Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Nov. 30, 2016 | Dec. 31, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | SOLITRON DEVICES INC | |
Entity Central Index Key | 91,668 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --02-28 | |
Document Type | 10-Q | |
Document Period End Date | Nov. 30, 2016 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 1,901,950 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) $ in Thousands | Nov. 30, 2016 | Feb. 29, 2016 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 1,130 | $ 634 |
Treasury bills and certificates of deposit | 1,993 | 6,740 |
Accounts receivable, less allowance for doubtful accounts of $2 | 1,384 | 528 |
Inventories, net (Note 4) | 3,683 | 3,671 |
Prepaid expenses and other current assets | 164 | 184 |
TOTAL CURRENT ASSETS | 8,354 | 11,757 |
PROPERTY, PLANT AND EQUIPMENT, net | 502 | 436 |
OTHER ASSETS | 8 | 8 |
TOTAL ASSETS | 8,864 | 12,201 |
CURRENT LIABILITIES | ||
Accounts payable | 494 | 164 |
Customer deposits | 12 | 28 |
Accrued expenses and other current liabilities (Note 6) | 472 | 497 |
TOTAL CURRENT LIABILITIES | 978 | 689 |
TOTAL LIABILITIES | 978 | 689 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY | ||
Preferred stock, $.01 par value, authorized 500,000 shares, none issued | ||
Common stock, $.01 par value, authorized 10,000,000 shares, 1,901,950 and 2,232,977 shares issued and outstanding, net of 669,284 and 338,257 shares of treasury stock as of November 30, 2016 and February 29, 2016 respectively | 24 | 24 |
Additional paid-in capital | 1,834 | 2,759 |
Accumulated other comprehensive income | 1 | 17 |
Retained earnings | 7,793 | 9,266 |
Less treasury stock | (1,766) | (554) |
TOTAL STOCKHOLDERS' EQUITY | 7,886 | 11,512 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 8,864 | $ 12,201 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Nov. 30, 2016 | Feb. 29, 2016 |
Balance Sheets [Abstract] | ||
Allowance for doubtful accounts | $ 2 | $ 2 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Preferred stock, shares issued | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 1,901,950 | 2,232,977 |
Common stock, shares outstanding | 1,901,950 | 2,232,977 |
Treasury stock, shares | 669,284 | 338,257 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2016 | Nov. 30, 2015 | |
Income Statement [Abstract] | ||||
Net Sales | $ 2,145 | $ 1,919 | $ 5,833 | $ 6,514 |
Cost of Sales | 1,671 | 1,549 | 4,847 | 5,076 |
Gross Profit | 474 | 370 | 986 | 1,438 |
Selling, General and Administrative Expenses | 323 | 351 | 2,508 | 1,573 |
Operating Income/(Loss) | 151 | 19 | (1,522) | (135) |
Other income | ||||
Other income | 3 | 3 | ||
Interest Income | 9 | 6 | 29 | 18 |
Total other income | 12 | 6 | 32 | 18 |
Income/(Loss) before provision for income taxes | 163 | 25 | (1,490) | (117) |
Provision for income taxes | (5) | (5) | ||
Net Income/(Loss) | 163 | 20 | (1,490) | (122) |
Other comprehensive income: | ||||
Unrealized (loss)/gain on investments | 1 | 1 | ||
Total comprehensive (loss)/income | $ 164 | $ 20 | $ (1,489) | $ (122) |
Income/(Loss) Per Share from operating income-Basic | $ 0.08 | $ 0.01 | $ (0.73) | $ (0.06) |
Income/Loss) Per Share from operating income-Diluted | 0.08 | 0.01 | (0.73) | (0.06) |
Net Income/(Loss) Per Share-Basic | 0.09 | 0.01 | (0.72) | (0.05) |
Net Income/(Loss) Per Share-Diluted | $ 0.09 | $ 0.01 | $ (0.72) | $ (0.05) |
Weighted average shares outstanding-Basic | 1,901,950 | 2,290,779 | 2,075,288 | 2,249,759 |
Weighted average shares outstanding-Diluted | 1,901,950 | 2,451,791 | 2,075,288 | 2,249,759 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Nov. 30, 2016 | Nov. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net (loss) | $ (1,490) | $ (122) |
Adjustments to reconcile net (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 145 | 162 |
Decrease (increase) in operating assets: | ||
Accounts receivable | (856) | 516 |
Inventories, net | (12) | 404 |
Prepaid expenses and other current assets | 20 | (10) |
Other assets | ||
Increase (decrease) in operating liabilities: | ||
Accounts payable | 330 | (235) |
Customer deposits | (16) | (5) |
Accrued expenses and other liabilities | (25) | (228) |
NET CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES | (1,904) | 482 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Sales of Treasury Bills and Certificates of Deposit | 4,748 | 5,478 |
Purchases of Treasury Bills and Certificates of Deposit | (4,992) | |
Purchases of property, plant and equipment | (211) | (150) |
NET CASH PROVIDED BY INVESTING ACTIVITIES | 4,537 | 336 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Cash from exercise of employee stock options | 11 | |
Repurchase of Common Stock and Options | (2,137) | (279) |
Payment of Dividends | (575) | |
NET CASH USED IN FINANCING ACTIVITIES | (2,137) | (843) |
Net increase/(decrease) in cash and cash equivalents | 496 | (25) |
Cash and cash equivalents - beginning of the period | 634 | 820 |
Cash and cash equivalents - end of the period | 1,130 | 795 |
Supplemental disclosure of cash flow information: | ||
Cash paid during the year for income taxes | $ 0 | $ 9 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 9 Months Ended |
Nov. 30, 2016 | |
Organization and Summary of Significant Accounting Policies [Abstract] | |
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations and Activities Solitron Devices, Inc., a Delaware corporation (the “Company” or “Solitron”), designs, develops, manufactures, and markets solid-state semiconductor components and related devices primarily for the military and aerospace markets. The Company was incorporated under the laws of the State of New York in 1959 and reincorporated under the laws of the State of Delaware in August 1987. Basis of Presentation The unaudited condensed financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The unaudited condensed financial information furnished herein reflects all adjustments, consisting of normal recurring items that, in the opinion of management, are necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the interim periods. The results of operations for the nine months ended November 30, 2016 are not necessarily indicative of the results to be expected for the year ending February 28, 2017. The information included in this Form 10-Q should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended February 29, 2016. Cash and Cash Equivalents Cash and cash equivalents include demand deposits and money market accounts. Investment in Treasury Bills and Certificates of Deposit Investment in treasury bills and certificates of deposit include treasury bills with maturities of one year or less, and is stated at market value. All of the Company’s investments are classified as available-for-sale. As they are available for current operations, they are classified as current on the balance sheets. Investments in available-for-sale securities are reported at fair value with unrecognized gains or losses, net of tax, as a component of accumulated other comprehensive income and is included as a separate component of stockholders’ equity. The Company monitors its investments for impairment periodically and records appropriate reductions in carrying values when the declines are determined to be other-than-temporary. As of November 30, 2016, the Company’s available for sale non-equity investments were comprised of certificates of deposits. As of November 30, 2016, contractual maturities of the Company’s available-for-sale non-equity investments were as follows: Face Value Fair Value (In thousands) (In thousands) Maturing within one year $ 1,992 $ 1,993 Fair Value of Financial Instruments Accounting Standards Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosures”, defines “fair value” as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also sets forth a valuation hierarchy of the inputs (assumptions that market participants would use in pricing an asset or liability) used to measure fair value. This hierarchy prioritizes the inputs into the following three levels: Level 1: Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities traded in active markets. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3: Inputs that are generally unobservable. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. The Company’s brokered Treasury bills and certificates of deposits are subject to level 1 fair value measurement. The carrying amounts of the Company’s short-term financial instruments, including accounts receivable, accounts payable, accrued expenses and other liabilities approximate their fair value due to the relatively short period to maturity for these instruments. Accounts Receivable Accounts receivable consists of unsecured credit extended to the Company’s customers in the ordinary course of business. The Company reserves for any amounts deemed to be uncollectible based on past collection experiences and an analysis of outstanding balances, using an allowance account. The allowance amount was $2,000 as of November 30, 2016 and February 29, 2016. Shipping and Handling Shipping and handling costs billed to customers are recorded in net sales. Shipping costs incurred by the Company are recorded in cost of sales. Inventories Inventories are stated at the lower of cost or market. Cost is determined using the “first-in, first-out” (FIFO) method. The Company buys raw material only to fill customer orders. Excess raw material is created only when a vendor imposes a minimum buy in excess of actual requirements. Such excess material will usually be utilized to meet the requirements of the customer’s subsequent orders. If excess material is not utilized after two fiscal years, it is fully reserved. Any inventory item once designated as reserved is carried at zero value in all subsequent valuation activities. The Company’s inventory valuation policy is as follows: Raw material /Work in process: All material purchased, processed, and/or used in the last two fiscal years is valued at the lower of its acquisition cost or market except for wafers which function under a three year policy. All material not used in the last two fiscal years is fully reserved. Finished goods: All finished goods with firm orders for later delivery are valued (material and overhead) at the lower of cost or market. All finished goods with no orders are fully reserved. Direct labor costs: Direct labor costs are allocated to finished goods and work in process inventory based on engineering estimates of the amount of man-hours required from the different direct labor departments to bring each device to its particular level of completion. Manufacturing overhead costs are allocated to finished goods and work in process inventory as a ratio to direct labor costs. Revenue Recognition Revenue is recognized in accordance with SEC Staff Accounting Bulletin No. 104, Revenue Recognition Financial Statement Estimates The preparation of condensed financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates, and the differences could be material. Such estimates include depreciable life, valuation allowance, and allowance for inventory obsolescence. Recent Accounting Pronouncements No recent accounting pronouncements affecting the Company were issued by the Financial Accounting Standards Board or other standards-setting bodies. |
Environmental Regulation
Environmental Regulation | 9 Months Ended |
Nov. 30, 2016 | |
Environmental Regulation [Abstract] | |
ENVIRONMENTAL REGULATION | 2. ENVIRONMENTAL REGULATION While the Company believes that it has the environmental permits necessary to conduct its business and that its operations conform to present environmental regulations, increased public attention has been focused on the environmental impact of semiconductor manufacturing operations. The Company, in the conduct of its manufacturing operations, has handled and does handle materials that are considered hazardous, toxic or volatile under federal, state and local laws and, therefore, is subject to regulations related to their use, storage, discharge and disposal. No assurance can be made that the risk of accidental release of such materials can be completely eliminated. In the event of a violation of environmental laws, the Company could be held liable for damages and the costs of remediation. In addition, the Company, along with the rest of the semiconductor industry, is subject to variable interpretations and governmental priorities concerning environmental laws and regulations. Environmental statutes have been interpreted to provide for joint and several liability and strict liability regardless of actual fault. There can be no assurance that the Company and its subsidiaries will not be required to incur costs to comply with, or that the operations, business or financial condition of the Company will not be materially adversely affected by current or future environmental laws or regulations. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Nov. 30, 2016 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | 3. EARNINGS PER SHARE The shares used in the computation of the Company’s basic and diluted earnings per common share were as follows: For the three months ended November 30, For the nine months ended November 30, 2016 2015 2016 2015 Weighted average common shares outstanding 1,901,950 2,290,779 2,075,288 2,249,759 Dilutive effect of employee stock options 0 161,012 0 0 Weighted average common shares outstanding, assuming dilution 1,901,950 2,451,791 2,075,288 2,249,759 Weighted average common shares outstanding, assuming dilution, include the incremental shares that would be issued upon the assumed exercise of stock options. |
Inventories
Inventories | 9 Months Ended |
Nov. 30, 2016 | |
Inventories [Abstract] | |
INVENTORIES | 4. INVENTORIES As of November 30, 2016, inventories consisted of the following: Gross Reserve Net Raw Materials $ 2,051,000 $ (687,000 ) $ 1,364,000 Work-In-Process 3,945,000 (1,742,000 ) 2,203,000 Finished Goods 939,000 (823,000 ) 116,000 Totals $ 6,935,000 $ (3,252,000 ) $ 3,683,000 As of February 29, 2016, inventories consisted of the following: Gross Reserve Net Raw Materials $ 1,854,000 $ (489,000 ) $ 1,365,000 Work-In-Process 3,915,000 (1,775,000 ) 2,140,000 Finished Goods 980,000 (814,500 ) 165,500 Totals $ 6,749,000 $ (3,078,500 ) $ 3,670,500 |
Income Taxes
Income Taxes | 9 Months Ended |
Nov. 30, 2016 | |
Income Taxes [Abstract] | |
INCOME TAXES | 5. INCOME TAXES At November 30, 2016, the Company has net operating loss carryforwards of approximately $10,016,000 that expire through February 2028. Such net operating losses are available to offset future taxable income, if any. As the utilization of such net operating losses for tax purposes is not assured, the deferred tax asset has been fully reserved through the recording of a 100% valuation allowance. Should a cumulative change in the ownership of more than 50% occur within a three-year period, there could be an annual limitation on the use of the net operating loss carryforwards. Net operating losses after 1996 are subject to a twenty-year loss carryforward. Of the Company’s $10,016,000 of net operating loss carryforwards as of November 30, 2016, approximately $1,254,000 expire in 2021, $1,248,000 expire in 2022, and $7,514,000 expire in 2028. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 9 Months Ended |
Nov. 30, 2016 | |
Accrued Expenses and Other Current Liabilities [Abstract] | |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 6. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES As of November 30, 2016 and February 29, 2016, accrued expenses and other liabilities consisted of the following: November 30, February 29, Payroll and related employee benefits $ 372,000 $ 447,000 Property taxes 43,000 10,000 Other liabilities 57,000 40,000 Totals $ 472,000 $ 497,000 |
Export Sales and Major Customer
Export Sales and Major Customers | 9 Months Ended |
Nov. 30, 2016 | |
Export Sales and Major Customers [Abstract] | |
EXPORT SALES AND MAJOR CUSTOMERS | 7. EXPORT SALES AND MAJOR CUSTOMERS Revenues from domestic and export sales to unaffiliated customers for the three months ended November 30, 2016 are as follows: Power Field Effect Power Geographic Region Transistors Hybrids Transistors MOSFETS Totals Europe and Australia $ 2,000 $ 0 $ 3,000 $ 24,000 $ 29,000 Canada and Latin America 4,000 0 0 0 4,000 Far East and Middle East 0 0 11,000 0 11,000 United States 350,000 1,358,000 82,000 311,000 2,101,000 Totals $ 356,000 $ 1,358,000 $ 96,000 $ 335,000 $ 2,145,000 Revenues from domestic and export sales to unaffiliated customers for the three months ended November 30, 2015 are as follows: Power Field Effect Power Geographic Region Transistors Hybrids Transistors MOSFETS Totals Europe and Australia $ 0 $ 0 $ 3,000 $ 0 $ 3,000 Canada and Latin America 9,000 0 1,000 40,000 50,000 Far East and Middle East 15,000 5,000 7,000 99,000 126,000 United States 259,000 698,000 138,000 645,000 1,740,000 Totals $ 283,000 $ 703,000 $ 149,000 $ 784,000 $ 1,919,000 Revenues from domestic and export sales to unaffiliated customers for the nine months ended November 30, 2016 are as follows: Power Field Effect Power Geographic Region Transistors Hybrids Transistors MOSFETS Totals Europe and Australia $ 13,000 $ 0 $ 8,000 $ 24,000 $ 45,000 Canada and Latin America 13,000 0 0 0 13,000 Far East and Middle East 83,000 0 16,000 83,000 182,000 United States 799,000 3,941,000 251,000 602,000 5,593,000 Totals $ 908,000 3,941,000 $ 275,000 $ 709,000 $ 5,833,000 Revenues from domestic and export sales to unaffiliated customers for the nine months ended November 30, 2015 are as follows: Power Field Effect Power Geographic Region Transistors Hybrids Transistors MOSFETS Totals Europe and Australia $ 0 $ 0 $ 12,000 $ 0 $ 12,000 Canada and Latin America 18,000 0 25,000 40,000 83,000 Far East and Middle East 19,000 5,000 36,000 245,000 305,000 United States 965,000 3,023,000 422,000 1,704,000 6,114,000 Totals $ 1,002,000 $ 3,028,000 $ 495,000 $ 1,989,000 $ 6,514,000 Revenues from domestic and export sales are attributed to a global geographic region according to the location of the customer’s primary manufacturing or operating facilities. For the quarter ended November 30, 2016, sales to the Company’s top two customers consisted of the following: Customer % of Sales Raytheon Company 74 % United States Government 12 % 86 % For the quarter ended November 30, 2015, sales to the Company’s top two customers consisted of the following: Customer % of Sales Raytheon Company 54 % United States Government 10 % 64 % For the nine months ended November 30, 2016, sales to the Company’s top two customers consisted of the following: Customer % of Sales Raytheon Company 68 % United States Government 11 % 79 % For the nine months ended November 30, 2015, sales to the Company’s top two customers consisted of the following: Customer % of Sales Raytheon Company 51 % United States Government 12 % 63 % |
Major Suppliers
Major Suppliers | 9 Months Ended |
Nov. 30, 2016 | |
Major Suppliers [Abstract] | |
MAJOR SUPPLIERS | 8. MAJOR SUPPLIERS For the quarter ended November 30, 2016, purchases from the Company’s top two vendors consisted of the following: Vendor % of Purchases Egide, USA 17 % Air Products and Services 12 % 29 % For the quarter ended November 30, 2015, purchases from the Company’s top two vendors consisted of the following: Vendor % of Purchases Egide, USA 28 % Sintermetalglass 17 % 45 % For the nine months ended November 30, 2016, purchases from the Company’s top two vendors consisted of the following: Vendor % of Purchases Egide, USA 21 % Air Products 10 % 31 % For the nine months ended November 30, 2015, purchases from the Company’s top two vendors consisted of the following: Vendor % of Purchases Wuxi Streamtek LTD 18 % Sintermetalglass 17 % 35 % |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Nov. 30, 2016 | |
Commitments and Contingencies [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 9. COMMITMENTS AND CONTINGENCIES Future minimum lease payments for the Company’s manufacturing facility are as follows: Fiscal Year Ending February 28/29 Amount 2017 $ 107,000 2018 440,000 2019 454,000 2020 467,000 2021 481,000 Thereafter 411,000 $ 2,360,000 |
Payment of Dividend
Payment of Dividend | 9 Months Ended |
Nov. 30, 2016 | |
Payment of Dividend [Abstract] | |
PAYMENT OF DIVIDEND | 10. PAYMENT OF DIVIDEND The Board of Directors of the Company did not declare a cash dividend during the three and nine months ended November 30, 2016. In July 2015, the Company paid a dividend of $0.25 per share to all stockholders of record at the close of business on June 29, 2015. The aggregate dividend payment was approximately $575,000. |
Stock Repurchase Program
Stock Repurchase Program | 9 Months Ended |
Nov. 30, 2016 | |
Stock Repurchase Program [Abstract] | |
STOCK REPURCHASE PROGRAM | 11. STOCK REPURCHASE PROGRAM On May 29, 2015, the Board of Directors of the Company authorized a stock repurchase program under which the Company may repurchase up to $500,000 of the Company’s common stock through February 29, 2016. On July 28, 2015, the Company announced that the Board of Directors had expanded the stock repurchase program to cover repurchases of up to $1,000,000 of its outstanding common stock from time to time through February 29, 2016. On November 20, 2015, the Company purchased for $279,616 a total of 65,027 shares of the Company’s common stock pursuant to the repurchase program. On January 15, 2016, the Board of Directors of the Company amended the repurchase program under which the Company may repurchase up to $1,000,000 of its outstanding common stock without an expiration date to the repurchase program. Under the repurchase program, repurchases may be made by the Company from time to time on the open market or in privately negotiated transactions depending on market conditions, stock price, corporate and regulatory requirements, and other factors. The Company did not repurchase any outstanding common stock under the stock repurchase program in the three and nine months ended November 30, 2016. See Note 12 for shares and options repurchased from the former Chief Executive Officer that were not pursuant to the stock repurchase program. |
Retirement of Former Chief Exec
Retirement of Former Chief Executive Officer | 9 Months Ended |
Nov. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
RETIREMENT OF FORMER CHIEF EXECUTIVE OFFICER | 12. RETIREMENT OF FORMER CHIEF EXECUTIVE OFFICER On July 22, 2016, Shevach Saraf retired as Chairman, Chief Executive Officer, President, Chief Financial Officer, Treasurer and a member of the Board of Directors of the Company. The Separation Payment and Additional Consideration (as defined below) pursuant to the Separation Agreement entitled to Mr. Saraf included the following payments and benefits related to the repurchase of shares. ● a payment of one million two hundred ninety-four thousand three hundred fifteen dollars and ffty-seven cents ($1,294,315.57) representing the aggregate purchase price for the Company’s purchase of Mr. Saraf’s ownership of 331,027 shares of the Company’s common stock (the “Purchase Price”), of which $82,757 represented an excess paid over fair value on the Separation Date; ● a payment of nine hundred ninety-five thousand one hundred fourteen dollars and thirty-eight cents ($995,114.38) representing the aggregate payment by the Company to Mr. Saraf for the exercisable stock options held by Mr. Saraf for 290,073 shares of the Company’s common stock pursuant to his stock option agreements (the “Option Payment”), of which $69,753 represented an excess paid over fair value on the Separation Date using Black-Sholes calculations with a Risk Free Interest Rate of .55%, a Volatility of 29.2% and a Life of one year consistent with the contract expiration of these options. |
Organization and Summary of S18
Organization and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Nov. 30, 2016 | |
Organization and Summary of Significant Accounting Policies [Abstract] | |
Nature of Operations and Activities | Nature of Operations and Activities Solitron Devices, Inc., a Delaware corporation (the “Company” or “Solitron”), designs, develops, manufactures, and markets solid-state semiconductor components and related devices primarily for the military and aerospace markets. The Company was incorporated under the laws of the State of New York in 1959 and reincorporated under the laws of the State of Delaware in August 1987. |
Basis of Presentation | Basis of Presentation The unaudited condensed financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The unaudited condensed financial information furnished herein reflects all adjustments, consisting of normal recurring items that, in the opinion of management, are necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the interim periods. The results of operations for the nine months ended November 30, 2016 are not necessarily indicative of the results to be expected for the year ending February 28, 2017. The information included in this Form 10-Q should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended February 29, 2016. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include demand deposits and money market accounts. |
Investment in Treasury Bills and Certificates of Deposit | Investment in Treasury Bills and Certificates of Deposit Investment in treasury bills and certificates of deposit include treasury bills with maturities of one year or less, and is stated at market value. All of the Company’s investments are classified as available-for-sale. As they are available for current operations, they are classified as current on the balance sheets. Investments in available-for-sale securities are reported at fair value with unrecognized gains or losses, net of tax, as a component of accumulated other comprehensive income and is included as a separate component of stockholders’ equity. The Company monitors its investments for impairment periodically and records appropriate reductions in carrying values when the declines are determined to be other-than-temporary. As of November 30, 2016, the Company’s available for sale non-equity investments were comprised of certificates of deposits. As of November 30, 2016, contractual maturities of the Company’s available-for-sale non-equity investments were as follows: Face Value Fair Value (In thousands) (In thousands) Maturing within one year $ 1,992 $ 1,993 |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Accounting Standards Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosures”, defines “fair value” as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also sets forth a valuation hierarchy of the inputs (assumptions that market participants would use in pricing an asset or liability) used to measure fair value. This hierarchy prioritizes the inputs into the following three levels: Level 1: Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities traded in active markets. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3: Inputs that are generally unobservable. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. The Company’s brokered Treasury bills and certificates of deposits are subject to level 1 fair value measurement. The carrying amounts of the Company’s short-term financial instruments, including accounts receivable, accounts payable, accrued expenses and other liabilities approximate their fair value due to the relatively short period to maturity for these instruments. |
Accounts Receivable | Accounts Receivable Accounts receivable consists of unsecured credit extended to the Company’s customers in the ordinary course of business. The Company reserves for any amounts deemed to be uncollectible based on past collection experiences and an analysis of outstanding balances, using an allowance account. The allowance amount was $2,000 as of November 30, 2016 and February 29, 2016. |
Shipping and Handling | Shipping and Handling Shipping and handling costs billed to customers are recorded in net sales. Shipping costs incurred by the Company are recorded in cost of sales. |
Inventories | Inventories Inventories are stated at the lower of cost or market. Cost is determined using the “first-in, first-out” (FIFO) method. The Company buys raw material only to fill customer orders. Excess raw material is created only when a vendor imposes a minimum buy in excess of actual requirements. Such excess material will usually be utilized to meet the requirements of the customer’s subsequent orders. If excess material is not utilized after two fiscal years, it is fully reserved. Any inventory item once designated as reserved is carried at zero value in all subsequent valuation activities. The Company’s inventory valuation policy is as follows: Raw material /Work in process: All material purchased, processed, and/or used in the last two fiscal years is valued at the lower of its acquisition cost or market except for wafers which function under a three year policy. All material not used in the last two fiscal years is fully reserved. Finished goods: All finished goods with firm orders for later delivery are valued (material and overhead) at the lower of cost or market. All finished goods with no orders are fully reserved. Direct labor costs: Direct labor costs are allocated to finished goods and work in process inventory based on engineering estimates of the amount of man-hours required from the different direct labor departments to bring each device to its particular level of completion. Manufacturing overhead costs are allocated to finished goods and work in process inventory as a ratio to direct labor costs. |
Revenue Recognition | Revenue Recognition Revenue is recognized in accordance with SEC Staff Accounting Bulletin No. 104, Revenue Recognition |
Financial Statement Estimates | Financial Statement Estimates The preparation of condensed financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates, and the differences could be material. Such estimates include depreciable life, valuation allowance, and allowance for inventory obsolescence. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements No recent accounting pronouncements affecting the Company were issued by the Financial Accounting Standards Board or other standards-setting bodies. |
Organization and Summary of S19
Organization and Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Nov. 30, 2016 | |
Organization and Summary of Significant Accounting Policies [Abstract] | |
Summary of contractual maturities of available-for-sale non-equity investments | Face Value Fair Value (In thousands) (In thousands) Maturing within one year $ 1,992 $ 1,993 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Nov. 30, 2016 | |
Earnings Per Share [Abstract] | |
Summary of basic and diluted earnings per common share | For the three months ended November 30, For the nine months ended November 30, 2016 2015 2016 2015 Weighted average common shares outstanding 1,901,950 2,290,779 2,075,288 2,249,759 Dilutive effect of employee stock options 0 161,012 0 0 Weighted average common shares outstanding, assuming dilution 1,901,950 2,451,791 2,075,288 2,249,759 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Nov. 30, 2016 | |
Inventories [Abstract] | |
Schedule of inventories | Gross Reserve Net Raw Materials $ 2,051,000 $ (687,000 ) $ 1,364,000 Work-In-Process 3,945,000 (1,742,000 ) 2,203,000 Finished Goods 939,000 (823,000 ) 116,000 Totals $ 6,935,000 $ (3,252,000 ) $ 3,683,000 Gross Reserve Net Raw Materials $ 1,854,000 $ (489,000 ) $ 1,365,000 Work-In-Process 3,915,000 (1,775,000 ) 2,140,000 Finished Goods 980,000 (814,500 ) 165,500 Totals $ 6,749,000 $ (3,078,500 ) $ 3,670,500 |
Accrued Expenses and Other Cu22
Accrued Expenses and Other Current Liabilities (Tables) | 9 Months Ended |
Nov. 30, 2016 | |
Accrued Expenses and Other Current Liabilities [Abstract] | |
Summary of accrued expenses and other liabilities | November 30, February 29, Payroll and related employee benefits $ 372,000 $ 447,000 Property taxes 43,000 10,000 Other liabilities 57,000 40,000 Totals $ 472,000 $ 497,000 |
Export Sales and Major Custom23
Export Sales and Major Customers (Tables) | 9 Months Ended |
Nov. 30, 2016 | |
Export Sales and Major Customers [Abstract] | |
Summary of revenues from domestic and export sales to unaffiliated customers | Power Field Effect Power Geographic Region Transistors Hybrids Transistors MOSFETS Totals Europe and Australia $ 2,000 $ 0 $ 3,000 $ 24,000 $ 29,000 Canada and Latin America 4,000 0 0 0 4,000 Far East and Middle East 0 0 11,000 0 11,000 United States 350,000 1,358,000 82,000 311,000 2,101,000 Totals $ 356,000 $ 1,358,000 $ 96,000 $ 335,000 $ 2,145,000 Power Field Effect Power Geographic Region Transistors Hybrids Transistors MOSFETS Totals Europe and Australia $ 0 $ 0 $ 3,000 $ 0 $ 3,000 Canada and Latin America 9,000 0 1,000 40,000 50,000 Far East and Middle East 15,000 5,000 7,000 99,000 126,000 United States 259,000 698,000 138,000 645,000 1,740,000 Totals $ 283,000 $ 703,000 $ 149,000 $ 784,000 $ 1,919,000 Power Field Effect Power Geographic Region Transistors Hybrids Transistors MOSFETS Totals Europe and Australia $ 13,000 $ 0 $ 8,000 $ 24,000 $ 45,000 Canada and Latin America 13,000 0 0 0 13,000 Far East and Middle East 83,000 0 16,000 83,000 182,000 United States 799,000 3,941,000 251,000 602,000 5,593,000 Totals $ 908,000 3,941,000 $ 275,000 $ 709,000 $ 5,833,000 Power Field Effect Power Geographic Region Transistors Hybrids Transistors MOSFETS Totals Europe and Australia $ 0 $ 0 $ 12,000 $ 0 $ 12,000 Canada and Latin America 18,000 0 25,000 40,000 83,000 Far East and Middle East 19,000 5,000 36,000 245,000 305,000 United States 965,000 3,023,000 422,000 1,704,000 6,114,000 Totals $ 1,002,000 $ 3,028,000 $ 495,000 $ 1,989,000 $ 6,514,000 |
Summary of percentage of sales from major customer | Customer % of Sales Raytheon Company 74 % United States Government 12 % 86 % Customer % of Sales Raytheon Company 54 % United States Government 10 % 64 % Customer % of Sales Raytheon Company 68 % United States Government 11 % 79 % Customer % of Sales Raytheon Company 51 % United States Government 12 % 63 % |
Major Suppliers (Tables)
Major Suppliers (Tables) | 9 Months Ended |
Nov. 30, 2016 | |
Major Suppliers [Abstract] | |
Summary of percentage of purchase from major vendors | Vendor % of Purchases Egide, USA 17 % Air Products and Services 12 % 29 % Vendor % of Purchases Egide, USA 28 % Sintermetalglass 17 % 45 % Vendor % of Purchases Egide, USA 21 % Air Products 10 % 31 % Vendor % of Purchases Wuxi Streamtek LTD 18 % Sintermetalglass 17 % 35 % |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Nov. 30, 2016 | |
Commitments and Contingencies [Abstract] | |
Summary of future minimum lease payments for the Company's manufacturing facility | Fiscal Year Ending February 28/29 Amount 2017 $ 107,000 2018 440,000 2019 454,000 2020 467,000 2021 481,000 Thereafter 411,000 $ 2,360,000 |
Organization and Summary of S26
Organization and Summary of Significant Accounting Policies (Details) $ in Thousands | Nov. 30, 2016USD ($) |
Schedule of contractual maturities of the Company's available-for-sale non-equity investments | |
Maturing within one year, Face Value | $ 1,992 |
Maturing within one year, Fair Value | $ 1,993 |
Organization and Summary of S27
Organization and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |
Nov. 30, 2016 | Feb. 29, 2016 | |
Summary of Significant Accounting Policies (Textual) | ||
Maturity term | One year or less | |
Accounts receivable allowance amount | $ 2 | $ 2 |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2016 | Nov. 30, 2015 | |
Summary of basic and diluted earnings per common share | ||||
Weighted average common shares outstanding | 1,901,950 | 2,290,779 | 2,075,288 | 2,249,759 |
Dilutive effect of employee stock options | 0 | 161,012 | 0 | 0 |
Weighted average common shares outstanding, assuming dilution | 1,901,950 | 2,451,791 | 2,075,288 | 2,249,759 |
Inventories (Details)
Inventories (Details) - USD ($) | Nov. 30, 2016 | Feb. 29, 2016 |
Schedule of Inventories | ||
Inventories, Raw Materials, Gross | $ 2,051,000 | $ 1,854,000 |
Inventories, Work-In-Process, Gross | 3,945,000 | 3,915,000 |
Inventories, Finished Goods, Gross | 939,000 | 980,000 |
Inventories, Gross, Total | 6,935,000 | 6,749,000 |
Inventories, Raw Material, Reserve | (687,000) | (489,000) |
Inventories, Work-In-Process, Reserve | (1,742,000) | (1,775,000) |
Inventories, Finished Goods, Reserve | (823,000) | (814,500) |
Inventories, Reserve, Total | (3,252,000) | (3,078,500) |
Inventories, Raw Material, Net | 1,364,000 | 1,365,000 |
Inventories, Work In Process, Net | 2,203,000 | 2,140,000 |
Inventories, Finished Goods, Net | 116,000 | 165,500 |
Inventories, Net, Total | $ 3,683,000 | $ 3,671,000 |
Income Taxes (Details)
Income Taxes (Details) | 9 Months Ended |
Nov. 30, 2016USD ($) | |
Income Taxes (Textual) | |
Operating loss carryforwards, net | $ 10,016,000 |
Operating loss carryforwards, Expiration date | Feb. 29, 2028 |
Valuation allowance recorded on deferred tax assets, Percentage | 100.00% |
Operating loss carryforwards, description | Net operating losses after 1996 are subject to a twenty-year loss carryforward. Of the Company's $10,016,000 of net operating loss carryforwards as of November 30, 2016, approximately $1,254,000 expire in 2021, $1,248,000 expire in 2022, and $7,514,000 expire in 2028. |
Cumulative change in ownership percentage | 50.00% |
Period for cumulative change in ownership | 3 years |
Accrued Expenses and Other Cu31
Accrued Expenses and Other Current Liabilities (Details) - USD ($) | Nov. 30, 2016 | Feb. 29, 2016 |
Summary of accrued expenses and other liabilities | ||
Payroll and related employee benefits | $ 372,000 | $ 447,000 |
Property taxes | 43,000 | 10,000 |
Other liabilities | 57,000 | 40,000 |
Total | $ 472,000 | $ 497,000 |
Export Sales and Major Custom32
Export Sales and Major Customers (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2016 | Nov. 30, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues, Total | $ 2,145,000 | $ 1,919,000 | $ 5,833,000 | $ 6,514,000 |
Power Transistors [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues, Total | 356,000 | 283,000 | 908,000 | 1,002,000 |
Hybrids [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues, Total | 1,358,000 | 703,000 | 3,941,000 | 3,028,000 |
Field Effect Transistors [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues, Total | 96,000 | 149,000 | 275,000 | 495,000 |
Power MOSFETS [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues, Total | 335,000 | 784,000 | 709,000 | 1,989,000 |
Europe and Australia [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues, Total | 29,000 | 3,000 | 45,000 | 12,000 |
Europe and Australia [Member] | Power Transistors [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues, Total | 2,000 | 0 | 13,000 | 0 |
Europe and Australia [Member] | Hybrids [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues, Total | 0 | 0 | 0 | 0 |
Europe and Australia [Member] | Field Effect Transistors [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues, Total | 3,000 | 3,000 | 8,000 | 12,000 |
Europe and Australia [Member] | Power MOSFETS [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues, Total | 24,000 | 0 | 24,000 | 0 |
Canada and Latin America [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues, Total | 4,000 | 50,000 | 13,000 | 83,000 |
Canada and Latin America [Member] | Power Transistors [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues, Total | 4,000 | 9,000 | 13,000 | 18,000 |
Canada and Latin America [Member] | Hybrids [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues, Total | 0 | 0 | 0 | 0 |
Canada and Latin America [Member] | Field Effect Transistors [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues, Total | 0 | 1,000 | 0 | 25,000 |
Canada and Latin America [Member] | Power MOSFETS [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues, Total | 0 | 40,000 | 0 | 40,000 |
Far East and Middle East [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues, Total | 11,000 | 126,000 | 182,000 | 305,000 |
Far East and Middle East [Member] | Power Transistors [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues, Total | 0 | 15,000 | 83,000 | 19,000 |
Far East and Middle East [Member] | Hybrids [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues, Total | 0 | 5,000 | 0 | 5,000 |
Far East and Middle East [Member] | Field Effect Transistors [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues, Total | 11,000 | 7,000 | 16,000 | 36,000 |
Far East and Middle East [Member] | Power MOSFETS [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues, Total | 0 | 99,000 | 83,000 | 245,000 |
United States [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues, Total | 2,101,000 | 1,740,000 | 5,593,000 | 6,114,000 |
United States [Member] | Power Transistors [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues, Total | 350,000 | 259,000 | 799,000 | 965,000 |
United States [Member] | Hybrids [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues, Total | 1,358,000 | 698,000 | 3,941,000 | 3,023,000 |
United States [Member] | Field Effect Transistors [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues, Total | 82,000 | 138,000 | 251,000 | 422,000 |
United States [Member] | Power MOSFETS [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues, Total | $ 311,000 | $ 645,000 | $ 602,000 | $ 1,704,000 |
Export Sales and Major Custom33
Export Sales and Major Customers (Details 1) - Sales [Member] | 3 Months Ended | 9 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2016 | Nov. 30, 2015 | |
Revenue, Major Customer [Line Items] | ||||
Percentage of purchases from major vendors | 86.00% | 64.00% | 79.00% | 63.00% |
Raytheon Company [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Percentage of purchases from major vendors | 74.00% | 54.00% | 68.00% | 51.00% |
United States Government [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Percentage of purchases from major vendors | 12.00% | 10.00% | 11.00% | 12.00% |
Export Sales and Major Custom34
Export Sales and Major Customers (Details Textual) - Customers | 3 Months Ended | 9 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2016 | Nov. 30, 2015 | |
Export Sales and Major Customers (Textual) | ||||
Number of major customers | 2 | 2 | 2 | 2 |
Major Suppliers (Details)
Major Suppliers (Details) - Supplier Concentration Risk [Member] | 3 Months Ended | 9 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2016 | Nov. 30, 2015 | |
Summary of percentage of purchase from major vendors | ||||
Percentage of purchases from major vendors | 29.00% | 45.00% | 31.00% | 35.00% |
Egide, USA [Member] | ||||
Summary of percentage of purchase from major vendors | ||||
Percentage of purchases from major vendors | 17.00% | 28.00% | 21.00% | |
Sintermetalglass [Member] | ||||
Summary of percentage of purchase from major vendors | ||||
Percentage of purchases from major vendors | 17.00% | 17.00% | ||
Wuxi Streamtek LTD [Member] | ||||
Summary of percentage of purchase from major vendors | ||||
Percentage of purchases from major vendors | 18.00% | |||
Air Products and Services [Member] | ||||
Summary of percentage of purchase from major vendors | ||||
Percentage of purchases from major vendors | 12.00% | |||
Air Products [Member] | ||||
Summary of percentage of purchase from major vendors | ||||
Percentage of purchases from major vendors | 10.00% |
Major Suppliers (Details Textua
Major Suppliers (Details Textual) - Vendors | 3 Months Ended | 9 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2016 | Nov. 30, 2015 | |
Major Suppliers (Textual) | ||||
Number of major vendors | 2 | 2 | 2 | 2 |
Commitments and Contingencies37
Commitments and Contingencies (Details) | Nov. 30, 2016USD ($) |
Summary of future minimum lease payments for the Company's manufacturing facility | |
2,017 | $ 107,000 |
2,018 | 440,000 |
2,019 | 454,000 |
2,020 | 467,000 |
2,021 | 481,000 |
Thereafter | 411,000 |
Total | $ 2,360,000 |
Payment of Dividend (Details)
Payment of Dividend (Details) | 1 Months Ended |
Jul. 31, 2015USD ($)$ / shares | |
Payment of Dividend (Textual) | |
Cash dividends per share | $ / shares | $ 0.25 |
Aggregate dividend payment | $ | $ 575,000 |
Stock Repurchase Program (Detai
Stock Repurchase Program (Details) - USD ($) | 1 Months Ended | |||
Nov. 20, 2015 | Jul. 28, 2015 | May 29, 2015 | Jan. 15, 2016 | |
Stock Repurchase Program (Textual) | ||||
Stock repurchase program, authorized amount | $ 1,000,000 | $ 500,000 | $ 1,000,000 | |
Stock repurchase program, expiration date | Feb. 29, 2016 | Feb. 29, 2016 | ||
Number of shares repurchased | 65,027 | |||
Repurchased share value | $ 279,616 |
Retirement of Former Chief Ex40
Retirement of Former Chief Executive Officer (Details) | Jul. 22, 2016USD ($)shares |
Stock Option [Member] | |
Retirement of Former Chief Executive Officer (Textual) | |
Stock issued during period value | $ (995,114.38) |
Stock issued during period ,Share | shares | 290,073 |
Excess paid over fair value | $ 69,753 |
Risk free interest rate | 0.55% |
Volatility rate | 29.20% |
Expiration period | 1 year |
Common Stock [Member] | |
Retirement of Former Chief Executive Officer (Textual) | |
Stock issued during period value | $ (1,294,315.57) |
Stock issued during period ,Share | shares | 331,027 |
Excess paid over fair value | $ 82,757 |