Document and Entity Information
Document and Entity Information - shares |
3 Months Ended | |
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Mar. 31, 2016 |
May. 12, 2016 |
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Document and Entity Information [Abstract] | ||
Entity Registrant Name | ARRHYTHMIA RESEARCH TECHNOLOGY INC /DE/ | |
Entity Central Index Key | 0000819689 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 2,816,639 |
Condenced Consolidated Balance Sheets
Condenced Consolidated Balance Sheets (Parenthetical)
Condenced Consolidated Balance Sheets (Parenthetical) - USD ($) |
Mar. 31, 2016 |
Dec. 31, 2015 |
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Consolidated Balance Sheets [Abstract] | ||
Allowance for doubtful accounts receivable, current | $ 60,000 | $ 60,000 |
Preferred stock, par value per share | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 3,926,491 | 3,926,491 |
Common stock, shares outstanding | 2,816,639 | 2,801,639 |
Treasury stock, shares | 1,109,852 | 1,124,852 |
Condenced Consolidated Statements of Operations
Condenced Consolidated Statements of Operations (Parenthetical)
Condenced Consolidated Statements of Operations (Parenthetical) - USD ($) |
3 Months Ended | |
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Mar. 31, 2016 |
Mar. 31, 2015 |
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Condenced Consolidated Statements of Operations [Abstract] | ||
Tax provision, discontinued operations | $ 0 | $ 0 |
Condenced Consolidated Statements of Cash Flows
Basis of Presentation
Basis of Presentation |
3 Months Ended |
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Mar. 31, 2016 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | The consolidated financial statements (the "financial statements") include the accounts of Arrhythmia Research Technology, Inc.® (“ART”) and its subsidiary, Micron Products, Inc.® ("Micron" and together with ART, the “Company”). ART discontinued operations of its wholly-owned Pennsylvania subsidiary, RMDDxUSA Corp. (“RMDDxUSA”) and that subsidiary’s Prince Edward Island subsidiary, RMDDx Corporation (“RMDDx” and collectively with RMDDxUSA,“WirelessDx”) in the third quarter of 2012. In May 2014, RMDDxUSA filed for bankruptcy and the Chapter 7 discharge order was issued on March 20, 2015 and the case was closed (see Note 10). The WirelessDx results are presented herein as discontinued operations. All intercompany balances and transactions have been eliminated in consolidation. The unaudited interim condensed consolidated financial statements and related notes have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Accordingly, certain information and footnote disclosures normally included in complete financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been omitted pursuant to such rules and regulations. These financial statements and related notes should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC on March 10, 2016. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. The Company's balance sheet at December 31, 2015 has been derived from the audited financial statements at that date, but does not include all the information and footnotes required by GAAP for complete financial statements. The information presented reflects, in the opinion of the management of the Company, all adjustments necessary for a fair presentation of the financial results for the interim periods presented. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
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Earnings per Share
Earnings per Share |
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Earnings per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Share | 2. Earnings per Share ("EPS") Basic earnings (loss) per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding. The computation of diluted earnings (loss) per share is similar to the computation of basic earnings (loss) per share except that the denominator is increased to include the average number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued. In addition, the numerator is adjusted for any changes in net income (loss) that would result from the assumed conversions of those potential shares. The following table presents the calculation of both basic and diluted EPS:
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Earnings per share (Tables)
Earnings per share (Tables) |
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Earnings per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Calculation of basic and diluted EPS |
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Earnings per share (Calculation of EPS ) (Details)
Inventories
Inventories |
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Inventories [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | 3. Inventories Inventories consist of the following:
Silver included in raw materials, work-in-process and finished goods inventory had an estimated cost of $297,851 and $313,738 as of March 31, 2016 and December 31, 2015, respectively.
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Inventories (Tables)
Inventories (Tables) |
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Inventories [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories |
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Inventories (Details)
Inventories (Details) - USD ($) |
Mar. 31, 2016 |
Dec. 31, 2015 |
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Inventories [Abstract] | ||
Raw materials | $ 744,320 | $ 775,427 |
Work-in-process | 397,850 | 265,113 |
Finished goods | 972,901 | 1,078,172 |
Total | 2,115,071 | 2,118,712 |
Silver inventory | $ 297,851 | $ 313,738 |
Property, Plant and Equipment, net
Property, Plant and Equipment, net |
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Property, Plant and Equipment, net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, net | 4. Property, Plant and Equipment, net Property, plant and equipment, net consist of the following:
For the three months ended March 31, 2016 and 2015, the Company recorded depreciation expense of $361,001 and $355,388, respectively. On December 4, 2015, the Company entered into a Letter of Intent to sell its two unoccupied buildings, with a total of approximately 52,000 square feet, and land, at its Fitchburg, Massachusetts campus. On January 13, 2016, the Company entered into a Purchase and Sale Agreement to sell these two buildings which have been classified as Assets Held for Sale at March 31, 2016 and December 31, 2015. The carrying value of the properties ($665,000) approximated the fair value less the cost to sell. The Company expects the sale of the properties to be completed by the end of 2016 and does not expected any material impact on the statement of operations.
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Property, Plant and Equipment, net (Narrative) (Details)
Property, Plant and Equipment, net (Narrative) (Details) |
3 Months Ended | |||
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Dec. 04, 2015
ft²
item
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Mar. 31, 2016
USD ($)
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Mar. 31, 2015
USD ($)
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Dec. 31, 2015
USD ($)
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Depreciation expense | $ 361,001 | $ 355,388 | ||
Assets held for sale, net | $ 665,000 | $ 665,000 | ||
Fitchburg, Massachusetts [Member] | ||||
Number of unoccupied buildings with letter of intent to sale | item | 2 | |||
Area of unoccupied buildings | ft² | 52,000 |
Property, Plant and Equipment, net (Property, Plant and Equipment) (Details)
Intangible Assets, net
Intangible Assets, net |
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Intangible Assets, net [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangibles Assets, net | 5. Intangible Assets, net The Company assesses the impairment of long-lived assets and intangible assets with finite lives annually or whenever events or changes in circumstances indicate that the carrying value may not be fully recoverable. For the three months ended March 31, 2016 and 2015, no impairment was required. Intangible assets consist of the following:
For the three months ended March 31, 2016 and 2015, the Company recorded amortization expense of $439 and $994, respectively.
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Intangible Assets, net (Tables)
Intangible Assets, net (Tables) |
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Intangibles Assets, net |
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Intangible Assets, net (Narrative) (Details)
Intangible Assets, net (Narrative) (Details) - USD ($) |
3 Months Ended | |
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Mar. 31, 2016 |
Mar. 31, 2015 |
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Intangible Assets, net [Abstract] | ||
Intangible asset impairment | $ 0 | $ 0 |
Amortization expense | $ 439 | $ 994 |
Intangible Assets, net (Intangible Assets) (Details)
Intangible Assets, net (Intangible Assets) (Details) - USD ($) |
3 Months Ended | |
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Mar. 31, 2016 |
Dec. 31, 2015 |
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Intangible Assets [Line Items] | ||
Gross | $ 26,626 | $ 26,626 |
Accumulated Amortization | 8,420 | 7,981 |
Net | $ 18,206 | 18,645 |
Patents and Trademarks [Member] | ||
Intangible Assets [Line Items] | ||
Estimated Useful Life (in years) | 10 years | |
Gross | $ 26,626 | 26,626 |
Accumulated Amortization | 8,420 | 7,981 |
Net | $ 18,206 | $ 18,645 |
Debt
Debt |
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Debt |
6. Debt The following table sets forth the items which comprise debt for the Company:
Bank Debt The revolving line of credit (the "revolver"), commercial term loan, two equipment term loans and an equipment line of credit are all under the terms of a multi-year credit facility with a bank as detailed below. The debt is secured by substantially all assets of the Company with the exception of real property. Revolver The revolver provides for borrowings up to 80% of eligible accounts receivable and 50% of eligible raw materials inventory. The interest rate on the revolver is calculated at the bank's prime rate plus 0.25% (3.75% at March 31, 2016). The revolver has a maturity date of June 2017. Amounts available to borrow under the revolver are $264,731 at March 31, 2016. Commercial term loan The commercial term loan has a five year term with a maturity date in March 2018. The interest rate on the loan is a fixed 4.25% per annum, and requires monthly payments of approximately $28,000. Equipment line of credit and equipment term loans On March 29, 2013, the Company entered into an equipment line of credit that allowed for advances of up to $1.0 million and included a one-year draw period during which payments were interest only. The draw period ended March 29, 2014 and the then outstanding balance on the equipment line of credit of $740,999 was converted to an equipment term loan with a five-year term, maturing on of March 29, 2019. The equipment term loan requires monthly payments of approximately $14,000, consisting of principal and interest at a fixed rate of 4.65%. On June 26, 2014, the Company entered into an equipment line of credit that allowed for advances of up to $1.0 million and included a one-year draw period during which payments were interest only. The draw period ended June 26, 2015 and the then outstanding balance on the equipment line of credit of $415,785 was converted to an equipment term loan with a five-year term, maturing on of June 26, 2020. The equipment term loan requires monthly payments of approximately $8,000, consisting of principal and interest at a fixed rate of 4.67%. On June 19, 2015, the Company entered into a new equipment line of credit for $1.0 million under the Company's multi-year credit facility. At March 31, 2016, the Company has drawn $336,850 on the new equipment line of credit. The term of this equipment line of credit is six years, maturing on June 19, 2021, inclusive of a maximum one-year draw period. Repayment shall consist of monthly interest only payments, equal to the bank's prime rate plus 0.25% as to each advance commencing on the date of the loan through the earlier of: (i) one year from the date of the loan or (ii) the date upon which the equipment line of credit is fully advanced (the “Conversion Date”). On the Conversion Date, principal and interest payments will be due and payable monthly in an amount sufficient to pay the loan in full based upon an amortization schedule commensurate with the remaining term of the loan. Other Debt Equipment notes In January 2013, the Company entered into two equipment notes totaling $272,500 with a financing company to acquire production equipment. The notes bear interest at the fixed rate of 4.66% and require monthly payments of principal and interest of approximately $5,000 over a five year term maturing in January 2018. Subordinated promissory notes In December 2013, the Company completed a private offering in which the Company sold an aggregate of $500,000 in subordinated promissory notes. The notes are unsecured and require quarterly interest-only payments at a rate of 10% per annum for the first two years, increasing to 12% per annum in December 2015. The notes mature in December 2016 at which point the outstanding balance is due in full. The subordinated promissory notes may be prepaid by the Company at any time following the first anniversary thereof without penalty. The notes are subordinated to all indebtedness of the Company pursuant to the bank credit facility. In connection with the subordinated promissory notes, the Company issued warrants to purchase the Company's common stock at $3.51 per share. The warrants expire in December 2016. The proceeds were allocated between the notes and warrants on a relative fair value basis resulting in $416,950 allocated to the notes and $83,050 allocated to the warrants as part of Additional-Paid-in-Capital. The total discount on the notes is being recognized as non-cash interest expense over the term of the notes. The Company recorded $6,921 for the three months ended March 31, 2016 and 2015 of non-cash interest expense related to the amortization of the discount. The unamortized discount which is net against the outstanding balance of the subordinated promissory notes is $19,944 at March 31, 2016 and $26,865 at December 31, 2015.
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Debt (Bank Debt Narrative) (Details)
Debt (Other Debt Narrative) (Details)
Debt (Summary of Debt) (Details)
Debt (Summary of Debt) (Details) - USD ($) |
Mar. 31, 2016 |
Dec. 31, 2015 |
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Debt Instrument [Line Items] | ||
Revolving line of credit | $ 1,981,495 | $ 1,511,495 |
Equipment line of credit | 336,850 | 336,850 |
Subordinated promissory notes | 480,056 | 473,135 |
Term notes payable | 1,565,464 | 1,710,287 |
Total Debt | 4,363,865 | 4,031,767 |
Term Debt And Equipment Notes [Member] | Commercial Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Commercial term loan | 638,199 | 714,175 |
Term Debt And Equipment Notes [Member] | Equipment Term Loans [Member] | ||
Debt Instrument [Line Items] | ||
Equipment term laons | 824,993 | 879,898 |
Term Debt And Equipment Notes [Member] | Equipment Notes [Member] | ||
Debt Instrument [Line Items] | ||
Equipment notes | $ 102,272 | $ 116,214 |
Income Taxes
Income Taxes |
3 Months Ended |
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Mar. 31, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | 7. Income Taxes No provision for income taxes has been recorded in the three months ended March 31, 2016 or 2015, respectively. The Company has a full valuation allowance against its deferred tax assets as of March 31, 2016 and December 31, 2015. The Company has federal and state net operating loss carryforwards totaling $8,196,000 and $8,231,000, respectively, which begin to expire in 2030. The Company also had federal and state tax credit carryovers of $361,000 and $380,000 respectively. The federal and state tax credits begin to expire in 2029 and 2016, respectively.
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Income Taxes (Narrative) (Details)
Income Taxes (Narrative) (Details) |
Mar. 31, 2016
USD ($)
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Federal Tax Authority [Member] | |
Income Taxes [Line Items] | |
Tax credit carryforwards | $ 361,000 |
State Jurisdiction [Member] | |
Income Taxes [Line Items] | |
Tax credit carryforwards | 380,000 |
Federal Tax Authority [Member] | |
Income Taxes [Line Items] | |
Net operating loss carryforwards | 8,196,000 |
State Jurisdiction [Member] | |
Income Taxes [Line Items] | |
Net operating loss carryforwards | $ 8,231,000 |
Commitments and Contingencies
Commitments and Contingencies |
3 Months Ended |
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Mar. 31, 2016 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies Legal matters In the ordinary course of its business, the Company is involved in various legal proceedings involving a variety of matters. The Company does not believe there are any pending legal proceedings that will have a material impact on the Company’s financial position or results of operations. Off-balance sheet arrangements The Company has two operating leases for office equipment. Lease expense under all operating leases was approximately $1,822 for the three months ended March 31, 2016 and 2015.
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Commitments and Contingencies - (Narrative) (Details)
Commitments and Contingencies - (Narrative) (Details) |
3 Months Ended | |
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Mar. 31, 2016
USD ($)
agreement
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Mar. 31, 2015
USD ($)
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Commitments and Contingencies [Abstract] | ||
Number of operating lease agreements | 2 | |
Operating lease expense, office equipment | $ | $ 1,822 | $ 1,822 |
Stock Options and Share-Based Incentive Plan
Stock Options and Share-Based Incentive Plan |
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Stock Options and Share-Based Incentive Plan [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Options and Share-Based Incentive Plan | 9. Stock Options and Share-Based Incentive Plan Options The following table sets forth the stock option transactions for the three months ended March 31, 2016:
For the three months ended March 31, 2016 and 2015, share-based compensation expense related to stock options amounted to $15,133 and $7,186, respectively, and is included in general and administrative expenses. For the three months ended March 31, 2016, there were no new options granted and no options expired or were forfeited. There were 15,000 options exercised generating proceeds of $51,150. For the three months ended March 31, 2015, 25,000 options were granted, 7,500 options were forfeited and no options expired. Additionally, 1,100 options were exercised generating proceeds of $3,880. Warrants For the three months ended March 31, 2016 and 2015, there were no warrants exercised. As of March 31, 2016, 70,000 warrants remain unexercised.
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Stock Options and Share-based Incentive Plan (Tables)
Stock Options and Share-based Incentive Plan (Tables) |
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Stock Options and Share-Based Incentive Plan [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Option Transactions |
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