Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | IMAGE SENSING SYSTEMS INC | |
Entity Central Index Key | 0000943034 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 5,354,337 | |
Entity Current Reporting Status | Yes | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity File Number | 0-26056 | |
Entity Address, Address Line One | Spruce Tree Centre, Suite 400 | |
Entity Address, Address Line Two | 1600 University Avenue West | |
Entity Address, City or Town | St. Paul | |
Entity Address, State or Province | MN | |
Entity Address, Postal Zip Code | 55104 | |
Entity Tax Identification Number | 41-1519168 | |
City Area Code | (651) | |
Local Phone Number | 603-7700 | |
Entity Incorporation, State or Country Code | MN | |
Entity Interactive Data Current | Yes | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Common Stock [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | ISNS | |
Security Exchange Name | NASDAQ | |
Rights [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Preferred Stock Purchase Rights | |
Trading Symbol | ISNS | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 8,212 | $ 8,605 |
Accounts receivable, net of allowance for doubtful accounts of $5 and $2 respectively | 2,850 | 2,261 |
Inventories | 829 | 770 |
Prepaid expenses and other current assets | 434 | 480 |
Total current assets | 12,325 | 12,116 |
Property and equipment: | ||
Furniture and fixtures | 154 | 154 |
Leasehold improvements | 6 | 6 |
Equipment | 1,222 | 1,215 |
Property and equipment, Gross | 1,382 | 1,375 |
Accumulated depreciation | 1,114 | 1,072 |
Property and equipment, Net | 268 | 303 |
Operating lease assets, net | 82 | 136 |
Intangible assets, net | 3,097 | 3,161 |
Deferred income taxes | 5,507 | 5,708 |
TOTAL ASSETS | 21,279 | 21,424 |
Current liabilities: | ||
Accounts payable | 301 | 547 |
Deferred revenue | 38 | 37 |
Warranty | 130 | 141 |
Accrued compensation | 128 | 148 |
Operating lease obligations | 75 | 126 |
Short-term debt | 0 | 349 |
Other current liabilities | 124 | 124 |
Total current liabilities | 796 | 1,472 |
Operating lease obligations | 6 | 8 |
Long-term debt | 0 | 574 |
TOTAL LIABILITIES | 802 | 2,054 |
Shareholders' equity: | ||
Preferred stock, $0.01 par value; 5,000,000 shares authorized, none issued or outstanding | 0 | 0 |
Common stock, $0.01 par value; 20,000,000 shares authorized, 5,354,337 and 5,352,626 issued and outstanding at March 31, 2021 and December 31, 2020, respectively | 54 | 54 |
Additional paid-in capital | 24,997 | 24,968 |
Accumulated other comprehensive loss | (203) | (150) |
Accumulated deficit | (4,371) | (5,502) |
Total shareholders' equity | 20,477 | 19,370 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 21,279 | $ 21,424 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Condensed Consolidated Balance Sheets [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 5 | $ 2 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock shares authorized | 5,000,000 | 5,000,000 |
Preferred stock shares issued | 0 | 0 |
Preferred stock shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock shares authorized | 20,000,000 | 20,000,000 |
Common stock shares issued | 5,354,337 | 5,352,626 |
Common stock shares outstanding | 5,354,337 | 5,352,626 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue: | ||
Total Revenue | $ 2,979 | $ 3,159 |
Cost of revenue: | ||
Total Cost of revenue | 706 | 623 |
Gross profit | 2,273 | 2,536 |
Operating expenses: | ||
Selling, general and administrative | 1,366 | 1,909 |
Research and development | 496 | 902 |
Total Operating expenses | 1,862 | 2,811 |
Income (loss) from operations | 411 | (275) |
Other income, net | 925 | 0 |
Income (loss) from operations before income taxes | 1,336 | (275) |
Income tax expense (benefit) | 205 | (164) |
Net income (loss) | $ 1,131 | $ (111) |
Net income (loss) per share: | ||
Basic (in dollars per share) | $ 0.21 | $ (0.02) |
Diluted (in dollars per share) | $ 0.21 | $ (0.02) |
Weighted average number of common shares outstanding: | ||
Basic (in shares) | 5,322 | 5,267 |
Diluted (in shares) | 5,342 | 5,267 |
Product sales [Member] | ||
Revenue: | ||
Total Revenue | $ 1,163 | $ 1,050 |
Cost of revenue: | ||
Total Cost of revenue | 613 | 531 |
Royalties [Member] | ||
Revenue: | ||
Total Revenue | 1,816 | 2,109 |
Cost of revenue: | ||
Total Cost of revenue | $ 93 | $ 92 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Condensed Consolidated Statements of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 1,131 | $ (111) |
Other comprehensive income (loss): | ||
Foreign currency translation adjustment | (53) | (106) |
Comprehensive income (loss) | $ 1,078 | $ (217) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating activities: | ||
Net income (loss) | $ 1,131,000 | $ (111,000) |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 40,000 | 50,000 |
Software amortization | 187,000 | 174,000 |
Stock-based compensation | 53,000 | 59,000 |
Deferred income tax benefit | 201,000 | 0 |
Forgiveness income from PPP Loan (Note L) | (931,000) | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (590,000) | 228,000 |
Inventories | (59,000) | 95,000 |
Prepaid expenses and other current assets | 46,000 | (108,000) |
Accounts payable | (242,000) | 186,000 |
Accrued expenses and other current liabilities | (22,000) | (79,000) |
Net cash provided by (used for) operating activities | (186,000) | 494,000 |
Investing activities: | ||
Capitalized software development costs | (123,000) | (22,000) |
Purchases of property and equipment | (10,000) | (75,000) |
Net cash used for investing activities | (133,000) | (97,000) |
Financing activities: | ||
Stock for tax withholding | (24,000) | 0 |
Net cash used for financing activities | (24,000) | 0 |
Effect of exchange rate changes on cash | (50,000) | (90,000) |
Change in cash and cash equivalents | (393,000) | 307,000 |
Cash and cash equivalents at beginning of period | 8,605,000 | 5,118,000 |
Cash and cash equivalents at end of period | 8,212,000 | 5,425,000 |
Non-Cash investing and financing activities: | ||
Purchase of property and equipment in accounts payable | $ 3,000 | $ 25,000 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Captal | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Balance at Mar. 31, 2020 | $ 17,775 | $ 53 | $ 24,810 | $ (412) | $ (6,676) |
Balance (in shares) at Mar. 31, 2020 | 5,331,799 | ||||
Stock-based compensation | $ 59 | 59 | |||
Stock-based compensation (in shares) | 8,950 | ||||
Stock options exercised (in shares) | 0 | ||||
Comprehensive income (loss): | |||||
Foreign currency translation adjustment | $ (106) | (106) | |||
Net income (loss) | (111) | (111) | |||
Balance at Dec. 31, 2019 | 17,933 | $ 53 | 24,751 | (306) | (6,565) |
Balance (in shares) at Dec. 31, 2019 | 5,322,849 | ||||
Balance at Mar. 31, 2021 | 20,477 | $ 54 | 24,997 | (203) | (4,371) |
Balance (in shares) at Mar. 31, 2021 | 5,354,337 | ||||
Stock-based compensation | $ 53 | 53 | |||
Stock-based compensation (in shares) | 7,035 | ||||
Stock options exercised (in shares) | 0 | ||||
Stock for tax withholding | $ (24) | (24) | |||
Stock for tax withholding (in shares) | (5,324) | ||||
Comprehensive income (loss): | |||||
Foreign currency translation adjustment | (53) | (53) | |||
Net income (loss) | 1,131 | 1,131 | |||
Balance at Dec. 31, 2020 | $ 19,370 | $ 54 | $ 24,968 | $ (150) | $ (5,502) |
Balance (in shares) at Dec. 31, 2020 | 5,352,626 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | Note A: Basis of Presentation Image Sensing Systems, Inc. (referred to in this Quarterly Report on Form 10-Q as "we," "us," "our" and the "Company") develops and markets video and radar processing products for use in applications such as intersection control, highway, bridge and tunnel traffic management and traffic data collection. We sell our products primarily to distributors and also receive royalties under a license agreement with a manufacturer/distributor for certain of our products. Our products are used primarily by governmental entities. The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to the Quarterly Report on Form 10-Q, which require the Company to make estimates and assumptions that affect amounts reported. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to rules and regulations of the Securities and Exchange Commission (the "SEC"). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. It is the opinion of management that the unaudited condensed consolidated financial statements include all adjustments consisting of normal recurring accruals considered necessary for a fair presentation. All significant intercompany balances and transactions have been eliminated. Operating results for the three March 31, 2021 Corporate Reorganization On April 28, 2021, the Board of Directors of the Company approved proceeding with the implementation of a reorganization (the “Reorganization”) of the Company's corporate structure into a holding company structure. When implemented, the Company will become a wholly-owned subsidiary of a new holding company, Autoscope Technologies Corporation (“Autoscope”), which will replace the Company as the public company trading on the Nasdaq Stock Market. Outstanding shares of the Company will be automatically converted into shares of common stock of Autoscope. The holding company reorganization is not expected to result in a change in the directors, executive officers, management or business of the Company. The Reorganization is intended to be a tax-free transaction for U.S. federal income tax purposes for the Company’s shareholders and, subject to obtaining required approvals or any other intervening developments, is expected to be completed in the second quarter of 2021. Cash Dividend On April 28, 2021, the Board of Directors of the Company approved a cash dividend of $0.12 per share to shareholders of record on the close of business on May 10, 2021, which is payable to shareholders on May 20, 2021. Summary of Significant Accounting Policies The Company believes that of its significant accounting policies, the following are particularly important to the portrayal of the Company's results of operations and financial position and may require the application of a higher level of judgment by the Company's management and, as a result, are subject to an inherent degree of uncertainty. Revenue Recognition We recognize revenue when control of the promised goods or services is transferred to customers in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. We determine revenue recognition through the following steps: ● Identification of a contract, or contracts, with a customer; ● Identification of performance obligations in the contract; ● Determination of the transaction price; ● Allocation of the transaction price to the performance obligations in the contract; and ● Recognition of revenue when, or as, we satisfy a performance obligation. Revenue disaggregated by revenue source for the three months ended March 31, 2021 and 2020 consists of the following (in thousands); revenue excludes sales and usage-based taxes when or if it has been determined that we are acting as a pass-through agent: Three Months Ended March 31, 2021 2020 Product sales $ 1,163 $ 1,050 Royalties 1,816 2,109 Total revenue $ 2,979 $ 3,159 Product Sales: Product revenue is generated primarily from the direct sales of our RTMS radar systems worldwide and our Autoscope video systems in Europe and Asia. Revenue is recognized when control of the promised goods or services is transferred to our customers in an amount that reflects the amount we expect to receive in exchange for those goods or services. Certain product sales may contain multiple performance obligations for revenue recognition purposes. Multiple performance obligations may include hardware, software, installation services, training, support, and extended warranties. For performance obligations without observable stand-alone prices charged to customers Revenue for services such as maintenance, repair, and technical support is recognized either as the service is performed or ratably over the defined contractual period for service maintenance contracts. From time to time, our payment terms may vary by the type and location of our customer and the products or services offered. Revenue for extended warranties are deferred until the coverage period and then recognized ratably over the extended warranty term. We record deferred revenues when cash payments are received or due in advance of our performance, including amounts which are refundable. We record provisions against sales revenue for estimated returns and allowances in the period when the related revenue is recorded based on historical sales returns and changes in end user demand. Royalties: Econolite Control Products, Inc. (“Econolite”) is our licensee that sells our Autoscope video system products in the United States, Mexico, Canada and the Caribbean. The royalty of approximately 50% of the gross profit on licensed products is recognized when the products are shipped or delivered by Econolite to its customers. Practical Expedients and Exemptions: We generally expense sales commissions when incurred because the amortization periods would have been one year We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year Inventories Inventories are primarily electronic components and finished goods and are valued at the lower of cost or net realizable value determined under the first-in, first-out accounting method. Income Taxes We record a tax provision for the anticipated tax consequences of our reported results of operations. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those deferred tax assets and liabilities are expected to be realized or settled. We record a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. We believe it is more likely than not that forecasted income, including income that may be generated as a result of certain tax planning strategies, together with the tax effects of the deferred tax liabilities, will be sufficient to fully recover the remaining net realizable value of our deferred tax assets. If all or part of the net deferred tax assets are determined not to be realizable in the future, an adjustment to the valuation allowance would be charged to earnings in the period such determination is made. In addition, the calculation of tax liabilities involves significant judgment in estimating the impact of uncertainties in the application of complex tax laws. Resolution of these uncertainties in a manner inconsistent with management’s expectations could have a material impact on our financial condition and operating results. We recognize penalties and interest expense related to unrecognized tax benefits in income tax expense. Intangible Assets We capitalize certain software development costs related to software to be sold, leased, or otherwise marketed. Capitalized software development costs include purchased materials, services, internal labor and other costs associated with the development of new products and services. Software development costs are expensed as incurred until technological feasibility has been established, at which time future costs incurred are capitalized until the product is available for general release to the public. Based on our product development process, technological feasibility is generally established once product and detailed program designs have been completed, uncertainties related to high-risk development issues have been resolved through coding and testing, and we have established that the necessary skills, hardware, and software technology are available for production of the product. Once a software product is available for general release to the public, capitalized development costs associated with that product will begin to be amortized to cost of sales over the product's estimated economic selling life, using the greater of straight-line or a method that results in cost recognition in future periods that is consistent with the anticipated timing of product revenue recognition. Capitalized software development costs are subject to an ongoing assessment of recoverability, which is impacted by estimates and assumptions of future revenues and expenses for these software products, as well as other factors such as changes in product technologies. Any portion of unamortized capitalized software development costs that are determined to be in excess of net realizable value have been expensed in the period in which such a determination is made. Subsequent to reaching technological feasibility for certain software products, we capitalized approximately $ March 31, 2021 Intangible assets with finite lives are amortized on a straight - line basis over the expected period to be benefited by future cash flows and reviewed for impairment. At both March 31, 2021 - lived intangible assets. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2021 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | Note B: Recent Accounting Pronouncements Accounting pronouncements recently adopted In August 2018, the FASB issued Accounting Standards Update (ASU) No. 2018-13, "Fair Value Measurements (Topic 820)." ASU 2018-13 eliminates, amends and adds disclosure requirements for fair value measurements. ASU 2018-13 is required to be adopted for annual periods beginning after December 15, 2019, including interim periods within that annual period, which is our fiscal year 2020. We adopted these changes as of January 1, 2020; however, there are no required changes that apply to our fair value measurements disclosures. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note C: Fair Value Measurements The guidance for fair value measurements establishes the authoritative definition of fair value, sets out a framework for measuring fair value and outlines the required disclosures regarding fair value measurements. Fair value is the price that would be received to sell 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 at the measurement date. We use a three Level 1: observable inputs such as quoted prices in active markets; Level 2: inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3: unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Financial Instruments not Measured at Fair Value Certain of our financial instruments are not measured at fair value and are recorded at carrying amounts approximating fair value, based on their short-term nature or variable interest rate. These financial instruments include cash and cash equivalents, accounts receivable, accounts payable and other current financial assets and liabilities. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2021 | |
Inventories [Abstract] | |
Inventories | Note D: Inventories Inventories consisted of the following (in thousands): March 31, 2021 December 31, 2020 Finished goods $ 736 $ 661 Components 93 109 Total $ 829 $ 770 |
Operating Leases
Operating Leases | 3 Months Ended |
Mar. 31, 2021 | |
Operating Leases [Abstract] | |
Operating Leases | Note E: Operating Leases The Company is subject to various non-cancelable operating leases for office space and IT equipment expiring at various dates through November 2022. These leases do not have significant rent escalation, holidays, concessions, leasehold improvement incentives, or other build-out clauses. Further, the leases do not contain contingent rent provisions. Most of these leases include an Because most of our leases do not provide an implicit rate, we use our incremental borrowing rate in determining the present value of the lease payments. The incremental borrowing rate represents an estimate of the interest rate we would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of a lease. We used incremental borrowing rates as of January 1, 2019 for operating leases that commenced prior to that date. We have a centrally managed treasury function; therefore, based on the applicable lease terms and the current economic environment, we apply a portfolio approach for determining the incremental borrowing rate. The Three-Month Periods Ended March 31, 2021 2020 Operating lease costs $ 55 $ 66 Variable lease cost 43 76 Total $ 98 $ 142 Variable lease costs consist primarily of property taxes, insurance, and common area or other maintenance costs for our leased facilities and equipment, which are paid based on actual costs incurred by the lessor. Maturities for our lease liabilities for all operating leases are as follows (in thousands) as of March 31, 2021: Total 2021 $ 74 2022 8 2023 and thereafter — Total lease payments 82 Less: Interest (1 ) Present value of lease liabilities $ 81 The weighted average remaining lease terms and discount rates for all of our operating leases were as follows as of March 31, 2021: March 31, 2021 Remaining lease term and discount rate: Weighted average remaining lease term (years) 0.59 Weighted average discount rate 4.75 % Cash paid for amounts included in the measurement of operating lease liabilities was $55,000 and $67,000 for the three months ended March 31, 2021 and 2020, respectively, and these amounts are included in operating activities in the condensed consolidated statements of cash flows. There were no |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2021 | |
Intangible Assets [Abstract] | |
Intangible Assets | Note F: Intangible Assets Intangible assets consisted of the following (dollars in thousands): March 31, 2021 Weighted Gross Net Average Carrying Accumulated Carrying Useful Life Amount Amortization Value (in Years) Wrong Way development costs $ 228 $ (228) $ — — Vision development costs 3,052 (1,645) 1,407 8.0 Echo development costs 1,852 (308) 1,544 7.0 IntellitraffiQ development costs 468 (322) 146 4.0 Total $ 5,600 $ (2,503) $ 3,097 7.0 December 31, 2020 Weighted Gross Net Average Carrying Accumulated Carrying Useful Life Amount Amortization Value (in Years) Wrong Way development costs $ 228 $ (228 ) $ — — Vision development costs 2,929 (1,553 ) 1,376 8.0 Echo development costs 1,852 (242 ) 1,610 7.0 IntellitraffiQ development costs 468 (293 ) 175 4.0 Total $ 5,477 $ (2,316 ) $ 3,161 7.3 |
Warranties
Warranties | 3 Months Ended |
Mar. 31, 2021 | |
Warranties [Abstract] | |
Warranties | Note G: Warranties We generally provide a two three year Warranty liability and related activity consisted of the following (in thousands): Three-Month Periods Ended March 31, 2021 2020 Beginning balance $ 141 $ 313 Warranty provisions 12 7 Warranty claims (7 ) (23 ) Adjustments to preexisting warranties (13 ) (75 ) Currency (3 ) (2 ) Ending balance $ 130 $ 220 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | Note H: Stock-Based Compensation We compensate officers, directors, key employees and consultants with stock-based compensation under the Image Sensing Systems, Inc. 2014 2014 three one nine Compensation expense, net of estimated forfeitures, is recognized ratably over the vesting period. Stock-based compensation expense included in general and administrative expense for the three-month periods ended March 31, 2021 and 2020 was $53,000 and $ 59,000, At March 31, 2021, 148,024 shares were available for grant under the Company's 2014 Stock Options A summary of the stock option activity for the first three 2021 Number of Shares Weighted Weighted Aggregate Options outstanding at December 31, 2020 15,000 $ 4.76 2.94 $ 2,700 Granted — $ — — $ — Exercised — $ — — $ — Expired — $ — — $ — Forfeited (1,000 ) $ 4.22 — $ 320 Options outstanding at March 31, 2021 14,000 $ 4.80 2.66 $ 2,611 Options exercisable at March 31, 2021 14,000 $ 4.80 2.66 $ 2,611 There were no stock options exercised or expired and options to purchase 1,000 shares were forfeited during the three-month period ended March 31, 2021, and there were no options exercised, expired, or forfeited during the three-month Restricted Stock Awards and Stock Awards Restricted stock awards are granted under the 2014 Plan at the discretion of the Compensation Committee of our Board of Directors. We issue restricted stock awards to executive officers and key consultants. These awards may contain certain performance conditions or time-based vesting criteria. The restricted stock awards granted to executive officers vest if the various performance or time-based metrics are met. Stock-based compensation is recognized for the number of awards expected to vest at the end of the period and is expensed beginning on the grant date through the end of the vesting period. At the time of vesting of the restricted stock awards, the recipients of common stock may request to receive a net of the number of shares required for employee withholding taxes, which can be withheld up to the relevant jurisdiction's maximum statutory rate. Compensation expense related to any stock awards issued to employees is determined on the grant date based on the publicly-quoted fair market value of our common stock and is charged to earnings on the grant date. We also issue stock awards as a portion of the annual retainer for each director on a quarterly basis. The stock awards are fully vested at the time of issuance. The following table summarizes restricted stock award activity for the first three 2021 Number of Weighted Awards outstanding December 31, 2020 33,330 $ 4.52 Granted 7,035 4.44 Vested (21,555 ) 4.20 Forfeited — — Awards outstanding at March 31, 2021 18,810 $ 4.86 As of March 31, 2021, the total stock-based compensation expense related to non-vested awards not yet recognized was $59,000, which is expected to be recognized over a weighted average period of 0.98 years. During the three-month periods ended March 31, 2021 and March 31, 2020, we recognized $53,000 and $59,000, respectively, of stock-based compensation expense related to restricted stock awards. |
Income (loss) per Common Share
Income (loss) per Common Share | 3 Months Ended |
Mar. 31, 2021 | |
Income per Common Share [Abstract] | |
Income per Common Share | Note I: Income (loss) per Common Share Net income (loss) per share is computed by dividing net income (loss) by the daily weighted average number of common shares outstanding during the applicable periods. Diluted net income (loss) per share includes the potentially dilutive effect of common shares subject to outstanding stock options and restricted stock awards using the treasury stock method. Under the treasury stock method, shares subject to certain outstanding stock options and restricted stock awards have been excluded from the calculation of the diluted weighted average shares outstanding because the exercise of those options or the vesting of those restricted stock awards would lead to a net reduction in common shares outstanding. As a result, stock options and restricted stock awards to acquire 5,000 weighted common shares have been excluded from the diluted weighted shares outstanding for the three-month periods ended March 31, 2021 and 2020. A reconciliation of net income per share is as follows (in thousands, except per share data): Three-Month Periods Ended March 31, 2021 2020 Numerator: Net income (loss) $ 1,131 $ (111 ) Denominator: Weighted average common shares outstanding 5,322 5,267 Dilutive potential common shares 20 — Shares used in diluted net income (loss) per common share calculations 5,342 5,267 Basic net income (loss) per common share $ 0.21 $ (0.02 ) Diluted net income (loss) per common share $ 0.21 $ (0.02 ) |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2021 | |
Segment Information [Abstract] | |
Segment Information | Note J: Segment Information The Company's Chief Executive Officer and management regularly review financial information for the Company's discrete operating segments. Based on similarities in the economic characteristics, nature of products and services, production processes, type or class of customer served, method of distribution and regulatory environments, the operating segments have been aggregated for financial statement purposes and categorized into two Autoscope video is our machine-vision product line, and revenue consists of royalties (all of which are received from Econolite), as well as a portion of international product sales. Video products are normally sold in the Intersection segment. RTMS is our radar product line, and revenue consists of international and North American product sales. Radar products are normally sold in the Highway segment. All segment revenues are derived from external customers. Operating expenses and total assets are not allocated to the segments for internal reporting purposes. Due to the changes in how we manage our business, we may reevaluate our segment definitions in the future. The following table sets forth selected unaudited financial information for each of our reportable segments (in thousands): Three Months Ended March 31, Intersection Highway Total 2021 2020 2021 2020 2021 2020 Revenue $ 1,892 $ 2,250 $ 1,087 $ 909 $ 2,979 $ 3,159 Gross profit 1,724 2,069 549 467 2,273 2,536 Amortization of intangible assets 92 92 95 82 187 174 Intangible assets 1,407 1,651 1,690 2,071 3,097 3,722 |
Restructuring and Exit Activiti
Restructuring and Exit Activities | 3 Months Ended |
Mar. 31, 2021 | |
Restructuring and Exit Activities [Abstract] | |
Restructuring and Exit Activities | Note K: Restructuring and Exit Activities In the third quarter of 2016, in order to streamline our operating and cost structure, we initiated the closure of our wholly-owned subsidiaries, Image Sensing Systems HK Limited (ISS HK) in Hong Kong; Image Sensing Systems (Shenzhen) Limited (ISS WOFE) in China; Image Sensing Systems Europe Limited (ISS Europe) in the United Kingdom; Image Sensing Systems Europe Limited SP.Z.O.O (ISS Poland) in Poland; and Image Sensing Systems Germany, GmbH (ISS Germany) in Germany. At December 31, 2018, Image Sensing Systems Europe Limited and Image Sensing Systems Europe Limited SP.Z.O.O were fully closed. At December 31, 2019, Image Sensing Systems Germany, GmbH was fully closed. During 2020, we initiated the closure of Image Sensing Systems EMEA Limited (ISS UK) and Image Sensing Systems Holdings Limited (ISS Holdings). At March 31, 2021, Image Sensing Systems (Shenzhen) Limited was fully closed. We incurred $16,000 and $30,000 for these entities' closure costs in the three-month periods ended March 31, 2021 and March 31, 2020, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note L: Commitments and Contingencies Debt Under the Paycheck Protection Program ("PPP"), the United States Small Business Administration ("SBA") approved the Company's application to receive a loan in the amount of $ 923,700 , 2020 The term of the PPP loan was 24 1.00 six Under the terms of the CARES Act, PPP loan recipients can apply for and be granted forgiveness for all or a portion of loans made under the PPP after 24 On February 2, 2021, the Company was notified by the Lender that the Lender had received payment in full of the PPP Loan from the United States government, and the Company's PPP Loan had been forgiven. The Company recognized the amount of the loan and accrued interest forgiven totaling approximately $931,000 as other non-operating income in the first quarter of 2021. The foregoing description of the Note does not purport to be complete and is qualified in its entirety by reference to the full text of the Note filed as Exhibit 10.1 with the Company’s Current Report on Form 8-K filed with the SEC on April 23, 2020 and incorporated herein by reference. Litigation We are involved from time to time in various legal proceedings arising in the ordinary course of our business, including primarily commercial, product liability, employment and intellectual property claims. In accordance with GAAP, we record a liability in our Consolidated Financial Statements with respect to any of these matters when it is both probable t one |
Risks and Uncertainties
Risks and Uncertainties | 3 Months Ended |
Mar. 31, 2021 | |
Risks and Uncertainties [Abstract] | |
Risks and Uncertainties | Note M: Risks and Uncertainties In December 2019, the outbreak of a novel strain of coronavirus, called COVID-19, originated in Wuhan, China, and has since spread worldwide, including to the U.S. To date, the COVID-19 pandemic has caused widespread disruptions to the U.S. and global economy and has contributed to significant volatility and negative pressure in financial markets. The global impact of the outbreak is continually evolving and, as additional cases of the virus are identified, many countries, including the U.S., have reacted by instituting quarantines, restrictions on travel, and mandatory closures of businesses. Certain states and cities, including where we or the third parties with whom we engage operate, have also reacted by instituting quarantines, restrictions on travel, “stay at home” rules, restrictions on types of business that may continue to operate, and restrictions on the types of construction projects that may be undertaken. The extent to which the COVID-19 pandemic impacts our business, financial condition and results of operations will depend on future developments, which are highly uncertain and cannot be predicted with any confidence, including the scope, severity and duration of the pandemic; the actions taken to contain the pandemic or mitigate its impact, including the adoption, effectiveness, and availability of COVID-19 vaccines; the effect of any relaxation of current restrictions in the community and regions in which we, our customers and end users do business; and the direct and indirect economic effects of the pandemic and containment measures, among others. The rapid development and fluidity of this situation precludes any prediction as to the full adverse impact of the COVID-19 pandemic. Nevertheless, the COVID-19 pandemic has affected, and may continue to adversely affect, our business, financial condition and results of operations, and it has had, and probably will continue to have, the effect of exacerbating many of the risks described in our Annual Report on Form 10-K for the year ended December 31, 2020 including, but not limited to, the following: We currently rely on third parties to, among other things, manufacture, supply and market our products and supply other goods and services to run our business. If any such third party is adversely impacted by restrictions resulting from the COVID-19 pandemic, including staffing shortages, production slowdowns, the closure of facilities, and disruptions in delivery systems, our supply chain may be disrupted, which could limit our ability to manufacture our products and conduct research and development. We have established a work-from-home policy for all employees, other than those who are performing or supporting business-critical operations or other essential activities. Our increased reliance on personnel working from home may negatively impact productivity or disrupt, delay or otherwise adversely impact our business. In addition, this could increase our cyber security risks, create data accessibility concerns, and make us more susceptible to communication disruptions, any of which could adversely impact our business operations or delay necessary interactions with governmental authorities, third party manufacturers and manufacturing sites, customers and end users, and other important agencies and third parties. The trading prices for our common stock have been highly volatile as a result of the COVID-19 pandemic. As a result, we may face difficulties raising capital through any sales of our common stock, or such sales may be on unfavorable terms. In addition, a recession, depression or other sustained adverse market event resulting from the COVID-19 pandemic could materially and adversely affect our business and the value of our common stock. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Basis of Presentation [Abstract] | |
Revenue Recognition | Revenue Recognition We recognize revenue when control of the promised goods or services is transferred to customers in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. We determine revenue recognition through the following steps: ● Identification of a contract, or contracts, with a customer; ● Identification of performance obligations in the contract; ● Determination of the transaction price; ● Allocation of the transaction price to the performance obligations in the contract; and ● Recognition of revenue when, or as, we satisfy a performance obligation. Revenue disaggregated by revenue source for the three months ended March 31, 2021 and 2020 consists of the following (in thousands); revenue excludes sales and usage-based taxes when or if it has been determined that we are acting as a pass-through agent: Three Months Ended March 31, 2021 2020 Product sales $ 1,163 $ 1,050 Royalties 1,816 2,109 Total revenue $ 2,979 $ 3,159 Product Sales: Product revenue is generated primarily from the direct sales of our RTMS radar systems worldwide and our Autoscope video systems in Europe and Asia. Revenue is recognized when control of the promised goods or services is transferred to our customers in an amount that reflects the amount we expect to receive in exchange for those goods or services. Certain product sales may contain multiple performance obligations for revenue recognition purposes. Multiple performance obligations may include hardware, software, installation services, training, support, and extended warranties. For performance obligations without observable stand-alone prices charged to customers Revenue for services such as maintenance, repair, and technical support is recognized either as the service is performed or ratably over the defined contractual period for service maintenance contracts. From time to time, our payment terms may vary by the type and location of our customer and the products or services offered. Revenue for extended warranties are deferred until the coverage period and then recognized ratably over the extended warranty term. We record deferred revenues when cash payments are received or due in advance of our performance, including amounts which are refundable. We record provisions against sales revenue for estimated returns and allowances in the period when the related revenue is recorded based on historical sales returns and changes in end user demand. Royalties: Econolite Control Products, Inc. (“Econolite”) is our licensee that sells our Autoscope video system products in the United States, Mexico, Canada and the Caribbean. The royalty of approximately 50% of the gross profit on licensed products is recognized when the products are shipped or delivered by Econolite to its customers. Practical Expedients and Exemptions: We generally expense sales commissions when incurred because the amortization periods would have been one year We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year |
Inventories | Inventories Inventories are primarily electronic components and finished goods and are valued at the lower of cost or net realizable value determined under the first-in, first-out accounting method. |
Income Taxes | Income Taxes We record a tax provision for the anticipated tax consequences of our reported results of operations. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those deferred tax assets and liabilities are expected to be realized or settled. We record a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. We believe it is more likely than not that forecasted income, including income that may be generated as a result of certain tax planning strategies, together with the tax effects of the deferred tax liabilities, will be sufficient to fully recover the remaining net realizable value of our deferred tax assets. If all or part of the net deferred tax assets are determined not to be realizable in the future, an adjustment to the valuation allowance would be charged to earnings in the period such determination is made. In addition, the calculation of tax liabilities involves significant judgment in estimating the impact of uncertainties in the application of complex tax laws. Resolution of these uncertainties in a manner inconsistent with management’s expectations could have a material impact on our financial condition and operating results. We recognize penalties and interest expense related to unrecognized tax benefits in income tax expense. |
Intangible Assets | Intangible Assets We capitalize certain software development costs related to software to be sold, leased, or otherwise marketed. Capitalized software development costs include purchased materials, services, internal labor and other costs associated with the development of new products and services. Software development costs are expensed as incurred until technological feasibility has been established, at which time future costs incurred are capitalized until the product is available for general release to the public. Based on our product development process, technological feasibility is generally established once product and detailed program designs have been completed, uncertainties related to high-risk development issues have been resolved through coding and testing, and we have established that the necessary skills, hardware, and software technology are available for production of the product. Once a software product is available for general release to the public, capitalized development costs associated with that product will begin to be amortized to cost of sales over the product's estimated economic selling life, using the greater of straight-line or a method that results in cost recognition in future periods that is consistent with the anticipated timing of product revenue recognition. Capitalized software development costs are subject to an ongoing assessment of recoverability, which is impacted by estimates and assumptions of future revenues and expenses for these software products, as well as other factors such as changes in product technologies. Any portion of unamortized capitalized software development costs that are determined to be in excess of net realizable value have been expensed in the period in which such a determination is made. Subsequent to reaching technological feasibility for certain software products, we capitalized approximately $ March 31, 2021 Intangible assets with finite lives are amortized on a straight - line basis over the expected period to be benefited by future cash flows and reviewed for impairment. At both March 31, 2021 - lived intangible assets. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Basis of Presentation [Abstract] | |
Schedule of revenue disaggregated by revenue source | Revenue disaggregated by revenue source for the three months ended March 31, 2021 and 2020 consists of the following (in thousands); revenue excludes sales and usage-based taxes when or if it has been determined that we are acting as a pass-through agent: Three Months Ended March 31, 2021 2020 Product sales $ 1,163 $ 1,050 Royalties 1,816 2,109 Total revenue $ 2,979 $ 3,159 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Inventories [Abstract] | |
Schedule of Inventories | Inventories consisted of the following (in thousands): March 31, 2021 December 31, 2020 Finished goods $ 736 $ 661 Components 93 109 Total $ 829 $ 770 |
Operating Leases (Tables)
Operating Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Operating Leases [Abstract] | |
Schedule of components of our costs for operating leases | The Three-Month Periods Ended March 31, 2021 2020 Operating lease costs $ 55 $ 66 Variable lease cost 43 76 Total $ 98 $ 142 |
Schedule of the future maturities of lease liabilities | Maturities for our lease liabilities for all operating leases are as follows (in thousands) as of March 31, 2021: Total 2021 $ 74 2022 8 2023 and thereafter — Total lease payments 82 Less: Interest (1 ) Present value of lease liabilities $ 81 |
Remaining lease term and discount rate | The weighted average remaining lease terms and discount rates for all of our operating leases were as follows as of March 31, 2021: March 31, 2021 Remaining lease term and discount rate: Weighted average remaining lease term (years) 0.59 Weighted average discount rate 4.75 % |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Intangible Assets [Abstract] | |
Schedule of intangible assets | Intangible assets consisted of the following (dollars in thousands): March 31, 2021 Weighted Gross Net Average Carrying Accumulated Carrying Useful Life Amount Amortization Value (in Years) Wrong Way development costs $ 228 $ (228) $ — — Vision development costs 3,052 (1,645) 1,407 8.0 Echo development costs 1,852 (308) 1,544 7.0 IntellitraffiQ development costs 468 (322) 146 4.0 Total $ 5,600 $ (2,503) $ 3,097 7.0 December 31, 2020 Weighted Gross Net Average Carrying Accumulated Carrying Useful Life Amount Amortization Value (in Years) Wrong Way development costs $ 228 $ (228 ) $ — — Vision development costs 2,929 (1,553 ) 1,376 8.0 Echo development costs 1,852 (242 ) 1,610 7.0 IntellitraffiQ development costs 468 (293 ) 175 4.0 Total $ 5,477 $ (2,316 ) $ 3,161 7.3 |
Warranties (Tables)
Warranties (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Warranties [Abstract] | |
Warranty liability and related activity | Warranty liability and related activity consisted of the following (in thousands): Three-Month Periods Ended March 31, 2021 2020 Beginning balance $ 141 $ 313 Warranty provisions 12 7 Warranty claims (7 ) (23 ) Adjustments to preexisting warranties (13 ) (75 ) Currency (3 ) (2 ) Ending balance $ 130 $ 220 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Stock-Based Compensation [Abstract] | |
Schedule of stock option activity | A summary of the stock option activity for the first three 2021 Number of Shares Weighted Weighted Aggregate Options outstanding at December 31, 2020 15,000 $ 4.76 2.94 $ 2,700 Granted — $ — — $ — Exercised — $ — — $ — Expired — $ — — $ — Forfeited (1,000 ) $ 4.22 — $ 320 Options outstanding at March 31, 2021 14,000 $ 4.80 2.66 $ 2,611 Options exercisable at March 31, 2021 14,000 $ 4.80 2.66 $ 2,611 |
Table summarizes restricted stock award activity | The following table summarizes restricted stock award activity for the first three 2021 Number of Weighted Awards outstanding December 31, 2020 33,330 $ 4.52 Granted 7,035 4.44 Vested (21,555 ) 4.20 Forfeited — — Awards outstanding at March 31, 2021 18,810 $ 4.86 |
Income (loss) per Common Share
Income (loss) per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Income per Common Share [Abstract] | |
Schedule of reconciliation of net income per share | A reconciliation of net income per share is as follows (in thousands, except per share data): Three-Month Periods Ended March 31, 2021 2020 Numerator: Net income (loss) $ 1,131 $ (111 ) Denominator: Weighted average common shares outstanding 5,322 5,267 Dilutive potential common shares 20 — Shares used in diluted net income (loss) per common share calculations 5,342 5,267 Basic net income (loss) per common share $ 0.21 $ (0.02 ) Diluted net income (loss) per common share $ 0.21 $ (0.02 ) |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Information [Abstract] | |
Schedule of financial information by reportable segment | The following table sets forth selected unaudited financial information for each of our reportable segments (in thousands): Three Months Ended March 31, Intersection Highway Total 2021 2020 2021 2020 2021 2020 Revenue $ 1,892 $ 2,250 $ 1,087 $ 909 $ 2,979 $ 3,159 Gross profit 1,724 2,069 549 467 2,273 2,536 Amortization of intangible assets 92 92 95 82 187 174 Intangible assets 1,407 1,651 1,690 2,071 3,097 3,722 |
Basis of Presentation (Details
Basis of Presentation (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Apr. 28, 2021 | |
Royalty percentage of gross profit on licensed products | 50.00% | ||
Amortization period for expense sales commissions incurred, maximum | 1 year | ||
Period for the value of unsatisfied performance obligations which are not disclosed | 1 year | ||
Software development costs capitalized | $ 123,000 | $ 22,000 | |
Impairment of intangible assets | 0 | ||
Indefinite‑lived intangible assets | $ 0 | ||
Subsequent Event [Member] | |||
Amount of cash dividend payable to shareholders (in dollars per share) | $ 0.12 |
Basis of Presentation (Detail_2
Basis of Presentation (Details 2) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Total Revenue | $ 2,979 | $ 3,159 |
Product sales [Member] | ||
Total Revenue | 1,163 | 1,050 |
Royalties [Member] | ||
Total Revenue | $ 1,816 | $ 2,109 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Inventories [Abstract] | ||
Finished goods | $ 736 | $ 661 |
Components | 93 | 109 |
Total | $ 829 | $ 770 |
Operating Leases (Details)
Operating Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating Leases [Abstract] | ||
Operating lease cost | $ 55 | $ 66 |
Variable lease cost | 43 | 76 |
Total | $ 98 | $ 142 |
Operating Leases (Details 2)
Operating Leases (Details 2) $ in Thousands | Mar. 31, 2021USD ($) |
Operating Leases [Abstract] | |
2021 | $ 74 |
2022 | 8 |
2023 and thereafter | 0 |
Total lease payments | 82 |
Less: Interest | (1) |
Present value of lease liabilities | $ 81 |
Operating Leases (Details 3)
Operating Leases (Details 3) | Mar. 31, 2021 |
Remaining lease term and discount rate: | |
Weighted average remaining lease term (years) | 7 months 2 days |
Weighted average discount rate | 4.75% |
Operating Leases (Narrative) (D
Operating Leases (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating Leases [Abstract] | ||
Cash paid operating lease costs | $ 55,000 | $ 67,000 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 5,600 | $ 5,477 |
Accumulated Amortization | (2,503) | (2,316) |
Net Carrying Value | $ 3,097 | $ 3,161 |
Weighted Average Useful Life | 7 years | 7 years 3 months 18 days |
Wrong Way development costs [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 228 | $ 228 |
Accumulated Amortization | (228) | (228) |
Net Carrying Value | 0 | 0 |
Vision development costs [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,052 | 2,929 |
Accumulated Amortization | (1,645) | (1,553) |
Net Carrying Value | $ 1,407 | $ 1,376 |
Weighted Average Useful Life | 8 years | 8 years |
Echo development costs [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,852 | $ 1,852 |
Accumulated Amortization | (308) | (242) |
Net Carrying Value | $ 1,544 | $ 1,610 |
Weighted Average Useful Life | 7 years | 7 years |
IntellitraffiQ development costs [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 468 | $ 468 |
Accumulated Amortization | (322) | (293) |
Net Carrying Value | $ 146 | $ 175 |
Weighted Average Useful Life | 4 years | 4 years |
Warranties (Details)
Warranties (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Product Warranty Liability [Line Items] | ||
Beginning balance | $ 141 | $ 313 |
Warranty provisions | 12 | 7 |
Warranty claims | (7) | (23) |
Adjustments to preexisting warranties | (13) | (75) |
Currency | (3) | (2) |
Ending balance | $ 130 | $ 220 |
Minimum [Member] | ||
Product Warranty Liability [Line Items] | ||
Product Warranty Period | 2 years | |
Maximum [Member] | ||
Product Warranty Liability [Line Items] | ||
Product Warranty Period | 3 years |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 53,000 | $ 59,000 |
Shares available for grant | 148,024 | |
Stock option exercised | 0 | 0 |
Options forfeited | 1,000 | |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock option awards, vesting term | 3 years | |
Stock option awards, contractual term | 9 years | |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock option awards, vesting term | 5 years | |
Stock option awards, contractual term | 10 years | |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 0 | $ 0 |
Unrecognized compensation cost related to non-vested stock awards | $ 0 | |
Stock option exercised | 0 | |
Options forfeited | 1,000 | |
Restricted Stock Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 53,000 | $ 59,000 |
Unrecognized compensation cost related to non-vested stock awards | $ 59,000 | |
Period for recognition of unrecognized compensation cost related to non-vested stock awards | 11 months 23 days | |
Vesting rights description of stock awards granted | The restricted stock awards granted to executive officers vest if the various performance or time-based metrics are met. |
Stock-Based Compensation (Det_2
Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Number of Shares | |||
Outstanding - beginning of period | 15,000 | ||
Granted | 0 | ||
Exercised | 0 | 0 | |
Expired | 0 | ||
Forfeited | (1,000) | ||
Outstanding - end of period | 14,000 | 15,000 | |
Exercisable - end of period | 14,000 | ||
Weighted Average Exercise Price per Share | |||
Outstanding - beginning of period | $ 4.76 | ||
Granted | 0 | ||
Exercised | 0 | ||
Expired | 0 | ||
Forfeited | 4.22 | ||
Outstanding - end of period | 4.80 | $ 4.76 | |
Exercisable - end of period | $ 4.80 | ||
Weighted Average Remaining Contractual Term | |||
Options outstanding | 2 years 7 months 28 days | 2 years 11 months 8 days | |
Options exercisable | 2 years 7 months 28 days | ||
Aggregate Intrinsic Value | |||
Outstanding - beginning of period | $ 2,700 | ||
Granted | 0 | ||
Exercised | 0 | ||
Expired | 0 | ||
Forfeited | 320 | ||
Outstanding - end of period | 2,611 | $ 2,700 | |
Options exercisable | $ 2,611 |
Stock-Based Compensation (Det_3
Stock-Based Compensation (Details 2) | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Number of Shares | |
Awards outstanding at beginning of year | shares | 33,330 |
Granted | shares | 7,035 |
Vested | shares | (21,555) |
Forfeited | shares | 0 |
Awards outstanding at end of year | shares | 18,810 |
Weighted Average grant date fair value | |
Outstanding at beginning of year | $ / shares | $ 4.52 |
Granted | $ / shares | 4.44 |
Vested | $ / shares | 4.20 |
Forfeited | $ / shares | 0 |
Outstanding at end of year | $ / shares | $ 4.86 |
Income (loss) per Common Shar_2
Income (loss) per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Numerator: | ||
Net income (loss) | $ 1,131 | $ (111) |
Denominator: | ||
Weighted average common shares outstanding | 5,322 | 5,267 |
Dilutive potential common shares | 20 | 0 |
Shares used in diluted net income (loss) per common share calculations | 5,342 | 5,267 |
Basic net income (loss) per common share | $ 0.21 | $ (0.02) |
Diluted net income (loss) per common share | $ 0.21 | $ (0.02) |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of Reportable Segments | 2 | |
Revenue | $ 2,979 | $ 3,159 |
Gross profit | 2,273 | 2,536 |
Amortization of intangible assets | 187 | 174 |
Intangible assets | 3,097 | 3,722 |
Intersection [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,892 | 2,250 |
Gross profit | 1,724 | 2,069 |
Amortization of intangible assets | 92 | 92 |
Intangible assets | 1,407 | 1,651 |
Highway [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,087 | 909 |
Gross profit | 549 | 467 |
Amortization of intangible assets | 95 | 82 |
Intangible assets | $ 1,690 | $ 2,071 |
Restructuring and Exit Activi_2
Restructuring and Exit Activities (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
ISS UK and ISS Holdings [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Entity closures cost | $ 16,000 | $ 30,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Apr. 21, 2020 | |
Commitments and Contingencies | |||
Amount of the loan and accrued interest forgiven | $ 931,000 | $ 0 | |
Paycheck Protection Program [Member] | |||
Commitments and Contingencies | |||
Amount of loan | $ 923,700 | ||
Term of PPP loan | 24 months | ||
Annual interest rate on PPP loan | 1.00% | ||
Amount of the loan and accrued interest forgiven | $ 931,000 |