Document and Entity Information
Document and Entity Information
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9 Months Ended | |
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Sep. 30, 2015
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Nov. 12, 2015
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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 | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 2,792,539 |
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parentheticals)
Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations (Parentheticals)
Condensed Consolidated Statements of Operations (Parentheticals) (USD $)
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3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2015
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Sep. 30, 2014
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Sep. 30, 2015
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Sep. 30, 2014
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Condensed Consolidated Statements of Operations [Abstract] | ||||
Tax provision, discontinued operations | $ 0 | $ 0 | $ 0 | $ 0 |
Condensed Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows (Additional Information)
Consolidated Statements of Cash Flows (Additional Information) (USD $)
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Sep. 30, 2015
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Dec. 31, 2014
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Sep. 30, 2014
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Dec. 31, 2013
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Condensed Consolidated Statements of Cash Flows [Abstract] | ||||
Cash and cash equivalents, end of period | $ 263,838 | $ 209,398 | $ 329,240 | $ 751,275 |
Less: cash and cash equivalents of discontinued operations at end of period | 0 | 0 | ||
Cash and cash equivalents of continuing operations at end of period | $ 263,838 | $ 209,398 | $ 329,240 |
Basis of Presentation
Basis of Presentation
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9 Months Ended |
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Sep. 30, 2015
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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, 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.
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Earnings per share (_EPS_)
Earnings per share ("EPS")
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Sep. 30, 2015
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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 (_EPS_) (Tables)
Earnings per share ("EPS") (Tables)
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Sep. 30, 2015
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Share |
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Earnings per share (_EPS_) (Details)
Inventories, net
Inventories, net
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Inventories, net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories, net | 3. Inventories, net
Inventories consist of the following:
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.
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Inventories, net (Tables)
Inventories, net (Tables)
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Inventories, net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories, net |
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Inventories, net (Details)
Inventories, net (Details) (USD $)
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Sep. 30, 2015
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Dec. 31, 2014
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Inventories, net [Abstract] | ||
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 inventory | $ 413,215 | $ 439,800 |
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 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.
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Property, Plant and Equipment, net (Tables)
Property, Plant and Equipment, net (Tables)
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Property, Plant and Equipment |
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Property, Plant and Equipment, net (Narrative) (Details)
Property, Plant and Equipment, net (Narrative) (Details) (USD $)
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3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2015
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Sep. 30, 2014
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Sep. 30, 2015
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Sep. 30, 2014
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Property, Plant and Equipment, net [Abstract] | ||||
Depreciation expense | $ 371,606 | $ 369,518 | $ 1,099,632 | $ 1,111,297 |
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. 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:
For th |