Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 09, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | TRANS LUX CORP | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 1,710,671 | |
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 | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 203 | $ 547 |
Receivables, less allowance of $397 - 2016 and $559 - 2015 | 3,035 | 2,888 |
Inventories | 2,423 | 1,876 |
Prepaids and other assets | 1,114 | 605 |
Total current assets | 6,775 | 5,916 |
Rental equipment | 21,166 | 21,134 |
Less accumulated depreciation | 17,678 | 16,452 |
Total rental equipment, net | 3,488 | 4,682 |
Property, plant and equipment | 1,140 | 2,159 |
Less accumulated depreciation | 578 | 1,003 |
Total property, plant and equipment, net | 562 | 1,156 |
Goodwill | 744 | 744 |
Restricted cash | 612 | 215 |
Other assets | 1,479 | 277 |
TOTAL ASSETS | 13,660 | 12,990 |
Current liabilities: | ||
Accounts payable | 1,773 | 1,209 |
Accrued liabilities | 6,025 | 6,136 |
Current portion of long-term debt | 2,567 | 1,031 |
Total current liabilities | 10,365 | 8,376 |
Long-term liabilities: | ||
Long-term debt, less current portion | 217 | 262 |
Long-term debt - related party | 500 | |
Deferred pension liability and other | 3,575 | 4,508 |
Total long-term liabilities | 4,292 | 4,770 |
Total liabilities | 14,657 | 13,146 |
Stockholders' deficit: | ||
Preferred Series A - $20 stated value - 416,500 shares authorized; shares issued and outstanding: 0 in 2016 and 2015, Preferred Series B - $200 stated value - 51,000 shares authorized; shares issued and outstanding: 16,512 in 2016 and 2015 (liquidation preference $3,396,000) | 3,302 | 3,302 |
Common - $0.001 par value - 10,000,000 shares authorized; shares issued: 1,738,511 in 2016 and 2015; shares outstanding: 1,710,671 in 2016 and 2015 | 2 | 2 |
Additional paid-in-capital | 27,935 | 27,914 |
Accumulated deficit | (24,027) | (23,054) |
Accumulated other comprehensive loss | (5,146) | (5,257) |
Treasury stock - at cost - 27,840 common shares in 2016 and 2015 | (3,063) | (3,063) |
Total stockholders' deficit | (997) | (156) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | 13,660 | 12,990 |
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 2016 and 2015, Preferred Series B - $200 stated value - 51,000 shares authorized; shares issued and outstanding: 16,512 in 2016 and 2015 (liquidation preference $3,396,000) | ||
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 2016 and 2015, Preferred Series B - $200 stated value - 51,000 shares authorized; shares issued and outstanding: 16,512 in 2016 and 2015 (liquidation preference $3,396,000) | $ 3,302 | $ 3,302 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Allowance (in Dollars) | $ 397 | $ 559 |
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 | 1,738,511 |
Common Stock, shares outstanding | 1,710,671 | 1,710,671 |
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 | 16,512 |
Preferred stock, shares outstanding | 16,512 | 16,512 |
Preferred stock, liquidation preference (in Dollars) | $ 3,396,000 | $ 3,396,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATION (unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenues: | ||||
Digital product sales | $ 5,135,000 | $ 7,289,000 | $ 13,133,000 | $ 15,809,000 |
Digital product lease and maintenance | 720,000 | 873,000 | 2,333,000 | 2,751,000 |
Total revenues | 5,855,000 | 8,162,000 | 15,466,000 | 18,560,000 |
Cost of revenues: | ||||
Cost of digital product sales | 3,745,000 | 5,541,000 | 9,885,000 | 12,102,000 |
Cost of digital product lease and maintenance | 502,000 | 700,000 | 1,540,000 | 2,003,000 |
Total cost of revenues | 4,247,000 | 6,241,000 | 11,425,000 | 14,105,000 |
Gross profit | 1,608,000 | 1,921,000 | 4,041,000 | 4,455,000 |
General and administrative expenses | (1,865,000) | (1,805,000) | (5,230,000) | (5,626,000) |
Operating (loss) income | (257,000) | 116,000 | (1,189,000) | (1,171,000) |
Interest expense, net | (131,000) | (87,000) | (206,000) | (210,000) |
Gain (loss) on foreign currency remeasurement | 47,000 | 162,000 | (95,000) | 352,000 |
Gain on extinguishment of debt | 462,000 | 462,000 | ||
Gain on sale/leaseback transaction | 33,000 | 88,000 | ||
Warrant expense | (7,000) | (18,000) | (21,000) | (53,000) |
Income (loss) before income taxes | 147,000 | 173,000 | (961,000) | (1,082,000) |
Income tax (expense) benefit | (7,000) | 66,000 | (8,000) | |
Net income (loss) | $ 140,000 | $ 173,000 | $ (895,000) | $ (1,090,000) |
Earnings (loss) per share - basic and diluted (in Dollars per share) | $ 0.05 | $ 0.10 | $ (0.61) | $ (0.65) |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net income (loss) | $ 140,000 | $ 173,000 | $ (895,000) | $ (1,090,000) |
Other comprehensive (loss) income: | ||||
Unrealized foreign currency translation (loss) gain | (38,000) | (161,000) | 111,000 | (358,000) |
Total other comprehensive (loss) income, net of tax | (38,000) | (161,000) | 111,000 | (358,000) |
Comprehensive income (loss) | $ 102,000 | $ 12,000 | $ (784,000) | $ (1,448,000) |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities | ||
Net loss | $ (895,000) | $ (1,090,000) |
Adjustment to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 1,334,000 | 1,874,000 |
Amortization of gain on sale/leaseback transaction | (88,000) | |
Loss on disposal of assets | 2,000 | |
Gain on extinguishment of debt | (462,000) | |
Loss (gain) on foreign currency remeasurement | 95,000 | (352,000) |
Amortization of warrants - stock compensation expense | 21,000 | 53,000 |
Bad debt expense (recovery) | 294,000 | (166,000) |
Changes in operating assets and liabilities: | ||
Receivables | (434,000) | (1,245,000) |
Inventories | (547,000) | (345,000) |
Prepaids and other assets | (580,000) | (425,000) |
Accounts payable | 564,000 | 733,000 |
Accrued liabilities | (100,000) | 6,000 |
Deferred pension liability and other | (977,000) | (167,000) |
Net cash used in operating activities | (1,775,000) | (1,122,000) |
Cash flows from investing activities | ||
Proceeds from sale/leaseback transaction | 1,100,000 | |
Equipment manufactured for rental | (32,000) | (61,000) |
Purchases of property, plant and equipment | (279,000) | (190,000) |
Deposits for property, plant and equipment | (1,066,000) | |
Restricted cash | (397,000) | |
Net cash used in investing activities | (674,000) | (251,000) |
Cash flows from financing activities | ||
Proceeds from revolving loan | 1,477,000 | |
Proceeds from long-term debt | 700,000 | 500,000 |
Proceeds from long-term debt - related parties | 500,000 | 500,000 |
Payments of long-term debt | (404,000) | (43,000) |
Payments of dividends on preferred stock | (78,000) | |
Payments for deferred financing fees | (65,000) | |
Payments for fees on extinguishment of debt | (27,000) | |
Payments of rights offering costs | (131,000) | |
Net cash provided by financing activities | 2,103,000 | 826,000 |
Effect of exchange rate changes | 2,000 | (14,000) |
Net decrease in cash and cash equivalents | (344,000) | (561,000) |
Cash and cash equivalents at beginning of year | 547,000 | 650,000 |
Cash and cash equivalents at end of period | 203,000 | 89,000 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 109,000 | 67,000 |
Income taxes paid |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure Text Block [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1 Basis of Presentation As used in this report, “Trans-Lux,” the “Company,” “we,” “us,” and “our” refer to Trans-Lux Corporation and its subsidiaries. Financial information included herein is unaudited, however, such information reflects all adjustments (of a normal and recurring nature), which are, in the opinion of management, necessary for the fair presentation of the Condensed Consolidated Financial Statements for the interim periods. The results for the interim periods are not necessarily indicative of the results to be expected for the full year. The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with rule 10-01 of Regulation S-X promulgated by the Securities and Exchange Commission (the “SEC”) and therefore do not include all information and footnote disclosures required under accounting principles generally accepted in the United States of America (“GAAP”). The Condensed Consolidated Financial Statements included herein should be read in conjunction with the Consolidated Financial Statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. The Condensed Consolidated Balance Sheet at December 31, 2015 is derived from the December 31, 2015 audited financial statements. There have been no material changes in our significant accounting policies during the nine months ended September 30, 2016 from the significant accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2015. Recent Accounting Pronouncements: Compensation-Stock Compensation (Topic 718) Reclassifications: |
Going Concern
Going Concern | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Substantial Doubt about Going Concern [Text Block] | Note 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 Condensed 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 $895,000 in the nine months ended September 30, 2016 and has a working capital deficiency of $3.6 million as of September 30, 2016. As a result, our short-term business focus continues to be 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 $4.2 million at September 30, 2016 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 at September 30, 2016 of $387,000 and $220,000, respectively. As a result, if the Company is unable to (i) obtain additional liquidity for working capital, (ii) make the minimum required 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 6 – Long-Term Debt for further details. Of these fixed cash obligations, thus far in 2016 using cash on hand, cash from operating activities and cash from debt financing, the Company has already made $1.1 million of contributions to its pension plan, of which $791,000 relates to minimum required contributions and $313,000 relates to additional contributions above the minimum required contribution. Based on the additional contributions, the Pension Benefit Guaranty Corporation (“PBGC”) released its lien on all of the Company’s assets. The Company continues to consider further exchanges of the $387,000 of Notes and the $220,000 of Debentures remaining as of September 30, 2016, but has no agreements, commitments or understandings with respect to any further such exchanges. 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. In addition, the Company’s current debt financing could limit its ability to incur more debt. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | Note 3 – Inventories Inventories consist of the following: September 30 2016 December 31 2015 In thousands Raw materials $ 1,718 $ 1,378 Work-in-progress 381 409 Finished goods 324 89 Total inventories $ 2,423 $ 1,876 |
Rental Equipment
Rental Equipment | 9 Months Ended |
Sep. 30, 2016 | |
Rental Equipment [Abstract] | |
Rental Equipment [Text Block] | Note 4 – Rental Equipment Rental equipment consists of the following: September 30 2016 December 31 2015 In thousands Rental equipment $ 21,166 $ 21,134 Less accumulated depreciation 17,678 16,452 Net rental equipment $ 3,488 $ 4,682 The Company entered into a Master Agreement for Sale and Assignment of Leases with AXIS Capital, Inc. (the “Assignment Agreement”) in 2013 and financed the future receivables relating to certain lease contracts. The liabilities related to this transaction are included in Accrued liabilities and in Deferred pension liability and other in the Condensed Consolidated Balance Sheets. 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. Depreciation expense for rental equipment for the three months ended September 30, 2016 and 2015 was $409,000 and $600,000, respectively. Depreciation expense for rental equipment for the nine months ended September 30, 2016 and 2015 was $1.2 million and $1.7 million, respectively. |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Sep. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Note 5 – Property, Plant and Equipment Property, plant and equipment consists of the following: September 30 2016 December 31 2015 In thousands Land, buildings and improvements $ - $ 1,256 Machinery, fixtures and equipment 1,115 878 Leaseholds and improvements 25 25 Property, plant and equipment, Gross 1,140 2,159 Less accumulated depreciation 578 1,003 Net property, plant and equipment $ 562 $ 1,156 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 paid in full. Net proceeds of $661,000 were received after paying off the related mortgage. The Company calculated a gain of $267,000, which will be recognized over the 24 month term of the lease. For the three and nine months ended September 30, 2016, $33,000 and $88,000, respectively, of the gain has been recognized. Depreciation expense for property, plant and equipment for the three months ended September 30, 2016 and 2015 was $40,000 and $57,000, respectively. Depreciation expense for property, plant and equipment for the nine months ended September 30, 2016 and 2015 was $108,000 and $153,000, respectively. The Company has paid $1.1 million of deposits toward new manufacturing machinery, which is included in Other assets in the Condensed Consolidated Balance Sheets as of September 30, 2016. We expect to put this new machinery into service in the 4 th |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Note 6 Long-Term Debt Long-term debt consists of the following: September 30 2016 December 31 2015 In thousands Credit agreement – revolving loan $ 1,477 $ - Credit agreement – term loan 400 - 8¼% Limited convertible senior subordinated notes due 2012 387 626 9½% Subordinated debentures due 2012 220 334 Term loan – related party 500 - Term loan – other 300 - Real estate mortgage – secured - 333 Long-term debt, including current portion 3,284 1,293 Less portion due within one year 2,567 1,031 Long-term debt $ 717 $ 262 On July 12, 2016, the Company entered into a Credit and Security Agreement (the “Credit Agreement”) with its wholly-owned subsidiaries Trans-Lux Display Corporation, Trans-Lux Midwest Corporation and Trans-Lux Energy Corporation as borrowers (the “Borrowers”) and SCM Specialty Finance Opportunities Fund, L.P. (“SCM”), as lender. Under the Credit Agreement, the Company is able to borrow up to an aggregate of $4.0 million, which includes (i) up to $3.0 million of a revolving loan, at an interest rate of prime plus 4.0%, for an equipment purchase, repayment of certain outstanding obligations, including payments to the Company’s pension plan, the purchase of inventory/product and general working capital purposes, and (ii) a $1.0 million term loan, at an interest rate of prime plus 6.0%, for the purchase of equipment. The availability under the revolving loan is calculated based on certain percentages of eligible receivables and inventory. Due to limited availability at the inception of the Credit Agreement, the Company capped the revolving loan at $2.0 million, while reserving the option to remove the cap when needed. As of September 30, 2016, the Company had drawn $1.5 million on the revolving loan and $400,000 on the term loan. Interest under the Credit Agreement is payable monthly in arrears. The Credit Agreement also requires the payment of certain fees, including, but not limited to a facility fee, an unused line fee and a collateral management fee. The Credit Agreement contains financial and other covenant requirements, including, but not limited to, financial covenants that require the Borrowers to maintain a fixed charge coverage ratio of at least 1.1 to 1.0 starting with their August 31, 2016 financial statements. As of September 30, 2016, the Company was in compliance with all covenants. The Credit Agreement allows the Company to continue to pay dividends on all its Series B Convertible Preferred Stock (“Series B Preferred Stock”) or any other new preferred stock, if any, which dividends will be excluded as fixed charges for 18 months. The Credit Agreement is secured by substantially all of the Borrowers’ assets and expires July 12, 2019, unless earlier terminated by the parties in accordance with the termination provisions of the Credit Agreement. The foregoing description of the Credit Agreement is included to provide information regarding its terms. It does not purport to be a complete description and is qualified in its entirety by reference to the full text of the Credit Agreement. In connection with the agreement between BFI Capital Fund II, LLC (“BFI”) and the Borrowers (the “BFI Agreement”), the Borrowers entered into a First Amendment to Credit and Security Agreement dated as of September 8, 2016 with SCM, to provide for certain amendments to the Credit and Security Agreement with SCM dated July 12, 2016 to allow for the Company’s entry into the BFI Agreement and the security interest granted to BFI thereunder. The Company, BFI and SCM also entered into a Mutual Lien Intercreditor Agreement, dated as of September 8, 2016, setting forth SCM’s senior lien position to all collateral of the Company, except for the purchase order securing the BFI Agreement, and the rights of each of SCM and BFI with respect to the collateral of the Company. As of September 30, 2016, the Company had outstanding $387,000 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 September 30, 2016 and December 31, 2015, the Company had accrued $226,000 and $327,000, respectively, of interest related to the Notes, which is included in Accrued liabilities in the Condensed 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 July 15, 2016, holders of $239,000 of the Notes accepted the Company’s offer to exchange each $1,000 of principal, forgiving any related interest, for $200 in cash, for an aggregate payment by the Company of $48,000. As a result of the transaction, the Company recorded a gain on the extinguishment of debt, net of expenses, of $309,000. As of September 30, 2016, the Company had outstanding $220,000 of Debentures. The Debentures matured as of December 1, 2012 and are currently in default. As of September 30, 2016 and December 31, 2015, the Company had accrued $143,000 and $193,000, respectively, of interest related to the Debentures, which is included in Accrued liabilities in the Condensed 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 July 15, 2016, holders of $114,000 of the Debentures accepted the Company’s offer to exchange each $1,000 of principal, forgiving any related interest, for $200 in cash, for an aggregate payment by the Company of $23,000. As a result of the transaction, the Company recorded a gain on the extinguishment of debt, net of expenses, of $155,000. On September 8, 2016, the Company entered into the BFI Agreement, pursuant to which the Company can borrow up to $750,000 at a fixed rate of interest of 10.00%, with a maturity date of May 1, 2017. As of September 30, 2016, the Company has borrowed $300,000 under the BFI Agreement. Subsequent to September 30, 2016, the Company borrowed the remaining $450,000 available under the BFI Agreement and currently has the full $750,000 outstanding under the BFI Agreement. Under the BFI Agreement, the Company granted BFI a security interest in accounts receivable, materials and intangibles relating to a certain purchase order for equipment issued in July 2016. On April 27, 2016, the Company received a $500,000 loan from Carlisle Investments, Inc. (“Carlisle”) at a fixed interest rate of 12.00%, which is due to mature on April 27, 2019 with a bullet payment of all principal due at such time. Interest is payable monthly. Marco Elser, a Director of the Company, exercises voting and dispositive power as investment manager of Carlisle. As of December 31, 2015, the Company, through a subsidiary, had a $333,000 mortgage on its facility in Des Moines, Iowa, which was due to mature on March 1, 2020. On February 1, 2016, the Des Moines facility was sold in a sale/leaseback transaction and the mortgage was paid in full. |
Pension Plan
Pension Plan | 9 Months Ended |
Sep. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 7 Pension Plan As of December 31, 2003, the benefit service under the pension plan had been frozen and, accordingly, there is no service cost. As of April 30, 2009, the compensation increments had been frozen and, accordingly, no additional benefits are being accrued under the pension plan. The following table presents the components of net periodic pension cost: Three months ended September 30 Nine months ended September 30 In thousands 2016 2015 2016 2015 Interest cost $ 124 $ 144 $ 365 $ 432 Expected return on plan assets (168) (169) (504) (507) Amortization of net actuarial loss 53 140 149 420 Net periodic pension cost $ 9 $ 115 $ 10 $ 345 As of September 30, 2016, the Company has recorded a current pension liability of $804,000, which is included in Accrued liabilities in the Condensed Consolidated Balance Sheets, and a long-term pension liability of $3.5 million, which is included in Deferred pension liability and other in the Condensed Consolidated Balance Sheets. The minimum required contribution in 2016 is expected to be $1.0 million. In 2016, the Company has already made $1.1 million of contributions to its pension plan, of which $791,000 relates to minimum required contributions and $313,000 relates to additional contributions above the minimum required contribution. Based on the additional contributions, the PBGC released its lien on all of the Company’s assets. |
Loss Per Share
Loss Per Share | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Note 8 Loss Per Share The following table presents the calculation of loss per share for the three and nine months ended September 30, 2016 and 2015: Three months ended September 30 Nine months ended September 30 In thousands 2016 2015 2016 2015 Numerator: Net income (loss), as reported $ 140 $ 173 $ (895) $ (1,090) Accrued dividends on preferred shares (50) - (149) - Net income (loss) attributable to common shares $ 90 $ 173 $ (1,044) $ (1,090) Denominator: Weighted average shares outstanding 1,711 1,673 1,711 1,673 Basic and diluted earnings (loss) per share $ 0.05 $ 0.10 $ (0.61) $ (0.65) 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. On October 20, 2016, the Company declared a semi-annual dividend of $6.00 per share of Series B Preferred Stock aggregating $99,000, which was paid on October 24, 2016. On April 15, 2016, the Company declared a semi-annual dividend of $4.72 per share of Series B Preferred Stock aggregating $78,000, which was paid on May 26, 2016. At September 30, 2016, the Company accumulated unpaid dividends of $94,000 related to the Series B Preferred Stock issued in November 2015. There were no accumulated unpaid dividends related to Series B Preferred Stock at September 30, 2015. As of September 30, 2016, the Company had 52,000 warrants outstanding, none of which were used in the calculation of diluted earnings (loss) per share because their exercise price was greater than the average stock price for the period and their inclusion would have been anti-dilutive. These warrants could be dilutive in the future if the average share price increases and is greater than the exercise price of these warrants. As of September 30, 2016, the Company had 16,512 shares of Series B Preferred Stock outstanding, which were convertible into 330,240 shares of Common Stock, none of which were used in the calculation of diluted earnings (loss) per share because their purchase price was greater than the average stock price for the period and their inclusion would have been anti-dilutive. These shares of Series B Preferred Stock could be dilutive in the future if the average share price increases and is greater than the purchase price of these shares of Series B Preferred Stock. |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 9 Contingencies The Company is subject to legal proceedings and claims which arise in the ordinary course of its business and/or which are covered by insurance. The Company believes that it has accrued adequate reserves individually and in the aggregate for such legal proceedings. Should actual litigation results differ from the Company’s estimates, revisions to increase or decrease the accrued reserves may be required. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 10 Related Party Transactions Yaozhong Shi, a director of the Company, is the Chairman of Transtech LED Company Limited (“Transtech”), which is our primary LED supplier. On June 30, 2016, the Company entered into a 1-year Trademark Licensing Agreement with Transtech, pursuant to which Transtech paid the Company $72,500 upon signing the agreement and will pay the Company a 3% royalty on any equipment sold using the Company’s trademark. In the three and nine months ended September 30, 2016, there were no such sales. |
Business Segment Data
Business Segment Data | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Note 11 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 makers 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 (loss). The Company’s operations are managed in two reportable business segments: Digital product sales and Digital product 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 product sales segment sells equipment and the Digital product 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 in 2016 and 2015. 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 three and nine months ended September 30, 2016 and 2015 is as follows: Three Months Ended September 30 Nine Months Ended September 30 In thousands 2016 2015 2016 2015 Revenues: Digital product sales $ 5,135 $ 7,289 $ 13,133 $ 15,809 Digital product lease and maintenance 720 873 2,333 2,751 Total revenues $ 5,855 $ 8,162 $ 15,466 $ 18,560 Operating income (loss): Digital product sales $ 351 $ 743 $ 602 $ 554 Digital product lease and maintenance 160 125 651 636 Corporate general and administrative expenses (768) (752) (2,442) (2,361) Total operating income (loss) (257) 116 (1,189) (1,171) Interest expense, net (131) (87) (206) (210) Gain (loss) on foreign currency remeasurement 47 162 (95) 352 Gain on extinguishment of debt 462 - 462 - Gain on sale/leaseback transaction 33 - 88 - Warrant expense (7) (18) (21) (53) Income (loss) before income taxes 147 173 (961) (1,082) Income tax (expense) benefit (7) - 66 (8) Net income (loss) $ 140 $ 173 $ (895) $ (1,090) |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 12 Subsequent Events The Company has evaluated events and transactions subsequent to September 30, 2016 and through the date these Condensed Consolidated Financial Statements were included in this Form 10-Q and filed with the SEC. In October 2016, the Company borrowed the remaining $450,000 available under the BFI Agreement. See Note 6 – Long-Term Debt for further details. On October 20, 2016, the Company declared a semi-annual dividend of $6.00 per share of Series B Preferred Stock aggregating $99,000, which was paid on October 24, 2016, as noted in Note 8 – Loss Per Share. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements: Compensation-Stock Compensation (Topic 718) |
Reclassification, Policy [Policy Text Block] | Reclassifications: |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | September 30 2016 December 31 2015 In thousands Raw materials $ 1,718 $ 1,378 Work-in-progress 381 409 Finished goods 324 89 Total inventories $ 2,423 $ 1,876 |
Rental Equipment (Tables)
Rental Equipment (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Rental Equipment [Abstract] | |
Rental Equipment [Table Text Block] | September 30 2016 December 31 2015 In thousands Rental equipment $ 21,166 $ 21,134 Less accumulated depreciation 17,678 16,452 Net rental equipment $ 3,488 $ 4,682 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | September 30 2016 December 31 2015 In thousands Land, buildings and improvements $ - $ 1,256 Machinery, fixtures and equipment 1,115 878 Leaseholds and improvements 25 25 Property, plant and equipment, Gross 1,140 2,159 Less accumulated depreciation 578 1,003 Net property, plant and equipment $ 562 $ 1,156 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | September 30 2016 December 31 2015 In thousands Credit agreement – revolving loan $ 1,477 $ - Credit agreement – term loan 400 - 8¼% Limited convertible senior subordinated notes due 2012 387 626 9½% Subordinated debentures due 2012 220 334 Term loan – related party 500 - Term loan – other 300 - Real estate mortgage – secured - 333 Long-term debt, including current portion 3,284 1,293 Less portion due within one year 2,567 1,031 Long-term debt $ 717 $ 262 |
Pension Plan (Tables)
Pension Plan (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | Three months ended September 30 Nine months ended September 30 In thousands 2016 2015 2016 2015 Interest cost $ 124 $ 144 $ 365 $ 432 Expected return on plan assets (168) (169) (504) (507) Amortization of net actuarial loss 53 140 149 420 Net periodic pension cost $ 9 $ 115 $ 10 $ 345 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended September 30 Nine months ended September 30 In thousands 2016 2015 2016 2015 Numerator: Net income (loss), as reported $ 140 $ 173 $ (895) $ (1,090) Accrued dividends on preferred shares (50) - (149) - Net income (loss) attributable to common shares $ 90 $ 173 $ (1,044) $ (1,090) Denominator: Weighted average shares outstanding 1,711 1,673 1,711 1,673 Basic and diluted earnings (loss) per share $ 0.05 $ 0.10 $ (0.61) $ (0.65) |
Business Segment Data (Tables)
Business Segment Data (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended September 30 Nine Months Ended September 30 In thousands 2016 2015 2016 2015 Revenues: Digital product sales $ 5,135 $ 7,289 $ 13,133 $ 15,809 Digital product lease and maintenance 720 873 2,333 2,751 Total revenues $ 5,855 $ 8,162 $ 15,466 $ 18,560 Operating income (loss): Digital product sales $ 351 $ 743 $ 602 $ 554 Digital product lease and maintenance 160 125 651 636 Corporate general and administrative expenses (768) (752) (2,442) (2,361) Total operating income (loss) (257) 116 (1,189) (1,171) Interest expense, net (131) (87) (206) (210) Gain (loss) on foreign currency remeasurement 47 162 (95) 352 Gain on extinguishment of debt 462 - 462 - Gain on sale/leaseback transaction 33 - 88 - Warrant expense (7) (18) (21) (53) Income (loss) before income taxes 147 173 (961) (1,082) Income tax (expense) benefit (7) - 66 (8) Net income (loss) $ 140 $ 173 $ (895) $ (1,090) |
Going Concern (Details)
Going Concern (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Going Concern (Details) [Line Items] | ||||
Net Income (Loss) Attributable to Parent | $ 140,000 | $ 173,000 | $ (895,000) | $ (1,090,000) |
Working Capital Deficit | 3,600,000 | 3,600,000 | ||
Defined Benefit Plan, Funded Status of Plan | (4,200,000) | (4,200,000) | ||
Pension Contributions | 1,100,000 | |||
Defined Benefit Plan, Minimum Required Contributions by Employer | 791,000 | |||
Defined Benifit Plan, Additional Contribution Above Minimum Required Contribution | 313,000 | |||
8¼% Limited Convertible Senior Subordinated Notes Due 2012 [Member] | ||||
Going Concern (Details) [Line Items] | ||||
Convertible Notes Payable | 387,000 | 387,000 | ||
Debt Instrument, Debt Default, Amount | 387,000 | 387,000 | ||
9½% Subordinated Debentures Due 2012 [Member] | ||||
Going Concern (Details) [Line Items] | ||||
Convertible Notes Payable | 220,000 | 220,000 | ||
Debt Instrument, Debt Default, Amount | $ 220,000 | $ 220,000 |
Inventories (Details) - Invento
Inventories (Details) - Inventories - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Inventories [Abstract] | ||
Raw materials | $ 1,718 | $ 1,378 |
Work-in-progress | 381 | 409 |
Finished goods | 324 | 89 |
Total inventories | $ 2,423 | $ 1,876 |
Rental Equipment (Details)
Rental Equipment (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Rental Equipment (Details) [Line Items] | ||||
Depreciation | $ 40,000 | $ 57,000 | $ 108,000 | $ 153,000 |
Rental Equipment [Member] | ||||
Rental Equipment (Details) [Line Items] | ||||
Depreciation | $ 409,000 | $ 600,000 | $ 1,200,000 | $ 1,700,000 |
Rental Equipment (Details) - Sc
Rental Equipment (Details) - Schedule Of Rental Equipment - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule Of Rental Equipment [Abstract] | ||
Rental equipment | $ 21,166 | $ 21,134 |
Less accumulated depreciation | 17,678 | 16,452 |
Net rental equipment | $ 3,488 | $ 4,682 |
Property, Plant and Equipment31
Property, Plant and Equipment (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Property, Plant and Equipment (Details) [Line Items] | ||||
Sale Leaseback Transaction, Date | February 1, 2016 | |||
Sale Leaseback Transaction, Gross Proceeds, Investing Activities | $ 1,100,000 | |||
Sale Leaseback Transaction, Lease Period | 2 years | |||
Sale Leaseback Transaction, Annual Rental Payments | $ 158,000 | |||
Payments for Mortgage Deposits | 329,000 | |||
Sale Leaseback Transaction, Net Proceeds, Investing Activities | 661,000 | |||
Sale Leaseback Transaction, Deferred Gain, Gross | $ 267,000 | 267,000 | ||
Sale Leaseback Transaction, Current Period Gain Recognized | 33,000 | 88,000 | ||
Depreciation | $ 40,000 | $ 57,000 | 108,000 | $ 153,000 |
Machinery and Equipment [Member] | ||||
Property, Plant and Equipment (Details) [Line Items] | ||||
Payments for Mortgage Deposits | $ 1,100,000 |
Property, Plant and Equipment32
Property, Plant and Equipment (Details) - Property, plant and equipment consists of the following: - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 1,140 | $ 2,159 |
Less accumulated depreciation | 578 | 1,003 |
Net property, plant and equipment | 562 | 1,156 |
Land, Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 1,256 | |
Machinery Fixture And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 1,115 | 878 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 25 | $ 25 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) | Sep. 08, 2016 | Jul. 15, 2016 | Apr. 27, 2016 | Dec. 31, 2015 | Sep. 30, 2016 | Sep. 30, 2016 | Oct. 01, 2016 | Jul. 12, 2016 |
Long-Term Debt (Details) [Line Items] | ||||||||
Line of Credit Facility, Covenant Terms | The Credit Agreement contains financial and other covenant requirements, including, but not limited to, financial covenants that require the Borrowers to maintain a fixed charge coverage ratio of at least 1.1 to 1.0 starting with their August 31, 2016 financial statements. | |||||||
Line of Credit Facility, Dividend Restrictions | The Credit Agreement allows the Company to continue to pay dividends on all its Series B Convertible Preferred Stock (“Series B Preferred Stock”) or any other new preferred stock, if any, which dividends will be excluded as fixed charges for 18 months. | |||||||
Gain (Loss) on Extinguishment of Debt | $ 462,000 | $ 462,000 | ||||||
8¼% Limited Convertible Senior Subordinated Notes Due 2012 [Member] | ||||||||
Long-Term Debt (Details) [Line Items] | ||||||||
Convertible Notes Payable | 387,000 | $ 387,000 | ||||||
Debt Instrument, Maturity Date | Mar. 1, 2012 | |||||||
Interest Payable, Current | $ 327,000 | $ 226,000 | $ 226,000 | |||||
Debt Instrument, Debt Default Payable, Percentage | 25.00% | 25.00% | ||||||
Convertible Debt [Member] | ||||||||
Long-Term Debt (Details) [Line Items] | ||||||||
Convertible Notes Payable | $ 239,000 | |||||||
Debt Exchange, Each Principal Amount Of Original Debt Exchanged | 1,000 | |||||||
Repayment Of Convertible Debt Principal | 200 | |||||||
Debt Exchanged Aggregate Payment | 48,000 | |||||||
Gain (Loss) on Extinguishment of Debt | 309,000 | |||||||
9½% Subordinated Debentures Due 2012 [Member] | ||||||||
Long-Term Debt (Details) [Line Items] | ||||||||
Convertible Notes Payable | $ 220,000 | $ 220,000 | ||||||
Debt Instrument, Maturity Date | Dec. 1, 2012 | |||||||
Interest Payable, Current | $ 193,000 | 143,000 | $ 143,000 | |||||
Debt Instrument, Debt Default Payable, Percentage | 25.00% | |||||||
Convertable Debentures [Member] | ||||||||
Long-Term Debt (Details) [Line Items] | ||||||||
Convertible Notes Payable | 114,000 | |||||||
Debt Exchange, Each Principal Amount Of Original Debt Exchanged | 1,000 | |||||||
Repayment Of Convertible Debt Principal | 200 | |||||||
Debt Exchanged Aggregate Payment | 23,000 | |||||||
Gain (Loss) on Extinguishment of Debt | $ 155,000 | |||||||
Mortgages [Member] | ||||||||
Long-Term Debt (Details) [Line Items] | ||||||||
Debt Instrument, Maturity Date | Mar. 1, 2020 | |||||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 333,000 | |||||||
Carlisle Investment Inc [Member] | ||||||||
Long-Term Debt (Details) [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | |||||||
Debt Instrument, Maturity Date | Apr. 27, 2019 | |||||||
Debt Instrument, Face Amount | $ 500,000 | |||||||
Debt Instrument, Frequency of Periodic Payment | monthly | |||||||
BFI Agreement [Member] | ||||||||
Long-Term Debt (Details) [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 750,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |||||||
Line of Credit Facility, Current Borrowing Capacity | 300,000 | 300,000 | ||||||
Debt Instrument, Maturity Date | May 1, 2017 | |||||||
BFI Agreement [Member] | Subsequent Event [Member] | ||||||||
Long-Term Debt (Details) [Line Items] | ||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 750,000 | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 450,000 | |||||||
Letter of Credit [Member] | ||||||||
Long-Term Debt (Details) [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,000,000 | |||||||
Revolving Credit Facility [Member] | ||||||||
Long-Term Debt (Details) [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | |||||||
Line of Credit Facility, Current Borrowing Capacity | 1,500,000 | 1,500,000 | $ 2,000,000 | |||||
Term Loan [Member] | ||||||||
Long-Term Debt (Details) [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||||
Line of Credit Facility, Current Borrowing Capacity | $ 400,000 | $ 400,000 |
Long-Term Debt (Details) - Long
Long-Term Debt (Details) - Long-term debt - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Long-term debt, including current portion | $ 3,284 | $ 1,293 |
Less portion due within one year | 2,567 | 1,031 |
Long-term debt | 717 | 262 |
Credit Agreemnet Revolving Loan [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, including current portion | 1,477 | |
Credit Agreemnet Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, including current portion | 400 | |
8¼% Limited Convertible Senior Subordinated Notes Due 2012 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, including current portion | 387 | 626 |
9½% Subordinated Debentures Due 2012 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, including current portion | 220 | 334 |
Term Loan - Related Party [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, including current portion | 500 | |
Term Loan - Other [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, including current portion | 300 | |
Real Estate Mortgage Secured [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, including current portion | $ 333 |
Pension Plan (Details)
Pension Plan (Details) | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Compensation and Retirement Disclosure [Abstract] | |
Defined Benefit Pension Plan Liabilities, Current | $ 804,000 |
Defined Benefit Pension Plan, Liabilities, Noncurrent | 3,500,000 |
Defined Benefit Plan, Expected Contributions in Current Fiscal Year | 1,000,000 |
Defined Benefit Plan, Contributions by Employer | 1,100,000 |
Defined Benefit Plan, Minimum Required Contributions by Employer | 791,000 |
Defined Benifit Plan, Additional Contribution Above Minimum Required Contribution | $ 313,000 |
Pension Plan (Details) - Compon
Pension Plan (Details) - Components of net periodic pension cost - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Components of net periodic pension cost [Abstract] | ||||
Interest cost | $ 124 | $ 144 | $ 365 | $ 432 |
Expected return on plan assets | (168) | (169) | (504) | (507) |
Amortization of net actuarial loss | 53 | 140 | 149 | 420 |
Net periodic pension cost | $ 9 | $ 115 | $ 10 | $ 345 |
Loss Per Share (Details)
Loss Per Share (Details) - USD ($) | Oct. 20, 2016 | Apr. 15, 2016 | Sep. 30, 2016 | Dec. 31, 2015 |
Warrant [Member] | ||||
Loss Per Share (Details) [Line Items] | ||||
Class of Warrant or Right, Outstanding | 52,000 | |||
Series B Preferred Stock [Member] | ||||
Loss Per Share (Details) [Line Items] | ||||
Dividends Payable, Date Declared | Apr. 15, 2016 | |||
Preferred Stock, Dividends Per Share, Declared | $ 4.72 | |||
Dividends, Preferred Stock, Cash | $ 78,000 | |||
Dividends Payable, Date to be Paid | May 26, 2016 | |||
Dividends Payable | $ 94,000 | |||
Series B Preferred Stock [Member] | Convertible Preferred Stock [Member] | ||||
Loss Per Share (Details) [Line Items] | ||||
Preferred Stock, Shares Outstanding | 16,512 | 16,512 | ||
Convertible Preferred Stock, Shares Issued upon Conversion | 330,240 | |||
Subsequent Event [Member] | Series B Preferred Stock [Member] | ||||
Loss Per Share (Details) [Line Items] | ||||
Dividends Payable, Date Declared | Oct. 20, 2016 | |||
Preferred Stock, Dividends Per Share, Declared | $ 6 | |||
Dividends, Preferred Stock, Cash | $ 99,000 | |||
Dividends Payable, Date to be Paid | Oct. 24, 2016 |
Loss Per Share (Details) - Calc
Loss Per Share (Details) - Calculation of loss per share - USD ($) $ / shares in Units, shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Numerator: | ||||
Net income (loss), as reported | $ 140,000 | $ 173,000 | $ (895,000) | $ (1,090,000) |
Accrued dividends on preferred shares | (50,000) | (149,000) | ||
Net income (loss) attributable to common shares | $ 90,000 | $ 173,000 | $ (1,044,000) | $ (1,090,000) |
Denominator: | ||||
Weighted average shares outstanding (in Shares) | 1,711 | 1,673 | 1,711 | 1,673 |
Basic and diluted earnings (loss) per share (in Dollars per share) | $ 0.05 | $ 0.10 | $ (0.61) | $ (0.65) |
Related Party Transactions (Det
Related Party Transactions (Details) - Transtech [Member] | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Related Party Transactions (Details) [Line Items] | |
Related Party Transaction, Amounts of Transaction | $ 72,500 |
Royalty Receivable Percentage | 3.00% |
Business Segment Data (Details)
Business Segment Data (Details) | 9 Months Ended |
Sep. 30, 2016 | |
Business Segment Data (Details) [Line Items] | |
Number of Reportable Segments | 2 |
Sales Revenue, Net [Member] | Foreign [Member] | |
Business Segment Data (Details) [Line Items] | |
Concentration Risk, Percentage | 10.00% |
Business Segment Data (Detail41
Business Segment Data (Details) - Business Segment Data - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenues: | ||||
Revenues | $ 5,855,000 | $ 8,162,000 | $ 15,466,000 | $ 18,560,000 |
Operating income (loss): | ||||
Operating Income (Loss) | (257,000) | 116,000 | (1,189,000) | (1,171,000) |
Interest expense, net | (131,000) | (87,000) | (206,000) | (210,000) |
Gain (loss) on foreign currency remeasurement | 47,000 | 162,000 | (95,000) | 352,000 |
Gain on extinguishment of debt | 462,000 | 462,000 | ||
Gain on sale/leaseback transaction | 33,000 | 88,000 | ||
Warrant expense | (7,000) | (18,000) | (21,000) | (53,000) |
Income (loss) before income taxes | 147,000 | 173,000 | (961,000) | (1,082,000) |
Income tax (expense) benefit | (7,000) | 66,000 | (8,000) | |
Net income (loss) | 140,000 | 173,000 | (895,000) | (1,090,000) |
Corporate, Non-Segment [Member] | ||||
Operating income (loss): | ||||
Operating Income (Loss) | (768,000) | (752,000) | (2,442,000) | (2,361,000) |
Digital Product Sales [Member] | Operating Segments [Member] | ||||
Revenues: | ||||
Revenues | 5,135,000 | 7,289,000 | 13,133,000 | 15,809,000 |
Operating income (loss): | ||||
Operating Income (Loss) | 351,000 | 743,000 | 602,000 | 554,000 |
Digital Product Lease And Maintenance [Member] | Operating Segments [Member] | ||||
Revenues: | ||||
Revenues | 720,000 | 873,000 | 2,333,000 | 2,751,000 |
Operating income (loss): | ||||
Operating Income (Loss) | $ 160,000 | $ 125,000 | $ 651,000 | $ 636,000 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Oct. 20, 2016 | Apr. 15, 2016 | Oct. 31, 2016 |
Series B Preferred Stock [Member] | |||
Subsequent Events (Details) [Line Items] | |||
Preferred Stock, Dividends Per Share, Declared (in Dollars per share) | $ 4.72 | ||
Dividends, Preferred Stock, Cash | $ 78,000 | ||
Subsequent Event [Member] | Series B Preferred Stock [Member] | |||
Subsequent Events (Details) [Line Items] | |||
Preferred Stock, Dividends Per Share, Declared (in Dollars per share) | $ 6 | ||
Dividends, Preferred Stock, Cash | $ 99,000 | ||
BFI Agreement [Member] | Subsequent Event [Member] | |||
Subsequent Events (Details) [Line Items] | |||
Debt Instrument, Face Amount | $ 450,000 |