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v2.4.1.9
Consolidated Balance Sheets (USD $)
|
Dec. 31, 2014
|
Dec. 31, 2013
|
Current assets: |
|
|
Cash and cash equivalents |
$ 209,398us-gaap_CashAndCashEquivalentsAtCarryingValue |
$ 749,766us-gaap_CashAndCashEquivalentsAtCarryingValue |
Restricted cash |
0us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue |
1,000,000us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue |
Trade accounts receivable, net of allowance for doubtful accounts of $45,000 and $40,000, at December 31, 2014 and 2013, respectively |
3,536,747us-gaap_AccountsReceivableNetCurrent |
3,803,853us-gaap_AccountsReceivableNetCurrent |
Inventories |
2,514,241us-gaap_InventoryGross |
2,335,291us-gaap_InventoryGross |
Prepaid expenses and other current assets |
519,582us-gaap_PrepaidExpenseAndOtherAssetsCurrent |
513,197us-gaap_PrepaidExpenseAndOtherAssetsCurrent |
Assets from discontinued operations |
0us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent |
1,509us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent |
Total current assets |
6,779,968us-gaap_AssetsCurrent |
8,403,616us-gaap_AssetsCurrent |
Property, plant and equipment, net |
7,618,901us-gaap_PropertyPlantAndEquipmentNet |
7,579,556us-gaap_PropertyPlantAndEquipmentNet |
Intangible assets, net |
134,022us-gaap_IntangibleAssetsNetExcludingGoodwill |
184,517us-gaap_IntangibleAssetsNetExcludingGoodwill |
Other assets |
570,357us-gaap_OtherAssetsNoncurrent |
185,595us-gaap_OtherAssetsNoncurrent |
Total assets |
15,103,248us-gaap_Assets |
16,353,284us-gaap_Assets |
Current liabilities: |
|
|
Revolving line of credit, current portion |
2,071,495hrt_Revolvinglineofcreditoutstandingbalancecurrent |
0hrt_Revolvinglineofcreditoutstandingbalancecurrent |
Equipment line of credit, current portion |
0hrt_Equipmentlineofcreditcurrentportiondue |
85,387hrt_Equipmentlineofcreditcurrentportiondue |
Term notes payable, current portion |
490,341hrt_Termnotespayablecurrentportion |
335,760hrt_Termnotespayablecurrentportion |
Accounts payable |
1,857,156us-gaap_AccountsPayableCurrent |
2,156,031us-gaap_AccountsPayableCurrent |
Accrued expenses |
405,975us-gaap_AccruedLiabilitiesCurrent |
436,775us-gaap_AccruedLiabilitiesCurrent |
Customer deposits |
98,110us-gaap_CustomerDepositsCurrent |
341,465us-gaap_CustomerDepositsCurrent |
Deferred revenue, current |
228,363us-gaap_DeferredRevenueCurrent |
248,559us-gaap_DeferredRevenueCurrent |
Performance guarantee liability |
0hrt_PerformanceGuaranteeLiability |
1,000,000hrt_PerformanceGuaranteeLiability |
Liabilities from discontinued operations, current |
320,056us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent |
319,787us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent |
Total current liabilities |
5,471,496us-gaap_LiabilitiesCurrent |
4,923,764us-gaap_LiabilitiesCurrent |
Long-term liabilities: |
|
|
Revolving line of credit, non-current portion |
0hrt_Revolvinglineofcreditoutstandingbalancenoncurrent |
2,774,495hrt_Revolvinglineofcreditoutstandingbalancenoncurrent |
Equipment line of credit, non-current portion |
0hrt_Equipmentlineofcreditnetofcurrentportion |
538,707hrt_Equipmentlineofcreditnetofcurrentportion |
Term notes payable, non-current portion |
1,330,755hrt_Termnotespayablenoncurrentportion |
1,179,709hrt_Termnotespayablenoncurrentportion |
Subordinated promissory notes |
445,452us-gaap_SubordinatedLongTermDebt |
417,769us-gaap_SubordinatedLongTermDebt |
Deferred revenue, non-current |
610,430us-gaap_DeferredRevenueNoncurrent |
172,316us-gaap_DeferredRevenueNoncurrent |
Total-long term liabilities |
2,386,637us-gaap_LiabilitiesNoncurrent |
5,082,996us-gaap_LiabilitiesNoncurrent |
Total liabilities |
7,858,133us-gaap_Liabilities |
10,006,760us-gaap_Liabilities |
Commitments and Contingencies (Note 8) |
|
|
Shareholders' equity: |
|
|
Preferred stock, $1 par value; 2,000,000 shares authorized, none issued |
0us-gaap_PreferredStockValue |
0us-gaap_PreferredStockValue |
Common stock, $.01 par value; 10,000,000 shares authorized; 3,926,491 issued, 2,778,339 and 2,722,239 outstanding at December 31, 2014 and 2013, respectively |
39,265us-gaap_CommonStockValue |
39,265us-gaap_CommonStockValue |
Additional paid-in-capital |
11,336,693us-gaap_AdditionalPaidInCapital |
11,236,236us-gaap_AdditionalPaidInCapital |
Treasury stock at cost, 1,148,152 and 1,204,252 shares at December 31, 2014 and 2013, respectively |
(3,133,883)us-gaap_TreasuryStockValue |
(3,272,808)us-gaap_TreasuryStockValue |
Accumulated other comprehensive income |
42,502us-gaap_AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax |
42,502us-gaap_AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax |
Accumulated deficit |
(1,039,462)us-gaap_RetainedEarningsAccumulatedDeficit |
(1,698,671)us-gaap_RetainedEarningsAccumulatedDeficit |
Total shareholders’ equity |
7,245,115us-gaap_StockholdersEquity |
6,346,524us-gaap_StockholdersEquity |
Total liabilities and shareholders’ equity |
$ 15,103,248us-gaap_LiabilitiesAndStockholdersEquity |
$ 16,353,284us-gaap_LiabilitiesAndStockholdersEquity |
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v2.4.1.9
Consolidated Balance Sheet Parenthetical (Parentheticals) (USD $)
|
Dec. 31, 2014
|
Dec. 31, 2013
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Allowance for doubtful accounts receivable, current |
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$ 40,000us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent |
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$ 1us-gaap_PreferredStockParOrStatedValuePerShare |
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2,000,000us-gaap_PreferredStockSharesAuthorized |
Preferred stock, shares issued |
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$ 0.01us-gaap_CommonStockParOrStatedValuePerShare |
Common stock, shares authorized |
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10,000,000us-gaap_CommonStockSharesAuthorized |
Common stock, shares, issued |
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3,926,491hrt_Sharesissuedcommonstock |
Common stock, shares, outstanding |
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2,722,239us-gaap_CommonStockSharesOutstanding |
Treasury stock, shares |
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1,204,252us-gaap_TreasuryStockShares |
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v2.4.1.9
Consolidated Statements of Operations (USD $)
|
12 Months Ended |
Dec. 31, 2014
|
Dec. 31, 2013
|
Net sales |
$ 24,070,292us-gaap_SalesRevenueNet |
$ 21,341,052us-gaap_SalesRevenueNet |
Cost of sales |
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Gross profit |
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3,032,663us-gaap_GrossProfit |
Selling and marketing |
1,015,279us-gaap_SellingAndMarketingExpense |
949,815us-gaap_SellingAndMarketingExpense |
General and administrative |
2,322,795us-gaap_GeneralAndAdministrativeExpense |
2,704,957us-gaap_GeneralAndAdministrativeExpense |
Research and development |
408,867us-gaap_ResearchAndDevelopmentExpense |
335,309us-gaap_ResearchAndDevelopmentExpense |
Total operating expenses |
3,746,941us-gaap_OperatingExpenses |
3,990,081us-gaap_OperatingExpenses |
Income (loss) from continuing operations |
891,110us-gaap_OperatingIncomeLoss |
(957,418)us-gaap_OperatingIncomeLoss |
Interest expense |
(274,138)us-gaap_InterestExpense |
(319,395)us-gaap_InterestExpense |
Other income |
46,184us-gaap_OtherNonoperatingIncomeExpense |
25,646us-gaap_OtherNonoperatingIncomeExpense |
Total other income (expense), net |
(227,954)us-gaap_OtherIncome |
(293,749)us-gaap_OtherIncome |
Income (loss) from continuing operations before income taxes |
663,156us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest |
(1,251,167)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest |
Income tax provision |
2,168us-gaap_IncomeTaxExpenseBenefit |
2,267,969us-gaap_IncomeTaxExpenseBenefit |
Net income (loss) from continuing operations |
660,988us-gaap_IncomeLossFromContinuingOperations |
(3,519,136)us-gaap_IncomeLossFromContinuingOperations |
Discontinued Operations: |
|
|
Loss from discontinued operations, net of tax of $0 in both 2014 and 2013 |
(1,779)us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity |
(19,194)us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity |
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$ (3,538,330)us-gaap_NetIncomeLoss |
Earnings (loss) per share - basic |
|
|
Continuing operations |
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$ (1.31)us-gaap_EarningsPerShareBasic |
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$ (1.31)us-gaap_EarningsPerShareDiluted |
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Total
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Common Stock, Shares
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Common Stock
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Additional paid-in capital
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|
|
(30,000)hrt_Exerciseofwarrantsfromtreasuryshares / us-gaap_StatementEquityComponentsAxis = hrt_TreasuryStockSharesMember |
|
|
|
Net Income |
659,209us-gaap_NetIncomeLoss |
|
|
|
|
|
|
659,209us-gaap_NetIncomeLoss / us-gaap_StatementEquityComponentsAxis = us-gaap_RetainedEarningsMember |
Stockholders' equity attributable to parent at Dec. 31, 2014 |
$ 7,245,115us-gaap_StockholdersEquity |
|
$ 39,265us-gaap_StockholdersEquity / us-gaap_StatementEquityComponentsAxis = us-gaap_CommonStockMember |
$ 11,336,693us-gaap_StockholdersEquity / us-gaap_StatementEquityComponentsAxis = us-gaap_AdditionalPaidInCapitalMember |
|
$ (3,133,883)us-gaap_StockholdersEquity / us-gaap_StatementEquityComponentsAxis = us-gaap_TreasuryStockMember |
$ 42,502us-gaap_StockholdersEquity / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedOtherComprehensiveIncomeMember |
$ (1,039,462)us-gaap_StockholdersEquity / us-gaap_StatementEquityComponentsAxis = us-gaap_RetainedEarningsMember |
Shares at Dec. 31, 2014 |
|
3,926,491us-gaap_CommonStockSharesIssued / us-gaap_StatementEquityComponentsAxis = hrt_CommonStockSharesMember |
|
|
1,148,152us-gaap_CommonStockSharesIssued / us-gaap_StatementEquityComponentsAxis = hrt_TreasuryStockSharesMember |
|
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v2.4.1.9
Consolidated Statements of Cash Flows (USD $)
|
12 Months Ended |
Dec. 31, 2014
|
Dec. 31, 2013
|
Cash flows from operating activities: |
|
|
Net income (loss) |
$ 659,209us-gaap_NetIncomeLoss |
$ (3,538,330)us-gaap_NetIncomeLoss |
Loss from discontinued operations |
1,779hrt_Lossfromdiscontinuedoperations |
19,194hrt_Lossfromdiscontinuedoperations |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|
|
Gain on sale of property, plant and equipment |
(21,000)hrt_Gainonsaleofpropertyplantandequipment |
(4,780)hrt_Gainonsaleofpropertyplantandequipment |
Amortization of deferred gain on lease |
0hrt_Increasedecreaseinamortizationofdeferredgain |
(8,934)hrt_Increasedecreaseinamortizationofdeferredgain |
Depreciation and amortization |
1,538,893us-gaap_DepreciationDepletionAndAmortization |
1,444,005us-gaap_DepreciationDepletionAndAmortization |
Non-cash interest expense |
27,683hrt_Noncashinterestexpense |
819hrt_Noncashinterestexpense |
Change in allowance for doubtful accounts |
5,000us-gaap_AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease |
(77,098)us-gaap_AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease |
Deferred income taxes |
0us-gaap_IncreaseDecreaseInDeferredIncomeTaxes |
2,267,969us-gaap_IncreaseDecreaseInDeferredIncomeTaxes |
Share-based compensation expense |
33,390us-gaap_AllocatedShareBasedCompensationExpense |
105,071us-gaap_AllocatedShareBasedCompensationExpense |
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
262,106us-gaap_IncreaseDecreaseInAccountsAndOtherReceivables |
(545,034)us-gaap_IncreaseDecreaseInAccountsAndOtherReceivables |
Inventories |
(178,950)us-gaap_IncreaseDecreaseInInventories |
79,813us-gaap_IncreaseDecreaseInInventories |
Deposits, prepaid expenses and other assets |
(6,385)us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets |
256,714us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets |
Other non-current assets |
(384,762)us-gaap_IncreaseDecreaseInOtherOperatingAssets |
29,001us-gaap_IncreaseDecreaseInOtherOperatingAssets |
Accounts payable |
(298,875)us-gaap_IncreaseDecreaseInAccountsPayable |
(281,747)us-gaap_IncreaseDecreaseInAccountsPayable |
Accrued expenses and other current liabilities |
(294,351)us-gaap_IncreaseDecreaseInAccruedLiabilities |
195,840us-gaap_IncreaseDecreaseInAccruedLiabilities |
Increase (Decrease) in Other Noncurrent Liabilities |
438,114us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities |
(154,666)us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities |
Net cash provided by (used in) operating activities of continuing operations |
1,781,851us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations |
(212,163)us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations |
Net cashprovided by (used in) operating activities of discontinued operations |
(1,509)us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations |
(277,365)us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations |
Net cash provided by (used in) operating activities |
1,780,342us-gaap_NetCashProvidedByUsedInOperatingActivities |
(489,528)us-gaap_NetCashProvidedByUsedInOperatingActivities |
Cash flows from investing activities: |
|
|
Purchases of property, plant and equipment |
(1,514,678)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment |
(1,610,152)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment |
Proceeds from sale of property, plant and equipment |
24,500us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment |
44,337us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment |
Cash paid for patents and trademarks |
(16,566)hrt_CashPaidForPatentsAndTrademarks |
(33,266)hrt_CashPaidForPatentsAndTrademarks |
Net cash provided by (used in) investing activities from continuing operations |
(1,506,744)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations |
(1,599,081)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations |
Net cash provided by (used in) investing activities from discontinued operations |
0us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations |
247,992us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations |
Net cash provided by (used in) operating activities |
(1,506,744)us-gaap_NetCashProvidedByUsedInInvestingActivities |
(1,351,089)us-gaap_NetCashProvidedByUsedInInvestingActivities |
Cash flows from financing activities: |
|
|
(Payments on) proceeds from revolving line of credit, net |
(703,000)hrt_Proceedsfrompaymentsonrevolvinglineofcreditnet |
2,774,495hrt_Proceedsfrompaymentsonrevolvinglineofcreditnet |
Payments on demand line of credit, net |
0hrt_Paymentsondemandlineofcredit |
(800,000)hrt_Paymentsondemandlineofcredit |
Proceeds from equipment line of credit |
116,905hrt_Proceedsfromequipmentlineofcredit |
624,094hrt_Proceedsfromequipmentlineofcredit |
Proceeds from term notes payable |
0hrt_Proceedsfromtermnotespayable |
1,500,000hrt_Proceedsfromtermnotespayable |
Payments on term notes payable |
(435,372)hrt_Paymentsontermnotespayable |
(1,515,287)hrt_Paymentsontermnotespayable |
Proceeds from subordinated promissory notes |
0us-gaap_ProceedsFromIssuanceOfSubordinatedLongTermDebt |
500,000us-gaap_ProceedsFromIssuanceOfSubordinatedLongTermDebt |
Proceeds from stock options exercises |
100,692us-gaap_ProceedsFromStockOptionsExercised |
0us-gaap_ProceedsFromStockOptionsExercised |
Proceeds from warrant exercises |
105,300us-gaap_ProceedsFromWarrantExercises |
0us-gaap_ProceedsFromWarrantExercises |
Restricted cash |
0us-gaap_DecreaseInRestrictedCash |
(1,000,000)us-gaap_DecreaseInRestrictedCash |
Net cash provided by (used in) financing activities from continuing operations |
(815,475)us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations |
2,083,302us-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 |
(815,475)us-gaap_NetCashProvidedByUsedInFinancingActivities |
2,083,302us-gaap_NetCashProvidedByUsedInFinancingActivities |
Net increase (decrease) in cash and cash equivalents |
(541,877)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease |
242,685us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease |
Cash and cash equivalents, beginning of year |
751,275us-gaap_Cash |
508,590us-gaap_Cash |
Cash and cash equivalents, end of year |
209,398us-gaap_Cash |
751,275us-gaap_Cash |
Less: cash and cash equivalents of discontinued operations at end of year |
0us-gaap_DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalents |
1,509us-gaap_DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalents |
Cash and cash equivalents of continuing operations at end of year |
209,398us-gaap_CashAndCashEquivalentsAtCarryingValue |
749,766us-gaap_CashAndCashEquivalentsAtCarryingValue |
Supplemental Cash Flow Information |
|
|
Cash paid for interest |
228,255us-gaap_InterestPaid |
301,621us-gaap_InterestPaid |
Cash received from tax refunds |
132us-gaap_ProceedsFromIncomeTaxRefunds |
|
Non-cash activities: |
|
|
Acquisition of equipment with equipment notes |
0hrt_Acquisitionofequipmentwithequipmentnotes |
272,500hrt_Acquisitionofequipmentwithequipmentnotes |
Issuance of warrants |
0hrt_Issuanceofwarrants |
83,050hrt_Issuanceofwarrants |
Equipment line of credit converted to term notes payable |
740,999hrt_Equipmentlineofcreditconvertedintonewdebt |
0hrt_Equipmentlineofcreditconvertedintonewdebt |
Reduction of restricted cash offset by performance guarantee |
$ 975,430hrt_Reductionofrestrictedcashoffsetbyperformanceguarantee |
$ 0hrt_Reductionofrestrictedcashoffsetbyperformanceguarantee |
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v2.4.1.9
Note 1 - Description of Business
|
12 Months Ended |
Dec. 31, 2014
|
Description of Business [Abstract] |
|
Description of Business |
Description of Business Arrhythmia Research Technology, Inc., (“ART”), through its wholly-owned subsidiary, Micron Products, Inc. ("Micron", and collectively with ART, the "Company") is a diversified contract manufacturing organization that produces highly-engineered, innovative medical device technologies requiring precision machining and injection molding. The Company also manufactures components, devices and equipment for military, law enforcement, industrial and consumer products applications. The Company's capabilities include molding and silver plating of medical sensors, thermoplastic injection molding, customer-specific quick-turn orthopedic implant component manufacturing and custom products for military and law enforcement applications. The Company competes globally, with nearly half of its revenue derived from exports. ART was founded in 1986 and completed an initial public offering in 1988 and its shares were listed on the American Stock Exchange (now the NYSE MKT) in 1992. Its stock trades under the symbol HRT. The Company has grown organically and through acquisitions. Today, the Company has diversified manufacturing capabilities with the capacity to participate in full product life-cycle activities from early stage development and engineering and prototyping to full scale manufacturing as well as packaging and product fulfillment services. The Company's subsidiary, RMDDxUSA Corp. and its Prince Edward Island subsidiary RMDDx Corporation (collectively "WirelessDx"), discontinued operations in the third quarter of 2012 (see Note 12). Operating matters and liquidity The revolver under the Company's credit facility has a maturity date of June 2015 (see Note 5). At December 31, 2014, the outstanding balance on the revolver was $2,071,495 and is classified as a current liability on the Company's balance sheet. The Company is actively working with the bank on renewing the terms of the revolver and expects the revolver to be renewed prior to the expiration date. Should the Company be unable to renew the revolver, it could have a material adverse effect on operations. The Company believes that cash flows from its operations, together with its existing working capital, the renewed revolver and other resources, will be sufficient to fund operations at current levels and repay debt obligations over the next twelve months and beyond; however, there can be no assurance that the Company will be able to do so. |
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v2.4.1.9
Note 2 - Accounting Policies
|
12 Months Ended |
Dec. 31, 2014
|
Accounting Policies [Abstract] |
|
Significant Accounting Policies |
Accounting Policies Principles of consolidation The consolidated financial statements (the "financial statements") include the accounts of ART, Micron and WirelessDx. WirelessDx is presented herein as discontinued operations. All intercompany balances and transactions have been eliminated in consolidation. Use of estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 revenue and expenses during the reporting periods. Actual results could differ from those estimates. Revenue Recognition Product revenue is recorded when all criteria for revenue recognition have been satisfied, which is generally when goods are shipped to the Company's customers. Product revenue is recognized in the period when persuasive evidence of an arrangement with a customer exists, the products are shipped and title has transferred to the customer, the price is fixed or determined and collection is probable. The Company enters into arrangements containing multiple elements which may include a combination of the sale of molds, tooling, engineering and validation services ("tooling") and production units. The Company has determined that certain tooling arrangements, and the related production units, represent one unit of accounting, based on an assessment of the respective standalone value. When the Company determines that an arrangement represents one unit of accounting, the revenue is deferred over the estimated product life-cycle, based upon historical knowledge of the customer, which is generally three years. The Company carries the sales and tooling costs, associated with the related arrangement, as deferred revenue and other current and non-current assets, respectively, on the Company's balance sheet. As the deferred revenue is amortized to sales, the associated prepaid tooling costs are amortized to cost of sales. The Company cannot effectively predict short-term or long-term production volume in a consistent and meaningful manner due to the nature of these molds and associated products. Therefore, the Company is unable to account for the transactions under the Units of Production method and management has determined the most appropriate amortization method to be the Straight-Line method. The Company may from time to time, at the customer's request, enter into a bill and hold arrangement. The Company evaluates the nature of the arrangement including, but not limited to (i) the customer's business purpose, (ii) the transfer of risk of ownership to the customer and (iii) the segregation of inventory, along with other elements in accordance with relevant accounting guidance to determine the appropriate method of revenue recognition for each arrangement. Revenue for software license sales is recognized when licenses are sold as the revenue cycle is completed with no warranty, returns or technical support to customers. Total revenue from software sales was immaterial in relation to consolidated revenues. Fair value of financial instruments The carrying amount reported in the balance sheets for cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their fair value due to the immediate or short-term nature of such instruments. The carrying value of debt approximates fair value since it provides for market terms and interest rates. Concentration of credit risk Financial instruments which potentially expose the Company to concentrations of credit risk consist primarily of accounts receivable and cash and cash equivalents. It is the Company’s policy to place its cash in high quality financial institutions. The Company does not believe significant credit risk exists above federally insured limits with respect to these institutions. Accounts receivable are customer obligations due under normal trade terms. A large portion of the Company's products are sold to large diversified medical, military and law enforcement product manufacturers. The Company does not generally require collateral for its sales; however, the Company believes that its terms of sale provide adequate protection against credit risk. During the year ended December 31, 2014, the Company had net sales to four customers constituting 15%, 13%, 12% and 10%, respectively, of total 2014 net sales. Accounts receivable from these four customers at December 31, 2014 were 11%, 9%, 15% and 14%, respectively, of the total accounts receivable balance at year end. During the year ended December 31, 2013, the Company had sales to two customers constituting 16% and 15%, respectively, of total 2013 net sales. Accounts receivable from these two customers at December 31, 2013 was 16% and 10%, respectively, of the total accounts receivable balance at year end. Cash and cash equivalents Cash and cash equivalents consist of cash on hand and on deposit in high quality financial institutions with maturities of three months or less at the time of purchase. Restricted cash Restricted cash consists of cash on deposit at the Bank of Nova Scotia, at December 31, 2013, in lieu of a letter of credit associated with a performance guarantee liability. At December 31, 2014, the balance of restricted cash was zero (see Note 12). Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable represent amounts invoiced by the Company. Management maintains an allowance for doubtful accounts based on information obtained regarding individual accounts and historical experience. Amounts deemed uncollectible are written off against the allowance for doubtful accounts. Bad debts have not had a significant impact on the Company’s financial position, results of operations and cash flows. Inventories The Company values its inventory at the lower of average cost, first-in-first-out (FIFO) or net realizable value. The Company reviews its inventory for quantities in excess of production requirements, obsolescence and for compliance with internal quality specifications. Any adjustments to inventory would be equal to the difference between the cost of inventory and the estimated net market value based upon assumptions about future demand, market conditions and expected cost to distribute those products to market. The Company records adjustments to account for potential scrap during normal manufacturing operations or potential obsolesce for slow moving inventory. Property, plant and equipment Property, plant and equipment are recorded at cost and include expenditures which substantially extend their useful lives. Depreciation on property, plant and equipment is calculated using the straight-line method over the estimated useful lives of the assets. Expenditures for maintenance and repairs are charged to earnings as incurred. When equipment is retired or sold, the resulting gain or loss is reflected in earnings. Long-lived and intangible assets The Company performs an assessment for 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. During 2014, as a result of these reviews, the Company impaired $63,087 of intangible assets, primarily patents pending related to the Ambulatory Physiological Monitoring with Remote Analysis which were no longer patentable. The impairment charge is included as a component of general and administrative expense on the statement of operations and is reflected in the statement of cash flows within depreciation and amortization. In 2013, no impairment charges were recorded. Additionally, in 2014, the Company removed the fully-amortized gross and accumulated amortization balances for the discontinued operations of WirelessDx. Intangible assets consist of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2014 | | December 31, 2013 | | Estimated Useful Life (in years) | Gross | | Accumulated Amortization | | Net | | Gross | | Accumulated Amortization | | Net | Patents and trademarks | 11 | $ | 414,436 |
| | $ | (394,371 | ) | | $ | 20,065 |
| | $ | 476,390 |
| | $ | (454,566 | ) | | $ | 21,824 |
| Patents and trademarks pending | — | 97,447 |
| | — |
| | 97,447 |
| | 143,968 |
| |
| | 143,968 |
| Trade names | 7 | 33,250 |
| | (16,740 | ) | | 16,510 |
| | 33,250 |
| | (14,525 | ) | | 18,725 |
| Total intangible assets | $ | 545,133 |
| | $ | (411,111 | ) | | $ | 134,022 |
| | $ | 653,608 |
| | $ | (469,091 | ) | | $ | 184,517 |
|
Amortization expense related to intangible assets, excluding the above noted impairment charge, was $3,974 and $4,840 in 2014 and 2013, respectively. Estimated future annual amortization expense for currently amortizing intangible assets is expected to approximate $4,000. Income taxes The Company recognizes deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between the financial statement and tax bases of assets and liabilities using tax rates in effect for the year in which the differences are expected to reverse. The Company files income tax returns in the U.S. Federal jurisdiction, Canadian jurisdiction and various state jurisdictions. The Company follows accounting guidance regarding the recognition, measurement, presentation and disclosure of uncertain tax positions in the financial statements. Tax positions taken or expected to be taken in the course of preparing the Company’s tax returns are required to be evaluated to determine whether the tax positions are “more-likely-than-not” to be upheld under regulatory review. The resulting tax impacts of these tax positions, if any, are recognized in the financial statements based on the results of this evaluation. The Company did not recognize any tax liabilities associated with uncertain tax positions, nor have they recognized any interest or penalties related to unrecognized tax positions. Generally, the Company is no longer subject to federal and state tax examinations by tax authorities for years before fiscal years ending December 31, 2011. Share-based compensation Share-based compensation cost is measured at the grant date, based on the fair value of the award, and is recognized as an expense over the employee’s requisite service period (generally the vesting period of the share-based grant). Comprehensive income The Company has accumulated other comprehensive income of $42,502 from changes in currency valuations with our Canadian operations as of December 31, 2014 and 2013. In the years ended December 31, 2014 and 2013, comprehensive income (loss) equaled net income (loss) and there were no changes in accumulated other comprehensive income. Earnings per share data 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. Research and development Research and development expenses include costs directly attributable to conducting research and development programs primarily related to the development of a unique process to improve silver coating during the manufacturing processes, including the design and testing of specific process improvements for certain medical device components. Such costs include salaries, payroll taxes, employee benefit costs, materials, supplies, depreciation on research equipment, and services provided by outside contractors. All costs associated with research and development programs are expensed as incurred. Reclassification of prior period balances Amounts in prior year financial statements are reclassified when necessary to conform to the current year presentation. |
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v2.4.1.9
Note 3 - Inventories
|
12 Months Ended |
Dec. 31, 2014
|
Inventories [Abstract] |
|
Inventories, net |
Inventories, net Inventories consist of the following: | | | | | | | | | | December 31, | | 2014 | | 2013 | Raw materials | | $ | 873,306 |
| | $ | 947,765 |
| Work-in-process | | 370,220 |
| | 266,431 |
| Finished goods | | 1,270,715 |
| | 1,121,095 |
| Total | | $ | 2,514,241 |
| | $ | 2,335,291 |
|
The cost of silver in our inventory as raw materials, in work-in-process or as a plated surface on finished goods had an estimated cost of $439,800 and $382,332 in 2014 and 2013, respectively. |
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v2.4.1.9
Note 4 - Property, Plant and Equipment, Net
|
12 Months Ended |
Dec. 31, 2014
|
Property, Plant and Equipment, Net [Abstract] |
|
Property, Plant and Equipment, Net |
Property, Plant and Equipment, Net Property, plant and equipment consist of the following: | | | | | | | | | | | | | | December 31, | | Asset Lives (in years) | | 2014 | | 2013 | Machinery and equipment | | 3 | to | 15 | | $ | 14,608,949 |
| | $ | 13,734,528 |
| Building and improvements | | | 20 | | | 4,360,114 |
| | 4,303,156 |
| Vehicles | | 3 | to | 5 | | 90,713 |
| | 94,227 |
| Furniture, fixtures, computers and software | | 3 | to | 5 | | 1,349,931 |
| | 1,317,189 |
| Land | | | | | | 202,492 |
| | 202,492 |
| Construction in process | | | | | | 568,234 |
| | 177,473 |
| Total property, plant and equipment | | | | | | 21,180,433 |
| | 19,829,065 |
| Less: accumulated depreciation | | | | | | (13,561,532 | ) | | (12,249,509 | ) | Property, plant and equipment, net | | | | | | $ | 7,618,901 |
| | $ | 7,579,556 |
|
For the year ended December 31, 2014, the Company recorded $1,471,832 of depreciation expense compared to $1,439,165 for the year ended December 31, 2013. There are no commitments related to the completion of construction in process as of December 31, 2014. |
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v2.4.1.9
Note 5 - Debt
|
12 Months Ended |
Dec. 31, 2014
|
Debt [Abstract] |
|
Debt |
Debt The following tables set forth the items which comprise debt for the Company: | | | | | | | | | December 31, | 2014 | 2013 | Revolving line of credit | $ | 2,071,495 |
| $ | 2,774,495 |
| Equipment line of credit | $ | — |
| $ | 624,094 |
| Subordinated promissory notes | $ | 445,452 |
| $ | 417,769 |
| | | | Term notes payable: | | | Commercial term loan | 1,009,977 |
| 1,293,378 |
| Equipment term loan | 640,734 |
| — |
| Equipment notes | 170,385 |
| 222,091 |
| Total term notes payable | $ | 1,821,096 |
| $ | 1,515,469 |
| | | | | Total Debt | | $ | 4,338,043 |
| $ | 5,331,827 |
|
Bank Debt In March 2013, the Company entered into a multi-year credit facility with a Massachusetts based bank. The credit facility includes a revolving line of credit (the "revolver") of up to $4.0 million, a commercial term loan of $1.5 million and an equipment line of credit of $1.0 million (a portion of which was converted into an equipment term loan) and 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% (3.50% at December 31, 2014). The revolver has a maturity date of June 2015. Amounts available to borrow under the revolver are $972,489 at December 31, 2014. Commercial term loan The commercial term loan has a five year term with a maturity date of March 2018. The interest rate on the loan is a fixed 4.25% per annum and the loan requires monthly payments of principal and interest of approximately $28,000. Equipment line of credit and equipment term loan The Company had an equipment line of credit which 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 a five-year term loan with a maturity date of March 29, 2019. The equipment term loan bears interest at a fixed rate of 4.65% and requires monthly payments of principal and interest of approximately $14,000. On June 26, 2014, the Company entered into a new equipment line of credit for $1.0 million under the Company's multi-year credit facility. This equipment line of credit is for the purchase of capital equipment. At December 31, 2014, no amounts had been drawn on the equipment line. The term of this equipment line is six years, maturing on June 26, 2020, 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. Bank covenants The bank facility contains both financial and non-financial covenants. The financial covenants include maintaining certain debt coverage and leverage ratios. The non-financial covenants relate to various matters including notice prior to executing further borrowings and security interests, mergers or consolidations, acquisitions, guarantees, sales of assets other than in the normal course of business, leasing, changes in ownership and payment of dividends. The Company was in compliance with all bank covenants as of December 31, 2014. 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 4.66% and require monthly payments of principal and interest of approximately $2,800 over the term of five years. 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. On the second anniversary following issuance, the interest rate increases to 12% per annum. 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 its March 2013 multi-year bank credit facility. In connection with the subordinated promissory notes, the Company issued warrants to purchase the Company's common stock (see Note 9). In order to account for the subordinated notes payable and warrants, the Company allocated the proceeds between the notes and warrants on a relative fair value basis. As a result, the Company allocated $416,950 to the notes and $83,050 to the warrants. The total discount on the notes is being recognized as non-cash interest expense over the term of the notes. In the years ended December 31, 2014 and 2013 the Company recorded $27,683and $819, respectively, 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 $54,548 at December 31, 2014. Future maturities of debt for the years ending December 31 are as follows: | | | | | | | | | | | | | | | | | | | | | 2015 | 2016 | 2017 | 2018 | 2019 | Total | Revolver | $ | 2,071,495 |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | 2,071,495 |
| Subordinated promissory notes | — |
| 500,000 |
| — |
| — |
| — |
| $ | 500,000 |
| Term debt and equipment notes | 490,341 |
| 512,397 |
| 533,443 |
| 243,548 |
| 41,367 |
| $ | 1,821,096 |
| Total | $ | 2,561,836 |
| $ | 1,012,397 |
| $ | 533,443 |
| $ | 243,548 |
| $ | 41,367 |
| $ | 4,392,591 |
|
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v2.4.1.9
Note 6 - Income Taxes
|
12 Months Ended |
Dec. 31, 2014
|
Income Taxes [Abstract] |
|
Income Taxes |
Income Taxes The income tax provision consists of the following: | | | | | | | | | | Years Ended December 31, | | 2014 | | 2013 | Current: | | | | | Federal | | $ | — |
| | $ | — |
| State | | 2,168 |
| | — |
| Total current income taxes | | 2,168 |
| | — |
| Deferred: | | | | | Federal | | — |
| | 1,437,269 |
| State | | — |
| | 830,700 |
| Foreign | | — |
| | — |
| Total deferred income taxes | | — |
|
| 2,267,969 |
| Total income tax provision | | $ | 2,168 |
| | $ | 2,267,969 |
|
The components of deferred income taxes are as follows: | | | | | | | | | | December 31, | | 2014 | | 2013 | Deferred income taxes: | | | | | Current deferred tax assets: | | | | | Inventories | | $ | 188,300 |
| | $ | 111,800 |
| Bad debt reserve | | 65,200 |
| | 63,200 |
| Accrued expenses | | 25,100 |
| | 104,900 |
| Total current deferred tax assets | | 278,600 |
| | 279,900 |
| Long-term deferred tax assets: | | | | | Net operating loss carryforwards | | 2,982,100 |
| | 2,696,400 |
| Foreign net operating loss carryforwards | | 291,100 |
| | 291,100 |
| Federal and state tax credit carryforwards | | 421,700 |
| | 431,900 |
| Patents and intangibles | | 73,000 |
| | 99,100 |
| Stock compensation | | 89,700 |
| | 89,800 |
| Other long term | | 142,100 |
| | 474,500 |
| Total long-term deferred tax assets | | 3,999,700 |
| | 4,082,800 |
| Total deferred tax assets | | 4,278,300 |
| | 4,362,700 |
| | | | | | Current deferred tax liabilities: | | | | | Prepaid expenses | | (59,900 | ) | | (50,400 | ) | Long-term deferred tax liabilities: | | | | | Property, plant and equipment | | (976,400 | ) | | (934,100 | ) | Total deferred tax liabilities | | (1,036,300 | ) | | (984,500 | ) | Deferred tax valuation allowance | | (3,242,000 | ) | | (3,378,200 | ) | Net deferred tax assets (liabilities) | | $ | — |
| | $ | — |
|
As of June 30, 2013, the Company had recorded twelve consecutive quarters of pre-tax losses. Additionally, management's projections of future income in the face of challenging market conditions, and the impact of identified tax planning strategies, created uncertainty regarding the Company's ability to realize its deferred tax assets. Management evaluated and weighted all available evidence, both positive and negative, through June 30, 2013, and determined that the weight of negative evidence occurring in the second quarter of 2013 made it difficult to form a supportable conclusion that a full valuation allowance was not needed. Factors such as projected increases in cost of sales, overall sales volumes from key customers and the continued volatility in the silver market all negatively impacted the second quarter re-forecast of pre-tax earnings and the analysis of future taxable income. Consequently, management determined that the Company could not support the realization of its deferred tax assets and identified the second quarter of 2013 as the appropriate period to record a full valuation allowance on its deferred tax assets, resulting in the recognition of a $2,267,969 tax expense in 2013. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax-planning strategies in making this assessment. As of December 31, 2014, the Company continues to maintain a valuation allowance against all of its domestic and foreign deferred tax assets. For the year ended December 31, 2014, the Company has federal, state and foreign net operating loss carryforwards totaling $7,752,000, $11,517,000 and $1,039,000 respectively, which begin to expire in 2030. The Company also had federal and state tax credit carryovers of $249,000 and $261,000, respectively. The federal and state credits begin to expire in 2026 and 2014, respectively. The Company files a consolidated federal income tax return. The actual income tax provision differs from applying the Federal statutory income tax rate (34%) to the pre-income tax loss from continuing operations as follows: | | | | | | | | | | Years Ended December 31, | | 2014 | | 2013 |
| Tax (benefit) provision computed at statutory rate | | $ | 224,867 |
| | $ | (425,395 | ) | Increases (reductions) due to: | | | | | Change in valuation allowance | | (136,268 | ) | | 2,907,300 |
| State income taxes, net of federal benefit | | 23,475 |
| | (58,045 | ) | Permanent differences | | 14,561 |
| | 12,660 |
| Tax credits (federal and state) | | (6,630 | ) | | (96,133 | ) | Utilization of deferred taxes previously reserved | | (117,837 | ) | | (72,418 | ) | Income tax provision | | $ | 2,168 |
| | $ | 2,267,969 |
|
|
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v2.4.1.9
Note 7 - Employee Benefit Plans
|
12 Months Ended |
Dec. 31, 2014
|
7. Employee Benefit Plans [Abstract] |
|
Employee Benefit Plans |
Employee Benefit Plans The Company sponsors an Employee Savings and Investment Plan under Section 401(k) of the Internal Revenue Code covering all eligible employees of the Company. Employees can contribute up to 90% of their eligible compensation to the maximum allowable by the IRS. The Company’s matching contributions are at the discretion of the Company. The Company’s matching contributions in 2014 and 2013 were $46,958 and $44,488, respectively. |
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v2.4.1.9
Note 8 - Commitments and Contingencies
|
12 Months Ended |
Dec. 31, 2014
|
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
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. Operating lease agreements In 2014, the Company entered into two operating leases for office equipment. The leases require future minimum annual lease payments of $7,287, $7,287 and $1,602 for fiscal years 2015, 2016 and 2017, respectively. |
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v2.4.1.9
Note 9 - Shareholders Equity
|
12 Months Ended |
Dec. 31, 2014
|
Shareholders equity [Abstract] |
|
Shareholders Equity |
Shareholders’ equity Common stock In the fourth quarter of 2013 an aggregate of 18,000 shares were issued out of treasury to the three independent members of the Board of Directors of the Company pursuant to the Company's 2010 Equity Incentive Plan. The Company recorded $62,460 of non-cash compensation expense in connection with this share issuance. During 2014, 56,100 shares were issued out of treasury as a result of the exercise of stock options and warrants (see below). No dividends were declared or paid in 2014 or 2013. Warrants In connection with the subordinated promissory notes issued in December 2013 (see Note 5), the Company issued warrants to purchase 100,000 shares of the Company’s common stock. The warrants are exercisable during the period commencing six months after issuance and for three years from issuance, at an exercise price equal to $3.51 per share, namely, the closing market price of the Company’s common stock on the day prior to the closing date of the offering. The warrants expire in December 2016. During 2014, the Company received proceeds of $105,300 from the exercise of 30,000 warrants. Stock options and Share-Based Incentive Plan In March 2010, the Company's Board of Directors adopted the Arrhythmia Research Technology, Inc. 2010 Equity Incentive Plan (the “2010 Plan”). The 2010 Plan authorizes the issuance of an aggregate of 500,000 shares. The Company's 2001 Stock Option Plan (the "2001 Plan"), which expired in 2011, will continue to govern outstanding options but no further options will be granted under the 2001 Plan. The Company now has one plan providing the Company flexibility to award a mix of stock options, equity incentive grants, performance awards and other types of stock-based compensation to certain eligible employees, non-employee directors, or consultants and under which an aggregate of 500,000 shares have been reserved for such grants. The options granted have either six or ten year contractual terms that vest annually over a five-year term. At December 31, 2014, there were 165,800 total shares outstanding; 35,800 from the 2001 Plan and 130,000 from the 2010 Plan. At December 31, 2014, there were 360,000 shares available for future grants under the 2010 Plan, after giving effect to shares which became available for reissuance due to expired or forfeited options. The fair value of each stock option award is estimated on the date of grant using the Black-Scholes option pricing model that uses the assumptions noted in the following table. Expected volatilities are based on historical volatility of the Common Stock using historical periods consistent with the expected term of the options. The expected term of options granted under the Company’s equity incentive plan, all of which qualify as “plain vanilla,” is based on the average of the contractual term and the vesting period as permitted under SEC Staff Accounting Bulletin Nos. 107 and 110. The risk-free rate is based on the yield of a U.S. Treasury security with a term consistent with the option. During 2014 and 2013 there were 7,500 and 52,500 new option grants, respectively. The assumptions used to measure the fair value of option grants in 2014 and 2013 were as follows: | | | | | | | | Years Ended December 31, | 2014 | 2013 | Expected option term | | 6.5 | | | 6.5 | | Expected volatility factor |
| 27% |
| 29% | to | 31% | Risk-free rate | | 0.96% | | 0.36% | to | 0.68% | Expected annual dividend yield | | —% | | | —% | |
The following table sets forth the stock option transactions for the year ended December 31, 2014: | | | | | | | | | | | | | | | | | Number of options | | Weighted average exercise price | | Weighted average remaining contractual term (in years) | | Aggregate intrinsic value | Outstanding at December 31, 2013 | | 256,500 |
| | $ | 5.61 |
| | 5.3 | | $ | — |
| Granted | | 7,500 |
| | 6.45 |
| |
| |
| Exercised | | (26,100 | ) | | 3.86 |
| |
| | — |
| Forfeited | | (15,600 | ) | | 3.66 |
| |
| |
| Expired | | (56,500 | ) | | 7.15 |
| |
| |
| Outstanding at December 31, 2014 | | 165,800 |
| | $ | 5.58 |
| | 6.09 | | $ | 305,124 |
| | | | | | | | | | Exercisable at December 31, 2014 | | 74,400 |
| | $ | 6.07 |
| | 4.75 | | $ | 119,342 |
| Exercisable at December 31, 2013 | | 120,000 |
| | $ | 6.34 |
| | 2.5 | | $ | 8,850 |
|
The total intrinsic value of options exercised during 2014 was $80,880. There were no options exercised during 2013. For the years ended December 31, 2014 and 2013, share-based compensation expense related to stock options and the non-cash issuance of common stock amounted to $33,390 and $105,071, respectively, and is included in general and administrative expenses. As of December 31, 2014 and 2013, there was $86,896 and $133,531 of unrecognized compensation costs, respectively, related to non-vested share-based compensation arrangements granted under the stock option plan. This cost is expected to be recognized over a weighted average period of 3.1 years. The weighted average grant date fair value of options issued in 2014 was $1.91. |
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v2.4.1.9
Note 10 - Earnings per share (Notes)
|
12 Months Ended |
Dec. 31, 2014
|
Earnings Per Share [Abstract] |
|
Earnings Per Share [Text Block] |
Earnings per share 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. As of December 31, 2014 there were options to purchase 165,800 shares and warrants to purchase 70,000 shares of the Company's common stock outstanding. As of December 31, 2014, 47,500 of the options to purchase, and none of the warrants, were anti-dilutive and therefore not included in the calculation of earnings per share in 2014. As of December 31, 2013 there were options to purchase 256,500 options outstanding, all of which were anti-dilutive. Therefore, none of these options or warrants were included in the calculation of loss per share in 2013. The following table shows the calculation of earnings (loss) per share for the years ended December 31, 2014 and 2013: | | | | | | | | Years Ended December 31, | 2014 | 2013 | | | | Basic EPS: | | | Net income (loss) available to common shareholders | $ | 659,209 |
| $ | (3,538,330 | ) | Weighted average common shares outstanding | 2,742,080 |
| 2,705,373 |
| Income (loss) per share - basic | | | Continuing operations | $ | 0.24 |
| $ | (1.30 | ) | Discontinued operations | $ | — |
| $ | (0.01 | ) | Basic EPS | $ | 0.24 |
| $ | (1.31 | ) | | | | Diluted EPS: | | | Net income (loss) available to common shareholders | $ | 659,209 |
| $ | (3,538,330 | ) | | | | Weighted average common shares outstanding, basic | 2,742,080 |
| 2,705,373 |
| Assumed conversion of net common shares issuable under stock option plans | 91,889 |
| — |
| Assumed conversion of net common shares issuable under warrants | 29,129 |
| — |
| Weighted average common and common equivalent shares outstanding, diluted | 2,863,098 |
| 2,705,373 |
| Income (loss) per share - diluted | | | Continuing operations | $ | 0.23 |
| $ | (1.30 | ) | Discontinued operations | $ | — |
| $ | (0.01 | ) | Diluted EPS | $ | 0.23 |
| $ | (1.31 | ) |
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v2.4.1.9
Note 11 - Industry and Geographic Segments
|
12 Months Ended |
Dec. 31, 2014
|
Industry and Geographic Segments [Abstract] |
|
Industry and Geographic Segments |
Industry and Geographic Segments The Company’s Chief Operating and Decision Maker ("CODM") manages the operations and reviews the results of operations as a single reporting unit. While the Company operates its business as one segment, the Company has diversified manufacturing capabilities as evidenced by its product offerings across several industry categories supporting customers around the globe. The following table sets forth, for the periods indicated, the consolidated revenue and percentages of revenue from continuing operations derived from the sales of the Company's products and services in certain industries. | | | | | | | | | | | | | Revenue for the Years Ended December 31, | | 2014 | % | | 2013 | % | | Medical | $ | 19,714,328 |
| 82 | | $ | 17,459,309 |
| 82 | | Industrial | 1,753,946 |
| 7 | | 1,382,913 |
| 6 | | Military and Law Enforcement | 1,358,568 |
| 6 | | 1,499,428 |
| 7 | | Consumer Products | 852,030 |
| 3 | | 618,361 |
| 3 | | Other | 391,420 |
| 2 | | 381,041 |
| 2 | | Total | $ | 24,070,292 |
| 100 | | $ | 21,341,052 |
| 100 | |
The following table sets forth, for the periods indicated, the consolidated revenue and percentages of revenue from continuing operations derived from the sales of all of the Company's products and services by geographic market. | | | | | | | | | | | | | | Revenue for the Years Ended December 31, | | 2014 | % | | 2013 | % | | United States | $ | 13,050,717 |
| 54 |
| | $ | 11,642,242 |
| 55 | | Asia | 5,168,283 |
| 21 |
| | 3,676,854 |
| 17 | | Canada | 3,791,229 |
| 16 |
| | 3,625,470 |
| 17 | | Europe | 1,344,098 |
| 6 |
| | 1,639,986 |
| 8 | | Other | 715,965 |
| 3 |
| | 756,500 |
| 3 | | Total | $ | 24,070,292 |
| 100 |
| | $ | 21,341,052 |
| 100 | |
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v2.4.1.9
Note 12 - Discontinued Operations
|
12 Months Ended |
Dec. 31, 2014
|
Discontinued Operations [Abstract] |
|
Discontinued Operations |
Discontinued Operations In September 2012, the Board, on the recommendation of management, authorized the discontinuance of operations and disposition of the assets of WirelessDx. As a result, the operations of WirelessDx are presented as discontinued operations. There was no revenue from discontinued operations for the years ended December 31, 2014 and 2013, respectively. Net loss from discontinued operations for the years ended December 31, 2014 and 2013 were $1,779 and $19,194, respectively. Activity during the above noted periods consisted primarily of legal and other fees incurred offset by minor reversals. At December 31, 2013, the Company had a $1.0 million liability for an unmet performance obligation related to the discontinued operations. This performance obligation was secured by $1.0 million of restricted cash. The performance guarantee liability was carried on the balance sheet of continuing operations, as the liability was guaranteed by ART. In May 2014, $975,430 was drawn from the restricted cash, satisfying the guarantee on the performance obligation. The balance of $24,570 was returned to ART and recorded as other income on the consolidated statements of operations. On May 8, 2014, RMDDxUSA Corp. filed a voluntary petition for relief under Chapter 7 (Liquidation) of the United States Bankruptcy Code in the District of Massachusetts. A trustee was assigned to review the assets and liabilities of the company. The trustee conducted the statutory Meeting of Creditors on June 16, 2014. There has been no further activity in the bankruptcy proceedings. It is anticipated that the trustee overseeing RMDDxUSA Corp’s bankruptcy estate will take the steps necessary to close the bankruptcy case in 2015. The assets and liabilities of the discontinued operations are listed below: | | | | | | | | Years ended December 31, | 2014 | 2013 | Cash | $ | — |
| $ | 1,509 |
| Total current assets from discontinued operations | — |
| 1,509 |
| Total assets from discontinued operations | $ | — |
| $ | 1,509 |
| | | | Accounts payable and accrued expenses | $ | 320,056 |
| $ | 319,787 |
| Total current liabilities from discontinued operations | 320,056 |
| 319,787 |
| Total liabilities from discontinued operations | $ | 320,056 |
| $ | 319,787 |
|
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v2.4.1.9
Note 13 - Subsequent Events (Notes)
|
12 Months Ended |
Dec. 31, 2014
|
Subsequent Events [Abstract] |
|
Subsequent Events |
Subsequent Events Executive Officers Employment Agreements In January 2015, the Company entered into a two year employment agreement with Mr. Salvatore Emma, Jr., pursuant to which Mr. Emma will continue to be employed as the President and Chief Executive Officer of the Company. The term of the agreement commenced as of January 1, 2015 and will continue until December 31, 2016 unless earlier terminated pursuant to the terms of the agreement. In January 2015, the Company entered into a two year employment agreement with Mr. Derek T. Welch pursuant to which Mr. Welch will serve as the Chief Financial Officer of the Company. The term of the agreement commenced as of January 1, 2015 and will continue until December 31, 2016 unless terminated pursuant to the terms of the agreement. |
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v2.4.1.9
Note 2 - Accounting Policies (Policies)
|
12 Months Ended |
Dec. 31, 2014
|
Accounting Policies [Abstract] |
|
Principles of consolidation |
Principles of consolidation The consolidated financial statements (the "financial statements") include the accounts of ART, Micron and WirelessDx. WirelessDx is presented herein as discontinued operations. All intercompany balances and transactions have been eliminated in consolidation. |
Use of estimates |
Use of estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 revenue and expenses during the reporting periods. Actual results could differ from those estimates. |
Revenue Recognition |
Revenue Recognition Product revenue is recorded when all criteria for revenue recognition have been satisfied, which is generally when goods are shipped to the Company's customers. Product revenue is recognized in the period when persuasive evidence of an arrangement with a customer exists, the products are shipped and title has transferred to the customer, the price is fixed or determined and collection is probable. The Company enters into arrangements containing multiple elements which may include a combination of the sale of molds, tooling, engineering and validation services ("tooling") and production units. The Company has determined that certain tooling arrangements, and the related production units, represent one unit of accounting, based on an assessment of the respective standalone value. When the Company determines that an arrangement represents one unit of accounting, the revenue is deferred over the estimated product life-cycle, based upon historical knowledge of the customer, which is generally three years. The Company carries the sales and tooling costs, associated with the related arrangement, as deferred revenue and other current and non-current assets, respectively, on the Company's balance sheet. As the deferred revenue is amortized to sales, the associated prepaid tooling costs are amortized to cost of sales. The Company cannot effectively predict short-term or long-term production volume in a consistent and meaningful manner due to the nature of these molds and associated products. Therefore, the Company is unable to account for the transactions under the Units of Production method and management has determined the most appropriate amortization method to be the Straight-Line method. The Company may from time to time, at the customer's request, enter into a bill and hold arrangement. The Company evaluates the nature of the arrangement including, but not limited to (i) the customer's business purpose, (ii) the transfer of risk of ownership to the customer and (iii) the segregation of inventory, along with other elements in accordance with relevant accounting guidance to determine the appropriate method of revenue recognition for each arrangement. Revenue for software license sales is recognized when licenses are sold as the revenue cycle is completed with no warranty, returns or technical support to customers. Total revenue from software sales was immaterial in relation to consolidated revenues. |
Fair value of financial instruments |
Fair value of financial instruments The carrying amount reported in the balance sheets for cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their fair value due to the immediate or short-term nature of such instruments. The carrying value of debt approximates fair value since it provides for market terms and interest rates. |
Concentration of credit risk |
Concentration of credit risk Financial instruments which potentially expose the Company to concentrations of credit risk consist primarily of accounts receivable and cash and cash equivalents. It is the Company’s policy to place its cash in high quality financial institutions. The Company does not believe significant credit risk exists above federally insured limits with respect to these institutions. Accounts receivable are customer obligations due under normal trade terms. A large portion of the Company's products are sold to large diversified medical, military and law enforcement product manufacturers. The Company does not generally require collateral for its sales; however, the Company believes that its terms of sale provide adequate protection against credit risk. During the year ended December 31, 2014, the Company had net sales to four customers constituting 15%, 13%, 12% and 10%, respectively, of total 2014 net sales. Accounts receivable from these four customers at December 31, 2014 were 11%, 9%, 15% and 14%, respectively, of the total accounts receivable balance at year end. During the year ended December 31, 2013, the Company had sales to two customers constituting 16% and 15%, respectively, of total 2013 net sales. Accounts receivable from these two customers at December 31, 2013 was 16% and 10%, respectively, of the total accounts receivable balance at year end. |
Cash and cash equivalents |
Cash and cash equivalents Cash and cash equivalents consist of cash on hand and on deposit in high quality financial institutions with maturities of three months or less at the time of purchase. |
Restricted cash |
Restricted cash Restricted cash consists of cash on deposit at the Bank of Nova Scotia, at December 31, 2013, in lieu of a letter of credit associated with a performance guarantee liability. At December 31, 2014, the balance of restricted cash was zero (see Note 12). |
Accounts receivable and Allowance for Doubtful Accounts |
Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable represent amounts invoiced by the Company. Management maintains an allowance for doubtful accounts based on information obtained regarding individual accounts and historical experience. Amounts deemed uncollectible are written off against the allowance for doubtful accounts. Bad debts have not had a significant impact on the Company’s financial position, results of operations and cash flows. |
Inventories |
Inventories The Company values its inventory at the lower of average cost, first-in-first-out (FIFO) or net realizable value. The Company reviews its inventory for quantities in excess of production requirements, obsolescence and for compliance with internal quality specifications. Any adjustments to inventory would be equal to the difference between the cost of inventory and the estimated net market value based upon assumptions about future demand, market conditions and expected cost to distribute those products to market. The Company records adjustments to account for potential scrap during normal manufacturing operations or potential obsolesce for slow moving inventory. |
Property, plant and equipment |
Property, plant and equipment Property, plant and equipment are recorded at cost and include expenditures which substantially extend their useful lives. Depreciation on property, plant and equipment is calculated using the straight-line method over the estimated useful lives of the assets. Expenditures for maintenance and repairs are charged to earnings as incurred. When equipment is retired or sold, the resulting gain or loss is reflected in earnings. |
Long-lived and intangible assets |
Long-lived and intangible assets The Company performs an assessment for 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. During 2014, as a result of these reviews, the Company impaired $63,087 of intangible assets, primarily patents pending related to the Ambulatory Physiological Monitoring with Remote Analysis which were no longer patentable. The impairment charge is included as a component of general and administrative expense on the statement of operations and is reflected in the statement of cash flows within depreciation and amortization. In 2013, no impairment charges were recorded. Additionally, in 2014, the Company removed the fully-amortized gross and accumulated amortization balances for the discontinued operations of WirelessDx. Intangible assets consist of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2014 | | December 31, 2013 | | Estimated Useful Life (in years) | Gross | | Accumulated Amortization | | Net | | Gross | | Accumulated Amortization | | Net | Patents and trademarks | 11 | $ | 414,436 |
| | $ | (394,371 | ) | | $ | 20,065 |
| | $ | 476,390 |
| | $ | (454,566 | ) | | $ | 21,824 |
| Patents and trademarks pending | — | 97,447 |
| | — |
| | 97,447 |
| |
| |