Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 28, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | TRANS LUX CORP | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 1,710,671 | ||
Entity Public Float | $ 5,018,000 | ||
Amendment Flag | false | ||
Entity Central Index Key | 99,106 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 547 | $ 650 |
Receivables, net | 2,888 | 2,798 |
Inventories | 1,876 | 1,811 |
Prepaids and other assets | 605 | 805 |
Total current assets | 5,916 | 6,064 |
Rental equipment | 21,134 | 27,825 |
Less accumulated depreciation | 16,452 | 20,935 |
Total rental equipment, net | 4,682 | 6,890 |
Property, plant and equipment | 2,159 | 2,140 |
Less accumulated depreciation | 1,003 | 1,034 |
Total property, plant and equipment, net | 1,156 | 1,106 |
Goodwill | 744 | 744 |
Restricted cash | 215 | 212 |
Other assets | 277 | 229 |
TOTAL ASSETS | 12,990 | 15,245 |
Current liabilities: | ||
Accounts payable | 1,209 | 1,798 |
Accrued liabilities | 6,136 | 7,857 |
Current portion of long-term debt | 1,031 | 1,811 |
Total current liabilities | 8,376 | $ 11,466 |
Long-term liabilities: | ||
Long-term debt, less current portion | 262 | |
Deferred pension liability and other | 4,508 | $ 5,647 |
Total long-term liabilities | 4,770 | 5,647 |
Total liabilities | $ 13,146 | $ 17,113 |
Commitments and contingencies (Note 17) | ||
Stockholders' deficit: | ||
Preferred Series A - $20 stated value - 416,500 shares authorized; shares issued and outstanding: 0 in 2015 and 2014, Preferred Series B - $200 stated value - 51,000 shares authorized; shares 'issued and outstanding: 16,512 in 2015 and 0 in 2014 (liquidation preference $201.37) | $ 3,302 | |
Common - $0.001 par value - 10,000,000 shares authorized; shares issued: 1,738,511 in 2015 and 1,700,429 in 2014; shares outstanding: 1,710,671 in 2015 and 1,672,589 in 2014 | 2 | $ 2 |
Additional paid-in-capital | 27,914 | 27,959 |
Accumulated deficit | (23,054) | (21,305) |
Accumulated other comprehensive loss | (5,257) | (5,461) |
Treasury stock - at cost - 27,840 common shares in 2015 and 2014 | (3,063) | (3,063) |
Total stockholders' deficit | (156) | (1,868) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 12,990 | $ 15,245 |
Series A Preferred Stock [Member] | Convertible Preferred Stock [Member] | ||
Stockholders' deficit: | ||
Preferred Series A - $20 stated value - 416,500 shares authorized; shares issued and outstanding: 0 in 2015 and 2014, Preferred Series B - $200 stated value - 51,000 shares authorized; shares 'issued and outstanding: 16,512 in 2015 and 0 in 2014 (liquidation preference $201.37) | ||
Series B Preferred Stock [Member] | Convertible Preferred Stock [Member] | ||
Stockholders' deficit: | ||
Preferred Series A - $20 stated value - 416,500 shares authorized; shares issued and outstanding: 0 in 2015 and 2014, Preferred Series B - $200 stated value - 51,000 shares authorized; shares 'issued and outstanding: 16,512 in 2015 and 0 in 2014 (liquidation preference $201.37) | $ 3,302 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Common Stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common Stock, shares authorized | 10,000,000 | 10,000,000 |
Common Stock, shares issued | 1,738,511 | 1,700,429 |
Common Stock, shares outstanding | 1,710,671 | 1,672,589 |
Treasury Stock, shares | 27,840 | 27,840 |
Series A Preferred Stock [Member] | Convertible Preferred Stock [Member] | ||
Preferred stock , par value (in Dollars per share) | $ 20 | $ 20 |
Preferred stock, shares authorized | 416,500 | 416,500 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Series B Preferred Stock [Member] | Convertible Preferred Stock [Member] | ||
Preferred stock , par value (in Dollars per share) | $ 200 | $ 200 |
Preferred stock, shares authorized | 51,000 | 51,000 |
Preferred stock, shares issued | 16,512 | 0 |
Preferred stock, shares outstanding | 16,512 | 0 |
Preferred stock, liquidation preference (in Dollars) | $ 3,325,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATION - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues: | ||
Digital product sales | $ 19,994 | $ 19,479 |
Digital product lease and maintenance | 3,573 | 4,880 |
Total revenues | 23,567 | 24,359 |
Cost of revenues: | ||
Cost of digital product sales | 15,373 | 15,482 |
Cost of digital product lease and maintenance | 2,757 | 3,965 |
Total cost of revenues | 18,130 | 19,447 |
Gross profit | 5,437 | 4,912 |
General and administrative expenses | (7,589) | (9,400) |
Operating loss | (2,152) | (4,488) |
Interest expense, net | (306) | (240) |
Gain on foreign currency remeasurement | 478 | $ 236 |
Gain on extinguishment of debt | 314 | |
Warrant expense and change in warrant liabilities | (60) | $ (107) |
Loss before income taxes | (1,726) | (4,599) |
Income tax expense | (23) | (29) |
Net loss | $ (1,749) | $ (4,628) |
Loss per share - basic and diluted (in Dollars per share) | $ (1.06) | $ (3.38) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Net loss | $ (1,749) | $ (4,628) |
Other comprehensive income (loss): | ||
Unrealized foreign currency translation loss | (448) | (269) |
Change in unrecognized pension costs | 652 | (2,564) |
Total other comprehensive income (loss), net of tax | 204 | (2,833) |
Comprehensive loss | $ (1,545) | $ (7,461) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS` EQUITY - USD ($) $ in Thousands | Director [Member]Additional Paid-in Capital [Member] | Director [Member] | BFI [Member]Additional Paid-in Capital [Member] | BFI [Member] | Series B Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
Balance at Dec. 31, 2013 | $ 1 | $ 23,868 | $ (16,677) | $ (2,628) | $ (3,063) | $ 1,501 | |||||
Balance (in Shares) at Dec. 31, 2013 | 1,051,253 | ||||||||||
Net loss | (4,628) | (4,628) | |||||||||
Warrants exercised | 286 | 286 | |||||||||
Warrants exercised (in Shares) | 40,000 | ||||||||||
Warrants issued | $ 150 | $ 150 | |||||||||
Restricted stock issued | $ 1 | 3,655 | 3,656 | ||||||||
Restricted stock issued (in Shares) | 609,176 | ||||||||||
Other comprehensive loss, net of tax: | |||||||||||
Unrealized foreign currency translation loss | (269) | (269) | |||||||||
Change in unrecognized pension costs | (2,564) | (2,564) | |||||||||
Balance at Dec. 31, 2014 | $ 2 | 27,959 | (21,305) | (5,461) | (3,063) | (1,868) | |||||
Balance (in Shares) at Dec. 31, 2014 | 1,700,429 | ||||||||||
Net loss | (1,749) | (1,749) | |||||||||
Common stock issued for exchange of 8.25% Notes | 152 | 152 | |||||||||
Common stock issued for exchange of 8.25% Notes (in Shares) | 38,082 | ||||||||||
Preferred stock issued | $ 3,302 | (278) | 3,024 | ||||||||
Preferred stock issued (in Shares) | 16,512 | ||||||||||
Warrants issued | $ 60 | $ 60 | $ 21 | $ 21 | |||||||
Other comprehensive loss, net of tax: | |||||||||||
Unrealized foreign currency translation loss | (448) | (448) | |||||||||
Change in unrecognized pension costs | 652 | 652 | |||||||||
Balance at Dec. 31, 2015 | $ 3,302 | $ 2 | $ 27,914 | $ (23,054) | $ (5,257) | $ (3,063) | $ (156) | ||||
Balance (in Shares) at Dec. 31, 2015 | 16,512 | 1,738,511 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities | ||
Net loss | $ (1,749) | $ (4,628) |
Adjustment to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 2,444 | $ 3,003 |
Loss on disposal of assets | 2 | |
Gain on extinguishment of debt | (314) | |
Gain on foreign currency remeasurement | (478) | $ (236) |
Amortization of warrants - stock compensation expense | 60 | 150 |
Bad debts expense | $ 437 | 841 |
Change in warrant liabilities | (43) | |
Changes in operating assets and liabilities: | ||
Receivables | $ (544) | (1,253) |
Inventories | (65) | 712 |
Prepaids and other assets | 144 | 891 |
Restricted cash | (3) | (212) |
Accounts payable | (589) | 352 |
Accrued liabilities | (1,421) | (162) |
Deferred pension liability and other | (485) | (1,020) |
Net cash used in operating activities | (2,561) | (1,605) |
Cash flows from investing activities | ||
Equipment manufactured for rental | (61) | (44) |
Purchases of property, plant and equipment | (175) | (83) |
Net cash used in investing activities | (236) | $ (127) |
Cash flows from financing activities | ||
Proceeds from issuance of preferred stock, net of costs | 3,024 | |
Proceeds from long-term debt | 500 | |
Proceeds from long-term debt - related parties | $ 500 | |
Proceeds from issuance of restricted stock and warrants | $ 2,300 | |
Proceeds from exercise of warrants | 100 | |
Payments of long-term debt | $ (790) | $ (61) |
Payments of long-term debt - related parties | (500) | |
Payments of deferred financing fees | (31) | |
Net cash provided by financing activities | 2,703 | $ 2,339 |
Effect of exchange rate changes | (9) | (12) |
Net (decrease) increase in cash and cash equivalents | (103) | 595 |
Cash and cash equivalents at beginning of year | 650 | 55 |
Cash and cash equivalents at end of period | 547 | 650 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 102 | $ 31 |
Income taxes paid | 29 | |
Supplemental non-cash financing activities: | ||
Warrants issued to BFI | 21 | |
Exchange of Debt for Common Stock | $ 152 | $ 1,055 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 1. Summary of Significant Accounting Policies Trans-Lux Corporation is a leading designer and manufacturer of digital signage displays and LED lighting solutions. The Company sells and leases its digital signage displays and LED lighting solutions. Principles of consolidation Use of estimates Cash and cash equivalents Accounts receivable The following is a summary of the allowance for uncollectible accounts at December 31: 2015 2014 Balance at beginning of year $ 168 $ 86 Provisions 437 841 Deductions (46) (759) Balance at end of year $ 559 $ 168 Concentrations of credit risk with respect to accounts receivable are limited due to the large number of customers, the relatively small account balances within the majority of the Company’s customer base and their dispersion across different businesses. The Company’s revenues included one multinational customer that accounted for 12.5% and 10.8% of total revenues in 2015 and 2014, respectively. Inventories Rental equipment and property, plant and equipment The estimated useful lives are as follows: Years Indoor rental equipment 5 – 10 Outdoor rental equipment 15 Buildings and improvements 10 – 39 Machinery, fixtures and equipment 3 – 15 Leaseholds and improvements 3 When rental equipment and property, plant and equipment are fully depreciated, retired or otherwise disposed of, the cost and accumulated depreciation are eliminated from the accounts. Goodwill The Company annually evaluates the value of its goodwill on October 1 and determines if it is impaired by comparing the carrying value of goodwill to its estimated fair value. Changes in the assumptions used could materially impact the fair value estimates. Assumptions critical to our fair value estimates are: (i) discount rate used to derive the present value factors used in determining the fair value of the reporting unit, (ii) projected average revenue growth rates used in the reporting unit models and (iii) projected long-term growth rates used in the derivation of terminal year values. These and other assumptions are impacted by economic conditions and expectations of management and will change in the future based on period-specific facts and circumstances. The Company uses the income and the market approach when testing for goodwill impairment. The Company weighs these approaches by using a 67% factor for the income approach and a 33% factor for the market approach. Together these two factors estimate the fair value of the reporting unit. The Company uses a discounted cash flow model to determine the fair value under the income approach which contemplates a conservative overall weighted average revenue growth rate. If the Company were to reduce its revenue projections on the reporting unit by 5.6% within the income approach, the fair value of the reporting unit would be below carrying value. The gross profit margins used are consistent with historical margins achieved by the Company during previous years. If there is a margin decline of 5.7% or more, the model would yield results of a fair value less than carrying amount. The Company uses a market multiple approach based on revenue to determine the fair value under the market approach which includes a selection of and market price of a group of comparable companies and the performance of the guidelines of the comparable companies and of the reporting unit. The impairment test for goodwill is a two-step process. The first step of the goodwill impairment test compares the fair value of the reporting unit with its carrying amount. If the carrying amount of the reporting unit exceeds its fair value, a second step is performed to calculate the implied fair value of the goodwill of the reporting unit by deducting the fair value of all of the individual assets and liabilities of the reporting unit from the respective fair values of the reporting unit as a whole. To the extent the calculated implied fair value of the goodwill is less than the recorded goodwill, an impairment charge is recorded for the difference. Fair value is determined using cash flow and other valuation models (generally Level 3 inputs in the fair value hierarchy described in Note 3 – Fair Value). There was no impairment of goodwill in 2015 or 2014. Impairment or disposal of long-lived assets Restricted cash: Shipping Costs: Advertising/Marketing Costs: Revenue recognition Revenues on equipment sales with long-term receivables are recorded on the installment basis. At December 31, 2015, the future accounts receivables due to the Company under installment sales agreements aggregated $126,000 through 2018. Revenues on equipment sales, other than long-term equipment sales contracts, are recognized upon shipment when title and risk of loss passes to the customer. Warranty reserve: Taxes on income The Company considers whether it is more-likely-than-not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Once it is determined that a position meets the more-likely-than-not recognition threshold, the position is measured to determine the amount of benefit to recognize in the financial statements. The Company’s policy is to classify interest and penalties related to uncertain tax positions in income tax expense. To date, there have been no interest or penalties charged to the Company in relation to the underpayment of income taxes. The Company’s determinations regarding uncertain income tax positions may be subject to review and adjustment at a later date based upon factors including, but not limited to, an ongoing analysis of tax laws, regulations and interpretations thereof. Foreign currency remeasurement Share-based compensation plans Consideration of Subsequent Events: Recent accounting pronouncements: Leases (Topic 842) In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments In August 2015, the FASB issued ASU 2015-14, which defers the effective date of ASU 2014-09, Revenue from Contracts with Customers In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-90). This guidance describes management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. In doing so, the amendment should reduce diversity in the timing and content of footnote disclosures. ASU 2014-15 is effective for annual periods ending after December 15, 2016 and interim periods thereafter. Early application is permitted. The Company has not yet determined the effect of the adoption of this standard on the Company's consolidated financial position and results of operations. Reclassifications: |
Going Concern
Going Concern | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Substantial Doubt about Going Concern [Text Block] | 2. Going Concern A fundamental principle of the preparation of financial statements in accordance with GAAP is the assumption that an entity will continue in existence as a going concern, which contemplates continuity of operations and the realization of assets and settlement of liabilities occurring in the ordinary course of business. This principle is applicable to all entities except for entities in liquidation or entities for which liquidation appears imminent. In accordance with this requirement, the Company has prepared its accompanying Consolidated Financial Statements assuming the Company will continue as a going concern. We do not have adequate liquidity, including access to the debt and equity capital markets, to operate our business. The Company incurred a net loss of $1.7 million in 2015 and has a working capital deficiency of $2.5 million as of December 31, 2015. As a result, our short-term business focus has been to preserve our liquidity position. Unless we are successful in obtaining additional liquidity, we believe that we will not have sufficient cash and liquid assets to fund normal operations for the next 12 months. In addition, the Company’s obligations under its pension plan exceeded plan assets by $5.3 million at December 31, 2015 and the Company has a significant amount due to its pension plan over the next 12 months. The Company is in default on its 8¼% Limited convertible senior subordinated notes due 2012 (the "Notes") and 9½% Subordinated debentures due 2012 (the "Debentures"), which have remaining principal balances of $626,000 and $334,000, respectively. As a result, if the Company is unable to (i) obtain additional liquidity for working capital, (ii) make the required minimum funding contributions to the defined benefit pension plan and/or (iii) make the required principal and interest payments on the Notes and the Debentures, there would be a significant adverse impact on the financial position and operating results of the Company. The accompanying financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amounts and classification of liabilities that may result from the outcome of this uncertainty. See Note 11 - Long-Term Debt for further details. Of these fixed cash obligations, thus far in 2016 using cash on hand and cash from operating activities, the Company has made $197,000 of payments to the Company’s pension plan, with approximately $813,000 of contributions remaining for 2016. The Pension Benefit Guaranty Corporation (the “PBGC”) has placed a lien on all of the Company’s assets with respect to amounts owed under the plan. The Company continues to consider further exchanges of the $626,000 of remaining Notes and the $334,000 of remaining Debentures. If we are unable to fulfill our related obligations, the enforcement of such lien would have a material adverse impact on our financial condition, results of operations and liquidity. On November 19, 2015, the Company completed a rights offering of its Series B Convertible Preferred Stock (“Preferred Stock”). The Company received subscriptions and over-subscriptions for a total of 16,512 shares of its Preferred Stock, representing approximately 33% of the shares offered. All of the subscriptions and over-subscriptions were accepted, for aggregate proceeds to the Company of approximately $3.0 million (net of costs of $278,000). The Company is using the net proceeds for repayment of debt, required pension plan payments and for general corporate purposes. See Note 13 – Rights Offering for further details. The Company is seeking additional financing in order to provide enough cash to cover our remaining current fixed cash obligations as well as providing working capital. However, there can be no assurance as to the amounts, if any, the Company will receive in any additional financings or the terms thereof. To the extent the Company issues additional equity securities, it could be dilutive to existing shareholders. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 3. Fair Value The Company carries its money market funds and cash surrender value of life insurance related to its deferred compensation arrangements at fair value. Under ASC 820, the fair value of all assets and liabilities is determined using a three-tier fair value hierarchy. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows: • • • Based on this hierarchy, the Company determined the fair value of its money market funds using quoted market prices, a Level 1 or an observable input, and the cash surrender value of life insurance, a Level 2 based on observable inputs primarily from the counter party. The Company’s money market funds and the cash surrender value of life insurance had carrying amounts of $1,000 and $55,000 at December 31, 2015, respectively, and $1,000 and $55,000 at December 31, 2014, respectively. The carrying amounts of cash equivalents, receivables and accounts payable approximate fair value due to the short maturities of these items. The fair value of the Company’s Notes, using observable inputs, was $164,000 at December 31, 2015 and $244,000 at December 31, 2014. The fair value of the Company’s Debentures, using observable inputs, was $33,000 at December 31, 2015 and December 31, 2014. The fair value of the Company’s remaining long-term debt including current portion approximates its carrying value of $333,000 at December 31, 2015 and $394,000 at December 31, 2014. The fair value of warrants is calculated using the Black-Scholes method at the time of issuance of the warrants. At December 31, 2015, there were no warrants classified under the liability method as they had all expired by November 14, 2014. The Black-Scholes calculated values totaling $252,000 of the equity warrants issued to directors in 2013 are being amortized over their vesting periods of one, two and three years. The equity warrants issued in 2015 and 2014 were fully vested at the date of issuance, so their Black-Scholes calculated values of $21,000 and $92,000, respectively, were fully charged to the equity section at the date of issuance. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | 4. Inventories Inventories consist of the following: In thousands 2015 2014 Raw materials $ 1,378 $ 1,192 Work-in-progress 409 399 Finished goods 89 220 Total Inventory $ 1,876 $ 1,811 |
Rental Equipment
Rental Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Rental Equipment [Abstract] | |
Rental Equipment [Text Block] | 5. Rental Equipment Rental equipment consists of the following: In thousands 2015 2014 Rental equipment $ 21,134 $ 27,825 Less accumulated depreciation 16,452 20,935 Net rental equipment $ 4,682 $ 6,890 The Company entered into a Master Agreement for Sale and Assignment of Leases with AXIS Capital, Inc. (the “Assignment Agreement”) and financed the future receivables relating to certain lease contracts. A security interest was granted on the rental equipment underlying the lease contract receivables sold to AXIS Capital, Inc. by the Company pursuant to the Assignment Agreement. During 2015, $6.8 million of fully depreciated rental equipment was written off. Depreciation expense for rental equipment for the years ended December 31, 2015 and 2014 was $2.3 million and $2.9 million, respectively. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 6. Property, Plant and Equipment Property, plant and equipment consists of the following: In thousands 2015 2014 Land, buildings and improvements $ 1,256 $ 1,250 Machinery, fixtures and equipment 878 863 Leaseholds and improvements 25 27 Property, plant and equipment, Gross 2,159 2,140 Less accumulated depreciation 1,003 1,034 Net property, plant and equipment $ 1,156 $ 1,106 Land, buildings and equipment having a net book value of $1.1 million and $1.0 million at December 31, 2015 and 2014, respectively, are pledged as collateral under various mortgage and other financing agreements. During 2015, $151,000 of fully depreciated property, plant and equipment was written off. Depreciation expense for property, plant and equipment for the years ended December 31, 2015 and 2014 was $123,000 and $138,000, respectively. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Other Assets Disclosure [Text Block] | 7. Other Assets Other assets consist of the following: In thousands 2015 2014 Long-term receivables $ 76 $ 126 Prepaids 55 56 Deposits and other 146 47 Total $ 277 $ 229 |
Taxes on Income
Taxes on Income | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 8. Taxes on Income The components of income tax expense are as follows: In thousands 2015 2014 Current: Federal $ - $ - State and local - - Foreign 23 29 Income tax (expense) benefit, current $ 23 $ 29 Deferred: Federal $ - $ - State and local - - Income tax (expense) benefit, deferred - - Income tax expense $ 23 $ 29 Loss before income taxes from the United States operations is $2.2 million and $4.7 million for the years ended December 31, 2015 and 2014, respectively. Income before income taxes from Canada is $0.5 million and $0.1 million for the years ended December 31, 2015 and 2014, respectively. The effective income tax rate differed from the expected federal statutory income tax benefit rate of 34.0% as follows: 2015 2014 Statutory federal income tax benefit rate 34.0 % 34.0 % State income taxes, net of federal benefit 4.8 (12.9) Foreign income taxed at different rates 7.5 (0.1) Deferred tax asset valuation allowance (46.4) 123.3 Net operating loss limitation - (156.9) Other (1.2) 12.0 Effective income tax rate (1.3) % (0.6) % Significant components of the Company’s deferred income tax assets and liabilities are as follows: In thousands 2015 2014 Deferred income tax asset: Tax credit carryforwards $ 897 $ 897 Operating loss carryforwards 6,253 5,772 Net pension costs 2,749 3,052 Accruals 250 259 Allowance for bad debts 55 41 Other 415 402 Valuation allowance (8,208) (7,401) Deferred income tax asset, Total 2,411 3,022 Deferred income tax liability: Depreciation 1,600 2,320 Other 811 702 Deferred income tax liability, Total 2,411 3,022 Net deferred income taxes $ - $ - Tax credit carryforwards primarily relate to federal alternative minimum taxes of $865,000 paid by the Company, which may be carried forward indefinitely and applied against regular federal taxes. Operating tax loss carryforwards primarily relate to U.S. federal net operating loss carryforwards of approximately $6.3 million, which begin to expire in 2019. The operating loss carryforwards have been limited by a change in ownership of the Company in 2012 as defined under Section 382 of the Internal Revenue Code. This change in ownership as of June 26, 2012 had limited our operating loss carryforwards at that point to $295,000 per year aggregating $5.9 million. Subsequent losses in the remainder of 2012 and in the years since have increased our operating loss carryforward to its current level. A valuation allowance has been established for the amount of deferred income tax assets as management has concluded that it is more-likely-than-not that the benefits from such assets will not be realized. The Company’s determinations regarding uncertain income tax positions may be subject to review and adjustment at a later date based upon factors including, but not limited to, an ongoing analysis of tax laws, regulations and interpretations thereof. The Company does not have any material uncertain tax positions in 2015 and 2014. The Company is subject to U.S. federal income tax as well as income tax in multiple state and local jurisdictions and Canadian federal and provincial income tax. Currently, no federal or provincial income tax returns are under examination. The state of Illinois is currently examining the 2011 and 2012 tax years. We do not expect any adverse material outcome from this examination. |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 9. Accrued Liabilities Accrued liabilities consist of the following: In thousands 2015 2014 Taxes payable $ 1,059 $ 1,063 Current portion of pension liability (see Note 14) 1,010 1,442 Deferred revenues 931 1,721 Directors fees 684 532 Compensation and employee benefits 614 678 Interest payable 522 640 Warranty reserve 389 345 Audit fees 137 194 Legal fees payable 68 242 Installation costs 46 197 Other 676 803 Accrued Liabilities, Total $ 6,136 $ 7,857 Warranty reserve: The Company provides for the estimated cost of product warranties at the time revenue is recognized. While the Company engages in product quality programs and processes, including evaluating the quality of the component suppliers, the warranty obligation is affected by product failure rates. Should actual product failure rates differ from the Company’s estimates, revisions to increase or decrease the estimated warranty liability may be required. A summary of the warranty liabilities for the years ended December 31, 2015 and 2014 is as follows: In thousands 2015 2014 Balance at beginning of year $ 345 $ 288 Provisions 492 413 Deductions (448) (356) Balance at end of year $ 389 $ 345 |
Warrant Issuances
Warrant Issuances | 12 Months Ended |
Dec. 31, 2015 | |
Warrant Liabilities [Abstract] | |
Warrant Liabilities [Text Block] | 10. Warrant Issuances On April 23, 2015, the Company entered into a Credit Agreement (the “Credit Agreement”) with BFI Capital Fund II, LLC (“Lender”) for a $1.5 million credit line at a fixed rate of interest of 12.00%, with a maturity date of May 1, 2016, which was satisfied and terminated on November 23, 2015. The Company also issued the Lender a warrant to purchase 10,000 shares of Common Stock at an exercise price of $12.00 per share, which expires on April 23, 2020. The fair value of this warrant at the date of issuance was $21,000. This warrant does not include a potential adjustment of the strike price if the Company sells or grants any options or warrants at a price per share less than the strike price of the warrants, so they are considered indexed to the Company’s Common Stock and were accounted for as equity in Additional paid-in-capital in the Consolidated Balance Sheets. On June 27, 2014, the Company entered into a Securities Purchase Agreement (the “SPA”) with Transtech LED Company Limited (“Transtech”) (formerly known as Retop Industrial (Hong Kong) Limited), pursuant to which Transtech purchased 333,333 shares of the Company’s Common Stock, par value $0.001 per share, for a purchase price of $2,000,000 (the “Purchase”). Yaozhong Shi, a director of the Company, is the Chairman of Transtech. The SPA requires that the proceeds of the Purchase are to be utilized solely in connection with the Company’s LED display business unit, including for working capital and general corporate purposes related thereto. In connection with the SPA, the Company issued warrants to purchase 33,333 shares of the Company’s Common Stock to Transtech at an exercise price of $8.00 per share, which expire on June 27, 2016. These warrants were part of a direct investment in our equity, so they are considered indexed to the Company’s Common Stock and were accounted for as equity. In November 2012, the Board of Directors approved the issuance to two board members, George W. Schiele and Salvatore J. Zizza, of warrants to purchase 20,000 shares of Common Stock at an exercise price of $12.50 per share. In April 2013, the Board of Directors approved the issuance to one board member, Jean Firstenberg, of warrants to purchase 2,000 shares of Common Stock at an exercise price of $12.50 per share. Each of these warrant issuances was approved by shareholders at the Company’s 2013 Annual Meeting of Shareholders on October 2, 2013. The warrants were issued effective October 2, 2013, began to vest after one year and expire on October 2, 2018. The Company recorded non-cash expenses of $60,000 and $150,000 in the years ended December 31, 2015 and 2014, respectively, related to the value of the warrants issued, which is included in Warrant expense and change in warrant liabilities in the Consolidated Statements of Operations. These warrants do not include a potential adjustment of the strike price if the Company sells or grants any options or warrants at a price per share less than the strike price of the warrants, so they are considered indexed to the Company’s Common Stock and were accounted for as equity. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | 11. Long-Term Debt Long-term debt consists of the following: In thousands 2015 2014 8¼% Limited convertible senior subordinated notes due 2012 $ 626 $ 1,083 9½% Subordinated debentures due 2012 334 334 Real estate mortgage – secured, due in monthly installments through 2020 333 394 Long-term debt, including current portion 1,293 1,811 Less portion due within one year 1,031 1,811 Long-term debt $ 262 $ - Payments of long-term debt due for the next five years are: In thousands 2016 2017 2018 2019 2020 $1,031 $75 $80 $85 $22 . The Company has outstanding $626,000 of Notes which are no longer convertible into common shares. The Notes matured as of March 1, 2012 and are currently in default. As of December 31, 2015 and 2014, the Company had accrued $327,000 and $477,000, respectively, of interest related to the Notes, which is included in Accrued Liabilities in the Consolidated Balance Sheets. The trustee, by notice to the Company, or the holders of 25% of the principal amount of the Notes outstanding, by notice to the Company and the trustee, may declare the outstanding principal plus interest due and payable immediately. On December 22, 2015, the Company consummated a transaction with fourteen holders of the Notes in which an aggregate of $457,000 of principal under the Notes was exchanged for an aggregate of $228,500 cash and an aggregate of 38,082 shares of Common Stock valued at $152,000. As part of the exchange agreements, all of the Company’s remaining obligations under the exchanged Notes, including the payment of accrued interest of $238,000, were terminated. The Company recorded a gain on extinguishment of debt of $314,000. The exchange agreements also provide the note holders with piggyback registration rights with respect to the resale of the shares of Common Stock that they received under the exchange agreements. The Company has outstanding $334,000 of Debentures. The Debentures matured as of December 1, 2012 and are currently in default. As of December 31, 2015 and 2014, the Company had accrued $193,000 and $161,000, respectively, of interest related to the Debentures, which is included in Accrued Liabilities in the Consolidated Balance Sheets. The trustee, by notice to the Company, or the holders of 25% of the principal amount of the Debentures outstanding, by notice to the Company and the trustee, may declare the outstanding principal plus interest due and payable immediately. On April 23, 2015, the Company entered into a Credit Agreement (the “Credit Agreement”) with BFI Capital Fund II, LLC (“Lender”) for a $1.5 million credit line at a fixed rate of interest of 12.00%, with a maturity date of May 1, 2016, which was satisfied and terminated on November 23, 2015. The Company had borrowed $1.0 million under the Credit Agreement, which has been used for working capital. The funds utilized to make the loan included $500,000 of funding provided by Marco Elser, a director of the Company, to the Lender. The Company also issued the Lender a warrant to purchase 10,000 shares of Common Stock at an exercise price of $12.00 per share. The Company recorded the fair value of the warrant in the amount of $21,000, as well as deferred financing fees of $31,000. These deferred financing fees have been amortized over the term of the agreement. For the year ended December 31, 2015, amortization expense of the deferred financing fees in the amount of $52,000 was recorded in Interest expense, net in the Consolidated Statement of Operations. As of December 31, 2014, the Company, through a subsidiary, had a $394,000 mortgage on its facility in Des Moines, Iowa, which was due to mature on March 1, 2015, had a fixed rate of interest of 6.50% and required an average minimum monthly compensating balance of $200,000. On March 1, 2015, the mortgage was amended, extending the maturity to March 1, 2020, reducing the fixed rate of interest to 5.95% and reducing the average minimum monthly compensating balance to $100,000. As of December 31, 2015, the mortgage had a balance of $333,000. On February 1, 2016, the Des Moines facility was sold in a sale/leaseback transaction and the mortgage was satisfied. See Note 20 – Subsequent Events for further details. |
Stockholders' Deficit
Stockholders' Deficit | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 12. Stockholders’ Deficit During 2015 and 2014, the Board of Directors did not declare any quarterly cash dividends on the Company’s Common Stock. The Company is authorized to issue 500,000 shares of preferred stock, of which (i) 416,500 shares are designated as “Series A Convertible Preferred Stock” (“SACPS”), none of which are outstanding, (ii) 51,000 shares are designated as Preferred Stock, 16,512 of which are outstanding, and (iii) 32,500 shares are not yet designated. The SACPS has a stated price of $20.00 per share and is convertible into 2 shares of Common Stock. The Preferred Stock has a stated price of $200.00 per share and is convertible into 20 shares of Common Stock. The undesignated preferred stock would contain such rights, preferences, privileges and restrictions as may be fixed by our Board of Directors. Shares of the Company’s Common Stock reserved for future issuance in connection with convertible securities and stock option plans were 675,000 and 275,000 at December 31, 2015 and 2014, respectively. During 2015 and 2014, certain board members deferred payment of their fees. In lieu of a cash payment, certain board members and former board members have agreed to receive restricted shares of Common Stock of the Company or a combination of cash and restricted shares of Common Stock of the Company, which such restricted shares shall contain a legend under the Securities Act of 1933 and shall not be transferable unless and until registered or otherwise in accordance with applicable securities laws. No restricted stock was issued in lieu of cash payments for directors’ fees in 2015 or 2014. Accumulated other comprehensive loss is comprised of approximately $5.3 million and $6.0 million of unrecognized pension costs at December 31, 2015 and 2014, respectively, and $56,000 and $504,000 of unrealized foreign currency translation gains at December 31, 2015 and 2014, respectively. The components of accumulated other comprehensive loss are as follows: In thousands Pension plan actuarial (loss) gain Foreign currency translation gain (loss) Total Balances at January 1, 2014 $ (3,401) $ 773 $ (2,628) Actuarial loss (2,564) - (2,564) Translation loss - (269) (269) Balances at December 31, 2014 (5,965) 504 (5,461) Actuarial gain 652 - 652 Translation loss - (448) (448) Balances at December 31, 2015 $ (5,313) $ 56 $ (5,257) |
Rights Offering
Rights Offering | 12 Months Ended |
Dec. 31, 2015 | |
Rights Offering [Abstract] | |
Rights Offering [Text Block] | 13. Rights Offering On November 19, 2015, the Company completed a rights offering. The Company received subscriptions and over-subscriptions for a total of 16,512 shares of Preferred Stock, representing approximately 33% of the shares offered. All of the subscriptions and over-subscriptions were accepted, for aggregate gross proceeds to the Company of approximately $3.3 million. Costs associated with the offering were approximately $278,000, which were recorded within Additional Paid in Capital. The Company used the net proceeds for repayment of debt, required pension plan payments and for general corporate purposes. Under the terms of the rights offering, the Company distributed one non-transferrable right for each outstanding share of Common Stock to stockholders of record on September 28, 2015. Thirty-three non-transferable rights entitled the holder to purchase one share of Preferred Stock at a subscription price of $200.00 per share. The Preferred Stock carries a 6.0% cumulative annual dividend, which amounts to $198,000 on an annual basis. The Preferred Stock is convertible into shares of Common Stock at an initial conversion price of $10.00 per share, representing a conversion ratio of 20 shares of Common Stock for each share of Preferred Stock held at the time of conversion, subject to adjustment. For the year ended December 31, 2015, the Company accumulated unpaid dividends related to Preferred Stock of $23,000. The shares of Preferred Stock may be subject to mandatory conversion after three years, or as early as one year if the closing sale price of the Common Stock has been greater than or equal to $15.00 for 30 consecutive trading days. |
Pension Plan
Pension Plan | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 14. Pension Plan All eligible salaried employees of Trans-Lux Corporation and certain of its subsidiaries are covered by a non-contributory defined benefit pension plan. Pension benefits vest after five years of service and are based on years of service and final average salary. The Company’s general funding policy is to contribute at least the required minimum amounts sufficient to satisfy regulatory funding standards, but not more than the maximum tax-deductible amount. The benefit service under the pension plan had been frozen since 2003 and, accordingly, there is no service cost for the years ended December 31, 2015 and 2014. In 2009, the compensation increments were frozen, and accordingly, no additional benefits are being accrued under the plan. For 2015 and 2014, the accrued benefit obligation of the plan exceeded the fair value of plan assets, due primarily to the plan’s investment performance and updates to actuarial longevity tables. The Company’s obligations under its pension plan exceeded plan assets by $5.3 million at December 31, 2015. Assumed mortality rates of plan participants are a critical estimate in measuring the expected payments a participant will receive over their lifetime and the amount of liability and expense we recognize. In October 2015, the Society of Actuaries ("SOA") published updated mortality tables and an updated mortality improvement scale, which both reflect improved longevity. In determining the appropriate mortality assumptions as of December 31, 2015, we considered the SOA’s updated mortality tables to develop assumptions aligned with our expectation of future improvement rates. The mortality assumption was changed from the RP-2014 White Collar Employee and Healthy Annuitant Mortality Tables projected with Scale MP-2014 to the RP-2014 White Collar Employee and Healthy Annuitant Mortality Tables projected with the Buck Modified Scale MP-2015. This change decreased the PBO by 2.4%. Use of the updated projection scale is consistent with the Company’s view of long-term mortality trend. The changes to the mortality rate assumptions resulted in a decrease in the 2015 year-end pension obligation of approximately $325,000. The Company employs a total return investment approach whereby a mix of equities and fixed income investments are used to maximize the long-term return of plan assets for a prudent level of risk. The intent of this strategy is to minimize plan expenses by outperforming plan liabilities over the long run. Risk tolerance is established through careful consideration of plan liabilities, plan funded status and corporate financial condition. The portfolio contains a diversified blend of equity and fixed income investments. Investment risk is measured and monitored on an ongoing basis through annual liability measurements, periodic asset/liability studies and quarterly investment portfolio reviews. At December 31, 2015 and 2014, the Company’s pension plan weighted average asset allocations by asset category are as follows: 2015 2014 Equity and index funds 68.5 % 69.9 % Fixed income funds 31.5 30.1 Total pension plan assets 100.0 % 100.0 % The pension plan asset information included below is presented at fair value as established by ASC 820. The following table presents the pension plan assets by level within the fair value hierarchy as of December 31, 2015 and 2014: In thousands 2015 2014 Level 1: Equity and index funds $ 5,615 $ 5,551 Fixed income funds 2,578 2,395 Total Level 1 8,193 7,946 Level 2 - - Level 3 - - Total pension plan assets $ 8,193 $ 7,946 The funded status of the plan as of December 31, 2015 and 2014 is as follows: In thousands 2015 2014 Change in benefit obligation: Projected benefit obligation at beginning of year $ 14,679 $ 11,883 Interest cost 573 562 Actuarial (gain) loss (1,192) 2,764 Benefits paid (543) (530) Projected benefit obligation at end of year 13,517 14,679 Change in plan assets: Fair value of plan assets at beginning of year 7,946 7,077 Actual return on plan assets (451) 441 Company contributions 1,241 958 Benefits paid (543) (530) Fair value of plan assets at end of year 8,193 7,946 Funded status (underfunded) $ (5,324) $ (6,733) Amounts recognized in other accumulated comprehensive loss: Net actuarial loss $ 6,797 $ 7,449 Weighted average assumptions as of December 31: Discount rate: Components of cost 4.00 % 4.00 % Benefit obligations 4.30 % 4.80 % Expected return on plan assets 8.00 % 8.00 % Rate of compensation increase N/A N/A The Company determines the long-term rate of return for plan assets by studying historical markets and the long-term relationships between equity securities and fixed income securities, with the widely-accepted capital market principal that assets with higher volatility generate higher returns over the long run. The 8.0% expected long-term rate of return on plan assets is determined based on long-term historical performance of plan assets, current asset allocation and projected long-term rates of return. Effective with the 2015 year-end disclosure, the Company has elected to utilize a yield curve in lieu of a single weighted discount rate in determining liabilities and the interest cost for the following year. The purpose of the change in method is to better approximate the term structure of interest-related costs. The liability is unaffected by this change, except for rounding. The interest cost is anticipated to be lower under the new method. Prior to the 2015 year-end disclosure, the Company used the single equivalent discount rate, rounded to the nearest fifth, to determine liabilities and interest cost for the plan. In 2016, the Company expects to amortize $191,000 of actuarial losses to pension expense. The accumulated benefit obligation at December 31, 2015 and 2014 was $13.5 million and $14.7 million, respectively. The minimum required contribution in 2016 is expected to be $1.0 million, which is included in Accrued liabilities in the Consolidated Balance Sheets. The long-term pension liability is $4.3 million and is included in Deferred pension liability and other in the Consolidated Balance Sheets. In March 2010, 2011 and 2013, the Company submitted to the Internal Revenue Service (the “IRS”) requests for waivers of the minimum funding standard for its defined benefit pension plan for the 2009, 2010 and 2012 plan years. The waiver requests were submitted as a result of the economic climate and the business hardship that the Company was experiencing. The waivers for the 2009, 2010 and 2012 plan years were approved and granted subject to certain conditions and have deferred payment of $285,000, $559,000 and $669,000 of the minimum funding standard for the 2009, 2010 and 2012 plan years, respectively. As of December 31, 2015, the Company has fully repaid the amounts deferred for the 2009 and 2010 plan years and has repaid $395,000 of the 2012 plan year waiver, leaving a balance due related to the waivers of $274,000, which is scheduled to be repaid through 2017. If the Company does not fulfill the conditions of the waivers, the PBGC and the IRS have various enforcement remedies that can be implemented to protect the participant’s benefits, such as termination of the plan or a requirement that the Company make the unpaid contributions. In support of such enforcement remedies, the PBGC has placed a lien on the Company’s assets with respect to amounts owed under the plan. In 2015, the Company made the required $1.2 million of contributions to the plan and, in 2016, the Company has already made $197,000 of contributions. At this time, the Company is expecting to make its required $813,000 of contributions remaining for 2016; however there is no assurance that the Company will be able to make any or all such remaining payments. If we are unable to fulfill our related obligations, the implementation of any such enforcement remedies would have a material adverse impact on our financial condition, results of operations, and liquidity. The following estimated benefit payments are expected to be paid by the Company’s pension plan in the next 5 years: 2016 2017 2018 2019 2020 $630 $655 $713 $886 $724 . The following table presents the components of the net periodic pension cost for the years ended December 31, 2015 and 2014: In thousands 2015 2014 Interest cost $ 573 $ 562 Expected return on plan assets (667) (598) Amortization of net actuarial loss 579 358 Net periodic pension cost $ 485 $ 322 The following table presents the change in unrecognized pension costs recorded in other comprehensive loss as of December 31, 2015 and 2014: In thousands 2015 2014 Balance at beginning of year $ 7,449 $ 4,886 Net actuarial (gain) loss (73) 2,921 Recognized loss (579) (358) Balance at end of year $ 6,797 $ 7,449 In addition, the Company provided unfunded supplemental retirement benefits for the retired, former Chief Executive Officer. During 2009 the Company accrued $0.5 million for such benefits, which has not yet been paid, which is included in Accrued liabilities in the Consolidated Balance Sheets. The Company does not offer any post-retirement benefits other than the pension and supplemental retirement benefits described herein. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 15. Share-Based Compensation The Company accounts for all share-based payments to employees and directors, including grants of employee stock options, at fair value and expenses the benefit in the Consolidated Statements of Operations over the service period (generally the vesting period). The fair value of each stock option granted is estimated on the date of grant using the Black-Scholes pricing valuation model, which requires various assumptions including estimating stock price volatility, expected life of the stock option, risk free interest rate and estimated forfeiture rate. The Company has two stock option plans. As of December 31, 2015, 200,000 shares of Common Stock were available for grant under the 2012 Long-Term Incentive Plan; and 800 shares of Common Stock were available for grant under the Non-Employee Director Stock Option Plan. Changes in the stock option plans are as follows: Weighted Average Exercise Price Number of Shares Authorized Granted Available Balance January 1, 2014 200,860 60 200,800 $19.58 Authorized - - - Expired (20) (20) - Granted - - - - Balance December 31, 2014 200,840 40 200,800 16.25 Authorized - - - Expired (40) (40) - Granted - - - Balance December 31, 2015 200,800 - 200,800 Under the 2012 Long-Term Incentive Plan, option prices must be at least 100% of the market value of the Common Stock at time of grant. Exercise periods are for ten years from date of grant and terminate at a stipulated period of time after an employee’s termination of employment. At December 31, 2015, no options were outstanding or exercisable. During 2015 and 2014, no options were granted or exercised. Under the Non-Employee Director Stock Option Plan, option prices must be at least 100% of the market value of the Common Stock at time of grant. No option may be exercised prior to one year after date of grant and the optionee must be a director of the Company at time of exercise, except in certain cases as permitted by the Compensation Committee. Exercise periods are for six years from date of grant and terminate at a stipulated period of time after an optionee ceases to be a director. At December 31, 2015, there were no outstanding options to purchase shares. The outstanding stock options at December 31, 2014 had no intrinsic value. As of December 31, 2015, there was no unrecognized compensation cost related to non-vested options granted under the Plans. |
Loss Per Share
Loss Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 16. Loss Per Share The following table presents the calculation of loss per share for the years ended December 31, 2015 and 2014: In thousands, except per share data 2015 2014 Numerator: Net loss, as reported $ (1,749) $ (4,628) Unpaid dividends accumulated on preferred shares (23) - Net loss attributable to common shares $ (1,772) $ (4,628) Denominator: Weighted average shares outstanding 1,674 1,371 Basic and diluted loss per share $ (1.06) $ (3.38) Basic loss per common share is computed by dividing net loss attributable to common shares by the weighted average number of common shares outstanding for the period. Diluted loss per common share is computed by dividing net loss attributable to common shares, by the weighted average number of common shares outstanding, adjusted for shares that would be assumed outstanding after warrants and stock options vested under the treasury stock method. At December 31, 2015, the Company accumulated unpaid dividends related to the Preferred Stock issued in November 2015 of $23,000. There were no accumulated unpaid dividends related to Preferred Stock at December 31, 2014. At December 31, 2015 and 2014, outstanding warrants convertible into 85,300 and 75,300 shares, respectively, of Common Stock were excluded from the calculation of diluted loss per share because their impact would have been anti-dilutive. At December 31, 2014 there were outstanding stock options to purchase 40 shares of Common Stock, which were also excluded from the calculation of diluted loss per share because their impact would have been anti-dilutive. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 17. Commitments and Contingencies Commitments: Contingencies: Operating leases: |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 18. Related Party Transactions Yaozhong Shi, a director of the Company, is the Chairman of Transtech, which is our primary LED supplier. The Company purchased $3.5 million and $2.4 million of product from Transtech in 2015 and 2014, respectively, at prices that approximate fair market value. Amounts payable by the Company to Transtech were $145,000 and $89,000 as of December 31, 2015 and 2014, respectively. On June 27, 2014, the Company entered into a Securities Purchase Agreement with Transtech, pursuant to which Transtech purchased 333,333 shares of the Company’s Common Stock for a purchase price of $2,000,000. In connection with the agreement, the Company issued warrants to purchase 33,333 shares of the Company’s Common Stock to Transtech at an exercise price of $8.00 per share, which expire on June 27, 2016. Marco Elser, a director of the Company, provided $500,000 of funding to BFI Capital Fund II, LLC, with whom the Company entered into a Credit Agreement (the “Credit Agreement”) on April 23, 2015 for a $1.5 million credit line at a fixed rate of interest of 12.00%, with a maturity date of May 1, 2016. The Company had borrowed $1.0 million under the Credit Agreement, which has been used for working capital. The Credit Agreement was satisfied and terminated on November 23, 2015. On December 3, 2013, the Company received a $1.0 million loan from Carlisle Investments Inc. (“Carlisle”) at a fixed interest rate of 10.00%, which was due to mature on June 1, 2014 with a bullet payment of all principal and accrued interest due at such time, which maturity date was subsequently extended to July 1, 2014. Marco Elser exercises voting and dispositive power as investment manager of Carlisle. On June 20, 2014, this loan was converted into shares of the Company’s Common Stock at an exchange rate of 1 share for every $6.00 of principal, resulting in the issuance of 166,666 shares of Common Stock to Carlisle. On September 3, 2014, the interest was converted into shares of the Company’s Common Stock at an exchange rate of 1 share for every $6.00 of interest, resulting in the issuance of 9,178 shares of Common Stock to Carlisle. As a result of the conversion to Common Stock, the loan has been satisfied in full. In connection with the Company’s rights offering consummated in November 2015, George W. Schiele, Alan K. Greene and Alberto Shaio, each a director of the Company, exercised rights to purchase 250, 252 and 252 of Preferred Stock, respectively. In the beginning of June 2014, the Company received a $200,000 loan from Mr. Schiele at a fixed interest rate of 10.00%, which was due to mature on July 1, 2014 with a bullet payment of all principal and accrued interest due at such time. On June 20, 2014, this loan was converted into shares of the Company’s Common Stock at an exchange rate of 1 share for every $6.00 of principal, resulting in the issuance of 33,333 shares of Common Stock to Mr. Schiele. As a result of the conversion to Common Stock, the loan has been satisfied in full. On August 27, 2014, the Company entered into a Securities Purchase Agreement with Mr. Greene, pursuant to which Mr. Greene purchased 8,333 shares of the Company’s Common Stock for a purchase price of $50,000. On August 27, 2014, the Company entered into a Securities Purchase Agreement with Mr. Shaio, pursuant to which Mr. Shaio purchased 8,333 shares of the Company’s Common Stock for a purchase price of $50,000. |
Business Segment Data
Business Segment Data | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 19. Business Segment Data Operating segments are based on the Company’s business components about which separate financial information is available and are evaluated regularly by the Company’s chief operating decision maker in deciding how to allocate resources and in assessing performance of the business. The Company evaluates segment performance and allocates resources based upon operating income. The Company’s operations are managed in two reportable business segments: Digital display sales and Digital display lease and maintenance. Both design and produce large-scale, multi-color, real-time digital displays and LED lighting, which has a line of energy-saving lighting solutions that provide facilities and public infrastructure with “green” lighting solutions that emit less heat, save energy and enable creative designs. Both operating segments are conducted on a global basis, primarily through operations in the United States. The Company also has operations in Canada. The Digital display sales segment sells equipment and the Digital display lease and maintenance segment leases and maintains equipment. Corporate general and administrative items relate to costs that are not directly identifiable with a segment. There are no intersegment sales. Foreign revenues represent less than 10% of the Company’s revenues for 2015 and 2014. The foreign operation does not manufacture its own equipment; the domestic operation provides the equipment that the foreign operation leases or sells. The foreign operation operates similarly to the domestic operation and has similar profit margins. Foreign assets are immaterial. Information about the Company’s operations in its two business segments for the years ended December 31, 2015 and 2014 and as of December 31, 2015 and 2014 were as follows: In thousands 2015 2014 Revenues: Digital display sales $ 19,994 $ 19,479 Digital display lease & maintenance 3,573 4,880 Total revenues $ 23,567 $ 24,359 Operating income (loss): Digital display sales $ 574 $ (1,292) Digital display lease & maintenance 660 348 Corporate general and administrative expenses (3,386) (3,544) Total operating loss (2,152) (4,488) Interest expense, net (306) (240) Gain on foreign currency exchange 478 236 Gain on extinguishment of debt 314 - Warrant expense and change in warrant liabilities (60) (107) Loss before income taxes (1,726) (4,599) Income tax expense (23) (29) Net loss $ (1,749) $ (4,628) Assets: Digital display sales $ 6,955 $ 6,792 Digital display lease & maintenance 5,488 7,802 Total identifiable assets 12,443 14,594 General corporate 547 651 Total assets $ 12,990 $ 15,245 Depreciation and amortization: Digital display sales $ 100 $ 122 Digital display lease & maintenance 2,268 2,868 General corporate 75 13 Total depreciation and amortization $ 2,443 $ 3,003 Capital expenditures: Digital display sales $ 169 $ 8 Digital display lease & maintenance 61 44 General corporate 5 75 Total capital expenditures $ 235 $ 127 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 20. Subsequent Events On February 1, 2016, the Company sold its Des Moines, Iowa facility for $1.1 million in a sale/leaseback transaction. The lease is for a two year period at an annual rental of $158,000. As a result of the sale, the remaining $329,000 mortgage was satisfied. Net proceeds of $661,000 were received. The Company calculated a gain of $267,000, which will be amortized over the 24 month term of the lease, in accordance with ASU 2016-02. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of consolidation |
Use of Estimates, Policy [Policy Text Block] | Use of estimates |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents |
Receivables, Policy [Policy Text Block] | Accounts receivable The following is a summary of the allowance for uncollectible accounts at December 31: 2015 2014 Balance at beginning of year $ 168 $ 86 Provisions 437 841 Deductions (46) (759) Balance at end of year $ 559 $ 168 Concentrations of credit risk with respect to accounts receivable are limited due to the large number of customers, the relatively small account balances within the majority of the Company’s customer base and their dispersion across different businesses. The Company’s revenues included one multinational customer that accounted for 12.5% and 10.8% of total revenues in 2015 and 2014, respectively. |
Inventory, Policy [Policy Text Block] | Inventories |
Property, Plant and Equipment, Policy [Policy Text Block] | Rental equipment and property, plant and equipment The estimated useful lives are as follows: Years Indoor rental equipment 5 – 10 Outdoor rental equipment 15 Buildings and improvements 10 – 39 Machinery, fixtures and equipment 3 – 15 Leaseholds and improvements 3 When rental equipment and property, plant and equipment are fully depreciated, retired or otherwise disposed of, the cost and accumulated depreciation are eliminated from the accounts. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill The Company annually evaluates the value of its goodwill on October 1 and determines if it is impaired by comparing the carrying value of goodwill to its estimated fair value. Changes in the assumptions used could materially impact the fair value estimates. Assumptions critical to our fair value estimates are: (i) discount rate used to derive the present value factors used in determining the fair value of the reporting unit, (ii) projected average revenue growth rates used in the reporting unit models and (iii) projected long-term growth rates used in the derivation of terminal year values. These and other assumptions are impacted by economic conditions and expectations of management and will change in the future based on period-specific facts and circumstances. The Company uses the income and the market approach when testing for goodwill impairment. The Company weighs these approaches by using a 67% factor for the income approach and a 33% factor for the market approach. Together these two factors estimate the fair value of the reporting unit. The Company uses a discounted cash flow model to determine the fair value under the income approach which contemplates a conservative overall weighted average revenue growth rate. If the Company were to reduce its revenue projections on the reporting unit by 5.6% within the income approach, the fair value of the reporting unit would be below carrying value. The gross profit margins used are consistent with historical margins achieved by the Company during previous years. If there is a margin decline of 5.7% or more, the model would yield results of a fair value less than carrying amount. The Company uses a market multiple approach based on revenue to determine the fair value under the market approach which includes a selection of and market price of a group of comparable companies and the performance of the guidelines of the comparable companies and of the reporting unit. The impairment test for goodwill is a two-step process. The first step of the goodwill impairment test compares the fair value of the reporting unit with its carrying amount. If the carrying amount of the reporting unit exceeds its fair value, a second step is performed to calculate the implied fair value of the goodwill of the reporting unit by deducting the fair value of all of the individual assets and liabilities of the reporting unit from the respective fair values of the reporting unit as a whole. To the extent the calculated implied fair value of the goodwill is less than the recorded goodwill, an impairment charge is recorded for the difference. Fair value is determined using cash flow and other valuation models (generally Level 3 inputs in the fair value hierarchy described in Note 3 – Fair Value). There was no impairment of goodwill in 2015 or 2014. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment or disposal of long-lived assets |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted cash: |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping Costs: |
Advertising Costs, Policy [Policy Text Block] | Advertising/Marketing Costs: |
Revenue Recognition, Policy [Policy Text Block] | Revenue recognition Revenues on equipment sales with long-term receivables are recorded on the installment basis. At December 31, 2015, the future accounts receivables due to the Company under installment sales agreements aggregated $126,000 through 2018. Revenues on equipment sales, other than long-term equipment sales contracts, are recognized upon shipment when title and risk of loss passes to the customer. |
Standard Product Warranty, Policy [Policy Text Block] | Warranty reserve: |
Income Tax, Policy [Policy Text Block] | Taxes on income The Company considers whether it is more-likely-than-not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Once it is determined that a position meets the more-likely-than-not recognition threshold, the position is measured to determine the amount of benefit to recognize in the financial statements. The Company’s policy is to classify interest and penalties related to uncertain tax positions in income tax expense. To date, there have been no interest or penalties charged to the Company in relation to the underpayment of income taxes. The Company’s determinations regarding uncertain income tax positions may be subject to review and adjustment at a later date based upon factors including, but not limited to, an ongoing analysis of tax laws, regulations and interpretations thereof. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign currency remeasurement |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-based compensation plans |
Subsequent Events, Policy [Policy Text Block] | Consideration of Subsequent Events: |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent accounting pronouncements: Leases (Topic 842) In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments In August 2015, the FASB issued ASU 2015-14, which defers the effective date of ASU 2014-09, Revenue from Contracts with Customers In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-90). This guidance describes management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. In doing so, the amendment should reduce diversity in the timing and content of footnote disclosures. ASU 2014-15 is effective for annual periods ending after December 15, 2016 and interim periods thereafter. Early application is permitted. |
Reclassification, Policy [Policy Text Block] | Reclassifications: |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 2015 2014 Balance at beginning of year $ 168 $ 86 Provisions 437 841 Deductions (46) (759) Balance at end of year $ 559 $ 168 |
Schedule Of Property Plant And Equipment Estimated Useful Life [Table Text Block] | Years Indoor rental equipment 5 – 10 Outdoor rental equipment 15 Buildings and improvements 10 – 39 Machinery, fixtures and equipment 3 – 15 Leaseholds and improvements 3 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | In thousands 2015 2014 Raw materials $ 1,378 $ 1,192 Work-in-progress 409 399 Finished goods 89 220 Total Inventory $ 1,876 $ 1,811 |
Rental Equipment (Tables)
Rental Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Rental Equipment [Abstract] | |
Rental Equipment [Table Text Block] | In thousands 2015 2014 Rental equipment $ 21,134 $ 27,825 Less accumulated depreciation 16,452 20,935 Net rental equipment $ 4,682 $ 6,890 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | In thousands 2015 2014 Land, buildings and improvements $ 1,256 $ 1,250 Machinery, fixtures and equipment 878 863 Leaseholds and improvements 25 27 Property, plant and equipment, Gross 2,159 2,140 Less accumulated depreciation 1,003 1,034 Net property, plant and equipment $ 1,156 $ 1,106 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Other Assets [Table Text Block] | In thousands 2015 2014 Long-term receivables $ 76 $ 126 Prepaids 55 56 Deposits and other 146 47 Total $ 277 $ 229 |
Taxes on Income (Tables)
Taxes on Income (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | In thousands 2015 2014 Current: Federal $ - $ - State and local - - Foreign 23 29 Income tax (expense) benefit, current $ 23 $ 29 Deferred: Federal $ - $ - State and local - - Income tax (expense) benefit, deferred - - Income tax expense $ 23 $ 29 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2015 2014 Statutory federal income tax benefit rate 34.0 % 34.0 % State income taxes, net of federal benefit 4.8 (12.9) Foreign income taxed at different rates 7.5 (0.1) Deferred tax asset valuation allowance (46.4) 123.3 Net operating loss limitation - (156.9) Other (1.2) 12.0 Effective income tax rate (1.3) % (0.6) % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | In thousands 2015 2014 Deferred income tax asset: Tax credit carryforwards $ 897 $ 897 Operating loss carryforwards 6,253 5,772 Net pension costs 2,749 3,052 Accruals 250 259 Allowance for bad debts 55 41 Other 415 402 Valuation allowance (8,208) (7,401) Deferred income tax asset, Total 2,411 3,022 Deferred income tax liability: Depreciation 1,600 2,320 Other 811 702 Deferred income tax liability, Total 2,411 3,022 Net deferred income taxes $ - $ - |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | In thousands 2015 2014 Taxes payable $ 1,059 $ 1,063 Current portion of pension liability (see Note 14) 1,010 1,442 Deferred revenues 931 1,721 Directors fees 684 532 Compensation and employee benefits 614 678 Interest payable 522 640 Warranty reserve 389 345 Audit fees 137 194 Legal fees payable 68 242 Installation costs 46 197 Other 676 803 Accrued Liabilities, Total $ 6,136 $ 7,857 |
Schedule of Product Warranty Liability [Table Text Block] | In thousands 2015 2014 Balance at beginning of year $ 345 $ 288 Provisions 492 413 Deductions (448) (356) Balance at end of year $ 389 $ 345 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | In thousands 2015 2014 8¼% Limited convertible senior subordinated notes due 2012 $ 626 $ 1,083 9½% Subordinated debentures due 2012 334 334 Real estate mortgage – secured, due in monthly installments through 2020 333 394 Long-term debt, including current portion 1,293 1,811 Less portion due within one year 1,031 1,811 Long-term debt $ 262 $ - |
Schedule of Maturities of Long-term Debt [Table Text Block] | In thousands 2016 2017 2018 2019 2020 $1,031 $75 $80 $85 $22 . |
Stockholders' Deficit (Tables)
Stockholders' Deficit (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Retained Earnings [Member] | |
Stockholders' Deficit (Tables) [Line Items] | |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | In thousands Pension plan actuarial (loss) gain Foreign currency translation gain (loss) Total Balances at January 1, 2014 $ (3,401) $ 773 $ (2,628) Actuarial loss (2,564) - (2,564) Translation loss - (269) (269) Balances at December 31, 2014 (5,965) 504 (5,461) Actuarial gain 652 - 652 Translation loss - (448) (448) Balances at December 31, 2015 $ (5,313) $ 56 $ (5,257) |
Pension Plan (Tables)
Pension Plan (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Pension Plan (Tables) [Line Items] | |
Schedule of Allocation of Plan Assets [Table Text Block] | 2015 2014 Equity and index funds 68.5 % 69.9 % Fixed income funds 31.5 30.1 Total pension plan assets 100.0 % 100.0 % |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | In thousands 2015 2014 Level 1: Equity and index funds $ 5,615 $ 5,551 Fixed income funds 2,578 2,395 Total Level 1 8,193 7,946 Level 2 - - Level 3 - - Total pension plan assets $ 8,193 $ 7,946 |
Schedule of Net Funded Status [Table Text Block] | In thousands 2015 2014 Change in benefit obligation: Projected benefit obligation at beginning of year $ 14,679 $ 11,883 Interest cost 573 562 Actuarial (gain) loss (1,192) 2,764 Benefits paid (543) (530) Projected benefit obligation at end of year 13,517 14,679 Change in plan assets: Fair value of plan assets at beginning of year 7,946 7,077 Actual return on plan assets (451) 441 Company contributions 1,241 958 Benefits paid (543) (530) Fair value of plan assets at end of year 8,193 7,946 Funded status (underfunded) $ (5,324) $ (6,733) Amounts recognized in other accumulated comprehensive loss: Net actuarial loss $ 6,797 $ 7,449 Weighted average assumptions as of December 31: Discount rate: Components of cost 4.00 % 4.00 % Benefit obligations 4.30 % 4.80 % Expected return on plan assets 8.00 % 8.00 % Rate of compensation increase N/A N/A |
Schedule of Expected Benefit Payments [Table Text Block] | 2016 2017 2018 2019 2020 $630 $655 $713 $886 $724 . |
Schedule of Net Benefit Costs [Table Text Block] | In thousands 2015 2014 Interest cost $ 573 $ 562 Expected return on plan assets (667) (598) Amortization of net actuarial loss 579 358 Net periodic pension cost $ 485 $ 322 |
Pension Costs [Member] | |
Pension Plan (Tables) [Line Items] | |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | In thousands 2015 2014 Balance at beginning of year $ 7,449 $ 4,886 Net actuarial (gain) loss (73) 2,921 Recognized loss (579) (358) Balance at end of year $ 6,797 $ 7,449 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted Average Exercise Price Number of Shares Authorized Granted Available Balance January 1, 2014 200,860 60 200,800 $19.58 Authorized - - - Expired (20) (20) - Granted - - - - Balance December 31, 2014 200,840 40 200,800 16.25 Authorized - - - Expired (40) (40) - Granted - - - Balance December 31, 2015 200,800 - 200,800 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | In thousands, except per share data 2015 2014 Numerator: Net loss, as reported $ (1,749) $ (4,628) Unpaid dividends accumulated on preferred shares (23) - Net loss attributable to common shares $ (1,772) $ (4,628) Denominator: Weighted average shares outstanding 1,674 1,371 Basic and diluted loss per share $ (1.06) $ (3.38) |
Business Segment Data (Tables)
Business Segment Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | In thousands 2015 2014 Revenues: Digital display sales $ 19,994 $ 19,479 Digital display lease & maintenance 3,573 4,880 Total revenues $ 23,567 $ 24,359 Operating income (loss): Digital display sales $ 574 $ (1,292) Digital display lease & maintenance 660 348 Corporate general and administrative expenses (3,386) (3,544) Total operating loss (2,152) (4,488) Interest expense, net (306) (240) Gain on foreign currency exchange 478 236 Gain on extinguishment of debt 314 - Warrant expense and change in warrant liabilities (60) (107) Loss before income taxes (1,726) (4,599) Income tax expense (23) (29) Net loss $ (1,749) $ (4,628) Assets: Digital display sales $ 6,955 $ 6,792 Digital display lease & maintenance 5,488 7,802 Total identifiable assets 12,443 14,594 General corporate 547 651 Total assets $ 12,990 $ 15,245 Depreciation and amortization: Digital display sales $ 100 $ 122 Digital display lease & maintenance 2,268 2,868 General corporate 75 13 Total depreciation and amortization $ 2,443 $ 3,003 Capital expenditures: Digital display sales $ 169 $ 8 Digital display lease & maintenance 61 44 General corporate 5 75 Total capital expenditures $ 235 $ 127 |
Summary of Significant Accoun42
Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Summary of Significant Accounting Policies (Details) [Line Items] | ||
Cash, FDIC Insured Amount | $ 250,000 | |
Concentration Risk, Percentage | 12.50% | 10.80% |
Goodwill | $ 744,000 | $ 744,000 |
Increase in Restricted Cash | 212,000 | |
Shipping, Handling and Transportation Costs | 689,000 | 617,000 |
Advertising Expense | 437,000 | $ 811,000 |
Operating Leases, Future Minimum Payments Receivable | 4,550,000 | |
Operating Leases, Future Minimum Payments Receivable, Current | 1,938,000 | |
Operating Leases, Future Minimum Payments Receivable, in Two Years | 1,149,000 | |
Operating Leases, Future Minimum Payments Receivable, in Three Years | 1,029,000 | |
Operating Leases, Future Minimum Payments Receivable, in Four Years | 233,000 | |
Operating Leases, Future Minimum Payments Receivable, in Five Years | 146,000 | |
Operating Leases, Future Minimum Payments Receivable, Thereafter | 55,000 | |
Accounts Receivable, Gross | 126,000 | |
Digital Display Sales [Member] | ||
Summary of Significant Accounting Policies (Details) [Line Items] | ||
Goodwill | $ 744,000 |
Summary of Significant Accoun43
Summary of Significant Accounting Policies (Details) - Summary of the allowance for uncollectible accounts - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Summary of the allowance for uncollectible accounts [Abstract] | ||
Balance at beginning of year | $ 168 | $ 86 |
Provisions | 437 | 841 |
Deductions | (46) | (759) |
Balance at end of year | $ 559 | $ 168 |
Summary of Significant Accoun44
Summary of Significant Accounting Policies (Details) - Estimated useful lives | 12 Months Ended |
Dec. 31, 2015 | |
Outdoor Rental Equipment [Member] | |
Summary of Significant Accounting Policies (Details) - Estimated useful lives [Line Items] | |
Estimated Useful Lives | 15 years |
Leaseholds and Leasehold Improvements [Member] | |
Summary of Significant Accounting Policies (Details) - Estimated useful lives [Line Items] | |
Estimated Useful Lives | 3 years |
Minimum [Member] | Indoor Rental Equipment [Member] | |
Summary of Significant Accounting Policies (Details) - Estimated useful lives [Line Items] | |
Estimated Useful Lives | 5 years |
Minimum [Member] | Building and Building Improvements [Member] | |
Summary of Significant Accounting Policies (Details) - Estimated useful lives [Line Items] | |
Estimated Useful Lives | 10 years |
Minimum [Member] | Machinery, Fixture and Equipment [Member] | |
Summary of Significant Accounting Policies (Details) - Estimated useful lives [Line Items] | |
Estimated Useful Lives | 3 years |
Maximum [Member] | Indoor Rental Equipment [Member] | |
Summary of Significant Accounting Policies (Details) - Estimated useful lives [Line Items] | |
Estimated Useful Lives | 10 years |
Maximum [Member] | Building and Building Improvements [Member] | |
Summary of Significant Accounting Policies (Details) - Estimated useful lives [Line Items] | |
Estimated Useful Lives | 39 years |
Maximum [Member] | Machinery, Fixture and Equipment [Member] | |
Summary of Significant Accounting Policies (Details) - Estimated useful lives [Line Items] | |
Estimated Useful Lives | 15 years |
Going Concern (Details)
Going Concern (Details) - USD ($) | Nov. 19, 2015 | Dec. 31, 2015 | Dec. 31, 2014 |
Going Concern (Details) [Line Items] | |||
Net Income (Loss) Attributable to Parent | $ (1,749,000) | $ (4,628,000) | |
Working Capital Deficit | 2,500,000 | ||
Defined Benefit Plan, Funded Status of Plan | (5,324,000) | $ (6,733,000) | |
Pension Contributions | 197,000 | ||
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year | 813,000 | ||
Preferred Stock, Shares Subscribed but Unissued (in Shares) | 16,512 | ||
Preferred Stock, Value, Subscriptions | $ 3,000,000 | ||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ 278,000 | ||
8¼% Limited Convertible Senior Subordinated Notes Due 2012 [Member] | |||
Going Concern (Details) [Line Items] | |||
Convertible Notes Payable | 626,000 | ||
9½% Subordinated Debentures Due 2012 [Member] | |||
Going Concern (Details) [Line Items] | |||
Convertible Notes Payable | $ 334,000 |
Fair Value (Details)
Fair Value (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value (Details) [Line Items] | |||
Money Market Funds, at Carrying Value | $ 1,000 | $ 1,000 | |
Cash Surrender Value of Life Insurance | 55,000 | 55,000 | |
Long-term Debt, Fair Value | 333,000 | 394,000 | |
Equity, Fair Value Disclosure | 21,000 | 92,000 | $ 252,000 |
8¼% Limited Convertible Senior Subordinated Notes Due 2012 [Member] | |||
Fair Value (Details) [Line Items] | |||
Convertible Debt, Fair Value Disclosures | 164,000 | 244,000 | |
9½% Subordinated Debentures Due 2012 [Member] | |||
Fair Value (Details) [Line Items] | |||
Debt Instrument, Fair Value Disclosure | $ 33,000 | $ 33,000 |
Inventories (Details) - Invento
Inventories (Details) - Inventories - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Inventories [Abstract] | ||
Raw materials | $ 1,378 | $ 1,192 |
Work-in-progress | 409 | 399 |
Finished goods | 89 | 220 |
Total Inventory | $ 1,876 | $ 1,811 |
Rental Equipment (Details)
Rental Equipment (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Rental Equipment (Details) [Line Items] | ||
Depreciation | $ 123,000 | $ 138,000 |
Rental Equipment [Member] | ||
Rental Equipment (Details) [Line Items] | ||
Asset Impairment Charges | 6,800,000 | |
Depreciation | $ 2,300,000 | $ 2,900,000 |
Rental Equipment (Details) - Sc
Rental Equipment (Details) - Schedule Of Rental Equipment - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule Of Rental Equipment [Abstract] | ||
Rental equipment | $ 21,134 | $ 27,825 |
Less accumulated depreciation | 16,452 | 20,935 |
Net rental equipment | $ 4,682 | $ 6,890 |
Property, Plant and Equipment50
Property, Plant and Equipment (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment (Details) [Line Items] | ||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 151,000 | |
Depreciation | 123,000 | $ 138,000 |
Land, Building and Equipment [Member] | ||
Property, Plant and Equipment (Details) [Line Items] | ||
Pledged Assets Separately Reported, Real Estate Pledged as Collateral, at Fair Value | $ 1,100,000 | $ 1,000,000 |
Property, Plant and Equipment51
Property, Plant and Equipment (Details) - Property, plant and equipment consists of the following: - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 2,159 | $ 2,140 |
Less accumulated depreciation | 1,003 | 1,034 |
Net property, plant and equipment | 1,156 | 1,106 |
Land, Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 1,256 | 1,250 |
Machinery, Fixture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 878 | 863 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 25 | $ 27 |
Other Assets (Details) - Schedu
Other Assets (Details) - Schedule of Other Assets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Other Assets [Abstract] | ||
Long-term receivables | $ 76 | $ 126 |
Prepaids | 55 | 56 |
Deposits and other | 146 | 47 |
Total | $ 277 | $ 229 |
Taxes on Income (Details)
Taxes on Income (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Jun. 26, 2012 | |
Taxes on Income (Details) [Line Items] | |||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | $ 2,200,000 | $ 4,700,000 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | 34.00% | |
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | $ 865,000 | ||
Operating Loss Carryforwards | $ 295,000 | ||
Deferred Tax Assets, Operating Loss Carryforwards | 6,253,000 | $ 5,772,000 | $ 5,900,000 |
CANADA | |||
Taxes on Income (Details) [Line Items] | |||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 500,000 | $ 100,000 | |
Domestic Tax Authority [Member] | |||
Taxes on Income (Details) [Line Items] | |||
Operating Loss Carryforwards | $ 6,300,000 |
Taxes on Income (Details) - Com
Taxes on Income (Details) - Components of income tax expense (benefit) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Current: | ||
Federal | ||
State and local | ||
Foreign | $ 23 | $ 29 |
Income tax (expense) benefit, current | $ 23 | $ 29 |
Deferred: | ||
Federal | ||
State and local | ||
Income tax (expense) benefit, deferred | ||
Income tax expense | $ 23 | $ 29 |
Taxes on Income (Details) - Inc
Taxes on Income (Details) - Income tax rate reconciliation | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income tax rate reconciliation [Abstract] | ||
Statutory federal income tax benefit rate | 34.00% | 34.00% |
State income taxes, net of federal benefit | 4.80% | (12.90%) |
Foreign income taxed at different rates | 7.50% | (0.10%) |
Deferred tax asset valuation allowance | (46.40%) | 123.30% |
Net operating loss limitation | (156.90%) | |
Other | (1.20%) | 12.00% |
Effective income tax rate | (1.30%) | (0.60%) |
Taxes on Income (Details) - Sig
Taxes on Income (Details) - Significant components of the Company`s deferred income tax assets and liabilities - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 26, 2012 |
Deferred income tax asset: | |||
Tax credit carryforwards | $ 897 | $ 897 | |
Operating loss carryforwards | 6,253 | 5,772 | $ 5,900 |
Net pension costs | 2,749 | 3,052 | |
Accruals | 250 | 259 | |
Allowance for bad debts | 55 | 41 | |
Other | 415 | 402 | |
Valuation allowance | (8,208) | (7,401) | |
Deferred income tax asset, Total | 2,411 | 3,022 | |
Deferred income tax liability: | |||
Depreciation | 1,600 | 2,320 | |
Other | 811 | 702 | |
Deferred income tax liability, Total | $ 2,411 | $ 3,022 | |
Net deferred income taxes |
Accrued Liabilities (Details) -
Accrued Liabilities (Details) - Accrued liabilities - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Accrued liabilities [Abstract] | |||
Taxes payable | $ 1,059 | $ 1,063 | |
Current portion of pension liability (see Note 14) | 1,010 | 1,442 | |
Deferred revenues | 931 | 1,721 | |
Directors fees | 684 | 532 | |
Compensation and employee benefits | 614 | 678 | |
Interest payable | 522 | 640 | |
Warranty reserve | 389 | 345 | $ 288 |
Audit fees | 137 | 194 | |
Legal fees payable | 68 | 242 | |
Installation costs | 46 | 197 | |
Other | 676 | 803 | |
Accrued Liabilities, Total | $ 6,136 | $ 7,857 |
Accrued Liabilities (Details)58
Accrued Liabilities (Details) - Warranty obligations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Warranty obligations [Abstract] | ||
Balance at beginning of year | $ 345 | $ 288 |
Provisions | 492 | 413 |
Deductions | (448) | (356) |
Balance at end of year | $ 389 | $ 345 |
Warrant Issuances (Details)
Warrant Issuances (Details) - USD ($) | Apr. 23, 2015 | Jun. 27, 2014 | Oct. 02, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 30, 2013 | Nov. 30, 2012 |
Warrant Issuances (Details) [Line Items] | |||||||
Stock Issued During Period, Value, New Issues | $ 3,024,000 | ||||||
BFI Capital Fund IILLC [Member] | Common Stock [Member] | Warrant [Member] | |||||||
Warrant Issuances (Details) [Line Items] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 10,000 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 12 | ||||||
Warrants Not Settleable in Cash, Fair Value Disclosure | $ 21,000 | ||||||
Board Members [Member] | |||||||
Warrant Issuances (Details) [Line Items] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,000 | 20,000 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 12.50 | $ 12.50 | |||||
Warrants Expiration Date | Oct. 2, 2018 | ||||||
Warrants Vesting Period | 1 year | ||||||
Board Members [Member] | Warrant [Member] | |||||||
Warrant Issuances (Details) [Line Items] | |||||||
Other Noncash Expense | $ 60,000 | $ 150,000 | |||||
Credit Agreement [Member] | BFI Capital Fund IILLC [Member] | |||||||
Warrant Issuances (Details) [Line Items] | |||||||
Long-term Line of Credit | $ 1,500,000 | ||||||
Line of Credit Facility, Interest Rate During Period | 12.00% | ||||||
Line of Credit Facility, Expiration Date | May 1, 2016 | ||||||
Securities Purchase Agreement [Member] | Transtech [Member] | Warrant [Member] | |||||||
Warrant Issuances (Details) [Line Items] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 33,333 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 8 | ||||||
Warrants Expiration Date | Jun. 27, 2016 | ||||||
Securities Purchase Agreement [Member] | Transtech [Member] | Common Stock [Member] | |||||||
Warrant Issuances (Details) [Line Items] | |||||||
Stock Issued During Period, Shares, New Issues | 333,333 | ||||||
Shares Issued, Price Per Share | $ 0.001 | ||||||
Stock Issued During Period, Value, New Issues | $ 2,000,000 | ||||||
Securities Purchase Agreement [Member] | Transtech [Member] | Common Stock [Member] | Warrant [Member] | |||||||
Warrant Issuances (Details) [Line Items] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 33,333 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 8 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) | Dec. 22, 2015 | Apr. 23, 2015 | Mar. 01, 2015 | Dec. 31, 2015 | Dec. 31, 2014 |
Long-Term Debt (Details) [Line Items] | |||||
Interest Payable, Current | $ 522,000 | $ 640,000 | |||
Gain (Loss) on Extinguishment of Debt | 314,000 | ||||
8¼% Limited Convertible Senior Subordinated Notes Due 2012 [Member] | |||||
Long-Term Debt (Details) [Line Items] | |||||
Convertible Notes Payable | 626,000 | ||||
Interest Payable, Current | $ 327,000 | $ 477,000 | |||
Debt Instrument, Debt Default Payable, Percentage | 25.00% | ||||
Convertible Debt [Member] | |||||
Long-Term Debt (Details) [Line Items] | |||||
Debt Instrument, Face Amount | $ 457,000 | ||||
Repayments of Notes Payable | $ 228,500 | ||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | 38,082 | ||||
Debt Conversion, Converted Instrument, Amount | $ 152,000 | ||||
Debt Conversion, Original Debt, Interest Amount | 238,000 | ||||
Gain (Loss) on Extinguishment of Debt | $ 314,000 | ||||
9½% Subordinated Debentures Due 2012 [Member] | |||||
Long-Term Debt (Details) [Line Items] | |||||
Convertible Notes Payable | $ 334,000 | ||||
Interest Payable, Current | $ 193,000 | 161,000 | |||
Debt Instrument, Debt Default Payable, Percentage | 25.00% | ||||
Mortgages [Member] | |||||
Long-Term Debt (Details) [Line Items] | |||||
Debt Instrument, Maturity Date | Mar. 1, 2020 | ||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | $ 394,000 | ||||
Mortgage Loans on Real Estate, Interest Rate | 5.95% | 6.50% | |||
Compensating Balance, Amount | $ 100,000 | $ 200,000 | |||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 333,000 | ||||
Line of Credit [Member] | |||||
Long-Term Debt (Details) [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | ||||
Debt Instrument, Maturity Date | May 1, 2016 | ||||
Long-term Line of Credit | 1,000,000 | ||||
Related Party Transaction, Amounts of Transaction | $ 500,000 | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) | 10,000 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ 12 | ||||
Debt Issuance Costs, Gross | $ 31,000 | ||||
Amortization of Debt Issuance Costs | 52,000 | ||||
Warrants [Member] | Line of Credit [Member] | |||||
Long-Term Debt (Details) [Line Items] | |||||
Warrants Not Settleable in Cash, Fair Value Disclosure | $ 21,000 |
Long-Term Debt (Details) - Long
Long-Term Debt (Details) - Long-term debt - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Long-term debt, including current portion | $ 1,293 | $ 1,811 |
Less portion due within one year | 1,031 | $ 1,811 |
Long-term debt | 262 | |
8¼% Limited Convertible Senior Subordinated Notes Due 2012 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, including current portion | 626 | $ 1,083 |
9½% Subordinated Debentures Due 2012 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, including current portion | 334 | 334 |
Real Estate Mortgage Secured [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, including current portion | $ 333 | $ 394 |
Long-Term Debt (Details) - Paym
Long-Term Debt (Details) - Payments of long-term debt due $ in Thousands | Dec. 31, 2015USD ($) |
Payments of long-term debt due [Abstract] | |
Long-term debt due | $ 1,031 |
Long-term debt due | 75 |
Long-term debt due | 80 |
Long-term debt due | 85 |
Long-term debt due | $ 22 |
Stockholders' Deficit (Details)
Stockholders' Deficit (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Stockholders' Deficit (Details) [Line Items] | ||
Common Stock, Capital Shares Reserved for Future Issuance | 675,000 | 275,000 |
Defined Benefit Plan, Accumulated Other Comprehensive Income Minimum Pension Liability, after Tax (in Dollars) | $ 5,300,000 | $ 6,000,000 |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax (in Dollars) | $ 56,000 | $ 504,000 |
Convertible Preferred Stock [Member] | ||
Stockholders' Deficit (Details) [Line Items] | ||
Preferred Stock, Shares Authorized | 500,000 | |
Series A Preferred Stock [Member] | Convertible Preferred Stock [Member] | ||
Stockholders' Deficit (Details) [Line Items] | ||
Preferred Stock, Shares Authorized | 416,500 | 416,500 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Preferred Stock, Par or Stated Value Per Share (in Dollars per share) | $ 20 | $ 20 |
Convertible Preferred Stock, Shares Issued upon Conversion | 2 | |
Series B Preferred Stock [Member] | Convertible Preferred Stock [Member] | ||
Stockholders' Deficit (Details) [Line Items] | ||
Preferred Stock, Shares Authorized | 51,000 | 51,000 |
Preferred Stock, Shares Outstanding | 16,512 | 0 |
Preferred Stock, Shares Authorized but Unissued | 32,500 | |
Preferred Stock, Par or Stated Value Per Share (in Dollars per share) | $ 200 | $ 200 |
Convertible Preferred Stock, Shares Issued upon Conversion | 20 |
Stockholders' Deficit (Detail64
Stockholders' Deficit (Details) - The components of accumulated other comprehensive loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stockholders' Deficit (Details) - The components of accumulated other comprehensive loss [Line Items] | |||
Balances | $ (156) | $ (1,868) | $ 1,501 |
Actuarial gain (loss) | (652) | 2,564 | |
Translation loss | (448) | (269) | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||
Stockholders' Deficit (Details) - The components of accumulated other comprehensive loss [Line Items] | |||
Balances | 56 | 504 | 773 |
Translation loss | (448) | (269) | |
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | |||
Stockholders' Deficit (Details) - The components of accumulated other comprehensive loss [Line Items] | |||
Balances | (5,257) | (5,461) | (2,628) |
Actuarial gain (loss) | 652 | (2,564) | |
Translation loss | (448) | (269) | |
Pension Plan Acturial (Loss) Gain [Member] | |||
Stockholders' Deficit (Details) - The components of accumulated other comprehensive loss [Line Items] | |||
Balances | (5,313) | (5,965) | $ (3,401) |
Actuarial gain (loss) | $ 652 | $ (2,564) |
Rights Offering (Details)
Rights Offering (Details) | Nov. 19, 2015USD ($)shares | Sep. 28, 2015$ / sharesshares | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Rights Offering (Details) [Line Items] | ||||
Preferred Stock, Shares Subscribed but Unissued (in Shares) | shares | 16,512 | |||
Preferred Stock, Value, Subscriptions | $ 3,000,000 | |||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ 278,000 | |||
Preferred Stock, Amount of Preferred Dividends in Arrears | $ (23,000) | |||
Convertible Preferred Stock [Member] | ||||
Rights Offering (Details) [Line Items] | ||||
Preferred Stock, Shares Subscribed but Unissued (in Shares) | shares | 16,512 | |||
Preferred Stock, Value, Subscriptions | $ 3,300,000 | |||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ 278,000 | |||
Series B Preferred Stock [Member] | ||||
Rights Offering (Details) [Line Items] | ||||
Rights Offering, Number of Non-Transferable Rights Distributed for Each Outstanding Common Share (in Shares) | shares | 1 | |||
Rights Offering, Number of Non-Transferable Rights Required to Purchase One Preferred Stock (in Shares) | shares | 33 | |||
Convertible Preferred Stock, Subscription Price (in Dollars per share) | $ / shares | $ 200 | |||
Preferred Stock, Dividend Rate, Percentage | 6.00% | |||
Dividends, Preferred Stock | $ 198,000 | |||
Convertible Preferred Stock, Initial Conversion Price Per Share (in Dollars per share) | $ / shares | $ 10 | |||
Convertible Preferred Stock, Conversion Ratio | 20 | |||
Preferred Stock, Amount of Preferred Dividends in Arrears | $ (23,000) | |||
Convertible Preferred Stock, Stock Price Trigger | 15 | |||
Convertible Preferred Stock, Threshold Consecutive Trading Days | 30 days | |||
Series B Preferred Stock [Member] | Maximum [Member] | ||||
Rights Offering (Details) [Line Items] | ||||
Convertible Preferred Stock, Mandatory Conversion Period | 3 years | |||
Series B Preferred Stock [Member] | Minimum [Member] | ||||
Rights Offering (Details) [Line Items] | ||||
Convertible Preferred Stock, Mandatory Conversion Period | 1 year |
Pension Plan (Details)
Pension Plan (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Plan (Details) [Line Items] | ||
Defined Benefit Plan, Vesting Periods | 5 years | |
Defined Benefit Plan, Funded Status of Plan | $ (5,324,000) | $ (6,733,000) |
Changes in Projected Benefit Obligations, Percentage | 2.40% | |
Increase (Decrease) in Pension Plan Obligations | $ 325,000 | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 8.00% | 8.00% |
Defined Benefit Plan, Future Amortization of Gain (Loss) | $ 191,000 | |
Defined Benefit Plan, Accumulated Benefit Obligation | 13,500,000 | $ 14,700,000 |
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | 1,000,000 | |
Defined Benefit Pension Plan, Liabilities, Noncurrent | 4,300,000 | |
Increase (Decrease) in Deferred Pension Costs | 485,000 | $ 1,020,000 |
Defined Benefit Plan, Expected Contributions in Current Fiscal Year | 1,200,000 | |
Pension Contributions | 197,000 | |
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year | 813,000 | |
Other Postretirement Benefits Payments | 500,000 | |
2009 Plan [Member] | ||
Pension Plan (Details) [Line Items] | ||
Increase (Decrease) in Deferred Pension Costs | 285,000 | |
2010 Plan [Member] | ||
Pension Plan (Details) [Line Items] | ||
Increase (Decrease) in Deferred Pension Costs | 559,000 | |
2012 Plan [Member] | ||
Pension Plan (Details) [Line Items] | ||
Increase (Decrease) in Deferred Pension Costs | 669,000 | |
Payments for Postemployment Benefits | 395,000 | |
Defined Benefit Plan, Expected Future Benefit Payments, Rolling Year Two | $ 274,000 |
Pension Plan (Details) - Weight
Pension Plan (Details) - Weighted average asset allocations by asset category | Dec. 31, 2015 | Dec. 31, 2014 |
Pension Plan (Details) - Weighted average asset allocations by asset category [Line Items] | ||
Total pension plan assets | 100.00% | 100.00% |
Equity And Index Funds [Member] | ||
Pension Plan (Details) - Weighted average asset allocations by asset category [Line Items] | ||
Total pension plan assets | 68.50% | 69.90% |
Fixed Income Funds [Member] | ||
Pension Plan (Details) - Weighted average asset allocations by asset category [Line Items] | ||
Total pension plan assets | 31.50% | 30.10% |
Pension Plan (Details) - Pensio
Pension Plan (Details) - Pension plan assets by level within the fair value hierarchy - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Level 1: | |||
Fair Value, Pension plan assets, Total | $ 8,193 | $ 7,946 | $ 7,077 |
Fair Value, Inputs, Level 1 [Member] | |||
Level 1: | |||
Fair Value, Pension plan assets, Total | 8,193 | 7,946 | |
Fair Value, Inputs, Level 1 [Member] | Equity And Index Funds [Member] | |||
Level 1: | |||
Fair Value, Pension plan assets, Total | 5,615 | 5,551 | |
Fair Value, Inputs, Level 1 [Member] | Fixed Income Funds [Member] | |||
Level 1: | |||
Fair Value, Pension plan assets, Total | $ 2,578 | $ 2,395 | |
Fair Value, Inputs, Level 2 [Member] | |||
Level 1: | |||
Fair Value, Pension plan assets, Total | |||
Fair Value, Inputs, Level 3 [Member] | |||
Level 1: | |||
Fair Value, Pension plan assets, Total |
Pension Plan (Details) - The fu
Pension Plan (Details) - The funded status of the plan - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Change in benefit obligation: | |||
Projected benefit obligation at beginning of year | $ 14,679 | $ 11,883 | |
Interest cost | 573 | 562 | |
Actuarial (gain) loss | (1,192) | 2,764 | |
Fair value of plan assets at beginning of year | 7,946 | 7,077 | |
Actual return on plan assets | (451) | 441 | |
Company contributions | 1,241 | 958 | |
Benefits paid | (543) | (530) | |
Fair value of plan assets at end of year | 8,193 | 7,946 | |
Funded status (underfunded) | (5,324) | (6,733) | |
Projected benefit obligation at end of year | 13,517 | 14,679 | |
Amounts recognized in other accumulated comprehensive loss: | |||
Net actuarial loss | $ 6,797 | $ 7,449 | $ 4,886 |
Discount rate: | |||
Components of cost | 4.00% | 4.00% | |
Benefit obligations | 4.30% | 4.80% | |
Expected return on plan assets | 8.00% | 8.00% | |
Rate of compensation increase |
Pension Plan (Details) - Expect
Pension Plan (Details) - Expected projected benefit payments due $ in Thousands | Dec. 31, 2015USD ($) |
Expected projected benefit payments due [Abstract] | |
Estimated Benefit Payments | $ 630 |
Estimated Benefit Payments | 655 |
Estimated Benefit Payments | 713 |
Estimated Benefit Payments | 886 |
Estimated Benefit Payments | $ 724 |
Pension Plan (Details) - Compon
Pension Plan (Details) - Components of the net periodic pension cost - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Components of the net periodic pension cost [Abstract] | ||
Interest cost | $ 573 | $ 562 |
Expected return on plan assets | (667) | (598) |
Amortization of net actuarial loss | 579 | 358 |
Net periodic pension cost | $ 485 | $ 322 |
Pension Plan (Details) - Change
Pension Plan (Details) - Change in unrecognized pension costs recorded in other comprehensive loss - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Change in unrecognized pension costs recorded in other comprehensive loss [Abstract] | ||
Balance at beginning of year | $ 7,449 | $ 4,886 |
Net actuarial (gain) loss | (73) | 2,921 |
Recognized loss | (579) | (358) |
Balance at end of year | $ 6,797 | $ 7,449 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-Based Compensation (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 200,800 | 200,800 | 200,800 |
Employee Stock Option [Member] | 2012 Long-Term Incentive Plan [Member] | |||
Share-Based Compensation (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 200,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 100.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Employee Stock Option [Member] | Non-Employee Director Stock Option Plan [Member] | |||
Share-Based Compensation (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 800 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 100.00% | ||
Minimum [Member] | Employee Stock Option [Member] | Non-Employee Director Stock Option Plan [Member] | |||
Share-Based Compensation (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 1 year | ||
Maximum [Member] | Employee Stock Option [Member] | Non-Employee Director Stock Option Plan [Member] | |||
Share-Based Compensation (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 6 years |
Share-Based Compensation (Det74
Share-Based Compensation (Details) - Activity of the Company`s stock options - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Activity of the Company`s stock options [Abstract] | ||
Balance January 1, 2014 | 200,840 | 200,860 |
Balance January 1, 2014 | 40 | 60 |
Balance January 1, 2014 | 200,800 | 200,800 |
Balance January 1, 2014 (in Dollars per share) | $ 16.25 | $ 19.58 |
Number of Shares Authorized, Expired | (40) | (20) |
Number of Shares Granted, Expired | (40) | (20) |
Number of Shares Authorized,Balance | 200,800 | 200,840 |
Number of Shares Granted,Balance | 40 | |
Number of Shares Available,Balance | 200,800 | 200,800 |
Weighted Average Exercise Price, Balance (in Dollars per share) | $ 16.25 |
Loss Per Share (Details)
Loss Per Share (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Loss Per Share (Details) [Line Items] | ||
Preferred Stock, Amount of Preferred Dividends in Arrears (in Dollars) | $ (23,000) | |
Warrant [Member] | ||
Loss Per Share (Details) [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 85,300 | 75,300 |
Employee Stock Option [Member] | ||
Loss Per Share (Details) [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 40 |
Loss Per Share (Details) - Calc
Loss Per Share (Details) - Calculation of Income (Loss) Per Common Share - USD ($) $ / shares in Units, shares in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Numerator: | ||
Net loss, as reported | $ (1,749,000) | $ (4,628,000) |
Unpaid dividends accumulated on preferred shares | (23,000) | |
Net loss attributable to common shares | $ (1,772,000) | $ (4,628,000) |
Denominator: | ||
Weighted average shares outstanding (in Shares) | 1,674 | 1,371 |
Basic and diluted loss per share (in Dollars per share) | $ (1.06) | $ (3.38) |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitment For Future Salaries | $ 700,000 | |
Contractual Salaries Expense | $ 447,000 | $ 348,000 |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 2 years | |
Lease Agreement, Frequency of Rental Payments | annual | |
Sale Leaseback Transaction, Annual Rental Payments | $ 158,000 | |
Operating Leases, Future Minimum Payments Due | 1,100,000 | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 562,000 | |
Operating Leases, Future Minimum Payments, Due in Two Years | 450,000 | |
Operating Leases, Future Minimum Payments, Due in Three Years | 101,000 | |
Operating Leases, Future Minimum Payments, Due in Four Years | 26,000 | |
Operating Leases, Future Minimum Payments, Due in Five Years | 1,000 | |
Operating Leases, Rent Expense | $ 541,000 | $ 428,000 |
Related Party Transactions (Det
Related Party Transactions (Details) | Nov. 30, 2015shares | Apr. 23, 2015USD ($)$ / sharesshares | Sep. 03, 2014$ / sharesshares | Aug. 27, 2014USD ($)shares | Jun. 27, 2014USD ($)$ / sharesshares | Jun. 01, 2014USD ($)$ / sharesshares | Dec. 03, 2013USD ($)$ / sharesshares | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Related Party Transactions (Details) [Line Items] | |||||||||
Cost of Revenue | $ 18,130,000 | $ 19,447,000 | |||||||
Accounts Payable, Current | 1,209,000 | 1,798,000 | |||||||
Stock Issued During Period, Value, New Issues | 3,024,000 | ||||||||
Transtech [Member] | |||||||||
Related Party Transactions (Details) [Line Items] | |||||||||
Cost of Revenue | 3,500,000 | 2,400,000 | |||||||
Accounts Payable, Current | $ 145,000 | $ 89,000 | |||||||
Transtech [Member] | Securities Purchase Agreement [Member] | Warrant [Member] | |||||||||
Related Party Transactions (Details) [Line Items] | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) | shares | 33,333 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ / shares | $ 8 | ||||||||
Transtech [Member] | Securities Purchase Agreement [Member] | Common Stock [Member] | |||||||||
Related Party Transactions (Details) [Line Items] | |||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | shares | 333,333 | ||||||||
Stock Issued During Period, Value, New Issues | $ 2,000,000 | ||||||||
Transtech [Member] | Securities Purchase Agreement [Member] | Common Stock [Member] | Warrant [Member] | |||||||||
Related Party Transactions (Details) [Line Items] | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) | shares | 33,333 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ / shares | $ 8 | ||||||||
BFI Capital Fund IILLC [Member] | |||||||||
Related Party Transactions (Details) [Line Items] | |||||||||
Related Party Transaction, Amounts of Transaction | $ 500,000 | ||||||||
BFI Capital Fund IILLC [Member] | Common Stock [Member] | Warrant [Member] | |||||||||
Related Party Transactions (Details) [Line Items] | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) | shares | 10,000 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ / shares | $ 12 | ||||||||
Carlisle Investment Inc. [Member] | |||||||||
Related Party Transactions (Details) [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 1,000,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | ||||||||
Debt Instrument, Maturity Date | Jun. 1, 2014 | ||||||||
Debt Instrument, Convertible, Conversion Ratio | 1 | 1 | |||||||
Debt Instrument, Convertible, Conversion Price (in Dollars per share) | $ / shares | $ 6 | $ 6 | |||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | shares | 9,178 | 166,666 | |||||||
George W.Schiele [Member] | |||||||||
Related Party Transactions (Details) [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 200,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | ||||||||
Debt Instrument, Maturity Date | Jul. 1, 2014 | ||||||||
Debt Instrument, Convertible, Conversion Ratio | 1 | ||||||||
Debt Instrument, Convertible, Conversion Price (in Dollars per share) | $ / shares | $ 6 | ||||||||
Rights Offering, Number of Shares Purchased Preferred Stock (in Shares) | shares | 250 | ||||||||
George W.Schiele [Member] | Common Stock [Member] | |||||||||
Related Party Transactions (Details) [Line Items] | |||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | shares | 33,333 | ||||||||
Alan K.Greene [Member] | |||||||||
Related Party Transactions (Details) [Line Items] | |||||||||
Rights Offering, Number of Shares Purchased Preferred Stock (in Shares) | shares | 252 | ||||||||
Alan K.Greene [Member] | Securities Purchase Agreement [Member] | Common Stock [Member] | |||||||||
Related Party Transactions (Details) [Line Items] | |||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | shares | 8,333 | ||||||||
Stock Issued During Period, Value, New Issues | $ 50,000 | ||||||||
Alberto Shaio [Member] | |||||||||
Related Party Transactions (Details) [Line Items] | |||||||||
Rights Offering, Number of Shares Purchased Preferred Stock (in Shares) | shares | 252 | ||||||||
Alberto Shaio [Member] | Securities Purchase Agreement [Member] | Common Stock [Member] | |||||||||
Related Party Transactions (Details) [Line Items] | |||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | shares | 8,333 | ||||||||
Stock Issued During Period, Value, New Issues | $ 50,000 | ||||||||
Credit Agreement [Member] | BFI Capital Fund IILLC [Member] | |||||||||
Related Party Transactions (Details) [Line Items] | |||||||||
Line of Credit Facility, Initiation Date | Apr. 23, 2015 | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500,000 | ||||||||
Line of Credit Facility, Interest Rate During Period | 12.00% | ||||||||
Line of Credit Facility, Expiration Date | May 1, 2016 | ||||||||
Long-term Line of Credit | $ 1,000,000 |
Business Segment Data (Details)
Business Segment Data (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Business Segment Data (Details) [Line Items] | ||
Number of Reportable Segments | 2 | |
Concentration Risk, Percentage | 12.50% | 10.80% |
Sales Revenue, Net [Member] | Foreign [Member] | ||
Business Segment Data (Details) [Line Items] | ||
Concentration Risk, Percentage | 10.00% |
Business Segment Data (Detail80
Business Segment Data (Details) - Business Segment Data - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues: | ||
Revenues | $ 23,567 | $ 24,359 |
Operating income (loss): | ||
Operating Income (Loss) | (2,152) | (4,488) |
Interest expense, net | (306) | (240) |
Gain on foreign currency exchange | 478 | $ 236 |
Gain on extinguishment of debt | 314 | |
Warrant expense and change in warrant liabilities | (60) | $ (107) |
Loss before income taxes | (1,726) | (4,599) |
Income tax expense | (23) | (29) |
Net loss | (1,749) | (4,628) |
Assets: | ||
Assets | 12,990 | 15,245 |
Depreciation and amortization: | ||
Depreciation and amortization | 2,443 | 3,003 |
Capital expenditures: | ||
Capital expenditures | 235 | 127 |
Operating Segments [Member] | ||
Assets: | ||
Assets | 12,443 | 14,594 |
Corporate, Non-Segment [Member] | ||
Operating income (loss): | ||
Operating Income (Loss) | (3,386) | (3,544) |
Assets: | ||
Assets | 547 | 651 |
Depreciation and amortization: | ||
Depreciation and amortization | 75 | 13 |
Capital expenditures: | ||
Capital expenditures | 5 | 75 |
Digital Display Sales [Member] | Operating Segments [Member] | ||
Revenues: | ||
Revenues | 19,994 | 19,479 |
Operating income (loss): | ||
Operating Income (Loss) | 574 | (1,292) |
Assets: | ||
Assets | 6,955 | 6,792 |
Depreciation and amortization: | ||
Depreciation and amortization | 100 | 122 |
Capital expenditures: | ||
Capital expenditures | 169 | 8 |
Digital Display Lease And Maintenance [Member] | Operating Segments [Member] | ||
Revenues: | ||
Revenues | 3,573 | 4,880 |
Operating income (loss): | ||
Operating Income (Loss) | 660 | 348 |
Assets: | ||
Assets | 5,488 | 7,802 |
Depreciation and amortization: | ||
Depreciation and amortization | 2,268 | 2,868 |
Capital expenditures: | ||
Capital expenditures | $ 61 | $ 44 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Feb. 01, 2016 | Dec. 31, 2015 |
Subsequent Events (Details) [Line Items] | ||
Sale Leaseback Transaction, Annual Rental Payments | $ 158,000 | |
Subsequent Event [Member] | ||
Subsequent Events (Details) [Line Items] | ||
Sale Leaseback Transaction, Date | February 1, 2016 | |
Sale Leaseback Transaction, Historical Cost | $ 1,100,000 | |
Sale Leaseback Transaction, Lease Terms | lease is for a two year period | |
Sale Leaseback Transaction, Annual Rental Payments | $ 158,000 | |
Mortgage Loans on Real Estate, Foreclosures | 329,000 | |
Sale Leaseback Transaction, Net Proceeds, Financing Activities | 661,000 | |
Sale Leaseback Transaction, Current Period Gain Recognized | $ 267,000 | |
Regulatory Asset, Amortization Period | 24 months |