $ 415 | $ 415 |
Net Intangible Assets (Schedule
Net Intangible Assets (Schedule of Finite Lived Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,598 | $ 1,598 |
Accumulated Amortization | 1,033 | 798 |
Net Carrying Amount | 565 | 800 |
Amortization expense | $ 235 | $ 235 |
Non-compete [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Average Useful Life | 5 years | 5 years |
Gross Carrying Amount | $ 120 | $ 120 |
Accumulated Amortization | 118 | 94 |
Net Carrying Amount | $ 2 | $ 26 |
Unpatented Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Average Useful Life | 7 years | 7 years |
Gross Carrying Amount | $ 1,478 | $ 1,478 |
Accumulated Amortization | 915 | 704 |
Net Carrying Amount | $ 563 | $ 774 |
Net Intangible Assets (Schedu_2
Net Intangible Assets (Schedule of estimated amortization expense) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Net Intangible Assets [Abstract] | |
2019 | $ 213 |
2020 | 211 |
2021 | $ 141 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accrued Expenses [Abstract] | ||
Wages and Commissions | $ 326 | $ 294 |
Other | 79 | 86 |
Total Accrued Expenses | $ 405 | $ 380 |
Leases (Schedule of components
Leases (Schedule of components of lease expense) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Leases [Abstract] | |
Remaining term of financing lease | 5 years |
Finance lease cost: | |
Amortization of right-of-use assets | $ 2 |
Interest on lease liabilities | 1 |
Total finance lease cost | $ 3 |
Leases (Schedule of supplementa
Leases (Schedule of supplemental balance sheet information related to leases) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Finance leases | |
Property and equipment, gross | $ 30 |
Accumulated amortization | (2) |
Property and equipment, net | $ 28 |
Weighted average remaining lease term | 5 years |
Weighted average discount rate | 7.00% |
Leases (Schedule of maturities
Leases (Schedule of maturities of lease liabilities) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Maturities of lease liabilities - Year ending December 31 | |
2019 | $ 7 |
2020 | 7 |
2021 | 7 |
2022 | 7 |
2023 | 6 |
Total lease payments | 34 |
Less imputed interest | (5) |
Total | $ 29 |
Common Stock Options (Valuation
Common Stock Options (Valuation Assumptions) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Common Stock Options [Abstract] | |
Dividend Yield | 0.00% |
Expected Volatility | 18.79% |
Risk Free Interest Rate | 3.03% |
Expected Life | 6 years |
Common Stock Options (Narrative
Common Stock Options (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options fair market value | 100.00% | ||
Options expiration from date of grant | 10 years | ||
Options expiration from date of death | 1 year | ||
Granted, Number of Shares | 0 | ||
Recognized compensation expense | $ 15 | $ 51 | |
Exercised, Number of Shares | 0 | 0 | |
Unrecognized compensation expense | $ 26 | $ 26 | |
Number of years to recognize remaining expense | 4 years | ||
Vice President [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options expiration from date of grant | 10 years | ||
Granted, Number of Shares | 25,000 | ||
Stock Option Vesting Period | 4 years | ||
Vice President [Member] | Vested on grant date | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Percentage | 20.00% | ||
Vice President [Member] | Vesting on the first four anniversaries of the grant date | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Percentage | 20.00% | ||
2013 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum amount of options authorized | 600,000 | 600,000 | |
Number of shares available for purchase | 325,000 | 325,000 | |
Number of shares exercisable | 285,000 | 285,000 | |
Number of shares available for grant | 275,000 | 275,000 | |
Weighted average grant date fair value of options granted | $ 24 | ||
1997 Stock Option Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum amount of options authorized | 450,000 | 450,000 | |
Number of shares available for purchase | 7,500 | 7,500 | |
Number of shares exercisable | 7,500 | 7,500 |
Common Stock Options (Schedule
Common Stock Options (Schedule Of Stock Options Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted, Number of Shares | 0 | |||
Exercised, Number of Shares | 0 | 0 | ||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Beginning balance, Number of Shares | 100,000 | 100,000 | ||
Granted, Number of Shares | 25,000 | 0 | ||
Exercised, Number of Shares | 0 | 0 | ||
Canceled/forfeited/expired, Number of Shares | 0 | 0 | ||
Ending balance, Number of Shares | 125,000 | 100,000 | 100,000 | |
Number of shares vested | 85,000 | |||
Beginning balance, Weighted-Average Exercise Price | $ 3.81 | $ 3.81 | ||
Granted, Weighted-Average Exercise Price | 3.64 | |||
Ending balance, Weighted-Average Exercise Price | $ 3.78 | $ 3.81 | $ 3.81 | |
Balance, Weighted-Average Remaining Contractual Term | 8 years 1 month 6 days | 7 years 8 months 12 days | 8 years 8 months 12 days | |
Granted, Weighted-Average Remaining Contractual Term | 10 years | |||
Vested and exercisable, Aggregate Intrinsic Value | [1] | $ 0 | ||
Director Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Beginning balance, Number of Shares | 207,500 | 207,500 | ||
Granted, Number of Shares | 0 | 0 | ||
Exercised, Number of Shares | 0 | 0 | ||
Canceled/forfeited/expired, Number of Shares | 0 | 0 | ||
Ending balance, Number of Shares | 207,500 | 207,500 | 207,500 | |
Number of shares vested | 207,500 | |||
Beginning balance, Weighted-Average Exercise Price | $ 4.62 | $ 4.62 | ||
Ending balance, Weighted-Average Exercise Price | $ 4.62 | $ 4.62 | $ 4.62 | |
Balance, Weighted-Average Remaining Contractual Term | 4 years 4 months 24 days | 5 years 4 months 24 days | 6 years 4 months 24 days | |
Vested and exercisable, Aggregate Intrinsic Value | [1] | $ 0 | ||
[1] | The aggregate intrinsic value is calculated as approximately the difference between the weighted average exercise price of the underlying awards and the Company’s estimated current fair market value at December 31, 2018. |
Benefit Plans (Details)
Benefit Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Benefit Plans [Abstract] | ||
Minimum hours employees required to work per year to qualify for ESOP | 1000 hours | |
Common shares owned by ESOP | 135,490 | |
Dividends Paid to ESOP | $ 0 | $ 0 |
Employee Stock Ownership Plan Debt to Company | 0 | 0 |
ESOP compensation expense | 24 | 24 |
Common shares owned by ESOP, fair market value | 461 | |
Board of Directors' discretionary contribution to 401(k) plan | $ 0 | $ 0 |
Income Taxes (Schedule Of Compo
Income Taxes (Schedule Of Components Of The Income Tax Provision) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Abstract] | ||
Current, Federal | $ 0 | $ 167 |
Current, State | 1 | 0 |
Deferred, Federal | (9) | (31) |
Deferred, State | 0 | 27 |
Total Federal and State Income Taxes | $ (8) | $ 163 |
Income Taxes (Schedule Of Effec
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Abstract] | ||
Computed "Expected" Federal Tax Expense (Benefit From) | $ (4) | $ 156 |
State Income Taxes, net of Federal Benefit | 1 | 3 |
Credits | (41) | (46) |
Domestic Production Activities Deduction | 0 | (19) |
Permanent Differences | 7 | 4 |
Effect of U.S. Tax Law Changes (35% to 21%) | 0 | 49 |
Other | 29 | 16 |
Total Federal and State Income Taxes | (8) | 163 |
Accrued interest or penalties related to uncertain tax positions | $ 0 | $ 0 |
Income Taxes (Schedule Of Net D
Income Taxes (Schedule Of Net Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Income Taxes [Abstract] | ||
Vacation Accrual | $ 24 | $ 23 |
Allowance for Doubtful Accounts | 2 | 2 |
Stock Compensation | 91 | 88 |
Bonus | 0 | 2 |
Depreciation and Amortization | 29 | 17 |
Inventory Obsolescence | 2 | 0 |
R&D Credit Carryforward | 154 | 101 |
Valuation allowance | (81) | (28) |
Total Deferred Tax Assets | 221 | 205 |
Prepaid Expenses | 20 | 20 |
Net unrealized gain on investments | 9 | 3 |
Total Deferred Tax Liabilities | 29 | 23 |
Net Deferred Tax Asset | $ 192 | $ 182 |