Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 07, 2017 | Jun. 30, 2016 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | PSYCHEMEDICS CORP | ||
Entity Central Index Key | 806,517 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 46 | ||
Trading Symbol | PMD | ||
Entity Common Stock, Shares Outstanding | 5,460,220 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current Assets: | ||
Cash and cash equivalents | $ 3,938 | $ 2,689 |
Accounts receivable, net of allowance for doubtful accounts of $50 in 2016 and $59 in 2015 | 5,837 | 3,539 |
Prepaid expenses and other current assets | 1,079 | 1,061 |
Income tax receivable | 0 | 840 |
Total Current Assets | 10,854 | 8,129 |
Property and equipment: | ||
Computer software | 3,085 | 2,745 |
Office furniture and equipment | 1,680 | 1,209 |
Laboratory equipment | 15,182 | 13,724 |
Leasehold improvements | 2,311 | 2,096 |
Property, Plant and Equipment, Gross, Total | 22,258 | 19,774 |
Less - accumulated depreciation and amortization | (8,900) | (6,641) |
Property, Plant and Equipment, Net, Total | 13,358 | 13,133 |
Other assets | 820 | 774 |
Total Assets | 25,032 | 22,036 |
Current Liabilities: | ||
Accounts payable | 1,363 | 747 |
Accrued expenses | 1,988 | 1,198 |
Current portion of long-term debt | 1,144 | 1,620 |
Total Current Liabilities | 4,495 | 3,565 |
Long-term debt | 2,237 | 4,272 |
Deferred tax liabilities, long-term | 2,693 | 2,525 |
Total Liabilities | 9,425 | 10,362 |
Commitments and Contingencies (Note 9) | ||
Shareholders' Equity: | ||
Preferred stock, $0.005 par value, 873 shares authorized, no shares issued or outstanding | 0 | 0 |
Common stock, $0.005 par value; 50,000 shares authorized 6,128 shares issued in 2016 and 6,091 shares issued 2015, 5,460 shares outstanding in 2016 and 5,423 shares outstanding in 2015 | 31 | 30 |
Additional paid-in capital | 30,603 | 30,022 |
Less - Treasury stock, at cost, 668 shares | (10,082) | (10,082) |
Accumulated deficit | (4,945) | (8,296) |
Total Shareholders' Equity | 15,607 | 11,674 |
Total Liabilities and Shareholders' Equity | $ 25,032 | $ 22,036 |
BALANCE SHEETS _Parenthetical_
BALANCE SHEETS [Parenthetical] - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Allowance for doubtful accounts | $ 50 | $ 59 |
Preferred stock, par value (in dollars per share) | $ 0.005 | $ 0.005 |
Preferred stock, shares authorized | 873 | 873 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.005 | $ 0.005 |
Common stock, shares authorized | 50,000 | 50,000 |
Common stock, shares issued | 6,128 | 6,091 |
Common Stock, Shares, Outstanding | 5,460 | 5,423 |
Treasury stock, shares | 668 | 668 |
STATEMENTS OF INCOME
STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues | $ 38,980 | $ 26,975 | $ 29,205 |
Cost of revenues | 17,530 | 14,258 | 14,067 |
Gross profit | 21,450 | 12,717 | 15,138 |
Operating Expenses: | |||
General & administrative | 4,965 | 4,561 | 4,475 |
Marketing & selling | 4,960 | 5,053 | 4,625 |
Research & development | 1,415 | 1,632 | 1,348 |
Total Operating Expenses | 11,340 | 11,246 | 10,448 |
Operating income | 10,110 | 1,471 | 4,690 |
Other expense | (134) | (124) | (57) |
Net income before provision for income taxes | 9,976 | 1,347 | 4,633 |
Provision for / (benefit from) income taxes | 3,298 | (164) | 1,427 |
Net income | $ 6,678 | $ 1,511 | $ 3,206 |
Basic net income per share (in dollars per share) | $ 1.23 | $ 0.28 | $ 0.6 |
Diluted net income per share (in dollars per share) | 1.22 | 0.28 | 0.6 |
Dividends declared per share (in dollars per share) | $ 0.6 | $ 0.6 | $ 0.6 |
STATEMENTS OF SHAREHOLDERS' EQU
STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] |
BALANCE at Dec. 31, 2013 | $ 12,276 | $ 30 | $ 28,888 | $ (10,082) | $ (6,560) |
BALANCE (in shares) at Dec. 31, 2013 | 5,982 | 668 | |||
Shares issued - vested | 0 | $ 0 | 0 | $ 0 | 0 |
Shares issued - vested (in shares) | 52 | 0 | |||
Exercise of stock options | 33 | $ 0 | 33 | $ 0 | 0 |
Exercise of stock options (in shares) | 9 | 0 | |||
Tax withholding related to vested shares from employee stock plans | (147) | $ 0 | (147) | $ 0 | 0 |
Stock compensation expense | 609 | 0 | 609 | 0 | 0 |
Excess tax benefit from stock-based compensation plans | 71 | 0 | 71 | 0 | 0 |
Cash dividends declared | (3,212) | 0 | 0 | 0 | (3,212) |
Net income | 3,206 | 0 | 0 | 0 | 3,206 |
BALANCE at Dec. 31, 2014 | 12,836 | $ 30 | 29,454 | $ (10,082) | (6,566) |
BALANCE (in shares) at Dec. 31, 2014 | 6,043 | 668 | |||
Shares issued - vested | 0 | $ 0 | 0 | $ 0 | 0 |
Shares issued - vested (in shares) | 40 | 0 | |||
Exercise of stock options | 61 | $ 0 | 61 | $ 0 | 0 |
Exercise of stock options (in shares) | 8 | 0 | |||
Tax withholding related to vested shares from employee stock plans | (227) | $ 0 | (227) | $ 0 | 0 |
Stock compensation expense | 674 | 0 | 674 | 0 | 0 |
Excess tax benefit from stock-based compensation plans | 60 | 0 | 60 | 0 | 0 |
Cash dividends declared | (3,241) | 0 | 0 | 0 | (3,241) |
Net income | 1,511 | 0 | 0 | 0 | 1,511 |
BALANCE at Dec. 31, 2015 | 11,674 | $ 30 | 30,022 | $ (10,082) | (8,296) |
BALANCE (in shares) at Dec. 31, 2015 | 6,091 | 668 | |||
Shares issued - vested | 0 | $ 1 | (1) | $ 0 | 0 |
Shares issued - vested (in shares) | 37 | 0 | |||
Exercise of stock options | 0 | $ 0 | 0 | $ 0 | 0 |
Exercise of stock options (in shares) | 0 | 0 | |||
Tax withholding related to vested shares from employee stock plans | (202) | $ 0 | (202) | $ 0 | 0 |
Stock compensation expense | 671 | 0 | 671 | 0 | 0 |
Excess tax benefit from stock-based compensation plans | 53 | 0 | 113 | 0 | (60) |
Cash dividends declared | (3,267) | 0 | 0 | 0 | (3,267) |
Net income | 6,678 | 0 | 0 | 0 | 6,678 |
BALANCE at Dec. 31, 2016 | $ 15,607 | $ 31 | $ 30,603 | $ (10,082) | $ (4,945) |
BALANCE (in shares) at Dec. 31, 2016 | 6,128 | 668 |
STATEMENTS OF SHAREHOLDERS' EQ6
STATEMENTS OF SHAREHOLDERS' EQUITY [Parenthetical] - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Common stock, par value (in dollars per share) | $ 0.005 | $ 0.005 | $ 0.005 |
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.6 | $ 0.6 | $ 0.6 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net income | $ 6,678 | $ 1,511 | $ 3,206 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 2,294 | 1,731 | 1,048 |
Deferred income taxes | 168 | 105 | 1,399 |
Stock compensation expense | 671 | 674 | 609 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (2,298) | 539 | 291 |
Prepaid expenses, other current assets and income tax receivable | 822 | 609 | (1,186) |
Accounts payable | 144 | (98) | 335 |
Accrued expenses | 790 | (491) | (1,246) |
Net cash provided by operating activities | 9,269 | 4,580 | 4,456 |
Cash flows from investing activities: | |||
Increase in long-term assets; capitalized patent costs | (82) | (46) | (244) |
Purchases of property and equipment and capitalized software development costs | (2,012) | (1,752) | (7,564) |
Net cash used in investing activities | (2,094) | (1,798) | (7,808) |
Cash flows from financing activities: | |||
Dividends paid | (3,267) | (3,241) | (3,212) |
Proceeds from stock options and tax withholding related to vested shares from employee stock plans | (149) | (106) | (43) |
Proceeds from equipment financing | 610 | 1,097 | 7,000 |
Payments of equipment financing | (3,120) | (1,455) | (752) |
Net cash (used in) provided by financing activities | (5,926) | (3,705) | 2,993 |
Net (decrease) increase in cash and cash equivalents | 1,249 | (923) | (359) |
Cash and cash equivalents, beginning of year | 2,689 | 3,612 | 3,971 |
Cash and cash equivalents, end of year | 3,938 | 2,689 | 3,612 |
Supplemental disclosures of cash flow information: | |||
Cash paid for income taxes | 1,814 | 40 | 1,168 |
Cash paid for interest | 134 | 128 | 77 |
Non-cash investing and financing activities: | |||
Exercise of stock options | 0 | 60 | 33 |
Purchases of equipment through accounts payable and accrued liabilities | $ 472 | $ 338 | $ 150 |
Nature of Business and Basis of
Nature of Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Nature of Business and Basis of Presentation Psychemedics Corporation (the “Company”) is the world’s largest provider of hair testing for drugs of abuse, utilizing a patented hair analysis method involving digestion of hair, enzyme immunoassay and mass spectrometry to analyze hair to detect abused substances. The Company’s customers include Fortune 500 companies, as well as small to mid-size corporations, schools and governmental entities located in the United States and internationally, as well as professional drivers in Brazil. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies The Company is subject to a number of risks and uncertainties similar to those of other companies, such as those associated with the continued expansion of the Company’s sales and marketing network, technological developments, intellectual property protection, development of markets for new products and services offered by the Company, the economic health of principal customers of the Company, financial and operational risks associated with expansion of testing facilities used by the Company, government regulation (including, but not limited to, Food and Drug Administration regulations, Brazilian laws, proposed laws and regulations, and delays in implementation of laws and regulations), competition and general economic conditions. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates, including those related to bad debts and income tax valuation, and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Changes in estimates are recorded in the period in which they become known. All highly liquid investments with original maturities of 90 days or less are considered cash equivalents. These consist of cash savings. As of December 31, 2016 and 2015, there were no investments classified as cash equivalents. The Company follows the provisions of Accounting Standards Codification (ASC) 820, Fair Value Measurements and Disclosures Level 1 Quoted prices in active markets for identical assets or liabilities. Level 2 Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities or other inputs that are observable or can be corroborated by observable market data Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value A financial instrument’s level is based on the lowest level of any input that is significant to the fair value measurement. The Company typically expenses consumables such as chemicals, antibodies and tubes as purchased. Property and Equipment Property and equipment are stated at cost. Depreciation and amortization are provided over the estimated useful lives of the assets, using the straight-line method. Repair and maintenance costs are expensed as incurred. Computer software 3 to 5 years Office furniture and equipment 3 to 7 years Laboratory equipment 5 to 7 years Leasehold improvements Lesser of estimated useful life or estimated lease term The Company recorded depreciation and amortization related to property and equipment and capitalized software of $ 2.3 1.7 1.0 1.2 3.6 We capitalize costs related to significant software projects developed or obtained for internal use. Costs incurred during the preliminary project work stage or conceptual stage, such as determining the performance requirements, system requirements and data conversion, are expensed as incurred. Costs incurred in the application development phase, such as coding, testing for new software and upgrades that result in additional functionality, are capitalized and are amortized using the straight-line method over the useful life of the software for 5 years. Costs incurred during the post-implementation/operation stage, including training costs and maintenance costs, are expensed as incurred. In accordance with Company policy, during the years ended December 31, 2016, 2015 and 2014, we capitalized internally developed software costs of $ 333 364 403 443 429 224 2015 2014 Other assets primarily consist of capitalized legal costs relating to patent applications. The Company amortizes these costs over the lesser of the legal life or estimated useful life of the patent from the date of grant of the applicable patent. The typical life is twenty years. As of December 31, 2016, 2015, and 2014 the Company had capitalized legal costs relating to outstanding patent applications of $ 715 670 656 36 32 26 50 The Company is in the business of performing drug testing services and reporting the results thereof. The Company’s services include, drug testing and storage of samples for its customers for an agreed-upon fee per unit tested. The revenues are recognized when the predominant deliverable, drug testing, is performed and reported to the customer. The Company recognizes revenue under ASC 605, “ Revenue Recognition The Company also provides expert testimony, when and if necessary, to support the results of the tests, which is generally billed separately and recognized as the services are provided. The Company expenses all research and development costs as incurred. The Company accounts for income taxes using the liability method pursuant to ASC 740, “Income Taxes” Income Taxes - Balance Sheet Classification of Deferred Taxes. The Company has no significant off-balance-sheet risk such as foreign exchange contracts, option contracts, or other foreign hedging arrangements. Financial instruments that potentially subject the Company to concentrations of credit risk are principally cash and accounts receivable. The Company’s policy is to place its cash in high quality financial institutions. At time, these deposits may exceed federally insured limits. The Company does not believe significant credit risk exists with respect to these institutions. Concentration of credit risk with respect to accounts receivable is limited to certain customers to whom the Company makes substantial sales. To reduce risk, the Company routinely assesses the financial strength of its customers and, as a consequence, believes that its accounts receivable credit risk exposure is limited. The Company maintains an allowance for potential credit losses but historically has not experienced any significant losses related to individual customers or groups of customers in any particular industry or geographic area. The Company does not require collateral. The Company had one customer that exceeded 10% of revenue for the year ended December 31, 2016. There were no customers that exceeded 10 34 11 10 The Company’s comprehensive income was the same as net income for the years ended December 31, 2016, 2015 and 2014. The Company accounts for equity awards in accordance with ASC 718, “ Compensation Stock Compensation” Stock compensation expense by income statement account is as follows: 2016 2015 2014 Cost of revenues $ 88 $ 101 $ 115 General & administrative 420 433 372 Marketing and selling 116 108 104 Research and development 47 32 18 Total stock compensation $ 671 $ 674 $ 609 See Note 7 for additional information relating to the Company’s stock plan. See Recently Adopted Accounting Pronouncements as to elimination of forfeiture estimate with adoption of ASU 2016-09. Basic net income per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted net income per share is computed by dividing net income available to common shareholders by the weighted average number of common shares and dilutive common stock equivalents outstanding during the period. The number of dilutive common stock equivalents outstanding during the period has been determined in accordance with the treasury-stock method. Common equivalent shares consist of common stock issuable upon the exercise of outstanding options and the unvested portion of stock unit awards (“SUAs”). 2016 2015 2014 Weighted average common shares outstanding, basic 5,447 5,405 5,355 Dilutive common equivalent shares 28 7 22 Weighted average common shares outstanding, assuming dilution 5,412 5,377 For the year ended December 31, 2015, options to purchase 81 Financial instruments include cash and accounts receivable and accounts payable. Estimated fair values of these financial instruments approximate carrying values due to their short-term nature. The Company has outstanding equipment loans which have an interest rate of the 30-day LIBOR rate + 2.00%. As there is a market interest rate, the carrying amount is fair value. The Company manages its operations as one segment, drug testing services. As a result, the financial information disclosed herein materially represents all of the financial information related to the Company’s principal operating segment. Most of the Company’s revenues and all of the Company’s assets are in the United States. See Note 12 for geographic breakdown of revenue. The Company evaluated all events and transactions that occurred after December 31, 2016 through the time of filing with the Securities and Exchange Commission of the Company’s annual report on Form 10-K for the year ended December 31, 2016. On February 6, 2017, the Company declared a quarterly dividend of $ 0.15 819 As a result of the early adoption of the accounting standard update (“ASU”) No 2015-17, Income Taxes - Balance Sheet Classification of Deferred Taxes, certain reclassifications have been made to the prior period financial statements to conform with the current period presentation. For further details regarding the impact of the ASU, see Recent Accounting Pronouncements. In February 2016, the FASB issued ASU 2016-02, Leases In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers The standard’s implementation date, as amended by ASU 2015-14, is effective for annual periods beginning after December 15, 2017, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We have done a preliminary review of the impact of our pending adoption of ASU 2014-09 on our financial statements and have determined the implementation of this standard should not have a material impact on the financial statements. The Company intends to adopt the standard at the date required for public companies. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements Going Concern Recently Adopted Accounting Pronouncements In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting 41 60 In November 2015, the FASB issued ASU 2015-17, Income Taxes - Balance Sheet Classification of Deferred Taxes 327 |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 3. Accounts Receivable The Company maintains an allowance for uncollectible accounts receivable based on management’s assessment of the collectability of its customer accounts by reviewing customer payment patterns and other relevant factors. The Company reviews the adequacy of the allowance for uncollectible accounts on a quarterly basis and adjusts the balance as determined necessary. Write-offs are recorded at the time a customer account is deemed uncollectable. 2016 2015 Balance, beginning of period $ 59 $ 96 Provision for (recoveries of) doubtful accounts 16 (3) Write-offs (25) (34) Balance, end of period $ 50 $ 59 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2016 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 4. Accrued Expenses 2016 2015 Accrued payroll and employee benefits $ 311 $ 212 Accrued bonus expense 407 192 Accrued vacation expense 431 366 Accrued taxes 314 16 Deferred revenue 125 Accrued payable for rent and building maintenance 79 140 Other accrued expenses 321 272 Total Accrued Expenses $ 1,988 $ 1,198 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 5. Income Taxes 2016 2015 2014 Current Federal $ 2,964 $ (214) $ 155 State 114 (55) (127) 3,078 (269) 28 Deferred Federal 331 544 1,363 State (111) (439) 36 220 105 1,399 Income Tax Provision $ 3,298 $ (164) $ 1,427 2016 2015 2014 Federal statutory rate 34.0 % 34.0 % 34.0 % State income taxes, net of federal benefit 0.1 % (22.0) % 1.1 % Permanent differences 0.1 % 1.3 % (2.7) % Stock based compensation 0.0 % 3.9 % 0.0 % Federal R&D Credits (1.1) % (29.4) % (1.6) % Effective tax rate 33.1 % (12.2) % 30.8 % The total benefit recognized from R&D tax credits was $ 260 710 208 601 2016 2015 Net deferred tax liability: Excess of tax over book depreciation and amortization $ (3,321) $ (3,139) Prepaid expenses (55) (58) Allowance for doubtful accounts 18 21 Accrued expenses 133 115 Stock-based compensation 135 128 R&D tax credits 397 408 Net deferred tax liabilities $ (2,693) $ (2,525) ASC 740 contains a two-step approach to recognizing and measuring uncertain tax positions (tax contingencies). The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position will be sustained on an audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount which is more than 50% likely of being realized upon ultimate settlement. The Company considers many factors when evaluating and estimating the Company’s tax positions and tax benefits, which may require periodic adjustments and which may not accurately forecast actual outcomes. The Company has elected to adopt ASU No 2015-17, Income Taxes - Balance Sheet Classification of Deferred Taxes The Company operates within multiple taxing jurisdictions and could be subject to audit in these jurisdictions. These audits may involve complex issues, which may require an extended period of time to resolve. The Company has provided for its estimated taxes payable in the accompanying financial statements. Interest and penalties related to income tax matters are recognized as a general and administrative expense. The Company did not have any unrecognized tax benefits and did not have any interest or penalties accrued as of December 31, 2016 and 2015. The tax years ended December 31, 2013 through December 31, 2016 remains subject to examination by all major taxing authorities. |
Preferred Stock
Preferred Stock | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Preferred Stock [Text Block] | 6. Preferred Stock The Board of Directors has the authority to designate authorized preferred shares in one or more series and to fix the relative rights and preferences without vote or action by the stockholders. The Board of Directors has no present plans to designate or issue any shares of preferred stock. |
Stock-Based Awards
Stock-Based Awards | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 7. Stock-Based Awards The 2006 Incentive Plan initially adopted in 2006, and amended and restated in 2011, provides for grants of options with terms of up to ten years, grants of restricted stock or stock unit awards (SUAs), issuances of stock bonuses or grants other stock-based awards plus cash based awards, to officers, directors, employees, and consultants. Such shares are issuable out of the Company’s authorized but unissued common stock. In 2016, the 2006 Incentive Plan was amended to increase the total number of shares issuable there under from 500 850 307 The fair value of the SUAs is determined by the closing price on the date of grant. The fair value of options is determined using a Black-Scholes model. The SUAs vest over a period of two to four years and are convertible into an equivalent number of shares of the Company’s common stock provided that the employee receiving the award remains continuously employed throughout the vesting period. The Company records compensation expense related to the SUAs and options on a straight-line basis over the vesting term. Employees are issued shares upon vesting, net of tax withholdings. As a result of our adoption of ASU 2016-09 in the second quarter of 2016, we recognize the impact of forfeitures when they occur with no adjustment for estimated forfeitures and recognize excess tax benefits as a reduction of income tax expense regardless of whether the benefit reduces income taxes payable. At the time of adoption, the Company had $ 60 On May 12, 2016, the Company granted SUAs covering 17 121 five 10 Grant Date Type Shares Fair Value May 12, 2016 Options 121 $ 2.34 May 12, 2016 SUA 17 $ 13.82 September 15, 2015 Options 47 $ 1.91 September 15, 2015 SUA 1 $ 10.21 April 29, 2015 SUA 44 $ 16.10 May 8, 2014 SUA 45 $ 14.97 (1) The fair value for the SUA’s is the closing price of the Company’s stock on that date. The fair value for options represents the fair value calculated using the Black-Scholes model. Options have contractual lives of 10 years 1.91 10.21 6.5 36 2.2 6.0 2.34 13.82 6.25 33 1.75 5.6 A summary of the Company’s stock option activity is as follows: Weighted Ave. Aggregate Number of Exercise Price Intrinsic Shares per Share Value (2) Outstanding, December 31, 2015 47 $ 10.21 $ - Granted 121 $ 13.82 Exercised - Forfeited (8) $ 13.82 Outstanding, December 31, 2016 160 $ 12.76 $ 1,907 Exercisable, December 31, 2016 9 $ 232 (2) The aggregate intrinsic value on this table was calculated based on the amount, if any, by which the closing market value of the Company’s stock on December 31 of the applicable year exceeded the exercise price of any of the underlying options, multiplied by the number of shares subject to each such option. The closing stock price as of December 31, 2016 and 2015 was $ 24.68 10.14 There were no options exercised under the 2006 Incentive Plan for the years ended December 31, 2016, 2015 and 2014. The Company had options exercised under the expired stock option plan of 134 41 9 Weighted Weighted Average Average Number of Price Fair Shares per Share (3) Value (3) Outstanding & Unvested, December 31, 2015 112 $ 14.05 $ 1,569 Granted 17 $ 13.82 $ 229 Converted to common stock (38) $ 13.39 $ (505) Cancelled (15) $ 12.60 $ (186) Forfeited (2) $ 15.23 $ (30) Outstanding & Unvested, December 31, 2016 74 $ 14.62 $ 1,077 (3) Weighted average price per share is the weighted grant price based on the closing market price of each of the stock grants related to each transaction type. The Weighted average fair value is the weighted average share price times the number of shares. The fair value of stock unit award vesting was $ 691 641 608 727 824 922 As of December 31, 2016, a total of 541 982 2.6 |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | 8. Employee Benefit Plan The Psychemedics Corporation 401(k) Savings and Retirement Plan (the 401(k) Plan) is a qualified defined contribution plan in accordance with Section 401(k) of the Internal Revenue Code. All employees over the age of 21 are eligible to make pre-tax contributions up to a specified percentage of their compensation. Under the 401(k) Plan, the Company may, but is not obligated to, match a portion of the employees’ contributions up to a defined maximum. Matching contributions of $ 246 242 152 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 9. Commitments and Contingencies Commitments The Company leases certain of its facilities and equipment under operating lease agreements expiring on various dates through December 2020. Total minimum lease payments, including scheduled increases, are charged to operations on the straight-line basis over the life of the respective lease. Rent expense was approximately $ 907 1.0 908 Years Ending December 31: 2017 $ 928 2018 858 2019 487 2020 372 Total $ 2,645 Contingencies On February 02, 2017, a putative shareholder class action lawsuit, styled Daly v. Psychemedics Corporation, et al., was filed against the Company and certain executive officers in the federal district court for the District of Massachusetts. Daly purports to bring the action on behalf of the Company’s shareholders, who purchased the Company’s stock between July 26, 2016 and January 31, 2017. On February 3, 2017, a second putative shareholder class action lawsuit, styled Baughman v. Psychemedics Corporation, et al. was filed against the Company and certain executive officers in the federal district court for the District of Massachusetts. Baughman purports to bring the action on behalf of the Company’s shareholders, who purchased the Company’s stock between February 28, 2014 and January 30, 2017. Both complaints allege generally that the Company violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by making allegedly false and/or misleading statements in connection with the purported conduct of the Company’s independent distributor in Brazil. Each action seeks unspecified damages, interest, attorneys’ fees and other costs. We believe these lawsuits are without merit and we intend to vigorously defend them. While the ultimate outcome of individual legal claims is inherently unpredictable, we believe that the final resolution of these actions will not have a material adverse effect on our results of operations, financial position, liquidity or capital resources. The Company is subject to other legal proceedings and claims, which arise in the ordinary course of its business. The Company believes that although there can be no assurance as to the disposition of these proceedings, based upon information available to the Company at this time, the expected outcome of these matters would not have a material impact on the Company’s results of operations or financial condition. |
Debt and Other Financing Arrang
Debt and Other Financing Arrangements | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | 10. Debt and Other Financing Arrangements On March 20, 2014, the Company entered into an equipment financing arrangement with Banc of America Leasing & Capital, LLC (the “Lender”), which it amended on August 8, 2014 and September 15, 2015, including a Master Loan and Security Agreement and related documentation (collectively the “Equipment Loan Arrangement”) which provided the Company with the ability to finance, at its option, up to $ 8.8 Under the Equipment Loan Arrangement, the Company executed notes on March 24, 2014, May 22, 2014, June 13, 2014, August 8, 2014, September 15, 2015, and March 23 2016 in the amounts of $ 1.1 1.9 3.0 1.0 1.1 610 8.7 3.1 1.5 2.47 134 2.71 2017 $ 1,144 2018 1,144 2019 776 2020 287 2021 30 Total long-term debt 3,381 Less current portion of long-term debt (1,144) Total long-term debt, net of current portion $ 2,237 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Selected Quarterly Financial Information [Abstract] | |
Quarterly Financial Information [Text Block] | 11. Selected Quarterly Financial Data (Unaudited) Quarter Ended - 2016 MAR 31 JUN 30 SEP 30 DEC 31 Revenues $ 6,667 $ 9,700 $ 11,849 $ 10,764 Gross profit 2,738 5,209 7,105 6,398 Income (loss) from operations (2) 2,371 4,104 3,637 Net income (loss) (23) 1,633 2,708 2,360 Basic net income per share $ 0.00 $ 0.30 $ 0.49 $ 0.44 Diluted net income per share $ 0.00 $ 0.30 $ 0.49 $ 0.43 Quarter Ended - 2015 MAR 31 JUN 30 SEP 30 DEC 31 Revenues $ 6,756 $ 7,001 $ 7,084 $ 6,134 Gross profit 3,339 3,270 3,456 2,652 Income from operations 451 356 550 114 Net income 278 252 796 185 Basic net income per share $ 0.05 $ 0.05 $ 0.15 $ 0.03 Diluted net income per share $ 0.05 $ 0.05 $ 0.15 $ 0.03 |
Business Segment Reporting
Business Segment Reporting | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 12. Business Segment Reporting The Company manages its operations as one segment, drug testing services. As a result, the financial information disclosed herein materially represents all of the financial information related to the Company’s principal operating segment. All of the Company’s assets are in the United States. All Brazil sales are though one independent distributor, which is the only customer greater than 10 Year Ended December 31, 2016 2015 2014 Consolidated Revenue: United States $ 25,608 $ 25,836 $ 28,155 Brazil 13,083 746 758 Other Foreign Countries 289 393 292 Total Revenue $ 38,980 $ 26,975 $ 29,205 |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Risks And Uncertainties [Policy Text Block] | Risks and Uncertainties The Company is subject to a number of risks and uncertainties similar to those of other companies, such as those associated with the continued expansion of the Company’s sales and marketing network, technological developments, intellectual property protection, development of markets for new products and services offered by the Company, the economic health of principal customers of the Company, financial and operational risks associated with expansion of testing facilities used by the Company, government regulation (including, but not limited to, Food and Drug Administration regulations, Brazilian laws, proposed laws and regulations, and delays in implementation of laws and regulations), competition and general economic conditions. |
Use of Estimates, Policy [Policy Text Block] | Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates, including those related to bad debts and income tax valuation, and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Changes in estimates are recorded in the period in which they become known. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents All highly liquid investments with original maturities of 90 days or less are considered cash equivalents. These consist of cash savings. As of December 31, 2016 and 2015, there were no investments classified as cash equivalents. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements The Company follows the provisions of Accounting Standards Codification (ASC) 820, Fair Value Measurements and Disclosures Level 1 Quoted prices in active markets for identical assets or liabilities. Level 2 Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities or other inputs that are observable or can be corroborated by observable market data Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value A financial instrument’s level is based on the lowest level of any input that is significant to the fair value measurement. |
Inventory, Policy [Policy Text Block] | Inventory The Company typically expenses consumables such as chemicals, antibodies and tubes as purchased. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are stated at cost. Depreciation and amortization are provided over the estimated useful lives of the assets, using the straight-line method. Repair and maintenance costs are expensed as incurred. Computer software 3 to 5 years Office furniture and equipment 3 to 7 years Laboratory equipment 5 to 7 years Leasehold improvements Lesser of estimated useful life or estimated lease term The Company recorded depreciation and amortization related to property and equipment and capitalized software of $ 2.3 1.7 1.0 1.2 3.6 |
Research, Development, and Computer Software, Policy [Policy Text Block] | Capitalized Software Development Costs We capitalize costs related to significant software projects developed or obtained for internal use. Costs incurred during the preliminary project work stage or conceptual stage, such as determining the performance requirements, system requirements and data conversion, are expensed as incurred. Costs incurred in the application development phase, such as coding, testing for new software and upgrades that result in additional functionality, are capitalized and are amortized using the straight-line method over the useful life of the software for 5 years. Costs incurred during the post-implementation/operation stage, including training costs and maintenance costs, are expensed as incurred. In accordance with Company policy, during the years ended December 31, 2016, 2015 and 2014, we capitalized internally developed software costs of $ 333 364 403 443 429 224 2015 2014 |
Other Assets [Policy Text Block] | Other Assets Other assets primarily consist of capitalized legal costs relating to patent applications. The Company amortizes these costs over the lesser of the legal life or estimated useful life of the patent from the date of grant of the applicable patent. The typical life is twenty years. As of December 31, 2016, 2015, and 2014 the Company had capitalized legal costs relating to outstanding patent applications of $ 715 670 656 36 32 26 50 |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition The Company is in the business of performing drug testing services and reporting the results thereof. The Company’s services include, drug testing and storage of samples for its customers for an agreed-upon fee per unit tested. The revenues are recognized when the predominant deliverable, drug testing, is performed and reported to the customer. The Company recognizes revenue under ASC 605, “ Revenue Recognition The Company also provides expert testimony, when and if necessary, to support the results of the tests, which is generally billed separately and recognized as the services are provided. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Expenses The Company expenses all research and development costs as incurred. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company accounts for income taxes using the liability method pursuant to ASC 740, “Income Taxes” Income Taxes - Balance Sheet Classification of Deferred Taxes. |
Concentration Risk Credit Risk And Off Balance Sheet Credit Exposure [Policy Text Block] | Concentration of Credit Risk and Off-Balance Sheet Risk The Company has no significant off-balance-sheet risk such as foreign exchange contracts, option contracts, or other foreign hedging arrangements. Financial instruments that potentially subject the Company to concentrations of credit risk are principally cash and accounts receivable. The Company’s policy is to place its cash in high quality financial institutions. At time, these deposits may exceed federally insured limits. The Company does not believe significant credit risk exists with respect to these institutions. Concentration of credit risk with respect to accounts receivable is limited to certain customers to whom the Company makes substantial sales. To reduce risk, the Company routinely assesses the financial strength of its customers and, as a consequence, believes that its accounts receivable credit risk exposure is limited. The Company maintains an allowance for potential credit losses but historically has not experienced any significant losses related to individual customers or groups of customers in any particular industry or geographic area. The Company does not require collateral. |
Significant Customers [Policy Text Block] | Significant Customers The Company had one customer that exceeded 10% of revenue for the year ended December 31, 2016. There were no customers that exceeded 10 34 11 10 |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income The Company’s comprehensive income was the same as net income for the years ended December 31, 2016, 2015 and 2014. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation The Company accounts for equity awards in accordance with ASC 718, “ Compensation Stock Compensation” Stock compensation expense by income statement account is as follows: 2016 2015 2014 Cost of revenues $ 88 $ 101 $ 115 General & administrative 420 433 372 Marketing and selling 116 108 104 Research and development 47 32 18 Total stock compensation $ 671 $ 674 $ 609 See Note 7 for additional information relating to the Company’s stock plan. See Recently Adopted Accounting Pronouncements as to elimination of forfeiture estimate with adoption of ASU 2016-09. |
Earnings Per Share, Policy [Policy Text Block] | Basic and Diluted Net Income per Share Basic net income per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted net income per share is computed by dividing net income available to common shareholders by the weighted average number of common shares and dilutive common stock equivalents outstanding during the period. The number of dilutive common stock equivalents outstanding during the period has been determined in accordance with the treasury-stock method. Common equivalent shares consist of common stock issuable upon the exercise of outstanding options and the unvested portion of stock unit awards (“SUAs”). 2016 2015 2014 Weighted average common shares outstanding, basic 5,447 5,405 5,355 Dilutive common equivalent shares 28 7 22 Weighted average common shares outstanding, assuming dilution 5,412 5,377 For the year ended December 31, 2015, options to purchase 81 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Financial Instruments Financial instruments include cash and accounts receivable and accounts payable. Estimated fair values of these financial instruments approximate carrying values due to their short-term nature. The Company has outstanding equipment loans which have an interest rate of the 30-day LIBOR rate + 2.00%. As there is a market interest rate, the carrying amount is fair value. |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting The Company manages its operations as one segment, drug testing services. As a result, the financial information disclosed herein materially represents all of the financial information related to the Company’s principal operating segment. Most of the Company’s revenues and all of the Company’s assets are in the United States. See Note 12 for geographic breakdown of revenue. |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events The Company evaluated all events and transactions that occurred after December 31, 2016 through the time of filing with the Securities and Exchange Commission of the Company’s annual report on Form 10-K for the year ended December 31, 2016. On February 6, 2017, the Company declared a quarterly dividend of $ 0.15 819 |
Reclassification, Policy [Policy Text Block] | Reclassifications As a result of the early adoption of the accounting standard update (“ASU”) No 2015-17, Income Taxes - Balance Sheet Classification of Deferred Taxes, certain reclassifications have been made to the prior period financial statements to conform with the current period presentation. For further details regarding the impact of the ASU, see Recent Accounting Pronouncements. |
New Accounting Pronouncements, Policy [Policy Text Block] | In February 2016, the FASB issued ASU 2016-02, Leases In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers The standard’s implementation date, as amended by ASU 2015-14, is effective for annual periods beginning after December 15, 2017, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We have done a preliminary review of the impact of our pending adoption of ASU 2014-09 on our financial statements and have determined the implementation of this standard should not have a material impact on the financial statements. The Company intends to adopt the standard at the date required for public companies. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements Going Concern Recently Adopted Accounting Pronouncements In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting 41 60 In November 2015, the FASB issued ASU 2015-17, Income Taxes - Balance Sheet Classification of Deferred Taxes 327 |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Property, Plant and Equipment [Table Text Block] | The estimated useful lives of the assets are: Computer software 3 to 5 years Office furniture and equipment 3 to 7 years Laboratory equipment 5 to 7 years Leasehold improvements Lesser of estimated useful life or estimated lease term |
Schedule Of Stock Based Compensation Expense [Table Text Block] | Stock compensation expense by income statement account is as follows: 2016 2015 2014 Cost of revenues $ 88 $ 101 $ 115 General & administrative 420 433 372 Marketing and selling 116 108 104 Research and development 47 32 18 Total stock compensation $ 671 $ 674 $ 609 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Basic and diluted weighted average common shares outstanding are as follows: 2016 2015 2014 Weighted average common shares outstanding, basic 5,447 5,405 5,355 Dilutive common equivalent shares 28 7 22 Weighted average common shares outstanding, assuming dilution 5,412 5,377 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Schedule of Credit Losses for Financing Receivables, Current [Table Text Block] | The following is a rollforward of the Company’s allowance for doubtful accounts: 2016 2015 Balance, beginning of period $ 59 $ 96 Provision for (recoveries of) doubtful accounts 16 (3) Write-offs (25) (34) Balance, end of period $ 50 $ 59 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Accrued expenses consist of the following: 2016 2015 Accrued payroll and employee benefits $ 311 $ 212 Accrued bonus expense 407 192 Accrued vacation expense 431 366 Accrued taxes 314 16 Deferred revenue 125 Accrued payable for rent and building maintenance 79 140 Other accrued expenses 321 272 Total Accrued Expenses $ 1,988 $ 1,198 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The income tax provision consists of the following: 2016 2015 2014 Current Federal $ 2,964 $ (214) $ 155 State 114 (55) (127) 3,078 (269) 28 Deferred Federal 331 544 1,363 State (111) (439) 36 220 105 1,399 Income Tax Provision $ 3,298 $ (164) $ 1,427 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A reconciliation of the effective rate with the federal statutory rate is as follows: 2016 2015 2014 Federal statutory rate 34.0 % 34.0 % 34.0 % State income taxes, net of federal benefit 0.1 % (22.0) % 1.1 % Permanent differences 0.1 % 1.3 % (2.7) % Stock based compensation 0.0 % 3.9 % 0.0 % Federal R&D Credits (1.1) % (29.4) % (1.6) % Effective tax rate 33.1 % (12.2) % 30.8 % |
Schedule Of Deferred Tax Assets [Table Text Block] | The components of the net deferred tax assets included in the accompanying balance sheets are as follows at December 31: 2016 2015 Net deferred tax liability: Excess of tax over book depreciation and amortization $ (3,321) $ (3,139) Prepaid expenses (55) (58) Allowance for doubtful accounts 18 21 Accrued expenses 133 115 Stock-based compensation 135 128 R&D tax credits 397 408 Net deferred tax liabilities $ (2,693) $ (2,525) |
Stock-Based Awards (Tables)
Stock-Based Awards (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity [Table Text Block] | The following table represents all shares granted by the Company under the 2006 Incentive Plan for the last three years: Grant Date Type Shares Fair Value May 12, 2016 Options 121 $ 2.34 May 12, 2016 SUA 17 $ 13.82 September 15, 2015 Options 47 $ 1.91 September 15, 2015 SUA 1 $ 10.21 April 29, 2015 SUA 44 $ 16.10 May 8, 2014 SUA 45 $ 14.97 (1) The fair value for the SUA’s is the closing price of the Company’s stock on that date. The fair value for options represents the fair value calculated using the Black-Scholes model. Options have contractual lives of 10 years 1.91 10.21 6.5 36 2.2 6.0 2.34 13.82 6.25 33 1.75 5.6 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of the Company’s stock option activity is as follows: Weighted Ave. Aggregate Number of Exercise Price Intrinsic Shares per Share Value (2) Outstanding, December 31, 2015 47 $ 10.21 $ - Granted 121 $ 13.82 Exercised - Forfeited (8) $ 13.82 Outstanding, December 31, 2016 160 $ 12.76 $ 1,907 Exercisable, December 31, 2016 9 $ 232 (2) The aggregate intrinsic value on this table was calculated based on the amount, if any, by which the closing market value of the Company’s stock on December 31 of the applicable year exceeded the exercise price of any of the underlying options, multiplied by the number of shares subject to each such option. The closing stock price as of December 31, 2016 and 2015 was $ 24.68 10.14 |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | Weighted Weighted Average Average Number of Price Fair Shares per Share (3) Value (3) Outstanding & Unvested, December 31, 2015 112 $ 14.05 $ 1,569 Granted 17 $ 13.82 $ 229 Converted to common stock (38) $ 13.39 $ (505) Cancelled (15) $ 12.60 $ (186) Forfeited (2) $ 15.23 $ (30) Outstanding & Unvested, December 31, 2016 74 $ 14.62 $ 1,077 (3) Weighted average price per share is the weighted grant price based on the closing market price of each of the stock grants related to each transaction type. The Weighted average fair value is the weighted average share price times the number of shares. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | At December 31, 2016, minimum commitments remaining under lease agreements were approximately as follows: Years Ending December 31: 2017 $ 928 2018 858 2019 487 2020 372 Total $ 2,645 |
Debt and Other Financing Arra27
Debt and Other Financing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | The annual principal repayment requirements for debt obligations as of December 31, 2016 are as follows: 2017 $ 1,144 2018 1,144 2019 776 2020 287 2021 30 Total long-term debt 3,381 Less current portion of long-term debt (1,144) Total long-term debt, net of current portion $ 2,237 |
Selected Quarterly Financial 28
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Selected Quarterly Financial Information [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | The following are selected quarterly financial data for the years ended December 31, 2016 and 2015: Quarter Ended - 2016 MAR 31 JUN 30 SEP 30 DEC 31 Revenues $ 6,667 $ 9,700 $ 11,849 $ 10,764 Gross profit 2,738 5,209 7,105 6,398 Income (loss) from operations (2) 2,371 4,104 3,637 Net income (loss) (23) 1,633 2,708 2,360 Basic net income per share $ 0.00 $ 0.30 $ 0.49 $ 0.44 Diluted net income per share $ 0.00 $ 0.30 $ 0.49 $ 0.43 Quarter Ended - 2015 MAR 31 JUN 30 SEP 30 DEC 31 Revenues $ 6,756 $ 7,001 $ 7,084 $ 6,134 Gross profit 3,339 3,270 3,456 2,652 Income from operations 451 356 550 114 Net income 278 252 796 185 Basic net income per share $ 0.05 $ 0.05 $ 0.15 $ 0.03 Diluted net income per share $ 0.05 $ 0.05 $ 0.15 $ 0.03 |
Business Segment Reporting (Tab
Business Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Revenue from External Customers by Geographic Areas [Table Text Block] | The Company’s revenues by geographic region are as follows: Year Ended December 31, 2016 2015 2014 Consolidated Revenue: United States $ 25,608 $ 25,836 $ 28,155 Brazil 13,083 746 758 Other Foreign Countries 289 393 292 Total Revenue $ 38,980 $ 26,975 $ 29,205 |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Computer software [Member] | Maximum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Computer software [Member] | Minimum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Office furniture and equipment [Member] | Maximum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 7 years |
Office furniture and equipment [Member] | Minimum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Laboratory Equipment [Member] | Maximum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 7 years |
Laboratory Equipment [Member] | Minimum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Share-based Compensation, Total | $ 671 | $ 674 | $ 609 |
Cost of revenues [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Share-based Compensation, Total | 88 | 101 | 115 |
General & administrative [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Share-based Compensation, Total | 420 | 433 | 372 |
Marketing and selling [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Share-based Compensation, Total | 116 | 108 | 104 |
Research and development [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Share-based Compensation, Total | $ 47 | $ 32 | $ 18 |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Details 2) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Weighted average common shares outstanding, basic | 5,447 | 5,405 | 5,355 |
Dilutive common equivalent shares | 28 | 7 | 22 |
Weighted average common shares outstanding, assuming dilution | 5,475 | 5,412 | 5,377 |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Feb. 06, 2017 | Mar. 31, 2016 | Nov. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Feb. 27, 2017 |
Summary Of Significant Accounting Policies [Line Items] | |||||||
Depreciation, Depletion and Amortization, Nonproduction | $ 2,300 | $ 1,700 | $ 1,000 | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 81 | ||||||
Common Stock, Dividends, Per Share, Declared | $ 0.6 | $ 0.6 | $ 0.6 | ||||
Public Utilities, Property, Plant and Equipment, Equipment | $ 1,200 | $ 3,600 | |||||
Dividends Payable, Date to be Paid | Feb. 6, 2017 | ||||||
Dividends Payable, Date of Record | Feb. 16, 2017 | ||||||
Accounting Standards Update 2016-09 [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Income Tax Expense Benefit | $ 41 | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Cumulative Adjustment To Retained Earnings | $ 60 | ||||||
Accounting Standards Update 2015-17 [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Deferred Tax Assets Current | $ 327 | ||||||
Accounts Receivable [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Concentration Risk, Percentage | 10.00% | ||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Concentration Risk, Percentage | 34.00% | 10.00% | |||||
Subsequent Event [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Common Stock, Dividends, Per Share, Declared | $ 0.15 | ||||||
Dividends Payable | $ 819 | ||||||
Patents [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Amortization | $ 36 | 32 | $ 26 | ||||
Legal Cost Capitalized | 715 | 670 | 656 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 50 | ||||||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 50 | ||||||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 50 | ||||||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 50 | ||||||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 50 | ||||||
Software Development [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Software Development Cost Capitalized | 333 | 364 | 403 | ||||
Amortization | $ 443 | $ 429 | $ 224 |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance, beginning of period | $ 59 | $ 96 |
Provision for (recoveries of) doubtful accounts | 16 | (3) |
Write-offs | (25) | (34) |
Balance, end of period | $ 50 | $ 59 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accrued payroll and employee benefits | $ 311 | $ 212 |
Accrued bonus expense | 407 | 192 |
Accrued vacation expense | 431 | 366 |
Accrued taxes | 314 | 16 |
Deferred revenue | 125 | 0 |
Accrued payable for rent and building maintenance | 79 | 140 |
Other accrued expenses | 321 | 272 |
Total Accrued Expenses | $ 1,988 | $ 1,198 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current - | |||
Federal | $ 2,964 | $ (214) | $ 155 |
State | 114 | (55) | (127) |
Current Income Tax Expense (Benefit) | 3,078 | (269) | 28 |
Deferred - | |||
Federal | 331 | 544 | 1,363 |
State | (111) | (439) | 36 |
Deferred Income Tax Expense (Benefit) | 220 | 105 | 1,399 |
Income Tax Provision | $ 3,298 | $ (164) | $ 1,427 |
Income Taxes (Details 1)
Income Taxes (Details 1) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Federal statutory rate | 34.00% | 34.00% | 34.00% |
State income taxes, net of federal benefit | 0.10% | (22.00%) | 1.10% |
Permanent differences | 0.10% | 1.30% | (2.70%) |
Stock based compensation | 0.00% | 3.90% | 0.00% |
Federal R&D Credits | (1.10%) | (29.40%) | (1.60%) |
Effective tax rate | 33.10% | (12.20%) | 30.80% |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax liabilities: | ||
Excess of tax over book depreciation and amortization | $ (3,321) | $ (3,139) |
Prepaid expenses | (55) | (58) |
Allowance for doubtful accounts | 18 | 21 |
Accrued expenses | 133 | 115 |
Stock-based compensation | 135 | 128 |
R&D tax credits | 397 | 408 |
Net deferred tax liabilities | $ (2,693) | $ (2,525) |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - California Franchise Tax Board [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Line Items] | |||
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | $ 260 | $ 710 | $ 208 |
Tax Credit Carryforward, Amount | $ 601 |
Stock-Based Awards (Details)
Stock-Based Awards (Details) - Incentive Plan 2006 [Member] shares in Thousands | 12 Months Ended | |
Dec. 31, 2016$ / sharesshares | ||
Employee Stock Option [Member] | ||
Grant Date | May 12, 2016 | |
Number of Shares, Granted | shares | 121 | |
Fair Value | $ / shares | $ 2.34 | [1] |
Stock Unit Award One [Member] | ||
Grant Date | May 12, 2016 | |
Number of Shares, Granted | shares | 17 | |
Fair Value | $ / shares | $ 13.82 | [1] |
Employee Stock Option One [Member] | ||
Grant Date | Sep. 15, 2015 | |
Number of Shares, Granted | shares | 47 | |
Fair Value | $ / shares | $ 1.91 | [1] |
Stock Unit Award Two [Member] | ||
Grant Date | Sep. 15, 2015 | |
Number of Shares, Granted | shares | 1 | |
Fair Value | $ / shares | $ 10.21 | [1] |
Stock Unit Award Three [Member] | ||
Grant Date | Apr. 29, 2015 | |
Number of Shares, Granted | shares | 44 | |
Fair Value | $ / shares | $ 16.10 | [1] |
Stock Unit Award Four [Member] | ||
Grant Date | May 8, 2014 | |
Number of Shares, Granted | shares | 45 | |
Fair Value | $ / shares | $ 14.97 | [1] |
[1] | The fair value for the SUA’s is the closing price of the Company’s stock on that date. The fair value for options represents the fair value calculated using the Black-Scholes model. Options have contractual lives of 10 years and the fair value calculated using a Black-Scholes model. The options granted on September 15, 2015 have, have a fair value of $1.91 per share based on the $10.21 grant price and assuming a 6.5 year estimated term, 36% volatility, 2.2% interest rate and a 6.0% dividend yield rate. The options granted on May 12, 2016 have a fair value of $2.34 per share based on the $13.82 grant price and assuming a 6.25 year estimated term, 33% volatility, 1.75% interest rate and a 5.6% dividend yield rate. |
Stock-Based Awards (Details 1)
Stock-Based Awards (Details 1) - Current Stock Option [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Outstanding, December 31, 2015 | 47 | ||
Number of Shares, Granted | 121 | ||
Number of Shares, Exercised | 0 | ||
Number of Shares, Forfeited | (8) | ||
Number of Shares, Outstanding, December 31, 2016 | 160 | 47 | |
Number of Shares, Exercisable, December 31, 2016 | 9 | 0 | |
Weighted Average Exercise Price per Share, Outstanding, December 31, 2015 | $ 10.21 | ||
Weighted Average Exercise Price per Share, Granted | 13.82 | ||
Weighted Average Exercise Price per Share, Forfeited | 13.82 | ||
Weighted Average Exercise Price per Share, Outstanding, December 31, 2016 | $ 12.76 | $ 10.21 | |
Aggregate Intrinsic Value, Outstanding, December 31, 2015 | [1] | $ 0 | |
Aggregate Intrinsic Value, Outstanding, December 31, 2016 | [1] | 1,907 | $ 0 |
Aggregate Intrinsic Value, Exercisable, December 31, 2016 | [1] | $ 232 | |
[1] | The aggregate intrinsic value on this table was calculated based on the amount, if any, by which the closing market value of the Company’s stock on December 31 of the applicable year exceeded the exercise price of any of the underlying options, multiplied by the number of shares subject to each such option. The closing stock price as of December 31, 2016 and 2015 was $24.68 and $10.14, respectively. |
Stock-Based Awards (Details 2)
Stock-Based Awards (Details 2) - Stock Unit Award [Member] - Stock Incentive Plan 2006 [Member] $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)$ / sharesshares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares, Outstanding & Unvested, December 31, 2015 | shares | 112 | |
Number of Shares, Granted | shares | 17 | |
Number of Shares, Converted to common stock | shares | (38) | |
Number of Shares, Cancelled | shares | (15) | |
Number of Shares, Forfeited | shares | (2) | |
Number of Shares, Outstanding & Unvested, December 31, 2016 | shares | 74 | |
Weighted Average Price per Share, Outstanding & Unvested, December 31, 2015 | $ / shares | $ 14.05 | [1] |
Weighted Average Price per Share, Granted | $ / shares | 13.82 | [1] |
Weighted Average Price per Share, Converted to common stock | $ / shares | 13.39 | [1] |
Weighted Average Price per Share, Cancelled | $ / shares | 12.60 | [1] |
Weighted Average Price per Share, Forfeited | $ / shares | 15.23 | [1] |
Weighted Average Price per Share, Outstanding & Unvested, December 31, 2016 | $ / shares | $ 14.62 | [1] |
Weighted Average Fair Value, Outstanding & Unvested, December 31, 2015 | $ | $ 1,569 | [1] |
Weighted Average Fair Value, Granted | $ | 229 | [1] |
Weighted Average Fair Value, Converted to common stock | $ | (505) | [1] |
Weighted Average Fair Value, Cancelled | $ | (186) | [1] |
Weighted Average Fair Value, Forfeited | $ | (30) | [1] |
Weighted Average Fair Value, Outstanding & Unvested, December 31, 2016 | $ | $ 1,077 | [1] |
[1] | Weighted average price per share is the weighted grant price based on the closing market price of each of the stock grants related to each transaction type. The Weighted average fair value is the weighted average share price times the number of shares. |
Stock-Based Awards (Details Tex
Stock-Based Awards (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | May 12, 2016 | Sep. 15, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years 3 months | 6 years 6 months | |||
Share Price | $ 2.34 | $ 1.91 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 33.00% | 36.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.75% | 2.20% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 5.60% | 6.00% | |||
Allocated Share based Compensation Prior Expense | $ 60 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 13.82 | $ 10.21 | |||
Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share Price | $ 24.68 | $ 10.14 | |||
Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 500 | ||||
Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 850 | ||||
Employee [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 4 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||
Management [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 2 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | ||||
Stock Unit Award [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Unamortized Fair Value (in dollars) | $ 982 | ||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Unamortized Fair Value Period For Amortization | 2 years 7 months 6 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 0 years | ||||
Number of Shares Acquired | 121 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 17 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 691 | $ 641 | $ 608 | ||
Conversion of Stock, Amount Issued | $ 727 | $ 824 | $ 922 | ||
Expired Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 134 | 41 | |||
Current Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 9 | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term, Simplified Method | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 121 | ||||
Stock Incentive Plan 2006 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common Stock, Capital Shares Reserved for Future Issuance | 541 | ||||
Stock Incentive Plan 2006 [Member] | Stock Unit Award [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 307 |
Employee Benefit Plan (Details
Employee Benefit Plan (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $ 246 | $ 242 | $ 152 |
Commitments and Contingencies45
Commitments and Contingencies (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,017 | $ 928 |
2,018 | 858 |
2,019 | 487 |
2,020 | 372 |
Total | $ 2,645 |
Commitments and Contingencies46
Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Commitment And Contingencies [Line Items] | |||
Operating Leases, Rent Expense | $ 907 | $ 1,000 | $ 908 |
Debt and Other Financing Arra47
Debt and Other Financing Arrangements (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
2,017 | $ 1,144 | |
2,018 | 1,144 | |
2,019 | 776 | |
2,020 | 287 | |
2,021 | 30 | |
Total long-term debt | 3,381 | |
Less current portion of long-term debt | (1,144) | $ (1,620) |
Total long-term debt, net of current portion | $ 2,237 | $ 4,272 |
Debt and Other Financing Arra48
Debt and Other Financing Arrangements (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||
Mar. 20, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 23, 2016 | Sep. 15, 2015 | Aug. 08, 2014 | Jun. 13, 2014 | May 22, 2014 | Mar. 24, 2014 | |
Interest Expense | $ 134 | ||||||||
Repayments of Debt | 3,100 | $ 1,500 | |||||||
Equipment Loan Arrangement [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 8,700 | $ 610 | $ 1,100 | $ 1,000 | $ 3,000 | $ 1,900 | $ 1,100 | ||
Long-term Debt, Description | Each note has a maturity date of 60 months from the applicable loan date, and bears interest at the then current 30-day LIBOR rate + 2.00%. Principal and interest are payable over the 60-month repayment period and principal is repayable without premium or penalty. | ||||||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 8,800 | ||||||||
Equipment Loan Arrangement [Member] | Minimum [Member] | |||||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.47% | ||||||||
Equipment Loan Arrangement [Member] | Maximum [Member] | |||||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.71% |
Selected Quarterly Financial 49
Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information [Line Items] | |||||||||||
Revenues | $ 10,764 | $ 11,849 | $ 9,700 | $ 6,667 | $ 6,134 | $ 7,084 | $ 7,001 | $ 6,756 | $ 38,980 | $ 26,975 | $ 29,205 |
Gross profit | 6,398 | 7,105 | 5,209 | 2,738 | 2,652 | 3,456 | 3,270 | 3,339 | 21,450 | 12,717 | 15,138 |
Income from operations | 3,637 | 4,104 | 2,371 | (2) | 114 | 550 | 356 | 451 | 10,110 | 1,471 | 4,690 |
Net income and comprehensive income | $ 2,360 | $ 2,708 | $ 1,633 | $ (23) | $ 185 | $ 796 | $ 252 | $ 278 | $ 6,678 | $ 1,511 | $ 3,206 |
Basic net income per share (in dollars per share) | $ 0.44 | $ 0.49 | $ 0.3 | $ 0 | $ 0.03 | $ 0.15 | $ 0.05 | $ 0.05 | $ 1.23 | $ 0.28 | $ 0.6 |
Diluted net income per share (in dollars per share) | $ 0.43 | $ 0.49 | $ 0.3 | $ 0 | $ 0.03 | $ 0.15 | $ 0.05 | $ 0.05 | $ 1.22 | $ 0.28 | $ 0.6 |
Business Segment Reporting (Det
Business Segment Reporting (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues | $ 38,980 | $ 26,975 | $ 29,205 |
United States [Member] | |||
Revenues | 25,608 | 25,836 | 28,155 |
Brazil [Member] | |||
Revenues | 13,083 | 746 | 758 |
Other Foreign Countries [Member] | |||
Revenues | $ 289 | $ 393 | $ 292 |
Business Segment Reporting (D51
Business Segment Reporting (Details Textual) | 12 Months Ended |
Dec. 31, 2016 | |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |
Segment Reporting Information [Line Items] | |
Concentration Risk, Percentage | 10.00% |