Document and Entity Information
v5.13.55.0
Document and Entity Information
 9 Months Ended
Sep. 30, 2015
Nov. 12, 2015
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 Sep. 30, 2015  
Document Fiscal Year Focus 2015  
Document Fiscal Period Focus Q3  
Amendment Flag false  
Entity Common Stock, Shares Outstanding   2,792,539dei_EntityCommonStockSharesOutstanding

Condensed Consolidated Balance Sheets
v5.13.55.0
Condensed Consolidated Balance Sheets (USD $)
Sep. 30, 2015
Dec. 31, 2014
Current assets:    
Cash and cash equivalents $ 263,838us-gaap_CashAndCashEquivalentsAtCarryingValue $ 209,398us-gaap_CashAndCashEquivalentsAtCarryingValue
Trade accounts receivable, net of allowance for doubtful accounts of $48,000 at September 30, 2015 and $45,000 at December 31, 2014 3,404,786us-gaap_AccountsReceivableNetCurrent 3,536,747us-gaap_AccountsReceivableNetCurrent
Inventories, net 2,457,245us-gaap_InventoryNet 2,514,241us-gaap_InventoryNet
Prepaid expenses and other current assets 796,486us-gaap_PrepaidExpenseAndOtherAssetsCurrent 519,582us-gaap_PrepaidExpenseAndOtherAssetsCurrent
Total current assets 6,922,355us-gaap_AssetsCurrent 6,779,968us-gaap_AssetsCurrent
Property, plant and equipment, net 7,573,059us-gaap_PropertyPlantAndEquipmentNet 7,618,901us-gaap_PropertyPlantAndEquipmentNet
Intangible assets, net 19,084us-gaap_IntangibleAssetsNetExcludingGoodwill 134,022us-gaap_IntangibleAssetsNetExcludingGoodwill
Other assets 340,032us-gaap_OtherAssetsNoncurrent 570,357us-gaap_OtherAssetsNoncurrent
Total assets 14,854,530us-gaap_Assets 15,103,248us-gaap_Assets
Current liabilities:    
Revolving line of credit, current portion 0us-gaap_LinesOfCreditCurrent 2,071,495us-gaap_LinesOfCreditCurrent
Term notes payable, current portion 583,157hrt_TermNotesPayableCurrentPortion 490,341hrt_TermNotesPayableCurrentPortion
Accounts payable 1,876,542us-gaap_AccountsPayableCurrent 1,857,156us-gaap_AccountsPayableCurrent
Accrued expenses and other current liabilities 473,863us-gaap_OtherLiabilitiesCurrent 405,975us-gaap_OtherLiabilitiesCurrent
Customer deposits 58,735us-gaap_CustomerDepositsCurrent 98,110us-gaap_CustomerDepositsCurrent
Deferred revenue, current 298,367us-gaap_DeferredRevenueCurrent 228,363us-gaap_DeferredRevenueCurrent
Liabilities from discontinued operations, current 0us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent 320,056us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent
Total current liabilities 3,290,664us-gaap_LiabilitiesCurrent 5,471,496us-gaap_LiabilitiesCurrent
Long-term liabilities:    
Revolving line of credit, non-current portion 2,261,495us-gaap_LongTermLineOfCredit 0us-gaap_LongTermLineOfCredit
Term notes payable, non-current portion 1,270,348hrt_TermNotesPayableNonCurrentPortion 1,330,755hrt_TermNotesPayableNonCurrentPortion
Subordinated promissory notes 466,214us-gaap_SubordinatedLongTermDebt 445,452us-gaap_SubordinatedLongTermDebt
Deferred revenue, non-current 353,560us-gaap_DeferredRevenueNoncurrent 610,430us-gaap_DeferredRevenueNoncurrent
Total long-term liabilities 4,351,617us-gaap_LiabilitiesNoncurrent 2,386,637us-gaap_LiabilitiesNoncurrent
Total liabilities 7,642,281us-gaap_Liabilities 7,858,133us-gaap_Liabilities
Commitments and Contingencies      
Shareholders' equity:    
Preferred stock, $0.001 par value; 2,000,000 shares authorized, none issued at September 30, 2015 and $1.00 par value; 2,000,000 shares authorized, none issued at December 31, 2014 0us-gaap_PreferredStockValue 0us-gaap_PreferredStockValue
Common stock, $0.01 par value; 10,000,000 shares authorized; 3,926,941 issued; 2,786,539 outstanding at September 30, 2015 and 3,926,491 issued, 2,778,339 outstanding at December 31, 2014 39,265us-gaap_CommonStockValue 39,265us-gaap_CommonStockValue
Additional paid-in-capital 11,365,486us-gaap_AdditionalPaidInCapital 11,336,693us-gaap_AdditionalPaidInCapital
Treasury stock at cost, 1,139,952 shares at September 30, 2015 and 1,148,152 shares at December 31, 2014 (3,110,701)us-gaap_TreasuryStockValue (3,133,883)us-gaap_TreasuryStockValue
Accumulated other comprehensive income 0us-gaap_AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax 42,502us-gaap_AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
Accumulated deficit (1,081,801)us-gaap_RetainedEarningsAccumulatedDeficit (1,039,462)us-gaap_RetainedEarningsAccumulatedDeficit
Total shareholders' equity 7,212,249us-gaap_StockholdersEquity 7,245,115us-gaap_StockholdersEquity
Total liabilities and shareholders' equity $ 14,854,530us-gaap_LiabilitiesAndStockholdersEquity $ 15,103,248us-gaap_LiabilitiesAndStockholdersEquity

Condensed Consolidated Balance Sheets (Parentheticals)
v5.13.55.0
Condensed Consolidated Balance Sheets (Parentheticals) (USD $)
Sep. 30, 2015
Dec. 31, 2014
Condensed Consolidated Balance Sheets [Abstract]    
Allowance for doubtful accounts receivable, current $ 48,000us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent $ 45,000us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent
Preferred stock, par value per share $ 0.001us-gaap_PreferredStockParOrStatedValuePerShare $ 1.00us-gaap_PreferredStockParOrStatedValuePerShare
Preferred stock, shares authorized 2,000,000us-gaap_PreferredStockSharesAuthorized 2,000,000us-gaap_PreferredStockSharesAuthorized
Preferred stock, shares issued 0us-gaap_PreferredStockSharesIssued 0us-gaap_PreferredStockSharesIssued
Common stock, par value per share $ 0.01us-gaap_CommonStockParOrStatedValuePerShare $ 0.01us-gaap_CommonStockParOrStatedValuePerShare
Common stock, shares authorized 10,000,000us-gaap_CommonStockSharesAuthorized 10,000,000us-gaap_CommonStockSharesAuthorized
Common stock, shares issued 3,926,491us-gaap_CommonStockSharesIssued 3,926,491us-gaap_CommonStockSharesIssued
Common stock, shares outstanding 2,786,539us-gaap_CommonStockSharesOutstanding 2,778,339us-gaap_CommonStockSharesOutstanding
Treasury stock, shares 1,139,952us-gaap_TreasuryStockShares 1,148,152us-gaap_TreasuryStockShares

Condensed Consolidated Statements of Operations
v5.13.55.0
Condensed Consolidated Statements of Operations (USD $)
 3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Condensed Consolidated Statements of Operations [Abstract]        
Net sales $ 5,226,135us-gaap_SalesRevenueNet $ 6,045,872us-gaap_SalesRevenueNet $ 16,743,571us-gaap_SalesRevenueNet $ 18,329,472us-gaap_SalesRevenueNet
Cost of sales 4,508,622us-gaap_CostOfGoodsAndServicesSold 4,885,043us-gaap_CostOfGoodsAndServicesSold 14,197,508us-gaap_CostOfGoodsAndServicesSold 14,723,334us-gaap_CostOfGoodsAndServicesSold
Gross profit 717,513us-gaap_GrossProfit 1,160,829us-gaap_GrossProfit 2,546,063us-gaap_GrossProfit 3,606,138us-gaap_GrossProfit
Selling and marketing 219,895us-gaap_SellingAndMarketingExpense 252,995us-gaap_SellingAndMarketingExpense 740,476us-gaap_SellingAndMarketingExpense 785,075us-gaap_SellingAndMarketingExpense
General and administrative 651,669us-gaap_GeneralAndAdministrativeExpense 597,413us-gaap_GeneralAndAdministrativeExpense 1,825,473us-gaap_GeneralAndAdministrativeExpense 1,735,279us-gaap_GeneralAndAdministrativeExpense
Research and development 48,007us-gaap_ResearchAndDevelopmentExpense 110,441us-gaap_ResearchAndDevelopmentExpense 202,792us-gaap_ResearchAndDevelopmentExpense 292,962us-gaap_ResearchAndDevelopmentExpense
Total operating expenses 919,571us-gaap_OperatingExpenses 960,849us-gaap_OperatingExpenses 2,768,741us-gaap_OperatingExpenses 2,813,316us-gaap_OperatingExpenses
Income (loss) from continuing operations (202,058)us-gaap_OperatingIncomeLoss 199,980us-gaap_OperatingIncomeLoss (222,678)us-gaap_OperatingIncomeLoss 792,822us-gaap_OperatingIncomeLoss
Other income (expense):        
Interest expense (66,602)us-gaap_InterestExpense (66,236)us-gaap_InterestExpense (202,135)us-gaap_InterestExpense (206,914)us-gaap_InterestExpense
Other income (expense), net 3,033us-gaap_OtherNonoperatingIncomeExpense (4,099)us-gaap_OtherNonoperatingIncomeExpense 19,864us-gaap_OtherNonoperatingIncomeExpense 44,900us-gaap_OtherNonoperatingIncomeExpense
Total other expense, net (63,569)hrt_OtherIncomeExpenseNet (70,335)hrt_OtherIncomeExpenseNet (182,271)hrt_OtherIncomeExpenseNet (162,014)hrt_OtherIncomeExpenseNet
Income (loss) from continuing operations before income taxes (265,627)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest 129,645us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest (404,949)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest 630,808us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
Income tax provision       2,207us-gaap_IncomeTaxExpenseBenefit
Net income (loss) from continuing operations (265,627)us-gaap_IncomeLossFromContinuingOperations 129,645us-gaap_IncomeLossFromContinuingOperations (404,949)us-gaap_IncomeLossFromContinuingOperations 628,601us-gaap_IncomeLossFromContinuingOperations
Discontinued Operations:        
Income (loss) from discontinued operations, net of tax provision of $0 for the three and nine months ended September 30, 2015 and 2014 0us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity 0us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity 362,610us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity (1,779)us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
Net income (loss) $ (265,627)us-gaap_NetIncomeLoss $ 129,645us-gaap_NetIncomeLoss $ (42,339)us-gaap_NetIncomeLoss $ 626,822us-gaap_NetIncomeLoss
Earnings (loss) per share - basic        
Continuing operations $ (0.10)us-gaap_IncomeLossFromContinuingOperationsPerBasicShare $ 0.05us-gaap_IncomeLossFromContinuingOperationsPerBasicShare $ (0.15)us-gaap_IncomeLossFromContinuingOperationsPerBasicShare $ 0.23us-gaap_IncomeLossFromContinuingOperationsPerBasicShare
Discontinued operations $ 0.00us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare $ 0us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare $ 0.13us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare $ 0us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare
Earnings (loss) per share - basic $ (0.10)us-gaap_EarningsPerShareBasic $ 0.05us-gaap_EarningsPerShareBasic $ (0.02)us-gaap_EarningsPerShareBasic $ 0.23us-gaap_EarningsPerShareBasic
Earnings (loss) per share - diluted        
Continuing operations $ (0.10)us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare $ 0.05us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare $ (0.15)us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare $ 0.22us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare
Discontinued operations $ 0.00us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare $ 0.00us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare $ 0.13us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare $ 0.00us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare
Earnings (loss) per share - diluted $ (0.10)us-gaap_EarningsPerShareDiluted $ 0.05us-gaap_EarningsPerShareDiluted $ (0.02)us-gaap_EarningsPerShareDiluted $ 0.22us-gaap_EarningsPerShareDiluted
Weighted average common shares outstanding - basic 2,786,539us-gaap_WeightedAverageNumberOfSharesOutstandingBasic 2,748,479us-gaap_WeightedAverageNumberOfSharesOutstandingBasic 2,782,452us-gaap_WeightedAverageNumberOfSharesOutstandingBasic 2,731,530us-gaap_WeightedAverageNumberOfSharesOutstandingBasic
Weighted average common shares outstanding - diluted 2,786,539us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding 2,855,223us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding 2,782,452us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding 2,815,776us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding

Condensed Consolidated Statements of Operations (Parentheticals)
v5.13.55.0
Condensed Consolidated Statements of Operations (Parentheticals) (USD $)
 3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Condensed Consolidated Statements of Operations [Abstract]        
Tax provision, discontinued operations $ 0hrt_TaxBenefitDiscontinuedOperations $ 0hrt_TaxBenefitDiscontinuedOperations $ 0hrt_TaxBenefitDiscontinuedOperations $ 0hrt_TaxBenefitDiscontinuedOperations

Condensed Consolidated Statements of Cash Flows
v5.13.55.0
Condensed Consolidated Statements of Cash Flows (USD $)
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash flows from operating activities:    
Net income (loss) $ (42,339)us-gaap_NetIncomeLoss $ 626,822us-gaap_NetIncomeLoss
Loss (income) from discontinued operations (362,610)us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity 1,779us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
(Gain) loss on sale of property, plant and equipment (17,143)us-gaap_GainLossOnSaleOfPropertyPlantEquipment (21,000)us-gaap_GainLossOnSaleOfPropertyPlantEquipment
Depreciation and amortization 1,102,428us-gaap_DepreciationDepletionAndAmortization 1,114,278us-gaap_DepreciationDepletionAndAmortization
Impairment of intangibles 118,318us-gaap_ImpairmentOfIntangibleAssetsFinitelived 63,086us-gaap_ImpairmentOfIntangibleAssetsFinitelived
Non-cash interest expense 20,762hrt_NonCashInterestExpense 20,762hrt_NonCashInterestExpense
Change in allowance for doubtful accounts 3,000us-gaap_AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease 10,000us-gaap_AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
Share-based compensation expense 23,416us-gaap_AllocatedShareBasedCompensationExpense 22,186us-gaap_AllocatedShareBasedCompensationExpense
Changes in operating assets and liabilities:    
Accounts receivable 128,961us-gaap_IncreaseDecreaseInAccountsAndOtherReceivables 84,071us-gaap_IncreaseDecreaseInAccountsAndOtherReceivables
Inventories 56,996us-gaap_IncreaseDecreaseInInventories (808,814)us-gaap_IncreaseDecreaseInInventories
Prepaid expenses and other current assets (276,904)us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets (134,760)us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
Other non-current assets 230,325us-gaap_IncreaseDecreaseInOtherNoncurrentAssets 80,753us-gaap_IncreaseDecreaseInOtherNoncurrentAssets
Accounts payable 19,387us-gaap_IncreaseDecreaseInAccountsPayable 78,704us-gaap_IncreaseDecreaseInAccountsPayable
Accrued expenses and other current liabilities 98,516us-gaap_IncreaseDecreaseInAccruedLiabilities 399,826us-gaap_IncreaseDecreaseInAccruedLiabilities
Other non-current liabilities (256,870)us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities (80,492)us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities
Net cash provided by (used in) operating activities of continuing operations 846,243us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations 1,457,201us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
Net cash provided by (used in) operating activites of discontinued operations 0us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations (1,509)us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
Net cash provided by (used in) operating activities 846,243us-gaap_NetCashProvidedByUsedInOperatingActivities 1,455,692us-gaap_NetCashProvidedByUsedInOperatingActivities
Cash flows from investing activities:    
Purchases of property, plant and equipment (1,072,347)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (1,104,265)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
Proceeds from sale of property, plant and equipment 35,700us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment 24,500us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment
Cash paid for patents and trademarks (6,176)hrt_CashPaidForPatentsAndTrademarks (2,613)hrt_CashPaidForPatentsAndTrademarks
Net cash provided by (used in) investing activities from continuing operations (1,042,823)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations (1,082,378)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
Net cash provided by (used in) investing activities from discontinued operations 0us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations 0us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations
Net cash provided by (used in) investing activities (1,042,823)us-gaap_NetCashProvidedByUsedInInvestingActivities (1,082,378)us-gaap_NetCashProvidedByUsedInInvestingActivities
Cash flows from financing activities:    
Proceeds from (payments on) revolving line of credit, net 190,000hrt_ProceedsFromPaymentsOnRevolvingLineOfCreditNet (728,000)hrt_ProceedsFromPaymentsOnRevolvingLineOfCreditNet
Proceeds from equipment line of credit 415,785hrt_ProceedsFromEquipmentLineOfCredit 116,905hrt_ProceedsFromEquipmentLineOfCredit
Payments on term notes payable (383,376)hrt_PaymentsOnTermNotesPayable (316,376)hrt_PaymentsOnTermNotesPayable
Proceeds from warrant exercises 0us-gaap_ProceedsFromWarrantExercises 35,100us-gaap_ProceedsFromWarrantExercises
Proceeds from stock option exercises 28,611us-gaap_ProceedsFromStockOptionsExercised 97,022us-gaap_ProceedsFromStockOptionsExercised
Net cash provided by (used in) financing activities from continuing operations 251,020us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations (795,349)us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
Net cash provided by (used in) financing activities from discontinued operations 0us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations 0us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations
Net cash provided by (used in) financing activities 251,020us-gaap_NetCashProvidedByUsedInFinancingActivities (795,349)us-gaap_NetCashProvidedByUsedInFinancingActivities
Net increase (decrease) in cash and cash equivalents 54,440us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease (422,035)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash and cash equivalents, beginning of period 209,398us-gaap_Cash 751,275us-gaap_Cash
Cash and cash equivalents, end of period 263,838us-gaap_Cash 329,240us-gaap_Cash
Less: cash and cash equivalents of discontinued operations at end of period 0us-gaap_DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalents 0us-gaap_DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalents
Cash and cash equivalents of continuing operations at end of period 263,838us-gaap_CashAndCashEquivalentsAtCarryingValue 329,240us-gaap_CashAndCashEquivalentsAtCarryingValue
Supplemental Cash Flow Information (unaudited)    
Cash paid for interest 171,040us-gaap_InterestPaid 173,445us-gaap_InterestPaid
Non-cash activities:    
Equipment line of credit converted to term notes payable 415,785hrt_EquipmentLineOfCreditConvertedIntoNewDebt 740,999hrt_EquipmentLineOfCreditConvertedIntoNewDebt
Reduction of restricted cash offset by performance guarantee $ 0hrt_ReductionOfRestrictedCashOffsetByPerformanceGuarantee $ 975,430hrt_ReductionOfRestrictedCashOffsetByPerformanceGuarantee

Consolidated Statements of Cash Flows (Additional Information)
v5.13.55.0
Consolidated Statements of Cash Flows (Additional Information) (USD $)
Sep. 30, 2015
Dec. 31, 2014
Sep. 30, 2014
Dec. 31, 2013
Condensed Consolidated Statements of Cash Flows [Abstract]        
Cash and cash equivalents, end of period $ 263,838us-gaap_Cash $ 209,398us-gaap_Cash $ 329,240us-gaap_Cash $ 751,275us-gaap_Cash
Less: cash and cash equivalents of discontinued operations at end of period 0us-gaap_DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalents   0us-gaap_DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalents  
Cash and cash equivalents of continuing operations at end of period $ 263,838us-gaap_CashAndCashEquivalentsAtCarryingValue $ 209,398us-gaap_CashAndCashEquivalentsAtCarryingValue $ 329,240us-gaap_CashAndCashEquivalentsAtCarryingValue  

Basis of Presentation
v5.13.55.0
Basis of Presentation
 9 Months Ended
Sep. 30, 2015
Basis of Presentation [Abstract]  
Basis of Presentation

1.  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, 2014 filed with the SEC on March 20, 2015. Certain reclassifications have been made to prior period amounts to conform to the current year presentation.

 

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, 2014 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. 

 


Earnings per share (_EPS_)
v5.13.55.0
Earnings per share ("EPS")
 9 Months Ended
Sep. 30, 2015
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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30,

 

September 30,

 

 

2015

 

2014

 

2015

 

2014

Income (loss) from continuing operations

 

$
(265,627)

 

$
129,645 

 

$
(404,949)

 

$
628,601 

Income (loss) from discontinued operations, net of tax

 

 

 —

 

 

 —

 

 
362,610 

 

 
(1,779)

Net income (loss) available to common shareholders

 

$
(265,627)

 

$
129,645 

 

$
(42,339)

 

$
626,822 

Basic EPS:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 
2,786,539 

 

 
2,748,479 

 

 
2,782,452 

 

 
2,731,530 

Earnings (loss) per share - basic

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$
(0.10)

 

$
0.05 

 

$
(0.15)

 

$
0.23 

Discontinued operations

 

 

 —

 

 

 —

 

 
0.13 

 

 

 —

Consolidated basic EPS

 

$
(0.10)

 

$
0.05 

 

$
(0.02)

 

$
0.23 

Diluted EPS:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 
2,786,539 

 

 
2,748,479 

 

 
2,782,452 

 

 
2,731,530 

Assumed conversion of net common shares issuable under stock option plans

 

 

 —

 

 
62,359 

 

 

 —

 

 
49,439 

Assumed conversion of net common shares issuable under warrants

 

 

 —

 

 
44,385 

 

 

 —

 

 
34,807 

Weighted average common and common equivalent shares outstanding, diluted

 

 
2,786,539 

 

 
2,855,223 

 

 
2,782,452 

 

 
2,815,776 

Earnings (loss) per share - diluted

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$
(0.10)

 

$
0.05 

 

$
(0.15)

 

$
0.22 

Discontinued operations

 

 

 —

 

 

 —

 

 
0.13 

 

 

 —

Consolidated diluted EPS

 

$
(0.10)

 

$
0.05 

 

$
(0.02)

 

$
0.22 

 


Earnings per share (_EPS_) (Tables)
v5.13.55.0
Earnings per share ("EPS") (Tables)
 9 Months Ended
Sep. 30, 2015
Earnings Per Share [Abstract]  
Earnings per Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30,

 

September 30,

 

 

2015

 

2014

 

2015

 

2014

Income (loss) from continuing operations

 

$
(265,627)

 

$
129,645 

 

$
(404,949)

 

$
628,601 

Income (loss) from discontinued operations, net of tax

 

 

 —

 

 

 —

 

 
362,610 

 

 
(1,779)

Net income (loss) available to common shareholders

 

$
(265,627)

 

$
129,645 

 

$
(42,339)

 

$
626,822 

Basic EPS:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 
2,786,539 

 

 
2,748,479 

 

 
2,782,452 

 

 
2,731,530 

Earnings (loss) per share - basic

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$
(0.10)

 

$
0.05 

 

$
(0.15)

 

$
0.23 

Discontinued operations

 

 

 —

 

 

 —

 

 
0.13 

 

 

 —

Consolidated basic EPS

 

$
(0.10)

 

$
0.05 

 

$
(0.02)

 

$
0.23 

Diluted EPS:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 
2,786,539 

 

 
2,748,479 

 

 
2,782,452 

 

 
2,731,530 

Assumed conversion of net common shares issuable under stock option plans

 

 

 —

 

 
62,359 

 

 

 —

 

 
49,439 

Assumed conversion of net common shares issuable under warrants

 

 

 —

 

 
44,385 

 

 

 —

 

 
34,807 

Weighted average common and common equivalent shares outstanding, diluted

 

 
2,786,539 

 

 
2,855,223 

 

 
2,782,452 

 

 
2,815,776 

Earnings (loss) per share - diluted

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$
(0.10)

 

$
0.05 

 

$
(0.15)

 

$
0.22 

Discontinued operations

 

 

 —

 

 

 —

 

 
0.13 

 

 

 —

Consolidated diluted EPS

 

$
(0.10)

 

$
0.05 

 

$
(0.02)

 

$
0.22 

 


Earnings per share (_EPS_) (Details)
v5.13.55.0
Earnings per share ("EPS") (Details) (USD $)
 3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Earnings Per Share [Abstract]        
Income (loss) from continuing operations $ (265,627)us-gaap_IncomeLossFromContinuingOperations $ 129,645us-gaap_IncomeLossFromContinuingOperations $ (404,949)us-gaap_IncomeLossFromContinuingOperations $ 628,601us-gaap_IncomeLossFromContinuingOperations
Income (loss) from discontinued operations, net of tax 0us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity 0us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity 362,610us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity (1,779)us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
Net income (loss) $ (265,627)us-gaap_NetIncomeLoss $ 129,645us-gaap_NetIncomeLoss $ (42,339)us-gaap_NetIncomeLoss $ 626,822us-gaap_NetIncomeLoss
Basic EPS:        
Weighted average common shares outstanding 2,786,539us-gaap_WeightedAverageNumberOfSharesOutstandingBasic 2,748,479us-gaap_WeightedAverageNumberOfSharesOutstandingBasic 2,782,452us-gaap_WeightedAverageNumberOfSharesOutstandingBasic 2,731,530us-gaap_WeightedAverageNumberOfSharesOutstandingBasic
Earnings (loss) per share - basic        
Continuing operations $ (0.10)us-gaap_IncomeLossFromContinuingOperationsPerBasicShare $ 0.05us-gaap_IncomeLossFromContinuingOperationsPerBasicShare $ (0.15)us-gaap_IncomeLossFromContinuingOperationsPerBasicShare $ 0.23us-gaap_IncomeLossFromContinuingOperationsPerBasicShare
Discontinued operations $ 0.00us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare $ 0us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare $ 0.13us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare $ 0us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare
Earnings (loss) per share - basic $ (0.10)us-gaap_EarningsPerShareBasic $ 0.05us-gaap_EarningsPerShareBasic $ (0.02)us-gaap_EarningsPerShareBasic $ 0.23us-gaap_EarningsPerShareBasic
Diluted EPS:        
Assumed conversion of net common shares issuable under stock option plans 0hrt_AssumedConversionOfNetCommonSharesIssuableUnderStockOptions 62,359hrt_AssumedConversionOfNetCommonSharesIssuableUnderStockOptions 0hrt_AssumedConversionOfNetCommonSharesIssuableUnderStockOptions 49,439hrt_AssumedConversionOfNetCommonSharesIssuableUnderStockOptions
Assumed conversion of net common shares issuable under warrants 0hrt_AssumedConversionOfNetCommonSharesIssuableUnderWarrants 44,385hrt_AssumedConversionOfNetCommonSharesIssuableUnderWarrants 0hrt_AssumedConversionOfNetCommonSharesIssuableUnderWarrants 34,807hrt_AssumedConversionOfNetCommonSharesIssuableUnderWarrants
Weighted average common and common equivalent shares outstanding, diluted 2,786,539us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding 2,855,223us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding 2,782,452us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding 2,815,776us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding
Earnings (loss) per share - diluted        
Continuing operations $ (0.10)us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare $ 0.05us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare $ (0.15)us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare $ 0.22us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare
Discontinued operations $ 0.00us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare $ 0.00us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare $ 0.13us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare $ 0.00us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare
Consolidated diluted EPS $ (0.10)us-gaap_EarningsPerShareDiluted $ 0.05us-gaap_EarningsPerShareDiluted $ (0.02)us-gaap_EarningsPerShareDiluted $ 0.22us-gaap_EarningsPerShareDiluted

Inventories, net
v5.13.55.0
Inventories, net
 9 Months Ended
Sep. 30, 2015
Inventories, net [Abstract]  
Inventories, net

3.  Inventories, net

 

Inventories consist of the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

December 31,

 

 

2015

 

2014

Raw materials

 

$
862,160 

 

$
873,306 

Work-in-process

 

 
350,303 

 

 
370,220 

Finished goods

 

 
1,244,782 

 

 
1,270,715 

Total

 

$
2,457,245 

 

$
2,514,241 

 

Silver included in raw materials, work-in-process and finished goods inventory had an estimated cost of  $413,215 and $439,800 as of September 30, 2015 and December 31, 2014, respectively.

 


Inventories, net (Tables)
v5.13.55.0
Inventories, net (Tables)
 9 Months Ended
Sep. 30, 2015
Inventories, net [Abstract]  
Inventories, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

December 31,

 

 

2015

 

2014

Raw materials

 

$
862,160 

 

$
873,306 

Work-in-process

 

 
350,303 

 

 
370,220 

Finished goods

 

 
1,244,782 

 

 
1,270,715 

Total

 

$
2,457,245 

 

$
2,514,241 

 


Inventories, net (Details)
v5.13.55.0
Inventories, net (Details) (USD $)
Sep. 30, 2015
Dec. 31, 2014
Inventories, net [Abstract]    
Raw materials $ 862,160us-gaap_InventoryRawMaterialsNetOfReserves $ 873,306us-gaap_InventoryRawMaterialsNetOfReserves
Work-in-process 350,303us-gaap_InventoryWorkInProcessNetOfReserves 370,220us-gaap_InventoryWorkInProcessNetOfReserves
Finished goods 1,244,782us-gaap_InventoryFinishedGoodsNetOfReserves 1,270,715us-gaap_InventoryFinishedGoodsNetOfReserves
Total 2,457,245us-gaap_InventoryNet 2,514,241us-gaap_InventoryNet
Silver inventory $ 413,215hrt_SilverInventory $ 439,800hrt_SilverInventory

Property, Plant and Equipment, net
v5.13.55.0
Property, Plant and Equipment, net
 9 Months Ended
Sep. 30, 2015
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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Lives

 

September 30,

 

December 31,

 

 

(in years)

 

2015

 

2014

Machinery and equipment

 

3

to

15

 

$
15,002,714 

 

$
14,608,949 

Building and improvements

 

5

to

25

 

 
4,508,706 

 

 
4,360,114 

Vehicles

 

3

to

5

 

 
90,713 

 

 
90,713 

Furniture, fixtures, computers and software

 

3

to

5

 

 
1,432,077 

 

 
1,349,931 

Land

 

 

 

 

 

 
202,492 

 

 
202,492 

Construction in progress

 

 

 

 

 

 
743,153 

 

 
568,234 

Total property, plant and equipment

 

 

 

 

 

 
21,979,855 

 

 
21,180,433 

Less: accumulated depreciation

 

 

 

 

 

 
(14,406,796)

 

 
(13,561,532)

Property, plant and equipment, net

 

 

 

 

 

$
7,573,059 

 

$
7,618,901 

 

For the three months ended September 30, 2015 and 2014, the Company recorded depreciation expense of $371,606 and $369,518, respectively. For the nine months ended September 30, 2015 and 2014, the Company recorded depreciation expense of $1,099,632 and $1,111,297, respectively.


Property, Plant and Equipment, net (Tables)
v5.13.55.0
Property, Plant and Equipment, net (Tables)
 9 Months Ended
Sep. 30, 2015
Property, Plant and Equipment, net [Abstract]  
Property, Plant and Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Lives

 

September 30,

 

December 31,

 

 

(in years)

 

2015

 

2014

Machinery and equipment

 

3

to

15

 

$
15,002,714 

 

$
14,608,949 

Building and improvements

 

5

to

25

 

 
4,508,706 

 

 
4,360,114 

Vehicles

 

3

to

5

 

 
90,713 

 

 
90,713 

Furniture, fixtures, computers and software

 

3

to

5

 

 
1,432,077 

 

 
1,349,931 

Land

 

 

 

 

 

 
202,492 

 

 
202,492 

Construction in progress

 

 

 

 

 

 
743,153 

 

 
568,234 

Total property, plant and equipment

 

 

 

 

 

 
21,979,855 

 

 
21,180,433 

Less: accumulated depreciation

 

 

 

 

 

 
(14,406,796)

 

 
(13,561,532)

Property, plant and equipment, net

 

 

 

 

 

$
7,573,059 

 

$
7,618,901 

 


Property, Plant and Equipment, net (Narrative) (Details)
v5.13.55.0
Property, Plant and Equipment, net (Narrative) (Details) (USD $)
 3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Property, Plant and Equipment, net [Abstract]        
Depreciation expense $ 371,606us-gaap_Depreciation $ 369,518us-gaap_Depreciation $ 1,099,632us-gaap_Depreciation $ 1,111,297us-gaap_Depreciation

Property, Plant and Equipment, net (Property, plant and equipment) (Details)
v5.13.55.0
Property, Plant and Equipment, net (Property, plant and equipment) (Details) (USD $)
 9 Months Ended
Sep. 30, 2015
Dec. 31, 2014
Property, Plant and Equipment    
Machinery and equipment 15,002,714us-gaap_MachineryAndEquipmentGross $ 14,608,949us-gaap_MachineryAndEquipmentGross
Building and improvements 4,508,706us-gaap_BuildingsAndImprovementsGross 4,360,114us-gaap_BuildingsAndImprovementsGross
Vehicles 90,713hrt_VehiclesGross 90,713hrt_VehiclesGross
Furniture, fixtures, computers and software 1,432,077hrt_FurnitureFixturesComputersAndSoftware 1,349,931hrt_FurnitureFixturesComputersAndSoftware
Land 202,492us-gaap_Land 202,492us-gaap_Land
Construction in progress 743,153us-gaap_ConstructionInProgressGross 568,234us-gaap_ConstructionInProgressGross
Total property, plant and equipment 21,979,855us-gaap_PropertyPlantAndEquipmentGross 21,180,433us-gaap_PropertyPlantAndEquipmentGross
Less: accumulated depreciation (14,406,796)us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment (13,561,532)us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
Property, plant and equipment, net 7,573,059us-gaap_PropertyPlantAndEquipmentNet $ 7,618,901us-gaap_PropertyPlantAndEquipmentNet
Maximum [Member]    
Property, Plant and Equipment    
Useful life 5 years  
Maximum [Member] | Machinery and Equipment [Member]    
Property, Plant and Equipment    
Useful life 15 years  
Maximum [Member] | Building and Improvements [Member]    
Property, Plant and Equipment    
Useful life 25 years  
Maximum [Member] | Vehicles [Member]    
Property, Plant and Equipment    
Useful life 5 years  
Minimum [Member] | Machinery and Equipment [Member]    
Property, Plant and Equipment    
Useful life 3 years  
Minimum [Member] | Building and Improvements [Member]    
Property, Plant and Equipment    
Useful life 5 years  
Minimum [Member] | Vehicles [Member]    
Property, Plant and Equipment    
Useful life 3 years  
Minimum [Member] | Furniture, Fixtures, Computers and Software [Member]    
Property, Plant and Equipment    
Useful life 3 years  

Intangible Assets, net
v5.13.55.0
Intangible Assets, net
 9 Months Ended
Sep. 30, 2015
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. Based upon the annual review, the Company recorded impairment charges of $118,318 and $56,237 in the three months ended September 30, 2015 and 2014, respectively.

   

In the third quarter of 2015, the Company reviewed unamortized costs for patents pending.  As a result of this review, the Company determined that the patents pending related to the Triggering Recharging and Wireless Transmission of Remote Patient Monitoring Device, as well as the Seed-Beat Selection Method for Signal-Averaged Electrocardiography were no longer patentable and recorded an impairment charge of $103,287 for the full costs of these patents pending.  Additionally, after a review of trade names, the Company determined that the Leominster Tool & Die no longer provided any future economic benefit and recorded an impairment charge of $15,031 for the remaining unamortized balance of the trade names. 

 

In the third quarter of 2014, the Company reviewed unamortized costs for patents pending.  As a result of this review, the Company determined that the patent pending related to the Ambulatory Physiological Monitoring with Remote Analysis were no longer patentable and recorded an impairment charge of $56,237 for the full costs of these patents pending.  Additionally, in the first quarter of 2014 the Company recorded an impairment charge of $6,849 related to its tradename PureTrace, therefore, the total impairment for the nine months ended September 30, 2014 was $63,086.

 

Intangible assets consist of the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Estimated

 

September 30, 2015

 

December 31, 2014

 

 

Useful Life

 

 

 

 

Accumulated

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

(in years)

 

Gross

 

Amortization

 

Net

 

Gross

 

Amortization

 

Net

Patents and trademarks

 
11 

 

$
26,290 

 

$
7,542 

 

$
18,748 

 

$
414,436 

 

$
394,371 

 

$
20,065 

Patents and trademarks pending

 

 —

 

 
336 

 

 

 —

 

 
336 

 

 
97,447 

 

 

 —

 

 
97,447 

Trade names

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 
33,250 

 

 
16,740 

 

 
16,510 

Total intangible assets

 

 

 

$
26,626 

 

$
7,542 

 

$
19,084 

 

$
545,133 

 

$
411,111 

 

$
134,022 

 

For th